Virginia Code 15.2-7605: Duties of Authority; governmental functions
A. The Authority shall (i) develop comprehensive and coordinated plans and programs, establish priorities, and approve grants for the economic development of the coastal region; (ii) provide for research, demonstration, investigation, assessment, and evaluation of the region’s assets and needs; (iii) encourage the formation and capacity of local government and private investment in compatible industries, including natural resources, commercial, industrial, and other economic development projects; and (iv) provide a forum for the consideration of problems and possible solutions of the coastal region.
Terms Used In Virginia Code 15.2-7605
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- County: means any existing county or such unit hereafter created. See Virginia Code 15.2-102
- local government: shall be construed to mean a county, city, or town as the context may require. See Virginia Code 15.2-102
- Quorum: The number of legislators that must be present to do business.
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
B. The Authority shall (i) develop a definition for what constitutes “distressed” and annually designate distressed, moderately distressed, and economically strong counties within the region and (ii) allocate at least 50 percent of the grants, loans, and donations made available to the Authority for programs and projects for the distressed counties. Such funds shall not be used within economically strong counties without a two-thirds vote of approval by a quorum of the Board. Nothing herein shall prevent the Authority from applying for and receiving federal, state, or private funds to advance the purpose of the Authority regardless of distressed county status.
2017, c. 388.