A. There is hereby created in the state treasury a special, nonreverting fund to be known as the Opioid Abatement Fund, referred to in this section as "the Fund," to be administered by the Authority. All funds appropriated to the Fund, all funds designated by the Attorney General under § 2.2-507.3 from settlements, judgments, verdicts, and other court orders relating to claims regarding the manufacturing, marketing, distribution, or sale of opioids, and any gifts, donations, grants, bequests, and other funds received on the Fund's behalf shall be paid into the state treasury and credited to the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund at the end of each fiscal year, including interest thereon, shall not revert to the general fund but shall remain in the Fund. Expenditures and disbursements from the Fund, which may consist of grants or loans, shall be authorized by majority vote of the Board.
B. Moneys in the Fund shall be used to provide grants and loans to any agency of the Commonwealth or participating locality for the purposes determined by the Authority in accordance with this article and in consultation with the Office of the Attorney General. The Authority shall develop guidelines, procedures, and criteria for the application for and award of grants or loans in consultation with the Office of the Attorney General. Such guidelines, procedures, and criteria shall comply with the terms of any applicable settlement, judgment, verdict, or other court order, or any agreement related thereto between the Attorney General and participating localities.
C. The Authority shall fund all staffing and administrative costs from the Fund. Its expenditures for staffing and administration shall be limited to those that are reasonable for carrying out the purposes of this article.
D. For every deposit to the Fund, the Authority shall allocate a portion to the following purposes:
1. Fifteen percent shall be restricted for use by state agencies;
2. Fifteen percent shall be restricted for use by participating localities, provided that if the terms of a settlement, judgment, verdict, or other court order, or any agreement related thereto between the Attorney General and participating localities, require this portion to be distributed according to a local apportionment formula, this portion shall be distributed in accordance with such formula;
3. Thirty-five percent shall be restricted for use for regional efforts; and
4. Thirty-five percent shall be unrestricted. Unrestricted funds may be used to fund the Authority's staffing and administrative costs and may be distributed for use by state agencies, by participating localities, or for regional efforts in addition to the amounts set forth in subdivisions 1, 2, and 3, provided that the Authority shall ensure that such funds are used to accomplish the purposes of this article or invested under subsection F.
E. In distributing money from the Fund under subsection D, the Authority shall balance immediate and anticipated needs with projected receipts of funds to best accomplish the purposes for which the Authority is established.
F. The Board may designate any amount from the Fund to be invested, reinvested, and managed by the Board of the Virginia Retirement System as provided in § 51.1-124.40. The State Treasurer is not liable for losses suffered by the Virginia Retirement System on investments made under the authority of this section.
2021, Sp. Sess. I, cc. 306, 307.
Structure Code of Virginia
Title 2.2 - Administration of Government
§ 2.2-2201. Short title; definitions
§ 2.2-2202. Declaration of public purpose; Virginia Commercial Space Flight Authority created
§ 2.2-2203. Board of directors; members and officers; Executive Director
§ 2.2-2203.3. Employees; employment; personnel rules
§ 2.2-2203.4. Trust for postemployment benefits authorized; administration
§ 2.2-2204. Powers of the Authority
§ 2.2-2206. Trust indenture or agreement securing bonds
§ 2.2-2207. Moneys received deemed trust funds
§ 2.2-2208. Proceedings by bondholder or trustee to enforce rights
§ 2.2-2209. Bonds made securities for investment and deposit
§ 2.2-2210. Refunding bonds; bonds for refunding and for costs of additional projects
§ 2.2-2211. Grants or loans of public or private funds
§ 2.2-2212. Moneys of Authority
§ 2.2-2213. Forms of accounts and records; audit; annual report
§ 2.2-2214. Exemption from taxes or assessments
§ 2.2-2216. Appropriations by any government
§ 2.2-2217. Conveyance, lease or transfer of property by a city or county to the Authority
§ 2.2-2234. Short title; declaration of public purpose; Authority created
§ 2.2-2235.1. Board of directors; members and officers; Chief Executive Officer
§ 2.2-2236. Powers and duties of the Chief Executive Officer
§ 2.2-2236.1. Internal auditor; duties
§ 2.2-2237. Powers of Authority
§ 2.2-2237.2. Office of the Attorney General to provide instruction to Board
§ 2.2-2237.3. Division of Incentives
§ 2.2-2238. Economic development services
§ 2.2-2239. Planning and research
§ 2.2-2239.1. Advisory Committee on Business Development and Marketing
§ 2.2-2239.2. Advisory Committee on International Trade
§ 2.2-2240. Nonstock corporation to assist economic development
§ 2.2-2240.2:1. Virginia Business Ready Sites Program Fund
§ 2.2-2240.4. Virginia New Jobs Program
§ 2.2-2240.5. Workforce Retraining Program
§ 2.2-2240.6. Small Business New Jobs and Retraining Programs
§ 2.2-2241. Moneys of Authority
§ 2.2-2242. Forms of accounts and records
§ 2.2-2243. Exemptions from taxes or assessments
§ 2.2-2244. Exemption of Authority from personnel and procurement procedures
§ 2.2-2245. Appropriations by any government
§ 2.2-2246. Conveyance, lease or transfer of property by a city or county to the Authority
§ 2.2-2260. Short title; definition
§ 2.2-2261. Virginia Public Building Authority created; purpose; membership; terms; expenses; staff
§ 2.2-2262. Board of directors
§ 2.2-2263. Powers and duties of Authority; limitations
§ 2.2-2264. Revenue bonds generally
§ 2.2-2265. Trust agreement securing bonds
§ 2.2-2267. Moneys received deemed trust funds
§ 2.2-2268. Proceedings by bondholder or trustee to enforce rights
§ 2.2-2269. Bonds made securities for investment and deposit
§ 2.2-2270. Revenue refunding bonds; bonds for refunding and for cost of additional projects
§ 2.2-2271. Grants or loans of public or private funds
§ 2.2-2272. Moneys of Authority; audit
§ 2.2-2273. Contracts, leases and other arrangements
§ 2.2-2274. Resolutions, rules and regulations, etc.
§ 2.2-2275. Competition in award of contracts; contractors to give surety; terms of contracts
§ 2.2-2276. Eminent domain; right of entry
§ 2.2-2277. Jurisdiction of suits against Authority; service of process
§ 2.2-2278. Exemption from taxes or assessments
§ 2.2-2279. Short title; definitions
§ 2.2-2280. Declaration of public purpose; Authority created
§ 2.2-2281. Construction of article
§ 2.2-2283. Meetings of the Board
§ 2.2-2284. Executive Director; appointment; duties
§ 2.2-2285. Powers of the Authority
§ 2.2-2287. Power to borrow money and issue bonds
§ 2.2-2288. Power to issue bonds to purchase ninety percent guaranteed portion of loans
§ 2.2-2289. Power to issue umbrella bonds
§ 2.2-2290. Insurance or guarantee fund
§ 2.2-2291. Security for bonds; fees and expenses; limitations
§ 2.2-2292. Public hearing and approval
§ 2.2-2293. Loans to lenders; conditions
§ 2.2-2294. Investment in, purchase or assignment of loans; conditions
§ 2.2-2295. Regulations of the Authority
§ 2.2-2296. How bonds paid and secured
§ 2.2-2297. Liability of Commonwealth, political subdivisions and members of Board
§ 2.2-2298. Authorization of bonds by resolution; contents of bond sale; manner
§ 2.2-2299. Resolution authorizing issuance of bonds; provisions
§ 2.2-2300. Pledge by Authority
§ 2.2-2301. Purchase of bonds of Authority
§ 2.2-2302. Bonds secured by indenture; contents; expenses; how treated
§ 2.2-2303. Signatures of prior members or officers; validity
§ 2.2-2304. Deposit of money; expenditures; security for deposits
§ 2.2-2305. Contracts with holders of bonds; how money secured
§ 2.2-2306. Bondholder protection
§ 2.2-2307. Bonds as legal investments and securities
§ 2.2-2308. Expenses of Authority; liability of Commonwealth or political subdivision prohibited
§ 2.2-2309. Creation, administration, and management of Virginia Export Fund
§ 2.2-2310. Creation, administration, and management of Virginia Small Business Growth Fund
§ 2.2-2312. Annual report; audit
§ 2.2-2312.1. Risk-based review of outstanding loans; report
§ 2.2-2313. Exemption from taxation
§ 2.2-2314. Administrative Process Act not applicable
§ 2.2-2315. Short title; declaration of public purpose; Authority created
§ 2.2-2316. Executive Director; Board of Directors; members and officers
§ 2.2-2317. Appointment and duties of Executive Director
§ 2.2-2318. Powers of Authority
§ 2.2-2319. Cooperative Marketing Fund
§ 2.2-2320. Governor's Motion Picture Opportunity Fund
§ 2.2-2320.1. Governor's New Airline Service Incentive Fund
§ 2.2-2320.2. Tourism promotion grants
§ 2.2-2321. Grants from Commonwealth
§ 2.2-2322. Deposit of money; expenditures; security for deposits
§ 2.2-2323. Forms of accounts and records; annual reports; audit
§ 2.2-2324. Exemption from taxation
§ 2.2-2325. Exemptions from personnel and procurement procedures
§ 2.2-2326. Sovereign immunity
§ 2.2-2327. Liberal construction of article
§ 2.2-2338. Board of Trustees; membership
§ 2.2-2339. (Effective until date pursuant to Va. Const., Art. IV, § 13) Duties of the Authority
§ 2.2-2339. (Effective pursuant to Va. Const., Art. IV, § 13) Duties of the Authority
§ 2.2-2339.1. Fort Monroe Master Plan; approval by Governor
§ 2.2-2340. Additional declaration of policy; powers of the Authority; penalty
§ 2.2-2341. Relationship to the City of Hampton
§ 2.2-2341.1. Control over the use of certain vehicles
§ 2.2-2343. Authority may borrow money, accept contributions, etc.
§ 2.2-2344. Authority empowered to issue bonds; additional security; liability thereon
§ 2.2-2345. Powers and duties of executive director
§ 2.2-2347. Exemption from taxation
§ 2.2-2348. Rents, fees, and charges; disposition of revenues
§ 2.2-2349. Powers conferred additional and supplemental; liberal construction
§ 2.2-2349.1. Chapter controlling over inconsistent laws
§ 2.2-2350. Sovereign immunity
§ 2.2-2351. Short title; declaration of public purpose
§ 2.2-2353. Board of directors; members; president
§ 2.2-2354. Powers and duties of the president
§ 2.2-2355. Powers of the Authority
§ 2.2-2356. Designation of staff of not-for-profit entity
§ 2.2-2357. Division of Entrepreneurial Ecosystems
§ 2.2-2358. Division of Investment
§ 2.2-2359. Division of Commercialization
§ 2.2-2360. Virginia Innovation Index
§ 2.2-2361. Grants or loans of public or private funds
§ 2.2-2362. Moneys of Authority; examination of books by the Auditor of Public Accounts
§ 2.2-2363. Exemption from taxes or assessments
§ 2.2-2364. Exemption of Authority from personnel and procurement procedures
§ 2.2-2366. Opioid Abatement Authority established
§ 2.2-2367. Board of directors; members
§ 2.2-2368. Duties of the Authority
§ 2.2-2369. Powers of the Authority
§ 2.2-2370. Conditions and restrictions on financial assistance
§ 2.2-2371. Cooperation with other agencies
§ 2.2-2372. Form and audit of accounts and records
§ 2.2-2374. Opioid Abatement Fund
§ 2.2-2375. Exemption from taxes or assessments
§ 2.2-2376. Exemption of Authority from personnel and procurement procedures