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2013 SESSION

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CHAPTER 528 An Act to allow establishment of a library endowment in the Town of Leesburg. [S 890] Approved March 18, 2013

 

Be it enacted by the General Assembly of Virginia:

1. § 1. The Town of Leesburg may by ordinance establish an endowment fund for the purpose of supporting a library owned or operated by the town. The endowment may receive all gifts, grants, or contributions designated for inclusion in the endowment. No part of the endowment shall revert to the general fund of the town.

The endowment shall be established and administered by the governing body of the town or by a nonprofit entity created or approved by the governing body for such purpose. Any such nonprofit entity shall be governed by a board appointed by the governing body and granted such powers and authority as may be necessary to administer the endowment.