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1996 SESSION
965522805Patrons-- Williams, Benedetti, Bolling, Chichester, Earley, Hanger, Howell, Martin, Newman and Ticer; Delegate: Orrock
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding a section numbered 15.1-21.01 as follows:
§ 15.1-21.01. Voluntary economic growth sharing.
A. [ Notwithstanding the provisions of §§ 15.1-21 and
15.1-1167.1, any Any ] county, city or town may
voluntarily enter into with any other county, city or town or combination
thereof an agreement containing one or more binding economic growth-sharing
arrangements for fixed time periods. Such an agreement may be entered into for
any public purpose, including economic development projects and the provision
of public services or facilities that have a regional impact. The benefits of
such an agreement may be derived through regional growth and development, job
creation, efficiency savings in infrastructure, and the sharing of revenues
generated by such cooperative projects.
B. The governing body of each locality participating in an agreement
pursuant to this section shall hold a public hearing on the agreement. Each
hearing shall be advertised once a week for two successive weeks in a newspaper
of general circulation in the locality [ prior to such public
hearing ] . The agreement shall be submitted to the Commission on
Local Government, which shall make findings of fact in accordance with
subdivision 4 of § 15.1-945.3. After the [ hearings
and ] issuance of the Commission on Local Government report [
and hearing held in accordance with this subsection ] , the
agreement shall become effective if approved [ by resolution
adopted ] by a majority [ vote ] of the members
of the governing bodies of each locality.
C. Before a county, under the terms of a voluntary agreement entered pursuant to this section, contracts a debt pursuant to Article VII, Section 10 (b) of the Constitution of Virginia, the board of supervisors shall petition the circuit court of the county for an order calling for a special election in accordance with § 15.1-1167.2.
[ D. If any agreement contains any provision addressing any issue provided for in Chapters 20.2, 21, 21.1, 21.2, 22 or 25 of this title, such agreement shall be subject to the review and implementation process established by Chapter 26.1:1 of this title. ]