SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2000 SESSION

  • | print version

HB 734 Use of escrowed funds.

Introduced by: Jeannemarie Devolites | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Use of escrowed funds; Town of Vienna. Allows the Town of Vienna (described by population) to use funds from a developer that have been escrowed for construction of specific public improvements for other similar improvements under certain conditions. Such funds shall be used only if the governing body (i) obtains the written consent of the owner or developer who submitted the escrowed funds; (ii) finds that the facilities for which funds are escrowed are not immediately required; (iii) releases the owner or developer from liability for such improvements and (iv) accepts liability for the future cost of constructing such improvements. If a locality fails to locate such owner or developer after making a reasonable attempt to do so, the locality may proceed as if such consent had been granted. In addition, the escrowed funds to be used for such other improvement may only come from an escrow that does not exceed $30,000, plus any accrued interest, and shall have been escrowed for at least five years. This bill is identical to SB 278.


FULL TEXT

HISTORY