2.2-1125 - Proceeds from the sale or recycling of surplus materials. - Virginia Statutes

§ 2.2-1125. Proceeds from the sale or recycling of surplus materials.

A. The proceeds from the sale or recycling of surplus materials pursuant to §2.2-1124 shall promptly be deposited into the state treasury and the depositreported to the State Comptroller, along with a statement of total proceedsand the amount of the proceeds derived from the sale or recycling of surplusmaterials purchased in whole or in part from general fund appropriations.

B. At the end of each fiscal quarter, the State Comptroller shall (i)determine the total proceeds derived from the sale of surplus materialspurchased in whole or in part from general fund appropriations and direct theState Treasurer to transfer fifty percent of the total of such proceeds tothe Conservation Resources Fund and (ii) provide copies of the reportsfurnished to him pursuant to subsection A, or summaries thereof, to theDepartment of Planning and Budget.

C. Based on such reports, or summaries, the Department of Planning andBudget, pursuant to its authority in the appropriation act, may increasegeneral fund appropriations to any department, division, institution, oragency of the Commonwealth by the amount of available proceeds derived fromthe sale or recycling of surplus materials pursuant to § 2.2-1124. Thedepartment, division, institution, or agency of the Commonwealth may use theadditional appropriations to purchase materials, supplies, or equipment, orto defray the cost of disposing of surplus materials to the extent permittedpursuant to § 2.2-1124.

D. Departments, divisions, institutions, or agencies may retain the full netprofits from the sale of recycled materials provided that a report is filedwith the State Comptroller on or before October 1 of each year.

E. Departments, divisions, institutions, or agencies meeting managementstandards prescribed by the Governor may retain the net proceeds from thesurplus materials sold pursuant to § 2.2-1124. Such retention shall beeffective on July 1 following the determination that the department,division, institution, or agency meets the management standards.

(1996, cc. 935, 978, § 2.1-457.3; 2001, c. 844.)