17102820D
SENATE BILL NO. 1591
Offered January 24, 2017
A BILL to impose a 36-month moratorium on the repayment of
funds allocated for a bonded project pursuant to the Economic Development
Access Program.
----------
Patron-- Carrico
----------
Unanimous consent to introduce
----------
Referred to Committee on Finance
----------
Be it enacted by the General Assembly of Virginia:
1. §1. Notwithstanding a resolution adopted by a locality or surety bond issued by a locality guaranteeing repayment within five years of an allocation by the Commonwealth Transportation Board, no locality that has been allocated funds for a bonded project by the Commonwealth Transportation Board pursuant to §33.2-1509 of the Code of Virginia shall repay such funds within a 36-month period beginning on July 1, 2017.