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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.