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1996 SESSION

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HB 306 Governor's Development Opportunity Fund; created.

Introduced by: R. Creigh Deeds | all patrons    ...    notes | add to my profiles

SUMMARY:

Governor's Development Opportunity Fund. Repeals the existing "Economic Development Contingency Fund" and the "Governor's Development Closing Fund" in Title 2.1 and replaces them with the new "Governor's Development Opportunity Fund." The new Fund combines characteristics of the statutory funds and the "Governor's Opportunity Fund" found in the general appropriation act, and provides a few new requirements. Most notably, the bill requires the Governor, with the assistance of the Department of Economic Development, to develop objective guidelines and criteria for the use of the Fund, to make periodic reports to the chairmen of the money committees, and to not commit funds beyond the fiscal year in which they are appropriated, except under certain circumstances. The bill is a recommendation of the Blue Ridge Economic Development Commission.


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