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2005 SESSION

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HB 2888 Proffered funds; localities must begin construction of improvements within 5 years of receipt.

Introduced by: L. Scott Lingamfelter | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Proffer cash payments and expenditures by localities.  Makes numerous changes to the existing law on the use of cash proffers by localities, including amendments that provide that any locality accepting a cash payment voluntarily proffered on or after July 1, 2005, pursuant to § 15.2-2298, 15.2-2303, or 15.2-2303.1 shall, within seven years of receiving full payment, begin construction or other improvements for which the cash payment was proffered.  A locality that does not begin construction of the improvements for which the cash payment was proffered within seven years of receipt of the proffered cash payment, or make other authorized alternative improvements, shall pay the amount of that proffered cash payment to the Commonwealth Transportation Board for allocation to the appropriate construction program.


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