1997 Session

Budget Amendments - SB700 (Conference Report)

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Semiconductor Manufacturing Incentive Programs (language only)

Item 4-5.11 #1c

Item 4-5.11 #1c

Special Conditions and Restrictions on Expenditures
Semiconductor Manufacturing Incentive Program

Page 443, line 19, after "1997.", insert:
"For any semiconductor performance grant approved by the 1997 Session of the General Assembly, the House Appropriations and Senate Finance Committees shall have the opportunity to review the memorandum of understanding prior to its execution by the Commonwealth.  Execution of the memorandum of understanding for performance grants approved by the 1997 Session shall occur no later than June 30, 1998."

(This amendment requires a memorandum of understanding between the Commonwealth and any semiconductor manufacturer eligible for a semiconductor manufacturing performance grant authorized by the 1997 Session of the General Assembly. The memorandum of understanding covers production targets, levels of investment, and direct employment.)