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2009 SESSION

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HB 2404 Virginia Universities Clean Energy Development and Economic Stimulus Foundation; created.

Introduced by: Robert B. Bell | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Virginia Universities Clean Energy Development and Economic Stimulus Foundation.  Creates the Virginia Universities Clean Energy Development and Economic Stimulus Foundation as a body corporate and a political subdivision of the Commonwealth. The Foundation shall identify, obtain, disburse and administer funding for: (i) research and development of alternative fuels, clean energy production, and related technologies; (ii) support of economic development projects in disadvantaged rural areas; and (iii) the provision of assistance in the commercialization of alternative fuels and clean energy technologies.  Funding shall be awarded only to those proposed projects that best meet the established criteria and purposes of this act.

SUMMARY AS INTRODUCED:

Virginia Universities Clean Energy Development and Economic Stimulus Foundation.  Creates the Virginia Universities Clean Energy Development and Economic Stimulus Foundation as a body corporate and a political subdivision of the Commonwealth. The Foundation, with the cooperation and assistance of the University of Virginia and Virginia Polytechnic Institute and State University, shall identify, obtain, disburse and administer funding for: (i) research and development of alternative fuels, clean energy production, and related technologies; (ii) support of economic development projects in disadvantaged rural areas; and (iii) the provision of assistance in the commercialization of alternative fuels and clean energy technologies.  Funding shall be awarded only to those proposed projects that best meet the established criteria and purposes of this act. Priority in the award of funding shall be accorded to those proposed projects that will be entirely or substantially conducted by one or both of the universities. The Tobacco Indemnification and Community Revitalization Commission is authorized to award to the Foundation up to five percent of the corpus of its endowment each year for five years beginning in 2009.