2.2-2234 - Short title; declaration of public purpose; Authority created. - Virginia Statutes

§ 2.2-2234. Short title; declaration of public purpose; Authority created.

A. This article shall be known and may be cited as the "Virginia EconomicDevelopment Partnership Act."

B. The General Assembly has determined that there exists in the Commonwealtha need to encourage, stimulate and support the development and expansion ofthe economy of the Commonwealth through economic development.

C. To achieve the objective of subsection B, there is created a politicalsubdivision of the Commonwealth to be known as the Virginia EconomicDevelopment Partnership Authority. The Authority's exercise of powers andduties conferred by this article shall be deemed the performance of anessential governmental function and matters of public necessity for whichpublic moneys may be spent and private property acquired.

(1995, c. 638, §§ 2.1-548.26, 2.1-548.28; 2001, c. 844.)