                                 CODE OF VIRGINIA

DUTIES OF AUTHORITY; GOVERNMENTAL FUNCTIONS (§ 15.2-7605)

A. The Authority shall (i) develop comprehensive and coordinated plans and
programs, establish priorities, and approve grants for the economic development
of the coastal region; (ii) provide for research, demonstration, investigation,
assessment, and evaluation of the region&#8217;s assets and needs; (iii)
encourage the formation and capacity of local government and private investment
in compatible industries, including natural resources, commercial, industrial,
and other economic development projects; and (iv) provide a forum for the
consideration of problems and possible solutions of the coastal region.

B. The Authority shall (i) develop a definition for what constitutes
&#8220;distressed&#8221; and annually designate distressed, moderately
distressed, and economically strong counties within the region and (ii) allocate
at least 50 percent of the grants, loans, and donations made available to the
Authority for programs and projects for the distressed counties. Such funds
shall not be used within economically strong counties without a two-thirds vote
of approval by a quorum of the Board. Nothing herein shall prevent the Authority
from applying for and receiving federal, state, or private funds to advance the
purpose of the Authority regardless of distressed county status.

HISTORY: 2017, c. 388.