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1999 SESSION

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HB 2490 Historic preservation fund.

Introduced by: Raymond R. Guest, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Historic preservation fund. Authorizes the transfer of the assets of the Historic Resources Revolving Fund, administered by the Board of Trustees of the Virginia Historic Preservation Foundation, to a private organization, the Association for the Preservation of Virginia Antiquities (APVA). Under a trust agreement the assets will be deposited in the newly established Virginia Preservation Trust Fund, which will be managed and administered by APVA. The new trustees are to serve without compensation. The Trust Fund is to consist of any property, gifts, grants, or appropriations made to the Trust Fund. The sole purpose of the new fund is to preserve properties listed or eligible for listing on the Virginia Landmarks Register through the (i) acquisition of such properties, (ii) donation of a perpetual preservation easement on such properties, or (iii) subsequent resale of the protected properties. Certain provisions of the bill seek to ensure that the Commonwealth’s interests are protected during the course of the transfer of the assets. The Director of the Department of Historic Resources will serve as a voting member of APVA’s Property Committee, and he will, along with the Attorney General, receive, by November 1 of each year, the annual financial audit of the Trust Fund. The Board of Trustees of the Virginia Historic Preservation Foundation will retain the power to review the operations of the Trust Fund until January 1, 2003. If it finds that the provisions of the trust agreement are not being carried out, it can recommend to the Governor that APVA be removed as the trustee. After January 1, 2003, if the Trust Fund has not been reconveyed to the Board of Trustees, the Board will cease to exist and its powers will be abolished. The Attorney General will retain the power to take any legal action to enforce the trust.


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