23-38.53:15 - Advantage Virginia Incentive Fund - Virginia Statutes

§ 23-38.53:15. Advantage Virginia Incentive Fund.

A. The Foundation shall establish, administer, manage, and make expendituresand allocations from a special nonreverting fund in the state treasury to beknown as the Advantage Virginia Incentive Fund (the Fund). The Fund shall becomprised of (i) moneys appropriated to the Fund by the General Assembly and(ii) gifts, donations, grants, bequests, and other moneys as may be receivedon its behalf. Interest earned on moneys in the Fund shall remain in the Fundand be credited to it. Any moneys remaining in the Fund at the end of afiscal year shall remain in the Fund, and shall not revert to the generalfund.

B. Pursuant to the provisions of this chapter, moneys in the Fund may be paidto any eligible institution on behalf of students who have been awardedAdvantage Virginia Incentive Program scholarships and who are or will beattending such schools or institutions.

(2000, c. 765.)