15.2-6002 - Purpose of Authority; performs governmental function. - Virginia Statutes

§ 15.2-6002. Purpose of Authority; performs governmental function.

The primary purpose of the Authority is to enhance the economic base for theseven county and one city coalfield region of Virginia (Lee, Wise, Scott,Buchanan, Russell, Tazewell and Dickenson Counties and the City of Norton).

The Authority shall provide financial support for the purchase of realestate, construction of buildings for sale or lease, installation ofutilities, direct loans and grants to private for-profit basic employers; mayapply for matching funds from the state or federal government, or the privatesector; and any other support improvements it deems necessary, includingflood control dams. All such loans and grants may be managed by the LENOWISCOand Cumberland Plateau Planning District Commissions in their respectiveservice areas.

The exercise of the powers granted by this chapter shall be in all respectsfor the benefit of the inhabitants of the Commonwealth, particularly theaforesaid seven county and one city areas, for the increase of theircommerce, and for the promotion of their safety, health, welfare, convenienceand prosperity.

(1988, c. 833, § 15.1-1637; 1990, c. 341; 1992, c. 32; 1997, c. 587.)