There is hereby created in the state treasury a special nonreverting fund to be known as the Virginia Business Ready Sites Acquisition Fund, referred to in this section as “the Fund.” The Fund shall be established on the books of the Comptroller. All moneys appropriated by the General Assembly for the Fund, and from any other sources, public or private, shall be paid into the state treasury and credited to the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Moneys in the Fund shall be used solely for the purposes of this chapter, which may include administrative costs for due diligence, site acquisition activities, or site development activities, as those terms are defined in § 2.2-2760. Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the Director of the Department, pursuant to subdivision B 2 of § 2.2-2761, or the Authority, pursuant to subdivision B 1 or 3 of § 2.2-2761.

Terms Used In Virginia Code 2.2-2762

  • Authority: means the Virginia Economic Development Partnership Authority. See Virginia Code 2.2-2760
  • Department: means the Department of General Services. See Virginia Code 2.2-2760
  • Development: means improvements designed to prepare a site for construction or higher use than was possible in the site's natural state or its state at the time of acquisition. See Virginia Code 2.2-2760
  • Due diligence: means undertaking (i) necessary land title, valuation, environmental, engineering, or technical studies; (ii) professional or consulting services related to a site or site selection; or (iii) any other similar activities. See Virginia Code 2.2-2760
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fund: means the Virginia Business Ready Sites Acquisition Fund established by § 2. See Virginia Code 2.2-2760
  • Site acquisition activities: means the completion of due diligence activities, as well as the purchasing or optioning of an eligible acquisition site for purposes of the Program. See Virginia Code 2.2-2760
  • 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

2023, c. 779.

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