CHAPTER 146

An Act to amend and reenact § 22-29.10 of the Code of Virginia, relating
eo ey inane by the Virginia Public School Authority into the Literary

fH 417]
Approved March 2, 1964

Be it enacted by the General Assembly of Virginia:

1. That § 22-29.10 of the Code of Virginia be amended and reenacted
as follows:

§ 22-29.10. On or before the tenth day of January in each year
the Authority shall set aside and pay into the Literary Fund an amount
equal to the excess of the principal and interest collected by the Authority
in the preceding year on account of obligations transferred to the Authority
from the Literary Fund over such portion of such principal and interest
as shall have been pledged by any trust indenture or resolution author-
izing bonds of the Authority.

The principal collected by the Authority on account of obligations
transferred to the Authority from the Literary Fund which is set aside
and paid into the Literary Fund on or before the tenth day of January
in any year pursuant to the foregoing provisions of this section shall
become part of the principal of the Literary Fund subject to the provisions
of § 184 of the Constitution of Virginia and of this chapter, and the
interest collected by the Authority on account of such obligations which
is set aside and paid into the Literary Fund on or before the tenth day
of January in any year pursuant to the foregoing provisions of this
section shall be deemed to be interest on the Literary Fund subject to
the provisions of § 185 of the Constitution of Virginia; provided, how-
ever, that if the total amount of such principal and interest so set aside
and ‘paid into the Literary Fund on or before the tenth day of January
in any year shall be less than the total amount of such principal and
interest collected by the Authority in the preceding calendar year, the
amounts of the principal and the interest to be so set aside and paid into
the Literary Fund shall each be reduced in the same proportion as the
total amount of such principal and interest so collected has been reduced to
the total amount of such principal and interest so set aside and paid
into the Literary Fund.

2. An emergency exists and this act is in force from its passage.