{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/62.1-132.3_2.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/62.1-132.3_2.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/62.1-132.3_2.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/62.1-132.3_2.1.html"}],"law_id":65940,"edition_id":1,"section_id":65940,"structure_id":13423,"section_number":"62.1-132.3:2.1","catch_line":"Port of Virginia Economic Development Grant Program and Fund","history":"2023, cc. 238, 239.","full_text":"A\n\nThere is hereby created in the state treasury a special nonreverting fund to be known as the Port of Virginia Economic Development Grant Fund (the Fund), to be administered by the Virginia Port Authority. The Fund shall be established on the books of the Comptroller. All funds appropriated for such purpose and any gifts, donations, grants, bequests, and other funds received on its behalf 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, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Moneys in the Fund shall be used solely for the purpose of providing grants to qualified applicants to the Program. Expenditures and disbursements from the Fund, which shall be in the form of grants, shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the Executive Director.B\n\nThere is hereby created the Port of Virginia Economic Development Grant Program (the Program). The Program shall consist of the following component programs:1\n\nThe Economic and Infrastructure Development Grant Program established by § 62.1-132.3:2.2.2\n\nThe International Trade Facility Grant Program established by § 62.1-132.3:2.3.C\n\n1. Except as provided in subdivision 3, for the Economic and Infrastructure Development Grant Program, the maximum amount of grants allowable among all qualified companies, as that term is defined in \u00a7 62.1-132.3:2.2, in any fiscal year shall be $5 million plus any amounts carried over from a prior fiscal year.2\n\nExcept as provided in subdivision 3, for the International Trade Facility Grant Program, the maximum amount of grants allowable among all international trade facilities, as that term is defined in § 62.1-132.3:2.3, in any fiscal year shall be $1.25 million plus any amounts carried over from a prior fiscal year.3\n\nIn the event that the amount of grants claimed for either of the programs described in subdivision 1 or 2 in any fiscal year is less than the maximum allowable amount, the excess amount may (i) be used to provide grants by the other program if that program is oversubscribed or (ii) be carried over to the next fiscal year.","order_by":null,"text":{"0":{"id":239623,"text":"There is hereby created in the state treasury a special nonreverting fund to be known as the Port of Virginia Economic Development Grant Fund (the Fund), to be administered by the Virginia Port Authority. The Fund shall be established on the books of the Comptroller. All funds appropriated for such purpose and any gifts, donations, grants, bequests, and other funds received on its behalf 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, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Moneys in the Fund shall be used solely for the purpose of providing grants to qualified applicants to the Program. Expenditures and disbursements from the Fund, which shall be in the form of grants, shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the Executive Director.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":239624,"text":"There is hereby created the Port of Virginia Economic Development Grant Program (the Program). The Program shall consist of the following component programs:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":239625,"text":"The Economic and Infrastructure Development Grant Program established by § 62.1-132.3:2.2.","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":239626,"text":"The International Trade Facility Grant Program established by § 62.1-132.3:2.3.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"C"},"4":{"id":239627,"text":"1. Except as provided in subdivision 3, for the Economic and Infrastructure Development Grant Program, the maximum amount of grants allowable among all qualified companies, as that term is defined in \u00a7 62.1-132.3:2.2, in any fiscal year shall be $5 million plus any amounts carried over from a prior fiscal year.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B2","next_prefix":"C2"},"5":{"id":239628,"text":"Except as provided in subdivision 3, for the International Trade Facility Grant Program, the maximum amount of grants allowable among all international trade facilities, as that term is defined in § 62.1-132.3:2.3, in any fiscal year shall be $1.25 million plus any amounts carried over from a prior fiscal year.","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C","next_prefix":"C3"},"6":{"id":239629,"text":"In the event that the amount of grants claimed for either of the programs described in subdivision 1 or 2 in any fiscal year is less than the maximum allowable amount, the excess amount may (i) be used to provide grants by the other program if that program is oversubscribed or (ii) be carried over to the next fiscal year.","type":"section","prefixes":["C","3"],"prefix":"3","entire_prefix":"C3","prefix_anchor":"C3","level":2,"prior_prefix":"C2"}},"ancestry":[{"id":13423,"edition_id":1,"name":"Virginia Port Authority","identifier":"10","label":"chapter","depth":2,"order_by":1,"parent_id":12909,"metadata":{},"date_created":"2026-06-26 03:44:52","date_modified":"2026-06-26 03:44:52","permalink":{"id":268231,"object_type":"structure","relational_id":13423,"identifier":"10","token":"62.1\/10","url":"\/62.1\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12909,"edition_id":1,"name":"Waters of the State, Ports and Harbors","identifier":"62.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:00","date_modified":"2026-06-26 03:44:00","permalink":{"id":268199,"object_type":"structure","relational_id":12909,"identifier":"62.1","token":"62.1","url":"\/62.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":63656,"structure_id":13423,"section_number":"62.1-128","catch_line":"Authority created","url":"\/62.1-128\/","token":"62.1\/10\/62.1-128","metadata":false},{"id":65543,"structure_id":13423,"section_number":"62.1-129","catch_line":"Board of Commissioners; members and officers; Executive Director; agents and employees","url":"\/62.1-129\/","token":"62.1\/10\/62.1-129","metadata":false},{"id":59839,"structure_id":13423,"section_number":"62.1-129.1","catch_line":"Employees; employment; personnel rules; health insurance; retirement plans","url":"\/62.1-129.1\/","token":"62.1\/10\/62.1-129.1","metadata":false},{"id":79408,"structure_id":13423,"section_number":"62.1-129.2","catch_line":"Trust for postemployment benefits authorized; administration","url":"\/62.1-129.2\/","token":"62.1\/10\/62.1-129.2","metadata":false},{"id":83097,"structure_id":13423,"section_number":"62.1-130","catch_line":"Powers and duties of Executive Director","url":"\/62.1-130\/","token":"62.1\/10\/62.1-130","metadata":false},{"id":59763,"structure_id":13423,"section_number":"62.1-131","catch_line":"Office and branch offices; title to property","url":"\/62.1-131\/","token":"62.1\/10\/62.1-131","metadata":false},{"id":66040,"structure_id":13423,"section_number":"62.1-132","catch_line":"Local authorities subordinate to Authority","url":"\/62.1-132\/","token":"62.1\/10\/62.1-132","metadata":false},{"id":72875,"structure_id":13423,"section_number":"62.1-132.1","catch_line":"General powers","url":"\/62.1-132.1\/","token":"62.1\/10\/62.1-132.1","metadata":false},{"id":84095,"structure_id":13423,"section_number":"62.1-132.10","catch_line":"Publications of Authority","url":"\/62.1-132.10\/","token":"62.1\/10\/62.1-132.10","metadata":false},{"id":66130,"structure_id":13423,"section_number":"62.1-132.11","catch_line":"Police powers; 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This law was first created in 2023. The record of its establishment is cataloged in chapters 238<\/a> and 239<\/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":66782,"section_number":"62.1-132.3:2.2","catch_line":"Economic and Infrastructure Development Grant Program","order_by":null,"url":"\/62.1-132.3_2.2\/"},{"id":61424,"section_number":"62.1-132.3:2.3","catch_line":"International Trade Facility Grant Program","order_by":null,"url":"\/62.1-132.3_2.3\/"}],"refers_to":[{"id":66782,"section_number":"62.1-132.3:2.2","catch_line":"Economic and Infrastructure Development Grant Program","order_by":null,"url":"\/62.1-132.3_2.2\/"},{"id":61424,"section_number":"62.1-132.3:2.3","catch_line":"International Trade Facility Grant Program","order_by":null,"url":"\/62.1-132.3_2.3\/"}],"permalink":{"id":268337,"object_type":"law","relational_id":65940,"identifier":"62.1-132.3:2.1","token":"62.1\/10\/62.1-132.3_2.1","url":"\/62.1-132.3_2.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/62.1-132.3_2.1\/","token":"62.1\/10\/62.1-132.3_2.1","dublin_core":{"Title":"Port of Virginia Economic Development Grant Program and Fund","Type":"Text","Format":"text\/html","Identifier":"\u00a7 62.1-132.3:2.1","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 to be known as the Port of Virginia Economic Development Grant Fund (the Fund), to be administered by the Virginia Port Authority. The Fund shall be established on the books of the Comptroller. All funds appropriated for such purpose and any gifts, donations, grants, bequests, and other funds received on its behalf 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, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Moneys in the Fund shall be used solely for the purpose of providing grants to qualified applicants to the Program. Expenditures and disbursements from the Fund, which shall be in the form of grants, shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the Executive Director. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> There is hereby created the Port of Virginia Economic Development Grant Program (the Program). The Program shall consist of the following component programs: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The Economic and Infrastructure Development Grant Program established by § 62.1-132.3:2.2<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The International Trade Facility Grant Program established by § 62.1-132.3:2.3<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> 1. Except as provided in subdivision 3, for the Economic and Infrastructure Development Grant Program, the maximum amount of grants allowable among all qualified companies, as that term is defined in \u00a7 62.1-132.3:2.2<\/a>, in any fiscal year shall be $5 million plus any amounts carried over from a prior fiscal year. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Except as provided in subdivision 3, for the International Trade Facility Grant Program, the maximum amount of grants allowable among all international trade facilities, as that term is defined in § 62.1-132.3:2.3<\/a>, in any fiscal year shall be $1.25 million plus any amounts carried over from a prior fiscal year. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> In the event that the amount of grants claimed for either of the programs described in subdivision 1 or 2 in any fiscal year is less than the maximum allowable amount, the excess amount may (i) be used to provide grants by the other program if that program is oversubscribed or (ii) be carried over to the next fiscal year. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPORT OF VIRGINIA ECONOMIC DEVELOPMENT GRANT PROGRAM AND FUND (\u00a7 62.1-132.3:2.1)\n\nA. There is hereby created in the state treasury a special nonreverting fund to\nbe known as the Port of Virginia Economic Development Grant Fund (the Fund), to\nbe administered by the Virginia Port Authority. The Fund shall be established on\nthe books of the Comptroller. All funds appropriated for such purpose and any\ngifts, donations, grants, bequests, and other funds received on its behalf shall\nbe paid into the state treasury and credited to the Fund. Interest earned on\nmoneys in the Fund shall remain in the Fund and be credited to it. Any moneys\nremaining in the Fund, including interest thereon, at the end of each fiscal\nyear shall not revert to the general fund but shall remain in the Fund. Moneys\nin the Fund shall be used solely for the purpose of providing grants to\nqualified applicants to the Program. Expenditures and disbursements from the\nFund, which shall be in the form of grants, shall be made by the State Treasurer\non warrants issued by the Comptroller upon written request signed by the\nExecutive Director.\n\nB. There is hereby created the Port of Virginia Economic Development Grant\nProgram (the Program). The Program shall consist of the following component\nprograms:\n\n 1. The Economic and Infrastructure Development Grant Program established by\n § 62.1-132.3:2.2.\n\n 2. The International Trade Facility Grant Program established by §\n 62.1-132.3:2.3.\n\nC. 1. Except as provided in subdivision 3, for the Economic and Infrastructure\nDevelopment Grant Program, the maximum amount of grants allowable among all\nqualified companies, as that term is defined in \u00a7 62.1-132.3:2.2, in any fiscal\nyear shall be $5 million plus any amounts carried over from a prior fiscal year.\n\n 2. Except as provided in subdivision 3, for the International Trade Facility\n Grant Program, the maximum amount of grants allowable among all international\n trade facilities, as that term is defined in § 62.1-132.3:2.3, in any\n fiscal year shall be $1.25 million plus any amounts carried over from a prior\n fiscal year.\n\n 3. In the event that the amount of grants claimed for either of the programs\n described in subdivision 1 or 2 in any fiscal year is less than the maximum\n allowable amount, the excess amount may (i) be used to provide grants by the\n other program if that program is oversubscribed or (ii) be carried over to the\n next fiscal year.\n\nHISTORY: 2023, cc. 238, 239.","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}}