2000 Session

Budget Amendments - SB30 (Committee Approved)

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Development Opportunity Fund - Loans (language only)

Item 548 #12s

Item 548 #12s

Central Appropriations
Central Appropriations

Page 376, after line 19, insert:
"4.  Of the amounts appropriated for the Governor's Development Opportunity Fund, up to $8.0 million may be reserved by the Governor as a "line of credit" for local governments to attract or retain major economic development projects or employers.  Moneys from the line of credit shall be used to reimburse local government expenses.  Local governments shall repay the amounts used to the Governor's Development Opportunity Fund.  Repayments shall begin no later than three years after the project is completed.  The repayments shall be completed no later than five years after the first repayment.  The Virginia Economic Development Partnership shall develop the operating procedures for this program."

(This amendment reserves up to $8.0 million from the Governor's Development Opportunity Fund to be used as a line of credit for local governments to attract or retain major employers. The Virginia Economic Development Partnership is responsible for the program's guidelines.)