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By Mary Beth Martin
Rappahannock News Staff Writer
Rappahannock County Schools received 9,001 shares of Trigon Group (Blue Cross/Blue Shield) stock currently valued at $23.87 per share, it was reported at the School Board meeting. The proceeds from the sale should be $196,225.72 said Dr. David Gangel, superintendent of schools.
Trigon Group decided to change from a non-profit to a for-profit organization. The Rappahannock County Schools contributed to the insurance program since 1954 and are entitled to common stock.
There are some technicalities that need to be straightened out, according to Dr. Gangel. George Washington Carver/Piedmont Technical Education Center is entitled to 8.67 percent since they contributed to the program from 1991 to 1997.
Peter Luke, Rappahannock’s Commonwealth’s Attorney, needs to give his opinion as to the legality of this decision, said Gangel.
Luke said his only concern is the mechanics of the transfer to Piedmont. He said he is consulting with thd* county’s auditing firm as to whether the transfer should be in cash or in stock.
The Rappahannock Board of Supervisors will be presented with a resolution at the October meeting to authorize the pay out.
According to a law passed by the General Assembly (HB 2640) the local treasurer is authorized to establish two separate funds with the sale of the stock. One fund is for employee health insurance premium expenses and one is for school facility-related expenses. At least 50 percent of the funds received must go to the insurance fund, the remaining balance goes to the
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