2003 Session

Budget Amendments - SB700 (Committee Approved)

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Global Settlement Fund (language only)

Item 512 #1s

Item 512 #1s

Central Appropriations
Central Appropriations

Page 485, after line 11, insert:
"P.1.  There is hereby established on the books of the State Comptroller a nonreverting nongeneral fund titled "Global Settlement Fund".  The Fund shall consist of monies deposited to it from any monies received by the Commonwealth of Virginia as fines or monetary penalties under the Global Settlement Agreement related to the investigation of certain brokerage firms and financial analysts by the State of New York.  
2. In the event that such monies are in the form of fines or monetary penalties, they shall be deposited to the Literary Fund as required by the Constitution of Virginia and are hereby appropriated to Item 146 of this act to offset general fund support for school employee retirement and social security benefits.  Subsequent to this action, the Director, Department of Planning and Budget, shall transfer the equivalent amount of the general fund appropriation in Item 146, released by the additional appropriation of Literary Fund revenues, to the Global Settlement Fund."

(This amendment creates a special fund in Central Appropriations for the deposit of funds from the State Corporation Commission for the settlement of litigation with various investment firms. Should the funds from the settlement be fines or penalties, the funds would be deposited to the Literary Fund, with a corresponding reduction in general fund support for teacher retirement benefits.)