CHAPTER 96

An Act to authorize the Governor to lease certain real estate owned by the
Commonwealth to the Virginia Supplemental Retirement System; to
authorize the Virginia Supplemental Retirement System to invest a
part of its funds in the construction of a building or buildings thereon
for occupancy by State agencies and to fix the rental therefor to be
paid out of appropriations made to the Division of the Budget.

[H 147}
Approved February 25, 1964
Be it enacted by the General Assembly of Virginia:
1. (a) Whenever the Governor shall be of the opinion that there is a
need for additional space for the use of agencies of the State, he may, with
the approval of the Virginia Public Buildings Commission, select a suit-
able site or sites owned by the Commonwealth upon which a building or
buildings to provide such space may be constructed, and the Governor on
behalf of the Commonwealth may, without rent and for a period not
exceeding ninety-nine years, lease such site or sites to the Virginia Sup-
armen Retirement System, hereinafter referred to as Retirement

m.
(b) The Retirement System is authorized to construct on such site
vr sites that may be leased to it, in conformity with plans and specifica-
tions approved by the Division of the Budget, one or more buildings for
the use and occupancy of such State agencies as the Governor may select.
The amount that may be invested by the Retirement System for such pur-
pose shall not exceed the principal amount of ten million dollars.

(c) The Division of the Budget, out of appropriations made to it for
such purpose, shall pay to the Retirement System an annual rental in an
amount to be determined by the Retirement System, such rental to be
fixed and adjusted in respect to the total investment of the Retirement
System in such building or buildings so as to provide a rental income to
the Retirement System sufficient to restore to it the total investment in
such building or buildings within a period not exceeding twenty years
from the time such building or buildings are completed and are suitable
for occupancy, and also to provide to the Retirement System the annual
interest charges of not more than four per centum on the unpaid balance
of the total investment of the Retirement System in such building or build-
ings as the same shall appear from time to time.

(d) “Total investment’, as used in this Act, shall include loss of
income to the Retirement System upon construction costs incurred during
the erection of such building or buildings. Whenever the Retirement Sys-
tem has recovered the amount of its total investment in such building or
buildings, and the interest thereon, the lease for such site or sites shall
thereupon terminate and the real estate and the improvements thereon
shall thereupon revert to and be the property of the Commonwealth, free
from the provisions of such lease.

(e) The Retirement System shall not at any time be responsible for
the maintenance and operation of such building or buildings that it may
construct under the provisions of this Act.

2. An emergency exists and this Act is in effect from its passage.