Virginia Code 58.1-3245.10: Use of funds deposited in the Local Enterprise Zone Development Fund
A. Any county, city, or town which adopts a local enterprise zone development taxation program may use funds in the Local Enterprise Zone Development Fund for any one or more of the following purposes:
Terms Used In Virginia Code 58.1-3245.10
- Chambers: A judge's office.
- 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
- Enterprise zone: means an area designated by the Governor as an enterprise zone pursuant to Chapter 49 of Title 59. See Virginia Code 58.1-3245.6
- Local enterprise zone: means an enterprise zone designated as a local enterprise zone by an ordinance adopted pursuant to § 58. See Virginia Code 58.1-3245.6
- 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
1. To provide enhanced law-enforcement and other governmental services, including financing transportation projects, as may be appropriate to secure and promote private investment in the local enterprise zone;
2. To make grants to chambers of commerce and similar organizations within such county, city, or town in order to secure and promote economic development within the local enterprise zone; or
3. To make grants to any industrial development authority created by the governing body pursuant to Chapter 49 of Title 15.2, in order to secure and promote economic development within the local enterprise zone.
B. Any revenues in the Local Enterprise Zone Development Fund which are not used for a purpose authorized by subsection A shall be deemed “surplus funds.” At the end of the tax year, all surplus funds may be paid into the general fund of the county, city, or town in which the local enterprise zone is located.
1997, c. 314.