STATE STATUTES & CODES
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VIRGINIA STATUTES AND CODES
58.1-3245.11 - Dissolving the Local Enterprise Zone Development Fund.
§ 58.1-3245.11. Dissolving the Local Enterprise Zone Development Fund.
The existence of a local enterprise zone shall terminate, and the LocalEnterprise Zone Development Fund shall dissolve, upon the earliest to occurof (i) the passage by the governing body of an ordinance repealing the localenterprise zone taxation ordinance or (ii) the termination of designation ofthe area as an enterprise zone. When the Local Enterprise Zone DevelopmentFund is dissolved, any revenue remaining in the Fund shall be paid into thegeneral fund of the county, city, or town.
Upon dissolving the Local Enterprise Zone Development Fund, the real estateor machinery and tools, or both, shall be assessed and taxes collected in thesame manner as applicable in the year preceding the adoption of the localenterprise zone development taxation ordinance.
(1997, c. 314.)