                                 CODE OF VIRGINIA

PORT OF VIRGINIA ECONOMIC DEVELOPMENT GRANT PROGRAM AND FUND (§ 62.1-132.3:2.1)

A. 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.

B. There is hereby created the Port of Virginia Economic Development Grant
Program (the Program). The Program shall consist of the following component
programs:

   1. The Economic and Infrastructure Development Grant Program established by
   &#xA7; 62.1-132.3:2.2.

   2. The International Trade Facility Grant Program established by &#xA7;
   62.1-132.3:2.3.

C. 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 § 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. 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 &#xA7; 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. 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.

HISTORY: 2023, cc. 238, 239.