2003 Session

Budget Bill - HB1400 (Introduced)

View Item amendments

Department of the Treasury

Item 290

Item 290

First Year - FY2003Second Year - FY2004
Investment, Trust, and Insurance Services (72500)$9,357,056
Bond Issuance Advisory Services (72501)FY2003 $918,169
FY2004 $927,146
Insurance Services (72502)FY2003 $3,909,617FY2004 $3,247,961
Investment Services (72503)FY2003 $4,529,270
FY2004 $4,529,270
Fund Sources:  
GeneralFY2003 $5,730,333
FY2004 $5,079,310
Commonwealth TransportationFY2003 $143,454FY2004 $143,454
Trust and AgencyFY2003 $3,483,269FY2004 $3,481,613

Authority: Title 2.2, Chapter 18, Code of Virginia.

A. The Department of the Treasury shall take into account the claims experience of each agency and institution when setting premiums for the general liability program.

B. Notwithstanding § 2.2–1835 of the Code of Virginia, for fiscal year 2003 and fiscal year 2004 the Division of Risk Management shall assess general liability and medical professional liability premiums for state agencies and institutions of higher education the same premiums that were assessed in fiscal year 2002.

C.1. Pursuant to Senate Bill 267/House Bill 789 Chapters 746 and 771, 2002 Acts of Assembly, from the amounts appropriated in Insurance Services, there shall be paid for the relief of Jeffrey D. Cox from the general fund, upon execution of a release of all claims he may have against the Commonwealth or any agency, instrumentality, officer, employee, or political subdivision, (i) the sum of $350,000 to be paid to Jeffrey D. Cox on or before August 1, 2002, by check issued by the State Treasurer on warrant of the Comptroller and (ii) an annuity for the primary benefit of Jeffrey D. Cox providing for equal monthly payments, for a period certain of ten years commencing on or before September 1, 2002, in the cumulative amount of $400,000.

2. The State Treasurer shall purchase the annuity at the lowest cost available from any A+ rated company, including any A+ rated company from which the State Lottery Department may purchase an annuity, and such annuity shall contain beneficiary provisions providing for the annuity's continued disbursement in the event of the death of Jeffrey D. Cox.