Authority: Chapter 790, 1988 Acts of Assembly.

Out of the amounts for Financial Assistance for Industrial Development shall be paid the Commonwealth's share of the cost of the Virginia Advanced Shipbuilding and Carrier Integration Center to be located in the City of Newport News. Notwithstanding Chapter 790, 1998 Acts of Assembly, funds shall be disbursed to a local industrial development authority, as specified in Chapter 790, pursuant to the contractual agreement described below. The annual amount to be paid and the duration of such payments shall be determined by a contractual agreement entered into by the Treasury Board and approved by the Governor pursuant to this Item and § 2.1-179, Code of Virginia.