{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2487.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2487.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2487.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2487.html"}],"law_id":55601,"edition_id":1,"section_id":55601,"structure_id":13721,"section_number":"2.2-2487","catch_line":"Virginia Growth and Opportunity Fund","history":"2016, cc. 778, 779.","full_text":"A\n\nThere is hereby created in the state treasury a special nonreverting fund to be known as the Virginia Growth and Opportunity Fund. The Fund shall be established on the books of the Comptroller. All moneys appropriated by the General Assembly for the Fund, and from any other sources, public or private, shall be paid into the state treasury and credited to the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, included interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the chairman of the Board.B\n\nMoneys in the Fund shall be used to facilitate regional collaboration on economic growth and diversification. Specifically, the Fund shall be used to incentivize and encourage cooperation among business, education, and government on regional strategic economic development and workforce development efforts. Available moneys in the Fund shall be allocated as follows:1\n\nA portion of the Fund may be used to support the initial organizational efforts of each regional council, such as capacity-building activities, project prioritization, and studies and analyses related to the development of an economic growth and diversification plan for the region, including identification of existing and prospective gaps in education and skills within the region;2\n\nA portion shall be reserved for specific projects in each region on the basis of a region’s share of state population, based on population estimates made by the Weldon Cooper Center for Public Service at the University of Virginia. However, the Board may cancel such reservation in whole or in part if, in the Board’s judgment, the region has failed to establish a certified regional council or to otherwise meet the qualifications for grant funding in accordance with this article; and3\n\nA portion shall be competitively awarded on the basis of expected economic impact and outcomes without regard to a region’s population.\n\t\t\t\tExcept for initial grants awarded pursuant to subdivision 1, no more than eight percent of any grants from the Fund to a single regional council shall be used for administrative or planning purposes.C\n\nPublic comment shall be received by the Board when making decisions regarding awards from the Fund.D\n\nNo more than 90 percent of moneys in the Fund shall be awarded or allocated in any fiscal year.","order_by":null,"text":{"0":{"id":203819,"text":"There is hereby created in the state treasury a special nonreverting fund to be known as the Virginia Growth and Opportunity Fund. The Fund shall be established on the books of the Comptroller. All moneys appropriated by the General Assembly for the Fund, and from any other sources, public or private, shall be paid into the state treasury and credited to the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, included interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the chairman of the Board.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":203820,"text":"Moneys in the Fund shall be used to facilitate regional collaboration on economic growth and diversification. Specifically, the Fund shall be used to incentivize and encourage cooperation among business, education, and government on regional strategic economic development and workforce development efforts. Available moneys in the Fund shall be allocated as follows:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":203821,"text":"A portion of the Fund may be used to support the initial organizational efforts of each regional council, such as capacity-building activities, project prioritization, and studies and analyses related to the development of an economic growth and diversification plan for the region, including identification of existing and prospective gaps in education and skills within the region;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":203822,"text":"A portion shall be reserved for specific projects in each region on the basis of a region’s share of state population, based on population estimates made by the Weldon Cooper Center for Public Service at the University of Virginia. However, the Board may cancel such reservation in whole or in part if, in the Board’s judgment, the region has failed to establish a certified regional council or to otherwise meet the qualifications for grant funding in accordance with this article; and","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":203823,"text":"A portion shall be competitively awarded on the basis of expected economic impact and outcomes without regard to a region’s population.\n\t\t\t\tExcept for initial grants awarded pursuant to subdivision 1, no more than eight percent of any grants from the Fund to a single regional council shall be used for administrative or planning purposes.","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"C"},"5":{"id":203824,"text":"Public comment shall be received by the Board when making decisions regarding awards from the Fund.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B3","next_prefix":"D"},"6":{"id":203825,"text":"No more than 90 percent of moneys in the Fund shall be awarded or allocated in any fiscal year.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":13721,"edition_id":1,"name":"Virginia Growth and Opportunity Act","identifier":"26","label":"article","depth":5,"order_by":1,"parent_id":12786,"metadata":{},"date_created":"2026-06-26 03:45:40","date_modified":"2026-06-26 03:45:40","permalink":{"id":174909,"object_type":"structure","relational_id":13721,"identifier":"26","token":"2.2\/I\/D\/24\/26","url":"\/2.2\/I\/D\/24\/26\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12786,"edition_id":1,"name":"Boards","identifier":"24","label":"chapter","depth":4,"order_by":1,"parent_id":12785,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":174687,"object_type":"structure","relational_id":12786,"identifier":"24","token":"2.2\/I\/D\/24","url":"\/2.2\/I\/D\/24\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12785,"edition_id":1,"name":"State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies","identifier":"D","label":"part","depth":3,"order_by":1,"parent_id":12784,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":173913,"object_type":"structure","relational_id":12785,"identifier":"D","token":"2.2\/I\/D","url":"\/2.2\/I\/D\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12784,"edition_id":1,"name":"Organization of State Government","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12749,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":171455,"object_type":"structure","relational_id":12784,"identifier":"I","token":"2.2\/I","url":"\/2.2\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12749,"edition_id":1,"name":"Administration of Government","identifier":"2.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":171453,"object_type":"structure","relational_id":12749,"identifier":"2.2","token":"2.2","url":"\/2.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":55162,"structure_id":13721,"section_number":"2.2-2484","catch_line":"Definitions","url":"\/2.2-2484\/","token":"2.2\/I\/D\/24\/26\/2.2-2484","metadata":false},{"id":66343,"structure_id":13721,"section_number":"2.2-2485","catch_line":"Virginia Growth and Opportunity Board; membership; terms; compensation","url":"\/2.2-2485\/","token":"2.2\/I\/D\/24\/26\/2.2-2485","metadata":false},{"id":77697,"structure_id":13721,"section_number":"2.2-2486","catch_line":"Powers and duties of the Board","url":"\/2.2-2486\/","token":"2.2\/I\/D\/24\/26\/2.2-2486","metadata":false},{"id":55601,"structure_id":13721,"section_number":"2.2-2487","catch_line":"Virginia Growth and Opportunity Fund","url":"\/2.2-2487\/","token":"2.2\/I\/D\/24\/26\/2.2-2487","metadata":false},{"id":56909,"structure_id":13721,"section_number":"2.2-2488","catch_line":"Formation of regional councils","url":"\/2.2-2488\/","token":"2.2\/I\/D\/24\/26\/2.2-2488","metadata":false},{"id":78563,"structure_id":13721,"section_number":"2.2-2489","catch_line":"Award of grants to regional councils","url":"\/2.2-2489\/","token":"2.2\/I\/D\/24\/26\/2.2-2489","metadata":false},{"id":54715,"structure_id":13721,"section_number":"2.2-2490","catch_line":"Audit","url":"\/2.2-2490\/","token":"2.2\/I\/D\/24\/26\/2.2-2490","metadata":false}],"previous_section":{"id":77697,"structure_id":13721,"section_number":"2.2-2486","catch_line":"Powers and duties of the Board","url":"\/2.2-2486\/","token":"2.2\/I\/D\/24\/26\/2.2-2486","metadata":false},"next_section":{"id":56909,"structure_id":13721,"section_number":"2.2-2488","catch_line":"Formation of regional councils","url":"\/2.2-2488\/","token":"2.2\/I\/D\/24\/26\/2.2-2488","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2487\/","history_text":"

This law was first created in 2016. The record of its establishment is cataloged in chapters 778<\/a> and 779<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":80967,"section_number":"36-139.10","catch_line":"(Effective January 1, 2026) Department of Housing and Community Development consolidated report","order_by":null,"url":"\/36-139.10\/"}],"refers_to":false,"permalink":{"id":174923,"object_type":"law","relational_id":55601,"identifier":"2.2-2487","token":"2.2\/I\/D\/24\/26\/2.2-2487","url":"\/2.2-2487\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-2487\/","token":"2.2\/I\/D\/24\/26\/2.2-2487","dublin_core":{"Title":"Virginia Growth and Opportunity Fund","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2487","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> There is hereby created in the state treasury a special nonreverting fund<\/span> to be known as the Virginia Growth and Opportunity Fund<\/span>. The Fund<\/span> shall be established on the books of the Comptroller. All moneys appropriated by the General Assembly for the Fund<\/span>, and from any other sources, public or private, shall be paid into the state treasury and credited to the Fund<\/span>. Interest earned on moneys in the Fund<\/span> shall remain in the Fund<\/span> and be credited to it. Any moneys remaining in the Fund<\/span>, included interest thereon, at the end of each fiscal year shall not revert to the general fund<\/span> but shall remain in the Fund<\/span>. Expenditures and disbursements from the Fund<\/span> shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the chairman of the Board<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Moneys in the Fund<\/span> shall be used to facilitate regional collaboration on economic growth and diversification. Specifically, the Fund<\/span> shall be used to incentivize and encourage cooperation among business, education, and government on regional strategic economic development and workforce development efforts. Available moneys in the Fund<\/span> shall be allocated as follows: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> A portion of the Fund<\/span> may be used to support the initial organizational efforts of each regional council<\/span>, such as capacity-building activities, project prioritization, and studies and analyses related to the development of an economic growth and diversification plan for the region<\/span>, including identification of existing and prospective gaps in education and skills within the region<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A portion shall be reserved for specific projects in each region<\/span> on the basis of a region<\/span>’s share of state population, based on population estimates made by the Weldon Cooper Center for Public Service at the University of Virginia. However, the Board<\/span> may cancel such reservation in whole or in part if, in the Board<\/span>’s judgment<\/span>, the region<\/span> has failed to establish a certified regional council<\/span> or to otherwise meet the qualifications for grant funding in accordance with this article; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> A portion shall be competitively awarded on the basis of expected economic impact and outcomes without regard to a region<\/span>’s population.\n\t\t\t\tExcept for initial grants awarded pursuant to subdivision 1, no more than eight percent of any grants from the Fund<\/span> to a single regional council<\/span> shall be used for administrative or planning purposes. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Public comment shall be received by the Board<\/span> when making decisions regarding awards from the Fund<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> No more than 90 percent of moneys in the Fund<\/span> shall be awarded or allocated in any fiscal year. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nVIRGINIA GROWTH AND OPPORTUNITY FUND (\u00a7 2.2-2487)\n\nA. There is hereby created in the state treasury a special nonreverting fund to\nbe known as the Virginia Growth and Opportunity Fund. The Fund shall be\nestablished on the books of the Comptroller. All moneys appropriated by the\nGeneral Assembly for the Fund, and from any other sources, public or private,\nshall be paid into the state treasury and credited to the Fund. Interest earned\non moneys in the Fund shall remain in the Fund and be credited to it. Any moneys\nremaining in the Fund, included interest thereon, at the end of each fiscal year\nshall not revert to the general fund but shall remain in the Fund. Expenditures\nand disbursements from the Fund shall be made by the State Treasurer on warrants\nissued by the Comptroller upon written request signed by the chairman of the\nBoard.\n\nB. Moneys in the Fund shall be used to facilitate regional collaboration on\neconomic growth and diversification. Specifically, the Fund shall be used to\nincentivize and encourage cooperation among business, education, and government\non regional strategic economic development and workforce development efforts.\nAvailable moneys in the Fund shall be allocated as follows:\n\n 1. A portion of the Fund may be used to support the initial organizational\n efforts of each regional council, such as capacity-building activities,\n project prioritization, and studies and analyses related to the development of\n an economic growth and diversification plan for the region, including\n identification of existing and prospective gaps in education and skills within\n the region;\n\n 2. A portion shall be reserved for specific projects in each region on the\n basis of a region’s share of state population, based on population\n estimates made by the Weldon Cooper Center for Public Service at the\n University of Virginia. However, the Board may cancel such reservation in\n whole or in part if, in the Board’s judgment, the region has failed to\n establish a certified regional council or to otherwise meet the qualifications\n for grant funding in accordance with this article; and\n\n 3. A portion shall be competitively awarded on the basis of expected economic\n impact and outcomes without regard to a region’s population.\n \t\t\t\tExcept for initial grants awarded pursuant to subdivision 1, no more than\n eight percent of any grants from the Fund to a single regional council shall\n be used for administrative or planning purposes.\n\nC. Public comment shall be received by the Board when making decisions regarding\nawards from the Fund.\n\nD. No more than 90 percent of moneys in the Fund shall be awarded or allocated\nin any fiscal year.\n\nHISTORY: 2016, cc. 778, 779.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}