56-575.2 - Declaration of public purpose. - Virginia Statutes

§ 56-575.2. Declaration of public purpose.

A. The General Assembly finds that:

1. There is a public need for timely acquisition, design, construction,improvement, renovation, expansion, equipping, maintenance, operation,implementation, or installation of education facilities, technologyinfrastructure and other public infrastructure and government facilitieswithin the Commonwealth that serve a public need and purpose;

2. Such public need may not be wholly satisfied by existing methods ofprocurement in which qualifying projects are acquired, designed, constructed,improved, renovated, expanded, equipped, maintained, operated, implemented,or installed;

3. There are inadequate resources to develop new education facilities,technology infrastructure and other public infrastructure and governmentfacilities for the benefit of citizens of the Commonwealth, and there isdemonstrated evidence that public-private partnerships can meet these needsby improving the schedule for delivery, lowering the cost, and providingother benefits to the public;

4. Financial incentives exist under state and federal tax provisions thatpromote public entities to enter into partnerships with private entities todevelop qualifying projects;

5. Authorizing private entities to develop or operate one or more qualifyingprojects may result in the availability of such projects to the public in amore timely or less costly fashion, thereby serving the public safety,benefit, and welfare.

B. An action under § 56-575.4 shall serve the public purpose of this chapterif such action facilitates the timely development or operation of qualifyingprojects.

C. It is the intent of this chapter, among other things, to encourageinvestment in the Commonwealth by private entities and facilitate the bondfinancing provisions of the Economic Growth and Tax Relief Reconciliation Actof 2001 or other similar financing mechanisms, private capital and otherfunding sources that support the development or operation of qualifyingprojects, to the end that financing for qualifying projects be expanded andaccelerated to improve and add to the convenience of the public, and suchthat public and private entities may have the greatest possible flexibilityin contracting with each other for the provision of the public services thatare the subject of this chapter.

D. This chapter shall be liberally construed in conformity with the purposeshereof.

(2002, c. 571; 2003, c. 1034; 2005, c. 865.)