58.1-3245.10 - Use of funds deposited in the Local Enterprise Zone Development Fund. - Virginia Statutes

§ 58.1-3245.10. Use of funds deposited in the Local Enterprise ZoneDevelopment Fund.

A. Any county, city, or town which adopts a local enterprise zone developmenttaxation program may use funds in the Local Enterprise Zone Development Fundfor any one or more of the following purposes:

1. To provide enhanced law-enforcement and other governmental services,including financing transportation projects, as may be appropriate to secureand promote private investment in the local enterprise zone;

2. To make grants to chambers of commerce and similar organizations withinsuch county, city, or town in order to secure and promote economicdevelopment within the local enterprise zone; or

3. To make grants to any industrial development authority created by thegoverning body pursuant to Chapter 49 (§ 15.2-4900 et seq.) of Title 15.2, inorder to secure and promote economic development within the local enterprisezone.

B. Any revenues in the Local Enterprise Zone Development Fund which are notused for a purpose authorized by subsection A shall be deemed "surplusfunds." At the end of the tax year, all surplus funds may be paid into thegeneral fund of the county, city, or town in which the local enterprise zoneis located.

(1997, c. 314.)