                                 CODE OF VIRGINIA

FINDINGS; PURPOSE; GOVERNMENTAL FUNCTIONS (§ 15.2-6401)

A. The economies of many localities within the region have not kept pace with
those of the rest of the Commonwealth. Individual localities in the region often
lack the financial resources to assist in the development of economic
development projects. Providing a mechanism for localities in the region to
cooperate in the development of facilities will assist the region in overcoming
this barrier to economic growth. The creation of regional industrial facility
authorities will assist this area of the Commonwealth in achieving a greater
degree of economic stability.

B. The purpose of a regional industrial facility authority is to enhance the
economic base for the member localities by developing, owning, and operating one
or more facilities on a cooperative basis involving its member localities.

C. The exercise of the powers granted by this chapter shall be in all respects
for the benefit of the inhabitants of the region and other areas of the
Commonwealth, for the increase of their commerce, and for the promotion of their
safety, health, welfare, convenience and prosperity.

HISTORY: 1997, cc. 276, 587, § 15.1-1711.