Virginia Code 3.2-308: Disposition of award by locality
Current as of: 2023 | Check for updates
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Notwithstanding any provision in this chapter or in the guidelines established pursuant to § 3.2-305, a political subdivision shall not expend, distribute, pledge, use as security, or otherwise use any award from the Fund unless and until such contract is executed with the business beneficiary.
Terms Used In Virginia Code 3.2-308
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Fund: means the Governor's Agriculture and Forestry Industries Development Fund established pursuant to § 3. See Virginia Code 3.2-303