30-309 - MEI Project Approval Commission; membership; terms; compensation and expenses; definition. - Virginia Statutes

§ 30-309. MEI Project Approval Commission; membership; terms; compensationand expenses; definition.

A. The MEI Project Approval Commission (the Commission) is established as anadvisory commission in the legislative branch of state government. Thepurpose of the Commission shall be to review financing for individualincentive packages, including but not limited to packages offering taxincentives, for economic development projects (including but not limited toMEI projects) for which (i) one or more of the incentives in the incentivepackage is not authorized under current law or (ii) an amendment by theGeneral Assembly is being sought to one or more currently existing incentivesincluded as part of the incentive package.

B. The Commission shall consist of 10 members as follows: the chair of theHouse Committee on Appropriations and four members of the House Committee onAppropriations appointed by the chair and the chair of the Senate FinanceCommittee and two members of the Senate Finance Committee appointed by thechair. In addition, the Secretaries of Finance and Commerce and Trade shallserve as ex officio, nonvoting members of the Commission.

C. Members shall serve terms coincident with their terms of office. Vacanciesfor unexpired terms shall be filled in the same manner as the originalappointments. Members may be reappointed for successive terms.

D. The members of the Commission shall elect a chairman and vice chairmanannually. A majority of the voting members of the Commission shall constitutea quorum. The meetings of the Commission shall be held at the call of thechairman or whenever the majority of the members so request.

E. Legislative members of the Commission shall receive such compensation asprovided in § 30-19.12, and nonlegislative members shall receive suchcompensation as provided in § 2.2-2813.

F. As used in this chapter, "MEI project" means the same as that term isdefined in § 2.2-2260.

(2009, cc. 246, 311; 2010, cc. 543, 716.)