§ 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 the Department.
"Fund" means the Mental Health, Mental Retardation, and Substance Abuse Services Trust Fund.
"Net proceeds" means the gross amount received by the seller on account of the sale of any assets (i) less costs incurred on behalf of the seller in connection with such sale and (ii), if after the sale the sold assets will be used by an entity other than a state agency or instrumentality or a local governmental entity in a governmental activity and debt obligations financed any portion of the sold assets and any amount of such obligations is outstanding at the time of the sale, less the amount necessary to provide for the payment or redemption of the portion of such outstanding obligations that financed the sold assets, which amount shall be used to pay or redeem such obligations or shall be transferred to the third party issuer of the obligations 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.)
Fund Sections: Previous 37.2-306 37.2-307 37.2-308 37.2-309 37.2-310 37.2-311 37.2-312 37.2-312.1 37.2-313 37.2-314 37.2-315 37.2-316 37.2-317 37.2-318 37.2-319 NextLast modified: April 3, 2009