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 Richmond
 Code of Ordinances
 Chapter 12. FINANCE
 Article II. TRUST FUNDS OF THE CITY

§ 12-32. Disposition of funds from sale of real estate and certain insurance proceeds.  

Latest version.

  • (a)

    Utility properties. When payments are made to the City of money arising from the sales of real estate acquired with funds provided by the gas utility, water utility, wastewater utility, stormwater utility or electric utility or from insurance payments for insured structures used by the gas utility, water utility, wastewater utility, stormwater utility or electric utility totally or substantially destroyed by fire or other causes, the Director of Finance shall credit such receipts to the Gas Utility Renewal Fund, Water Utility Renewal Fund, Wastewater Utility Renewal Fund, Stormwater Utility Renewal Fund or Electric Utility Renewal Fund, as the case may be.

    (b)

    School properties.

    (1)

    When payments are made to the City of money arising from the sales of real estate owned by the City in accordance with Section 8-11 or transferred to the City in accordance with Code of Virginia, § 22.1-129, the Director of Finance shall credit such receipts, except for the withholding described in Subsection (b)(2) of this section, to a special reserve assigned to support public schools in the city. The City Council may appropriate funds from this reserve for the construction of new public school facilities or for the capital repair or renovation of existing active school properties.

    (2)

    The Director of Finance shall withhold from the payments described in Subsection (b)(1) of this section the City's actual costs incurred for maintenance, upkeep and sale of the real estate from the time the City assumes control of the property until the property is sold. The City's costs incurred may include, but shall not be limited to, boarding windows and building safety, maintaining grass and landscaping, security, repairs related to roofing and other internal systems, operating and maintaining pipes and other utilities, reproduction of building plans, closing costs, including attorney's fees, and appraisal services.

    (3)

    When payments of real estate taxes from properties described in Subsection (b)(1) of this section are made to the City, the Director of Finance shall credit such receipts to a special reserve assigned to support the educational curriculum and programming of public schools in the city. The City Council may appropriate funds from this special reserve for the general operating budget of public schools as submitted by the School Board of the City of Richmond.

    (c)

    Parks, recreation and community facilities properties. When payments are made to the City of money arising from the sales of real estate owned by the City and last used before such sale by the Department of Parks, Recreation and Community Facilities, the Director of Finance shall credit such receipts to a special reserve assigned to fund improvements, enhancements and upgrades to Department of Parks, Recreation and Community Facilities properties. The City Council may appropriate funds from this reserve to fund improvements, enhancements and upgrades to Department of Parks, Recreation and Community Facilities properties.

    (d)

    Other City properties. When payments are made to the City of money arising from the sales of all other real estate or from insurance payments for all other insured structures totally or substantially destroyed by fire or other causes, the Director of Finance shall credit such receipts to the reserve fund for permanent public improvements.

    (Code 1993, § 11-31; Code 2004, § 42-41; Ord. No. 2008-1-81, § 1, 5-12-2008; Ord. No. 2009-60-83, § 4, 5-26-2009; Ord. No. 2013-22-71, § 1, 5-13-2013; Ord. No. 2013-180-224, § 1, 12-9-2013; Ord. No. 2016-092, § 1, 4-11-2016; Ord. No. 2018-100, § 1, 4-9-2018)

    Cross reference— City-owned real estate, Ch. 8.

(Code 1993, § 11-31; Code 2004, § 42-41; Ord. No. 2008-1-81, § 1, 5-12-2008; Ord. No. 2009-60-83, § 4, 5-26-2009; Ord. No. 2013-22-71, § 1, 5-13-2013; Ord. No. 2013-180-224, § 1, 12-9-2013; Ord. No. 2016-092, § 1, 4-11-2016; Ord. No. 2018-100, § 1, 4-9-2018)

Cross reference

City-owned real estate, Ch. 8.