Virginia Code 3.2-3112: Definitions
As used in this chapter, unless the context requires a different meaning:
Terms Used In Virginia Code 3.2-3112
- Authority: means the Virginia Resources Authority created in Chapter 21 of Title 62. See Virginia Code 3.2-3112
- City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
- Commission: means the Tobacco Region Revitalization Commission created pursuant to § 3. See Virginia Code 3.2-3112
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Endowment: means the Tobacco Indemnification and Community Revitalization Endowment as established in § 3. See Virginia Code 3.2-3112
- Equity: means any contribution to a project other than debt financing, including a federal, state, or local grant, except that the grant shall not be a Commission grant. See Virginia Code 3.2-3112
- Fund: means the Virginia Tobacco Region Revolving Fund created by this chapter. See Virginia Code 3.2-3112
- Includes: means includes, but not limited to. See Virginia Code 1-218
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Local government: means any county, city, town, municipal corporation, authority, district, commission, or political subdivision created by the General Assembly or pursuant to the Constitution of Virginia or laws of the Commonwealth, or any combination of any two or more of the foregoing, located in any of the tobacco-dependent communities in the Southside and Southwest regions of Virginia. See Virginia Code 3.2-3112
- Project: means the same as that term is defined in § 62. See Virginia Code 3.2-3112
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
- Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July 1, 1971, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 1-254
“Authority” means the Virginia Resources Authority created in Chapter 21 of Title 62.1.
“Commission” means the Tobacco Region Revitalization Commission created pursuant to § 3.2-3101.
“Cost,” as applied to any project financed under the provisions of this chapter, means the total of all costs incurred by the local government as reasonable and necessary for carrying out all works and undertakings necessary or incident to the accomplishment of any project. It includes, without limitation, all necessary developmental, planning, and feasibility studies, surveys, plans, and specifications; architectural, engineering, financial, legal, or other special services; the cost of acquisition of land and any buildings and improvements thereon, including the discharge of any obligations of the sellers of such land, buildings, or improvements; site preparation and development, including demolition or removal of existing structures; construction and reconstruction; labor; materials, machinery, and equipment; the reasonable costs of financing incurred by the local government in the course of the development of the project; carrying charges incurred before the project is placed in service; interest on funds borrowed to finance the project to a date subsequent to the estimated date the project is to be placed in service; necessary expenses incurred in connection with placing the project in service; the funding of accounts and reserves that the Authority may require; and the cost of other items that the Authority determines to be reasonable and necessary.
“Endowment” means the Tobacco Indemnification and Community Revitalization Endowment as established in § 3.2-3104.
“Equity” means any contribution to a project other than debt financing, including a federal, state, or local grant, except that the grant shall not be a Commission grant.
“Fund” means the Virginia Tobacco Region Revolving Fund created by this chapter.
“Local government” means any county, city, town, municipal corporation, authority, district, commission, or political subdivision created by the General Assembly or pursuant to the Constitution of Virginia or laws of the Commonwealth, or any combination of any two or more of the foregoing, located in any of the tobacco-dependent communities in the Southside and Southwest regions of Virginia.
“Project” means the same as that term is defined in § 62.1-199 and any other proposal recommended for evaluation and disbursement by the Commission and credit approved by the Authority, subject to such conditions and policies as agreed to by the Commission and the Authority. Projects other than those defined in § 62.1-199 shall be eligible to borrow from the Fund only in the event that other funding for the project equal to 25 percent of the total cost of the project is available through equity.