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2011 SESSION
11104724DBe it enacted by the General Assembly of Virginia:
1. That § 62.1-198 of the Code of Virginia is amended and reenacted as follows:
§ 62.1-198. Legislative findings and purposes.
The General Assembly finds that there exists in the
Commonwealth a critical need for additional sources of funding to finance the
present and future needs of the Commonwealth for water supply; land
conservation or land preservation including land for parks and other
recreational purposes; oyster restoration projects, including planting and
replanting with seed oysters, oyster shells, or other material that will catch,
support, and grow oysters; wastewater treatment facilities; drainage
facilities; solid waste treatment, disposal and management facilities;
recycling facilities; resource recovery facilities; energy conservation and
energy efficiency projects; professional sports facilities; certain heavy rail
transportation facilities; public safety facilities; airport facilities; the
remediation of brownfields and contaminated properties, including properties
contaminated by defective drywall; the design and construction of roads, public
parking garages and other public transportation facilities, and facilities for
public transportation by commuter rail; construction of local government buildings,
including administrative and operations systems and other local government
equipment and infrastructure; site acquisition and site development work for
economic and community development projects; recovered gas energy facilities; and
the location or retention of federal facilities in the Commonwealth and the
support of the transition of former federal facilities from use by the federal
government to other uses; and local government renewable energy projects,
including solar, wind, biomass, waste-to-energy, and geothermal. This need
can be alleviated in part through the creation of a resources authority. Its
purpose is to encourage the investment of both public and private funds and to
make loans, grants, and credit enhancements available to local governments to
finance water and sewer projects, land conservation or land preservation
programs or projects, oyster restoration projects, drainage projects, solid
waste treatment, disposal and management projects, recycling projects, energy
conservation and energy efficiency projects, professional sports facilities,
resource recovery projects, public safety facilities, airport facilities, the
remediation of brownfields and contaminated properties including properties
contaminated by defective drywall, the design and construction of roads, public
parking garages and other public transportation facilities, and facilities for
public transportation by commuter rail, site acquisition and site development
work for the benefit of economic development projects, technology, construction
of local government buildings, including administrative and operations systems
and other local government equipment and infrastructure, infrastructure for
broadband services, recovered gas energy facilities, and federal
facilities or former federal facilities, and renewable energy projects.
The General Assembly determines that the creation of an authority for this
purpose is in the public interest, serves a public purpose and will promote the
health, safety, welfare, convenience or prosperity of the people of the
Commonwealth.