PROPOSED by leader6

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									 1                                                PROPOSED
 2                                             CHAPTER 40 60.
 3                VIRGINIA COALFIELD ECONOMIC DEVELOPMENT AUTHORITY.
 4
 5           Chapter drafting note: There are no substantive changes made in this chapter.
 6
 7           § 15.1-1635 15.2-6000. Authority created; name.
 8           The Virginia Coalfield Economic Development Authority, hereinafter referred to as the
 9   Authority, is created as a body politic and corporate, a political subdivision of the
10   Commonwealth. As such it shall have, and is hereby vested with, the powers and duties
11   hereinafter conferred in this chapter.
12           Drafting note: No change.
13
14           § 15.1-1636 15.2-6001. Findings of fact.
15           The economy of Southwest Virginia has not kept pace with that of the rest of the
16   Commonwealth. The economic problems of Southwest Virginia are due in large part to its
17   present inability to diversify. The Southwest has suffered, and continues to suffer, widespread
18   unemployment in great disproportion to the rest of the Commonwealth.
19           The Virginia Coalfield Economic Development Authority will assist the seven county
20   and one city coal producing areas of the Commonwealth to achieve some degree of economic
21   stability.
22           It is hereby further declared that the foregoing is a public purpose and use for which
23   public moneys may be spent and such activity will serve a public purpose in providing jobs to
24   the citizens of the Commonwealth.
25           Drafting note: No change.
26
27           § 15.1-1637 15.2-6002. Purpose of Authority; performs governmental function.
28           The primary purpose of the Authority is to enhance the economic base for the seven
29   county and one city coalfield region of Virginia (Lee, Wise, Scott, Buchanan, Russell, Tazewell
30   and Dickenson Counties and the City of Norton).




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 1          The Authority shall provide financial support for the purchase of real estate, construction
 2   of buildings for sale or lease, installation of utilities, direct loans and grants to private for-profit
 3   basic employers,; may apply for matching funds from the state or federal government, or the
 4   private sector,; and any other support improvements it deems necessary, including flood control
 5   dams. All such loans and grants may be managed by the LENOWISCO and Cumberland Plateau
 6   Planning District Commissions in their respective service areas.
 7          The exercise of the powers granted by this chapter shall be in all respects for the benefit
 8   of the inhabitants of the Commonwealth, particularly the aforesaid seven county and one city
 9   areas, for the increase of their commerce, and for the promotion of their safety, health, welfare,
10   convenience and prosperity.
11          Drafting note: No substantive change in the law.
12
13          § 15.1-1638 15.2-6003. Board of Authority; members and officers; staff; annual report.
14          All powers, rights and duties conferred by this chapter, or other provisions of law, upon
15   the Authority shall be exercised by the Board of the Virginia Coalfield Economic Development
16   Authority, hereinafter referred to as the Board or the Board of the Authority. Board members
17   shall serve for terms of four years except that all vacancies shall be filled for the unexpired term.
18   All terms shall commence July 1 of the year of appointment. Initial appointments shall begin
19   July 1, 1988. The Board shall consist of sixteen members, residents of the Commonwealth, as
20   follows:
21          Three initial members shall be the sitting chairmen of the county boards of supervisors of
22   the three counties which are the three largest contributors to the coal and gas road improvement
23   fund for the fiscal year immediately preceding July 1, 1988, as reported by the treasurers of the
24   affected counties and city. Every four years thereafter, the three members shall be supervisors
25   from the county boards of supervisors of the three counties which are the three largest
26   contributors to the Virginia Coalfield Economic Development Fund for the fiscal year
27   immediately preceding July 1 of the year in which new terms of members are to begin. Such
28   supervisors shall be selected by their respective county boards of supervisors.
29          Five members shall be appointed by the Governor at large, provided that; however, if
30   there be is any participating county or city in which there resides no member of the Board
31   appointed by the other methods herein specified, the Governor shall include at least one member



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 1   who is a resident of each such county or city among his appointees. For the first four-year terms
 2   these five members shall be selected to the extent possible from former members of the
 3   Southwest Virginia Economic Development Commission who reside in Planning District 1 or 2.
 4           One member shall be a representative of the Virginia Economic Development
 5   Partnership, as designated by the Executive Director of the Partnership.
 6           One member shall be a representative named by the Virginia Coal Association.
 7           Two members shall be the Executive Directors of the LENOWISCO and Cumberland
 8   Plateau Planning District Commissions.
 9           Three initial members shall be representatives named by the three largest coal producers
10   determined by the dollar value of their contribution to the respective county coal and gas road
11   improvement funds for the fiscal year immediately preceding July 1, 1988, as reported by the
12   treasurers of the affected counties and city. Every four years thereafter, the three members shall
13   be representatives named by the three largest coal producers determined by the dollar value of
14   their contributions to the Virginia Coalfield Economic Development Fund for the fiscal year
15   immediately preceding July 1 of the year in which new terms of members are to begin.
16           One member shall be a representative named by the largest oil and gas producer
17   determined by the dollar value of its contributions to the Virginia Coalfield Economic
18   Development Fund for the fiscal year immediately preceding July 1 of the year in which new
19   terms of members are to begin.
20           Should a member who is a member solely by virtue of his office as member of a board of
21   supervisors or executive director of a planning district commission cease to hold such office,
22   then an immediate vacancy shall occur, and the vacancy shall be filled for the remainder of the
23   term by his successor selected by the board of supervisors of his county or as executive
24   director.
25           Each member of the Board shall, before entering upon the discharge of the duties of this
26   office, take and subscribe the oath prescribed in § 49-1. They shall receive their expenses spent
27   on business of the Authority.
28           Ten members of the Authority shall constitute a quorum and the affirmative vote of a
29   majority of the quorum present shall be necessary for any action taken by the Authority. No
30   vacancy in the membership of the Authority shall impair the right of a quorum to exercise all the
31   rights and perform all the duties of the Authority.



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 1            The Board shall elect from its membership a chairman, a vice-chairman, a treasurer and a
 2   secretary for each calendar year. The secretary shall keep the minutes of the Board and affix the
 3   seal of the Authority.
 4            The Board may also appoint an executive director, an assistant treasurer and an assistant
 5   secretary, and staff to assist same, who shall discharge such functions as may be directed by the
 6   Board.
 7            Staff functions of the Authority may be undertaken by the LENOWISCO and
 8   Cumberland Plateau Planning District Commissions, as agreed by the Board and participating
 9   Commissions.
10            The Board, promptly following the close of the calendar year, shall submit an annual
11   report of the Authority's activities for the preceding year to the Governor, the General Assembly,
12   the boards of supervisors of the seven coalfield counties and the Norton City Council. Each such
13   report shall set forth a complete operating and financial statement covering the operation of the
14   Authority during such year. The Authority shall cause an audit of its books and accounts to be
15   made at least once each year by a certified public accountant and the cost thereof may be treated
16   as part of the expense of operation.
17            Drafting note: No substantive change in the law.
18
19            § 15.1-1639 15.2-6004. Office of Authority; title to property.
20            The Authority shall have and maintain its principal office as determined by the Board,
21   within the participating counties and one city at which all of its records shall be kept, and from
22   which its business shall be transacted. The title to all property of every kind belonging to the
23   Authority shall be titled to the Authority, which shall hold it for the benefit of the member
24   localities and the Commonwealth of Virginia.
25            Drafting note: No substantive change in the law.
26
27            § 15.1-1640 15.2-6005. General powers of Authority; regulations; enforcement of
28   statutes, rules, etc.
29            In order to enable it to carry out the purposes of this chapter, the Authority acting through
30   its Board:




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 1          1. Is vested with the powers of a body corporate, including the power to sue and be sued,
 2   to plead and be impleaded, to make contracts, and to adopt and use a common seal and to alter
 3   the same as may be deemed expedient;
 4          2. May retain legal counsel to represent the Authority in hearings, controversies, or
 5   matters involving the interests of the Authority and the furtherance of its purpose;
 6          3. Is vested with power to adopt, alter or repeal its own bylaws, regulations governing the
 7   manner in which its business may be transacted and in which the power granted to it may be
 8   enjoyed, and may provide for the appointment of such committees, and the functions thereof, as
 9   the Authority may deem necessary to facilitate its business. Such committees shall consist of
10   such number of persons as the Authority shall deem advisable. Members of committees shall
11   receive no compensation for their services, but may be reimbursed their necessary traveling and
12   other expenses incurred while on business of the Authority. The Authority may set flat fees for
13   expenses for a member's attendance at all meetings of the Authority or at its other functions.
14   Such fees shall not exceed $100 per day.
15          Drafting note: No change.
16
17          § 15.1-1641 15.2-6006. Further powers.
18          The Authority, to accomplish its general purpose, is given the following powers, namely:
19          1. To enter into contractual agreements in furtherance of its purpose;
20          2. To rent, lease, buy, own, acquire and dispose of such property, real or personal, as the
21   Authority deems proper to carry out any of the purposes and provisions of this chapter, including
22   the execution of leases with option to purchase;
23          3. To apply for and accept grants or loans of money or other property from any federal
24   agency for any of the purposes authorized in this chapter, and to expend or use the same in
25   accordance with the directions and requirements attached thereto or imposed thereon by any such
26   federal agency; and
27          4. To do and perform any act or function which is in accord with the purposes of the
28   chapter, including (i) borrowing money and (ii) employing such persons as the Board deems
29   necessary to carry on the business of the Authority.
30          Drafting note: No change.
31



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 1           § 15.1-1642 15.2-6007. Acceptance of funds, property and grants or loans.
 2           The Authority may accept funds and property from the federal government, the
 3   Commonwealth, persons, counties, cities and towns localities, and may use the same for any of
 4   the purposes for which the Authority is created.
 5           Counties, cities and towns Localities are hereby authorized to lend or donate money or
 6   other property to the Authority for any of its purposes. The local government locality making the
 7   grant or loan may restrict the use of such grants or loans to a specific project, within or without
 8   outside that locality.
 9           Drafting note: No material change.
10
11           § 15.1-1643 15.2-6008. Forms of accounts and records; audit of same.
12           The accounts and records of the Authority showing the receipt and disbursement of funds
13   from whatever source derived shall be in such form as the Auditor of Public Accounts prescribes,
14   provided that such accounts shall correspond as nearly as possible to the accounts and records for
15   such matters maintained by corporate enterprises. The accounts and records of the Authority
16   shall be subject to audit by the Auditor of Public Accounts on an annual basis and the costs of
17   such audit services shall be borne by the Authority. The Authority's fiscal year shall be the same
18   as the Commonwealth's.
19           Drafting note: No change.
20
21           § 15.1-1644 15.2-6009. Capitalization of Authority.
22           On September 1, 1988, and on the first day of each month thereafter, each county and
23   city shall remit to the Virginia Coalfield Economic Development Fund twenty-five percent of the
24   revenues collected during the next to last calendar month from the coal and gas road
25   improvement tax pursuant to § 58.1-3713.
26           Drafting note: No change.
27
28           § 15.1-1645 15.2-6010. Proceeds held.
29           The treasurer may invest and reinvest funds of the Authority pending their need. All
30   moneys received by the Authority pursuant to § 15.1-1644 15.2-6009, together with any
31   matching funds received from state or federal sources, shall be applied and used only in the



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 1   county or city from which the funds were received, unless the governing body of the county or
 2   city consents to their use in another county or city.
 3          Moneys received pursuant to § 58.1-3713.4 may be used at the discretion of the authority
 4   Authority for purposes and projects as determined by the Authority.
 5          Drafting note: No substantive change in the law.
 6
 7          § 15.1-1646 15.2-6011. Eligible use of funds.
 8          The Authority is hereby empowered to pledge its funds, and make loans and grants to or
 9   for the benefit of private, for-profit enterprises; governmental or corporate instrumentalities in
10   the coalfield region of Virginia (including any political subdivision of the Commonwealth and
11   the Breaks Interstate Park); not-for-profit enterprises,; nonprofit industrial development
12   corporations,; or industrial development authorities for financing the following:
13          1. Purchase of real estate;
14          2. Grading of site(s);
15          3. Construction of flood control dams;
16          4. Water, sewer, natural gas and electrical line replacement and extensions;
17          5. Construction or rehabilitation or expansion of buildings;
18          6. Construction of parking facilities;
19          7. Access roads construction and street improvements;
20          8. Purchase or lease of machinery and tools;
21          9. Such other improvements as are deemed necessary by the Authority to accomplish the
22   purposes for which it was created; and
23          10. Construction of improvements outside the Commonwealth if in the Breaks Interstate
24   Park.; and
25          10. Such other improvements as the Authority deems necessary to accomplish its
26   purpose.
27          Drafting note: No substantive change in the law.
28
29          § 15.1-1647 15.2-6012. Dissolution of Authority.
30          Whenever the Board determines that the purpose for which the Authority was created has
31   been substantially fulfilled or is impractical or impossible of accomplishment and that all



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 1   obligations incurred by the Authority have been paid or that cash or a sufficient amount of
 2   United States government securities has been deposited for their payment or provisions
 3   satisfactory for the timely payment of all its outstanding obligations have been arranged, the
 4   Board may adopt resolutions declaring and finding that the Authority shall be dissolved.
 5   Appropriate attested copies of such resolutions shall be delivered to the Governor so that
 6   legislation dissolving the Authority may be introduced in the General Assembly. The dissolution
 7   of the Authority shall become effective according to the terms of such legislation. The title to all
 8   funds and other property owned by the Authority at the time of such dissolution shall vest in the
 9   counties and cities which have contributed to the fund in proportion to their respective
10   contributions.
11          Drafting note: No change.
12
13          § 15.1-1648 15.2-6013. Chapter liberally construed.
14          This chapter, being necessary for the welfare of the Commonwealth and its inhabitants,
15   shall be liberally construed to effect the purposes thereof.
16          Drafting note: No change.
17
18          § 15.1-1649 15.2-6014. Inconsistent laws inapplicable.
19          All other general or special laws inconsistent with any provision of this chapter are
20   hereby declared to be inapplicable to the provisions of this chapter.
21          Drafting note: No change.
22
23          § 15.1-1650 15.2-6015. City of Norton deemed contributing jurisdiction of Wise County.
24          For the purpose of this chapter the City of Norton shall be deemed a contributing
25   jurisdiction of Wise County and moneys collected from Wise County may be used in the City of
26   Norton.
27          Drafting note: No change.




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