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2008 SESSION

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086138638
HOUSE BILL NO. 456 Offered January 9, 2008 Prefiled January 4, 2008 A BILL to amend and reenact Chapter 193 of the Acts of Assembly of 1950, which provided a charter for the City of Martinsville, by adding in Chapter 12 a section numbered 3, relating to a municipal endowment fund. ---------- Patrons-- Merricks and Armstrong; Senator: Reynolds ---------- Referred to Committee on Counties, Cities and Towns ----------

Be it enacted by the General Assembly of Virginia:

1.  That Chapter 193 of the Acts of Assembly of 1950 is amended and reenacted by adding in Chapter 12 a section numbered 3 as follows:

§ 3. The City shall establish a municipal endowment fund. The principal of the fund shall be (i) all of the proceeds of the sale of any City asset owned by the City that generates between $10 million and $20 million, (ii) one-half of any such proceeds in excess of $20 million, (iii) 10 percent of revenues remaining unexpended at the end of each fiscal year, (iv) such income generated by the fund remaining unexpended at the close of each fiscal year, and (v) such other funds as the council may by majority vote to contribute to the fund. Investment of the fund shall be managed by a competent professional investment entity, as designated by a contract awarded by council for a three-year term. The principal of the fund may be expended upon the unanimous vote of council; no more than 25 percent of the principal may be expended in any fiscal year. Income generated by the fund in each fiscal year may be appropriated for any purpose, in whole or in part, by majority vote of the council.