2009 Session

Budget Amendments - SB850 (Conference Report)

Revert Pulaski IDA Funding (language only)

Item 3-1.04 #1c

Item 3-1.04 #1c

Reversion of IDA Funding

Page 612, after line 53, insert:
"In accordance with the provisions of Item 119, paragraph O., Chapter 847,  2007 Acts of Assembly, and as reflected in the agreement between the Virginia Economic Development Partnership and the Industrial Development Authority (IDA) of Pulaski County dated February 25, 2008, the Pulaski IDA is hereby instructed to return to the Virginia Economic Development Partnership the $1,000,000 provided to support the Volvo Center for Excellence.  These funds shall revert to the general fund no later than June 30, 2009."

(This amendment directs the Pulaski Industrial Development Authority to return the $1.0 million provided to it by the Virginia Economic Development Partnership to support the construction of the New River Valley Center of Excellence. This appropriation was contingent upon Volvo Trucks meeting certain performance requirements and conveying the land to the Pulaski IDA. As this has not occurred, the funds are to revert to the general fund.)