15.2-6401 - Findings; purpose; governmental functions. - Virginia Statutes

§ 15.2-6401. Findings; purpose; governmental functions.

A. The economies of many localities within the region have not kept pace withthose of the rest of the Commonwealth. Individual localities in the regionoften lack the financial resources to assist in the development of economicdevelopment projects. Providing a mechanism for localities in the region tocooperate in the development of facilities will assist the region inovercoming this barrier to economic growth. The creation of regionalindustrial facility authorities will assist this area of the Commonwealth inachieving a greater degree of economic stability.

B. The purpose of a regional industrial facility authority is to enhance theeconomic base for the member localities by developing, owning, and operatingone or more facilities on a cooperative basis involving its member localities.

C. The exercise of the powers granted by this chapter shall be in allrespects for the benefit of the inhabitants of the region and other areas ofthe Commonwealth, for the increase of their commerce, and for the promotionof their safety, health, welfare, convenience and prosperity.

(1997, cc. 276, 587, § 15.1-1711.)