CHAPTER 575

AN ACT to appropriate the sum of eleven million dollars from the
“Sinking Fund” to the Literary Fund and to provide that
annual installments totaling said sum shall thereafter be trans-
ferred to the Virginia Retirement System.

[S 247

Approved April 11, 1950

Whereas, there is now held in the “Sinking Fund” more than
eleven million dollars in excess of the legal requirements of said
fund, which sum is being held to liquidate the funded debt of the
Commonwealth as it becomes due and payable, but which sum is
not now needed for said purpose; and

Whereas, it is desirable to increase the Literary Fund at this
time by the sum of eleven million dollars; and

Whereas, there is being appropriated annually from the Gen-
eral Fund of the State Treasury for purposes to which the prin-
cipal and interest of the Literary Fund may be devoted sums in
excess of the requirements of the “Sinking Fund” to liquidate the
funded debt of the Commonwealth as the same becomes due and
payable, which annual appropriations may be reduced to the ex-
tent of such requirements if the sum of eleven million dollars is
transferred from the “Sinking Fund” to the Literary Fund; Now.
Therefore,

Be it enacted by the General Assembly of Virginia:

1. § 1. There is hereby appropriated to the Literary Fund from
the “Sinking Fund” provided for by Chapter 1 of the Acts of the
General Assembly, Extra Session 1942, approved October 1, 1942,
the sum of eleven million dollars. The State Comptroller, the State
Treasurer and the Treasury Board shall take such action as may
be appropriate or necessary to transfer said sum from the “Sink-
ing Fund” to the Literary Fund as and when the State Board of
Education may call upon them so to do. The State Board of Edu-
cation shall not call for the transfer of funds under this act until
they are needed to meet applications from the school boards of the
counties, cities and towns for loans from the Literary Fund.

§ 2. On the first day of July of the year nineteen hundred
and fifty-one and on the first day of July of each year thereafter
up to and including the year nineteen hundred and sixty-one the
sum of eight hundred and sixty-five thousand dollars shall be trans-
ferred from the principal of the Literary Fund in excess of ten
million dollars to the Virginia Retirement System for actuarial re-
quirements of the State reserve fund and the State annuity ac-
cumulation fund as provided in the Act establishing the Virginia
Retirement System for public school teachers, and on the first day
of July of the year nineteen hundred and sixty-two and on the first
day of July of each year thereafter up to and including the year
nineteen hundred and sixty-six there shall be transferred from the
principal of the Literary Fund in excess of ten million dollars to
the Virginia Retirement System for the same purpose the sum of
two hundred and ninety-seven thousand dollars. The sums hereby
directed to be transferred from the Literary Fund to the Virginia
Retirement System shall be in addition to any other sum directed
by law to be so transferred. The State Comptroller, the State
Treasurer and the State Board of Education shall take such action
as may be appropriate or necessary to transfer the sums mentioned
in this section from the Literary Fund to the Virginia Retirement
System on the dates specified herein.

2. An emergency existing, this act shall be in force from its
passage.

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