Code of Virginia § 15.2-7605. Duties of Authority; governmental functions.

187 words·~1 min read·/va/title-15-2/chapter-76/15-2-7605

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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.

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 .