37.2-317 - Definitions. - Virginia Statutes

§ 37.2-317. Definitions.

As used in this article, unless the context requires a different meaning:

"Assets" means the buildings and land of state facilities operated by theDepartment.

"Fund" means the Behavioral Health and Developmental Services Trust Fund.

"Net proceeds" means the gross amount received by the seller on account ofthe sale of any assets (i) less costs incurred on behalf of the seller inconnection with such sale and (ii), if after the sale the sold assets will beused by an entity other than a state agency or instrumentality or a localgovernmental entity in a governmental activity and debt obligations financedany portion of the sold assets and any amount of such obligations isoutstanding at the time of the sale, less the amount necessary to provide forthe payment or redemption of the portion of such outstanding obligations thatfinanced the sold assets, which amount shall be used to pay or redeem suchobligations or shall be transferred to the third party issuer of theobligations for a use permitted in accordance with such obligations.

(2000, cc. 569, 606, § 2.1-812; 2001, c. 844, § 37.1-258; 2002, c. 803; 2005,c. 716; 2009, cc. 813, 840.)