dcrodriguez/Code-of-Virginia huggingface dataset:
Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2700. Repealed.
Repealed by Acts 2016, c. 588, cl. 10, effective October 1, 2016.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2703. Expired.
Expired.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2704. Repealed.
Repealed by Acts 2016, c. 588, cl. 10, effective October 1, 2016.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2705. Repealed.
Repealed by Acts 2012, cc. 803 and 835, cl. 112.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2709. Repealed.
Repealed by Acts 2003, c. 885.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2711. Repealed.
Repealed by Acts 2012, cc. 803 and 835, cl. 95.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2712. Debt Capacity Advisory Committee; membership; terms; chairman; compensation; staff.
A. The Debt Capacity Advisory Committee (the Committee) is established as an advisory committee, within the meaning of § 2.2-2100, in the executive branch of state government.

B. The Committee shall consist of the Secretary of Finance; the State Treasurer; the Director of the Department of Planning and Budget; State Comptroller; the Auditor of Public Accounts; the Director of the Joint Legislative Audit and Review Commission; the Staff Director of the House Committee on Appropriations; the Staff Director of the Senate Committee on Finance and Appropriations; and two citizen members who have expertise in financial matters to be appointed by the Governor.

C. Of the citizen members appointed for terms beginning July 1, 1994, one shall be appointed for an initial term of three years and the other for an initial term of five years. Successors shall be appointed to serve for terms of four years each. Vacancies occurring other than by expiration of term shall be filled by appointment of the Governor for the remainder of the unexpired term. All appointments shall be subject to confirmation by the General Assembly. Members shall continue to hold office until their successors have been appointed and qualified.

D. The Secretary of Finance shall be the chairperson of the Committee.

E. All members of the Committee shall serve without compensation but shall receive reasonable and necessary expenses incurred in the discharge of their duties as provided in § 2.2-2825.

F. The Department of the Treasury shall serve as staff to the Committee.

1994, c. 43, § 2.1-304.2; 2001, c. 844; 2010, c. 32.
Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2713. Powers and duties of the Committee.
The Committee shall have the power and duty to:

1. Annually review the size and condition of the Commonwealth's tax-supported debt and submit to the Governor and to the General Assembly an estimate of the maximum amount of new tax-supported debt that prudently may be authorized for the next biennium. The estimate shall be advisory and in no way bind the Governor or the General Assembly;

2. Annually review the amount and condition of bonds, notes, and other security obligations of the Commonwealth's agencies, institutions, boards, and authorities, for which the (i) Commonwealth has a contingent or limited liability or (ii) General Assembly is permitted to replenish reserve funds if deficiencies occur, and submit to the Governor and the General Assembly an annual report with the Committee's recommendation to ensure the prudent use of such obligations. Such review shall be submitted on or before January 1 of each year; and

3. Conduct ongoing reviews of the amount and condition of bonds, notes, and other security obligations of the Commonwealth's agencies, institutions, boards, and authorities not secured by the full faith and credit of the Commonwealth or for which the General Assembly is not permitted to replenish reserve funds, and when appropriate, shall recommend limits on such additional obligations to the Governor and to the General Assembly.

1994, c. 43, § 2.1-304.3; 1997, c. 187; 2001, c. 844.
Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2714. Estimated amount of prudent tax-supported debt; affordability considerations.
Before January 1 of each year, the Committee shall submit to the Governor and to the General Assembly the Committee's estimate of tax-supported debt that prudently may be authorized for the next fiscal year, together with a report explaining the basis for the estimate. In developing its annual estimate and in preparing its annual report, the Committee shall, at a minimum, consider:

1. The amount of tax-supported debt that, during the next fiscal year and annually for the following nine fiscal years (i) will be outstanding and (ii) has been authorized but not yet issued;

2. A projected schedule of affordable, state tax-supported debt authorizations for the next biennium. The assessment of the affordability of the projected authorizations shall include but not be limited to the considerations specified in this section;

3. Projected debt-service requirements during the next fiscal year and annually for the following nine fiscal years based upon (i) existing outstanding debt, (ii) previously authorized but unissued debt, and (iii) projected bond authorizations;

4. The criteria that recognized bond rating agencies use to judge the quality of issues of Commonwealth bonds;

5. Any other factor that is relevant to (i) the ability of the Commonwealth to meet its projected debt service requirements for the next two fiscal years; (ii) the ability of the Commonwealth to support additional debt service in the upcoming biennium; (iii) the requirements of the statewide capital plan; and (iv) the interest rate to be borne by, the credit rating on, or any other factor affecting the marketability of such bonds; and

6. The effect of authorizations of new tax-supported debt on each of the considerations of this section.

1994, c. 43, § 2.1-304.4; 1997, c. 187; 2001, c. 844.
Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2715.1. Executive Director.
A. The Board may hire an Executive Director of the Foundation, who shall serve at the pleasure of the Board, to direct the day-to-day operations and activities of the Foundation and carry out the powers and duties conferred upon him by the trustees. The Executive Director shall also exercise and perform such other powers and duties as may be lawfully delegated to him and such powers and duties as may be conferred or imposed upon him by law.

B. Subject to the approval of the board of trustees, the Executive Director may employ or retain such agents, advisors, volunteers, or employees subordinate to him as necessary to fulfill the duties of the Foundation as conferred upon the Executive Director. Employees of the Foundation, including the Executive Director, shall be eligible for membership in the Virginia Retirement System and participation in all of the health and related insurance and other benefits, including premium conversion and flexible benefits, available to state employees as provided by law.

C. Notwithstanding any law or policy to the contrary, the Board shall exercise personnel authority over the Executive Director and other employees of the Board.

2017, cc. 505, 622; 2020, c. 1128.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2716. Authority of board of trustees.
The board of trustees has the authority to:

1. Administer the Veterans Services Fund, request appropriations, and make allocations of revenue from the Fund to the Department of Veterans Services to provide supplemental funding for the Department's services and programs;

2. Accept, hold, and administer gifts and bequests of money, securities, or other property, absolutely or in trust, for the purposes for which the Foundation is created;

3. Enter into contracts and execute all instruments necessary and appropriate to carry out the Foundation's purposes;

4. Take such actions as may be reasonably necessary to seek, promote, and stimulate contributions for the Fund;

5. Develop other possible dedicated revenue sources for the Fund;

6. Perform any lawful acts necessary or appropriate to carry out the purposes of the Foundation; and

7. Develop policies and procedures applicable to the management and functioning of the Foundation and the Department of Veterans Services relating to (i) administration of the Fund, (ii) provision of funding for veterans services and programs through the Fund, and (iii) acceptance and fundraising to strengthen the structure of the Fund.

2003, cc. 657, 670; 2008, cc. 467, 486, 768, 872; 2011, c. 795; 2017, cc. 505, 622; 2020, c. 1128.
Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2717. Form of accounts and records; audit.
The accounts and records of the Foundation showing the receipt and disbursement of funds from whatever source derived shall be established by the Auditor of Public Accounts in a manner similar to other organizations. The Auditor of Public Accounts or his legally authorized representative shall audit the accounts of the Foundation as determined necessary by the Auditor of Public Accounts, and the cost of such audit services shall be borne by the Foundation.

2003, cc. 657, 670; 2018, cc. 57, 307.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2718. Veterans Services Fund.
A. There is created the Veterans Services Fund, a special nonreverting trust fund on the books of the Comptroller, to be administered by the Foundation.

B. The Fund shall include such funds as may be appropriated by the General Assembly, revenues transferred to the Fund from other state programs established for the Fund's benefit, and designated gifts, contributions, and bequests of money, securities, or other property of whatsoever character.

C. The Fund shall be used solely for the purposes of carrying out the applicable provisions of this article. The unrestricted portion of the Fund may be used for Foundation expenses, subject to approval by the board of trustees. Allocations and expenditures of donated restricted funds shall be in accordance with the provisions of the Uniform Prudent Management of Institutional Funds Act (§ 64.2-1100 et seq.). Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written authorization of the Executive Director with the approval of the board of trustees.

D. All money, securities, or other property designated for the Fund and any interest or income therefrom shall remain in the Fund and shall not revert to the general fund.

2003, cc. 657, 670; 2010, c. 369; 2017, cc. 505, 622.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2719. Gifts and bequests; exemption from taxation.
Gifts and bequests of money, securities, or other property to the Fund, and the interest or income therefrom, shall be deemed gifts to the Commonwealth, and the Fund shall be exempt from all state and local taxes. Unless otherwise restricted by the terms of the gift or bequest, the Foundation may sell, exchange, or otherwise dispose of such gifts and bequests. The proceeds from such transactions shall be deposited to the credit of the Fund. The Foundation may actively solicit private donations for the Fund.

2003, cc. 657, 670.
Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2720. The Senator Frank M. Ruff, Jr. Center for Rural Virginia; purpose.
The Senator Frank M. Ruff, Jr. Center for Rural Virginia, hereinafter referred to as "the Center," is hereby created as an independent nonprofit local entity without political subdivision status, for the purpose of sustaining economic growth in the rural areas of the Commonwealth and lessening the burdens of government through the activities prescribed in subsection B of § 2.2-2723.

2004, cc. 938, 964; 2005, c. 703; 2024, cc. 132, 133.
Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2721. The Senator Frank M. Ruff, Jr. Center for Rural Virginia Board of Trustees established; membership; terms; vacancies; chairman, vice-chairman, secretary, and other officers as necessary; quorum; meetings.
A. The Center shall be governed by a board of trustees consisting of 21 members that include six legislative members, 12 nonlegislative citizen members, and three ex officio members to be appointed as follows: four members of the House of Delegates, to be appointed by the Speaker of the House of Delegates in accordance with the principles of proportional representation contained in the Rules of the House of Delegates; two members of the Senate, to be appointed by the Senate Committee on Rules; six nonlegislative citizen members to be appointed by the Speaker of the House of Delegates; four nonlegislative citizen members to be appointed by the Senate Committee on Rules; and two nonlegislative citizen members to be appointed by the Governor, subject to confirmation by the General Assembly. The Lieutenant Governor, or his designee, the Secretary of Commerce and Trade, or his designee, and the Secretary of Agriculture and Forestry, or his designee, shall serve ex officio with voting privileges. Nonlegislative citizen members of the Board shall be citizens of the Commonwealth of Virginia.

B. Legislative members and ex officio members shall serve terms coincident with their terms of office. Initial appointments of nonlegislative citizen members shall be staggered as follows: four members for a term of three years appointed by the Speaker of the House of Delegates; two members for a term of two years appointed by the Senate Committee on Rules; and one member for a term of two years appointed by the Governor. Thereafter, nonlegislative citizen members appointed by the Speaker of the House of Delegates or the Senate Committee on Rules shall be appointed for a term of two years, and nonlegislative citizen members appointed by the Governor shall be appointed for a term of four years. Appointments to fill vacancies, other than by expiration of a term, shall be for the unexpired terms. All members may be reappointed. However, no nonlegislative citizen member appointed by the Speaker of the House of Delegates or the Senate Committee on Rules shall serve more than four consecutive two-year terms, and no nonlegislative citizen member appointed by the Governor shall serve more than two consecutive four-year terms. The remainder of any term to which a member is appointed to fill a vacancy shall not constitute a term in determining the member's eligibility for reappointment. Vacancies shall be filled in the same manner as the original appointments.

C. The Board of Trustees shall elect a chairman, vice-chairman, secretary, and such other officers as may be necessary from among its membership. A majority of the members shall constitute a quorum. The meetings of the Board shall be held at the call of the chairman or whenever the majority of the members so request.

2004, cc. 938, 964; 2010, cc. 259, 628; 2014, cc. 392, 445.
Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2722. Compensation; expenses.
Legislative members of the Board shall receive such compensation as provided in § 30-19.12, and nonlegislative citizen members shall receive such compensation for the performance of their duties as provided in § 2.2-2813. All members shall be reimbursed for reasonable and necessary expenses incurred in the performance of their duties as provided in §§ 2.2-2813 and 2.2-2825. Funding for the costs of compensation and expenses of the members shall be provided from such funds as may be available to the Center.

2004, cc. 938, 964.
Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2724. Staffing.
The Board shall employ an executive director and such other persons as it deems necessary to assist it in performing its duties as set forth in this article, and, at its pleasure, remove such employees. The Board shall determine the duties of all staff and fix the salaries and compensation of such persons within the amounts allocated therefor from such funds as may be available to the Board.

2004, cc. 938, 964.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2725. Expired.
Expired.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2732. Repealed.
Repealed by Acts 2011, cc. 780 and 858, cl. 2, effective April 6, 2011, and Acts 2011, cc. 594 and 681, cl. 2.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2734. Southwest Virginia Cultural Heritage Foundation established; purpose.
The Southwest Virginia Cultural Heritage Foundation (the Foundation) is hereby established as a body politic and corporate. The purpose of the Foundation is to encourage the economic development of Southwest Virginia through the expansion of cultural and natural heritage ventures and initiatives related to tourism and other asset-based enterprises, including the Heartwood: Southwest Virginia's Artisan Center, The Crooked Road, 'Round the Mountain, and other related cultural and natural heritage organizations and venues that promote entrepreneurial and employment opportunities.

2011, cc. 521, 548.
Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2737. Staffing.
The Department of Housing and Community Development shall provide additional staff support to the Foundation. All agencies of the Commonwealth shall provide assistance to the Foundation, upon request.

2011, cc. 521, 548.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2738. Virginia International Trade Corporation; purpose; membership; meetings.
A. The Virginia International Trade Corporation (the Corporation) is established in the executive branch of state government. The purpose of the Corporation shall be to promote international trade in the Commonwealth.

B. The Corporation shall be governed by a board of directors (the Board) composed of 16 members as follows: the Secretaries of Agriculture and Forestry, Commerce and Trade, Finance, and Transportation, or their designees, serving ex officio with voting privileges, and 12 nonlegislative citizen members appointed by the Governor, subject to confirmation by the General Assembly. The members appointed by the Governor shall have experience as senior management personnel or leaders in the areas of agriculture, finance, development, international business, manufacturing, and trade with at least two having background and experience specific to agriculture. Ex officio members of the Board shall serve terms coincident with their terms of office. Appointments to fill vacancies, other than by expiration of a term, shall be for the unexpired terms. After the initial staggering of terms, nonlegislative citizen members shall be appointed for a term of six years. Nonlegislative citizen members shall be citizens of the Commonwealth.

C. The Board shall elect a chairman and a vice-chairman from among its members. The Secretaries of Agriculture and Forestry, Commerce and Trade, Finance, and Transportation shall not be eligible to serve as chairman or vice-chairman.

D. The Board shall meet at least four times annually and more often if deemed necessary or advisable by the chairman.

E. Members of the Board shall receive no compensation for their services but shall be reimbursed for all reasonable and necessary expenses incurred in the performance of their duties as provided in §§ 2.2-2813 and 2.2-2825.

2016, c. 749; 2020, c. 738.
Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2739. Appointment of Chief Executive Officer.
The Governor, in consultation with the Board, shall appoint a Chief Executive Officer of the Corporation. The Chief Executive Officer shall perform the duties and exercise the functions the Corporation assigns to him. He shall receive a salary for his services to be paid by the Corporation subject to the approval of the Governor. The Chief Executive Officer shall employ or retain such agents or employees subordinate to him as may be necessary to fulfill the duties of the Corporation as conferred upon the Chief Executive Officer. Employees of the Corporation, including the Chief Executive Officer, shall be eligible for membership in the Virginia Retirement System and participation in all of the health and related insurance and other benefits, including premium conversion and flexible benefits, available to state employees as provided by law.

2016, c. 749.
Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2741. Grants from the Commonwealth.
The Commonwealth may make grants of money or property to the Corporation for the purpose of enabling it to carry out its purposes and for the exercise of its duties. This section shall not be construed to limit any other power the Commonwealth may have to make grants to the Corporation.

2016, c. 749.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2742. Exemption from taxation.
The Corporation shall be performing an essential governmental function in the exercise of the powers conferred upon it by this article. Accordingly, the Corporation shall not be required to pay any taxes or assessments upon any project or any property or upon any operations of the Corporation or the income therefrom. Agents, lessees, sublessees, or users of tangible personal property owned by or leased to the Corporation also shall not be required to pay any sales or use tax upon such property or the revenue derived therefrom.

2016, c. 749.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 27 (FOUNDATIONS AND OTHER COLLEGIAL BODIES)
§ 2.2-2743. Exemptions from personnel and procurement procedures.
The provisions of the Virginia Public Procurement Act (§ 2.2-4300 et seq.) and the Virginia Personnel Act (§ 2.2-2900 et seq.) shall not apply to the Corporation.

2016, c. 749.
Code of Virginia — Title 2.2 (Administration of Government), Chapter 27.1 (State-Facilitated IRA Savings Program)
§ 2.2-2744. Definitions.
As used in this chapter, unless the context requires a different meaning:

"Board" means the governing board of the Commonwealth Savers Plan.

"Committee" means the Program Advisory Committee established pursuant to § 2.2-2746.

"Eligible employee" means any individual who is (i) 18 years of age or older, (ii) currently employed at least 30 hours a week, and (iii) receiving wages.

"Eligible employer" means a nongovernmental business, industry, trade, profession, or other enterprise in the Commonwealth, whether conducted on a for-profit or nonprofit basis, that employed 25 or more eligible employees, as reported to the Virginia Employment Commission pursuant to 16VAC5-32-20, or any successor regulation, for the quarter ending December 31 and the preceding three quarters of the preceding calendar year and has been operating for at least two years prior to Program implementation. "Eligible employer" does not include an employer that sponsors, maintains, or contributes to an automatic enrollment payroll deduction IRA or a qualified retirement plan in compliance with federal law for its employees, including plans qualified under § 401(a), 403(a), 403(b), 408(k), or 408(p) of the Internal Revenue Code. An employer shall become an eligible employer at any time if it meets the eligibility requirements under this chapter.

"Fee" means any investment management charges, administrative charges, investment advice charges, trading fees, marketing and sales fees, revenue sharing, broker fees, and other costs necessary to run the Program.

"Individual retirement account" or "IRA" means a Roth or traditional individual retirement account or annuity under § 408 or 408A of the Internal Revenue Code.

"Participating employee" means any eligible employee who is enrolled in the Program.

"Participating employer" means an employer that facilitates a payroll deposit retirement savings agreement pursuant to this chapter for its eligible employees.

"Participating individual" means any individual who enrolls in the Program independent of an employment relationship with an eligible employer, maintains an account in the Program, and is not a participating employee.

"Payroll deposit retirement savings agreement" means an arrangement by which an employer allows employees to remit payroll deduction contributions to the Program.

"Plan" means the Commonwealth Savers Plan.

"Program" means the state-facilitated IRA savings program established in this chapter and administered by the Plan.

"Program Trust" means the Program trust fund established by § 2.2-2752.

"Wages" means any compensation, as such term is defined in § 219(f)(1) of the Internal Revenue Code, that is paid to an eligible employee by his employer during the calendar year.

2021, Sp. Sess. I, c. 556; 2024, c. 217.
Code of Virginia — Title 2.2 (Administration of Government), Chapter 27.1 (State-Facilitated IRA Savings Program)
§ 2.2-2745. Program authorized.
To promote greater voluntary retirement savings for private-sector workers in a convenient and portable manner, the Plan is authorized, in accordance with this chapter, to establish a state-facilitated IRA savings program for private-sector workers. The Program shall be sponsored and administered by the Plan. In addition to the provisions of this chapter, the Program shall be subject to the provisions of Chapter 7 (§ 23.1-700 et seq.) of Title 23.1.

2021, Sp. Sess. I, c. 556.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 27.1 (State-Facilitated IRA Savings Program)
§ 2.2-2746. Program Advisory Committee; membership; qualifications; duties.
A. In order to assist the Board in fulfilling its duties under § 23.1-704 and this chapter and to assist the Plan's chief executive officer in directing, managing, and administering the Program, the Board shall appoint the Program Advisory Committee to provide sophisticated, objective, and prudent administrative and investment advice and direction, as requested by the Board. The Committee may develop Program recommendations for the Board and perform such other duties as the Board may delegate to the Committee.

B. The Board shall develop requirements, procedures, and guidelines regarding Committee membership.

C. Members of the Committee shall demonstrate extensive experience in one or more of the following areas: retirement plan design, retirement plan investments, domestic or international equity or fixed-income securities, cash management, alternative investments, institutional real estate investments, or managed futures.

D. Members of the Committee shall serve at the pleasure of the Board and may be removed by a majority vote of the Board.

E. Members of the Committee shall receive no compensation but shall be reimbursed for actual expenses incurred in the performance of their duties.

F. The recommendations of the Committee shall not be binding upon the Board.

G. The disclosure requirements of subsection B of § 2.2-3114 shall apply to each member of the Committee who is not also a Board member.

H. The Board may appoint such other advisory committees as it deems necessary and shall set the qualifications for members of any such advisory committee by resolution.

2021, Sp. Sess. I, c. 556.
Code of Virginia — Title 2.2 (Administration of Government), Chapter 27.1 (State-Facilitated IRA Savings Program)
§ 2.2-2748. Cooperation of other agencies.
All agencies of the Commonwealth shall cooperate as requested by the Plan in the performance of its duties under this chapter, including, unless otherwise prohibited, the sharing of relevant data as the parties shall mutually agree.

2021, Sp. Sess. I, c. 556.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 27.1 (State-Facilitated IRA Savings Program)
§ 2.2-2749. Board actions not a debt of the Commonwealth.
No act or undertaking of the Board is a debt or pledge of the full faith and credit of the Commonwealth or any political subdivision of the Commonwealth, and all such acts and undertakings are payable solely from the Program. The Commonwealth shall have no obligation for payment of benefits arising from this chapter.

2021, Sp. Sess. I, c. 556.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 27.1 (State-Facilitated IRA Savings Program)
§ 2.2-2750. Standard of care; investment and administration of the Program.
The provisions of § 23.1-706 relating to the standard of care and the investment and administration of the Plan shall apply, mutatis mutandis, to the Program authorized under this chapter.

2021, Sp. Sess. I, c. 556.
Code of Virginia — Title 2.2 (Administration of Government), Chapter 27.1 (State-Facilitated IRA Savings Program)
§ 2.2-2752. Program Trust Fund.
A. There is hereby established a permanent and perpetual fund to be known as the Program Trust Fund (the Fund). The moneys in the Fund shall be (i) deemed separate and independent trust funds, (ii) segregated and accounted for separately from all other funds of the Commonwealth, and (iii) administered solely in the interests of the individuals who are participants in the Program established pursuant to this chapter.

B. The assets of IRAs established for Program participants shall be allocated to the Fund and combined for investment purposes. Fund assets shall be managed and administered for the exclusive purpose of providing benefits to Program participants and defraying reasonable expenses of administering, maintaining, and managing investments of the IRAs and the Program Trust. No property rights in Fund assets shall exist in favor of the Commonwealth or any participating employer.

C. The Board shall establish within the Fund one or more investment funds, each pursuing an investment strategy and policy established by the Board in accordance with § 2.2-2747.

D. Notwithstanding any provision to the contrary, the Fund shall be exempt from the securities registration requirements provided in Chapter 5 (§ 13.1-501 et seq.) of Title 13.1.

2021, Sp. Sess. I, c. 556.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 27.1 (State-Facilitated IRA Savings Program)
§ 2.2-2753. Audit and annual reports.
The Program shall be subject to the reporting requirements set forth in § 23.1-709. The Program shall be subject to the applicable provisions of the Commonwealth Savers Plan Oversight Act (§ 30-330 et seq.).

2021, Sp. Sess. I, c. 556; 2024, c. 217.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 27.1 (State-Facilitated IRA Savings Program)
§ 2.2-2754. Virginia Freedom of Information Act.
The provisions of the Virginia Freedom of Information Act (§ 2.2-3700 et seq.) applicable to the Plan shall also apply to the Program.

2021, Sp. Sess. I, c. 556.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 27.1 (State-Facilitated IRA Savings Program)
§ 2.2-2755. Coverage limitations.
Nothing in this chapter or any payroll deposit retirement savings agreement entered into pursuant to this chapter shall be construed as a promise or guarantee that the expenses associated with a participating employee's or participating individual's retirement will be covered in full by contributions to or earnings on any account, nor that the contributions to or earnings on any account will be sufficient to fund any particular level of benefit upon retirement. In no event shall the Commonwealth, the Program, the Board, any Board member, or any participating employer be liable for any losses incurred by Program Trust investments or otherwise by any employee or other person as a result of participating in the Program.

2021, Sp. Sess. I, c. 556.
Code of Virginia — Title 2.2 (Administration of Government), Chapter 27.1 (State-Facilitated IRA Savings Program)
§ 2.2-2756. Duty and liability of the Commonwealth.
A. The Commonwealth shall have no duty or liability to any party for the payment of any retirement savings benefits accrued by any individual under the Program. Any financial liability for the payment of retirement savings benefits in excess of funds available under the Program shall be borne solely by the entities with whom the Board contracts to provide insurance to protect the value of the Program, if applicable.

B. No Commonwealth board, commission, political subdivision, or agency, or any officer, employee, or member thereof, is liable for any loss or deficiency resulting from particular investments selected under this chapter, except for any liability that arises out of a breach of fiduciary duty.

2021, Sp. Sess. I, c. 556.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 27.1 (State-Facilitated IRA Savings Program)
§ 2.2-2757. Liberal construction of chapter.
Insofar as the provisions of this chapter are inconsistent with the provisions of any other general, special, or local law, the provisions of this chapter shall control. This chapter constitutes full and complete authority, without regard to the provisions of any other law, for performing the acts authorized in this chapter and shall be liberally construed to effect the purposes of this chapter.

2021, Sp. Sess. I, c. 556.
Code of Virginia — Title 2.2 (Administration of Government), Chapter 27.2 (Virginia Business Ready Sites Acquisition Fund and Program)
§ 2.2-2760. Definitions.
As used in this chapter, unless the context requires a different meaning:

"Authority" means the Virginia Economic Development Partnership Authority.

"Commission" means the MEI Project Approval Commission established by § 30-309.

"Department" means the Department of General Services.

"Development" means improvements designed to prepare a site for construction or higher use than was possible in the site's natural state or its state at the time of acquisition.

"Due diligence" means undertaking (i) necessary land title, valuation, environmental, engineering, or technical studies; (ii) professional or consulting services related to a site or site selection; or (iii) any other similar activities.

"Eligible acquisition site" means a site suitable to be marketed for economic development purposes. An eligible acquisition site shall meet, or be expected to meet, each of the following criteria: (i) the site is at least 500 contiguous acres and (ii) the site presents a significant opportunity for the Commonwealth to attract a large-scale economic development project. An eligible acquisition site need not be zoned for an economic development use to be considered an eligible acquisition site.

"Fund" means the Virginia Business Ready Sites Acquisition Fund established by § 2.2-2762.

"Large-scale economic development project" means an economic development project that involves a capital investment of at least $250 million and that creates at least 250 new jobs.

"Program" means the Virginia Business Ready Sites Acquisition Program established by § 2.2-2761.

"Project development agreement" means an agreement by which the Authority sells, leases, transfers, or otherwise disposes of an eligible acquisition site to a private employer for a large-scale economic development project. A project development agreement shall require that the new jobs created by the large-scale economic development project pay at least 100 percent of the prevailing wage for the locality in which the project is located.

"Region" means the same as that term is defined in § 2.2-2484.

"Site acquisition activities" means the completion of due diligence activities, as well as the purchasing or optioning of an eligible acquisition site for purposes of the Program.

"Site development activities" means development of a site. Site development activities include clearing, grading, improving drainage, constructing pads, mitigating environmental concerns, providing road or rail access to the site, securing rights-of-way and easements, extending utilities to the site, and undertaking other similar activities.

2023, c. 779.
Code of Virginia — Title 2.2 (Administration of Government), Chapter 27.2 (Virginia Business Ready Sites Acquisition Fund and Program)
§ 2.2-2762. Virginia Business Ready Sites Acquisition Fund.
There is hereby created in the state treasury a special nonreverting fund to be known as the Virginia Business Ready Sites Acquisition Fund, referred to in this section as "the Fund." The Fund shall be established on the books of the Comptroller. All moneys appropriated by the General Assembly for the Fund, and from any other sources, public or private, 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, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Moneys in the Fund shall be used solely for the purposes of this chapter, which may include administrative costs for due diligence, site acquisition activities, or site development activities, as those terms are defined in § 2.2-2760. Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the Director of the Department, pursuant to subdivision B 2 of § 2.2-2761, or the Authority, pursuant to subdivision B 1 or 3 of § 2.2-2761.

2023, c. 779.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 27.2 (Virginia Business Ready Sites Acquisition Fund and Program)
§ 2.2-2763. Objective of the Program.
The objective of the Program shall be to identify and fill gaps in the Commonwealth's current portfolio of industrial properties available for large-scale economic development projects in order to accelerate economic growth in all regions of the Commonwealth. In evaluating sites to acquire, option, develop, or market for purposes of the Program, the Authority shall consider (i) the potential of the site to fill a gap in the inventory of needed project-ready sites in the Commonwealth, (ii) the scope and cost of the work required to make the site project ready, (iii) the potential return on investment for the Commonwealth for the cost of acquiring and developing the site, and (iv) the type of industry or business for which the site would be suitable.

2023, c. 779.
Code of Virginia — Title 2.2 (Administration of Government), Chapter 28 (General Provisions)
§ 2.2-2800. Disability to hold state office.
No person shall be capable of holding any office of honor, profit or trust under the Constitution of Virginia, who (i) holds any office or post of profit, trust, or emolument, civil or military, legislative, executive, or judicial, under the government of the United States; (ii) is in the employment of such government; or (iii) receives from it in any way any emolument whatever. The acceptance of any office, post, trust, or emolument, or the acceptance of any emolument whatever under the government of the United States, shall, ipso facto, vacate any office, or post of profit, trust or emolument under the government of the Commonwealth or under any county, city, or town thereof.

Code 1950, § 2-27; 1966, c. 677, § 2.1-30; 2001, c. 844.
Code of Virginia — Title 2.2 (Administration of Government), Chapter 28 (General Provisions)
§ 2.2-2802. Exception as to public officer or employee who engages in war service or is called to active duty in the Armed Forces of the United States.
A. No local or state officer or employee shall forfeit his title to office or position or vacate the same by reason of either engaging in the war service of the United States when called forth by the Governor pursuant to the provisions of § 44-75.1 or being called to active duty in the Armed Forces of the United States. Any such officer or employee who, voluntarily or otherwise, enters upon such war service or is called to active duty may notify the officer or body authorized by law to fill vacancies in his office of such fact and thereupon be relieved from the duties of his office or position during the period of such war service or active duty. Except as otherwise provided in subsection B, the officer or body authorized to fill vacancies shall designate some suitable person to perform the duties of such office as acting officer during the period the regular officer is engaged in such war service or active duty. During such period, the acting officer shall be vested with all the powers, authority, rights, and duties of the regular officer for whom he is acting.

B. In the case of a school board member who is relieved from the duties of his office by reason of engaging in the war service of the United States when called forth by the Governor pursuant to the provisions of § 44-75.1 or being called to active duty in the Armed Forces of the United States, such school board member shall submit to the school board a list of names of suitable persons to perform the duties of such office as acting school board member during the period in which the regular school board member is engaged in such war service or active duty, in which case the school board shall consider appointing and may appoint an acting school board member from such list of names. During such period, the acting school board member shall be vested with all the powers, authority, rights, and duties of the regular school board member for whom he is acting. However if the school board decides not to appoint an acting member from the submitted list, the school board shall notify the submitting school board member in writing of the rationale for the school board's decision not to appoint an acting member from the list.

Code 1950, § 2-28; 1950, p. 242, § 2-27.1; 1964, c. 227; 1966, c. 677, § 2.1-31; 2001, c. 844; 2017, c. 508.
Code of Virginia — Title 2.2 (Administration of Government), Chapter 28 (General Provisions)
§ 2.2-2803. Exception as to public officer or employee serving in the Selective Service System of the United States.
No state, county or municipal officer or employee shall forfeit or vacate his office or position, by reason of serving or of having served as an officer, member, agent or employee, or in any other position or capacity, in the Selective Service System of the United States.

No person shall be ineligible to hold any state, county or municipal office or position by reason of being engaged in service in Virginia in the Selective Service System of the United States.

1952, Ex. Sess., c. 21, § 2-27.2; 1966, c. 677, § 2.1-32; 2001, c. 844.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 28 (General Provisions)
§ 2.2-2804. Selective Service compliance.
Any person who has failed to meet the federal requirement to register for the Selective Service shall be ineligible for employment by or service for the Commonwealth, or a political subdivision of the Commonwealth, including all boards and commissions, departments, agencies, institutions, and instrumentalities. A person shall not be denied employment under this section by reason of failure to present himself for and submit to the federal registration requirement if: (i) the requirement for the person to so register has terminated or become inapplicable to the person and (ii) the person shows by a preponderance of the evidence that the failure of the person to register was not a knowing and willful failure to register.

1999, c. 434, § 2.1-32.1; 2001, c. 844.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 28 (General Provisions)
§ 2.2-2805. Members of armed forces; reserve forces.
No person shall, by reason of being a member of the armed forces of the United States, whether active or reserved, or by reason of being a retired officer of the armed forces of the United States and receiving pay therefor, be disqualified from holding any office under the government of the Commonwealth, or under any county, city, town, magisterial district or school district thereof.

Code 1950, § 2-30; 1966, c. 677, § 2.1-34; 2001, c. 844.

Code of Virginia — Title 2.2 (Administration of Government), Chapter 28 (General Provisions)
§ 2.2-2806. Holding other office by officers of state institutions.
No person serving as a member of the governing board of any institution, supported in whole or in part by funds paid out of the state treasury, or as rector of such institution, or as president or chairman of the governing board thereof, shall hold, during his term of office, any other office or position with the institution on the board of which he is serving. If any such person accepts any such office or position, the acceptance shall ipso facto vacate his office as a member of such board. Nothing in this section shall be construed to prevent members of boards of agricultural colleges from doing field or extension work.

Code 1950, § 2-31; 1966, c. 677, § 2.1-35; 2001, c. 844.