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2002 SESSION
SB 296 Health Research Board; powers.
Introduced by: John H. Chichester | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Commonwealth Health Research Board; powers of the Board. Provides that no more than six percent of the moving average of the market value of the Fund calculated over the previous five years, on a one-year delayed basis, net of any administrative fee assessed by the Board of the Virginia Retirement System, may be expended in a calendar year. Current law provides that the annual income of the Fund, excluding gains on the sale of investments, may be expended annually. The bill also authorizes the Board to hire such staff as is necessary and to fix the salaries and compensation of such staff, which shall be paid from the Commonwealth Health Research Fund. The executive secretary to the Board is no longer required to be the Director of the State Council of Higher Education for Virginia.
SUMMARY AS PASSED SENATE:
Commonwealth Health Research Board; powers of the Board. Provides that no more than six percent of the moving average of the market value of the Fund calculated over the previous five years, on a one-year delayed basis, net of any administrative fee assessed by the Board of the Virginia Retirement System, may be expended in a calendar year. Current law provides that the annual income of the Fund, excluding gains on the sale of investments, may be expended annually. The bill also authorizes the Board to hire such staff as is necessary and to fix the salaries and compensation of such staff, which shall be paid from the Commonwealth Health Research Fund. The executive secretary to the Board is no longer required to be the Director of the State Council of Higher Education for Virginia.
SUMMARY AS INTRODUCED:
Commonwealth Health Research Board; powers of the Board. Provides that no more than six percent of the moving average of the market value of the Fund calculated over the previous five years, on a one-year delayed basis, net of any administrative fee assessed by the Board of the Virginia Retirement System, may be expended in a calendar year. Current law provides that the annual income of the Fund, excluding gains on the sale of investments, may be expended annually. The bill also authorizes the Board to hire such staff as is necessary and to fix the salaries and compensation of such staff, which shall be paid from the Commonwealth Health Research Fund. The executive secretary to the Board is no longer required to be the Director of the State Council of Higher Education for Virginia.