Item 548 | First Year - FY2001 | Second Year - FY2002 |
|---|---|---|
| Economic Contingency (75800) | $40,250,000 | $1,250,000 |
| Fund Sources: | ||
| General | FY2001 $40,250,000 | FY2002 $1,250,000 |
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. This appropriation includes $3,000,000 the first year to be used by the Governor 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, 2001, 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, 2002, 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 $30,000,000 the first 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. Funds appropriated for the purposes of this paragraph shall be deposited to the Governor's Development Opportunity Fund, as established in § 2.1-51.6:5, Code of Virginia, on July 1 of each fiscal year.
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. In the event Major League Baseball grants a franchise to an ownership group to locate a Major League Baseball team in Virginia, the Governor is hereby authorized to develop a financing plan, which has regard for the recommendations of House Document 7 (1997) by the Joint Subcommittee Studying Funding of a Baseball Stadium. At the next session of the General Assembly following the award of such franchise to a team to play its home games in the Commonwealth, the Governor shall submit to that General Assembly a detailed financing plan to carry out the Commonwealth's commitment, if any, to finance construction of a Major League Baseball Stadium.
G. This appropriation includes $1,000,000 the first year and $1,000,000 the second year from the general fund to be used at the discretion of the Governor to attract film industry production activity to the Commonwealth. Funds appropriated for the purposes of this paragraph shall be deposited to the Governor's Motion Picture Opportunity Fund, as established in § 2.1-548.61, Code of Virginia.
H.1. The Governor is hereby authorized to expend in the first year an amount not to exceed $6,000,000 from this Item to assist regional tourism organizations in the design and expansion/construction of regional visitor centers. Of this total, no more than $2,000,000 may be paid to any one regional tourism organization for the design and expansion/construction of a regional visitor center. For the purposes of this appropriation, a regional tourism organization shall consist of three or more local governing bodies.
2. Prior to the release of such funds, the regional tourism organization must: (1) execute a memorandum of understanding with the Commonwealth of Virginia; (2) designate a site that has been approved by a resolution of the three or more local governing bodies as their official or one of their official visitor information center(s); (3) prepare a plan and schedule for design and expansion/construction of the regional visitor center; (4) meet the criteria and guidelines developed by the Virginia Tourism Authority based on The Virginia Visitor Service Facilities Plan submitted to the Secretary of Commerce and Trade and the Chairmen of the House Appropriations and Senate Finance Committees in December 1999; and (5) provide proof of the availability of the match requirement for these funds.
I. This appropriation includes $250,000 the first year and $250,000 the second year from the general fund to establish a statewide workforce training loan program focusing on technology-related training. Funds appropriated for the purposes of this paragraph shall be deposited to the Workforce Training Access Fund, as established in § 9-329.6, Code of Virginia.