Item 547 | First Year - FY1999 | Second Year - FY2000 |
|---|---|---|
| Economic Contingency (75800) | $23,214,200 | $21,975,000 |
| Fund Sources: | ||
| General | FY1999 $23,214,200 | FY2000 $21,975,000 |
Authority: Discretionary Inclusion.
A. The Governor is hereby authorized to allocate sums from this appropriation, in addition to an amount not to exceed $1,000,000 from the unappropriated balance derived by subtracting the general fund appropriations from the projected general fund revenues in this act, to provide for supplemental funds pursuant to Paragraph B hereof. Transfers from this Item shall be made only when (1) sufficient funds are not available within the agency's appropriation, and (2) additional funds must be provided prior to the end of the next General Assembly session.
B. The Governor is hereby authorized to allocate such sums from this appropriation as he may determine to be needed for the following purposes:
1. To address the six conditions listed in § 4-1.03 a.3. of this act.
2. To provide for unbudgeted and unavoidable increases in costs to state agencies for essential commodities and services which cannot be absorbed within agency appropriations.
3. To secure federal funds in the event that additional matching funds are needed for Virginia to participate in the federal Superfund program.
C. The Department of Planning and Budget shall submit a quarterly report of any disbursements made from, commitments made against, and requests made for such sums authorized for allocation pursuant to Paragraph B to the Chairmen of the House Appropriations and Senate Finance Committees. This report shall identify each of the conditions specified in Paragraph B for which the transfer is made.
D. Any unexpended balance remaining in this Item on June 30, 1999, shall be carried forward on the books of the Comptroller and shall be available for expenditure in the second year of the current biennium. Any unexpended balance remaining in this item on June 30, 2000, shall be carried forward on the books of the Comptroller and shall be available for expenditures in the next biennium.
E.1. This appropriation includes $15,225,000 the first year and $15,225,000 the second year to be used at the discretion of the Governor, subject to prior consultation with the Chairmen of the House Appropriations and Senate Finance Committees, to attract economic development prospects to locate or expand in Virginia.
2. The Governor may allocate these funds as grants or loans to political subdivisions. Loans shall be approved by the Governor and made in accordance with procedures established by the Virginia Economic Development Partnership and approved by the State Comptroller. Loans shall be interest-free unless otherwise determined by the Governor and shall be repaid to the general fund of the State Treasury. The Governor may establish the interest rate to be charged; otherwise, any interest charged shall be at market rates as determined by the State Treasurer and shall be indicative of the duration of the loan. The Virginia Economic Development Partnership shall be responsible for monitoring repayment of such loans and reporting the receivables to the State Comptroller as required.
3. Funds may be used for public and private utility extension or capacity development on and off site; road, rail, or other transportation access costs beyond the funding capability of existing programs; site acquisition; grading, drainage, paving, and other activity required to prepare a site for construction; construction or build-out of publicly-owned buildings; grants or loans to an Industrial Development Authority, Housing and Redevelopment Authority, or other political subdivision pursuant to their duties or powers; training; or anything else permitted by law.
F. The Governor is authorized to transfer $1,631,000 the first year and $4,500,000 the second year to the Department of Mines, Minerals, and Energy for solar photovoltaic manufacturing incentive grants in accordance with § 45.1-392, Code of Virginia.
G. This appropriation includes $2,608,200 the first year for matching funds as required by the Water Resources Development Act of 1986 (Public Law 99-662), as amended, for a 50-foot deep draft anchorage construction project proposed by the U.S. Army corps of Engineers. In the event the dredging project is not completed by June 30, 2001, the unexpended balances are hereby reappropriated for completion of the project. If the construction of the anchorage project occurs, future maintenance costs of $515,000 will be provided beginning six years after completion of the construction.
H. This appropriation includes $250,000 the first year and $250,000 the second year as matching funds as required by the Water Resources Development Act of 1986 (Public Law 99-662), as amended, for a study of the eastward expansion of the federally owned Craney Island Dredged Material Management Area. The study is the result of a resolution passed on September 24, 1997, by the U.S. House of Representatives, Committee on Transportation and Infrastructure. Matching funds for the study shall be provided through FY 2001 when the study is expected to be concluded.