                                 CODE OF VIRGINIA

PUBLIC HEARING AND APPROVAL (§ 2.2-2292)

Whenever federal law requires public hearings and public approval as a
prerequisite to obtaining federal tax exemption for the interest paid on private
activity bonds under § 147(f) of the Internal Revenue Code, unless otherwise
specified by federal law or regulation, the public hearing for private activity
bonds of the Authority shall be conducted by the Authority and the procedure for
the public hearing and public approvals shall be as follows:

1. For a public hearing by the Authority:
			a. Notice of the hearing shall be published not less than seven days in
advance of such hearing in a newspaper published or having general circulation
in the locality in which the facility to be financed is to be located. The
applicant shall pay the cost of notification. The notice shall specify the time
and place of hearing at which persons may appear and present their views. The
hearing shall be held not less than seven days after the notice has been
published. The hearing may be held at any place within the Commonwealth
determined by the Board.
			b. The notice shall contain (i) the name and address of the Authority; (ii)
the name and address of the principal place of business, if any, of the
applicant seeking financing; (iii) the maximum dollar amount of financing
sought; and (iv) the type of business and purpose and specific location, if
known, of the facility to be financed.
			c. The Authority may require any request for private activity bond financing
when submitted to the Authority to be accompanied by a statement in the
following form, but the absence of any such form shall not affect the validity
of a private activity bond:
			Name of Applicant: _______________________
			Facility: ______________________
			Date: ______
			Maximum amount of financing sought: ____$
			Estimated taxable value of the facility&#8217;s real property in the
municipality in which it is located. ____$
			Estimated taxable value of the facility&#8217;s real property once
constructed or expanded. ____$
			Estimated real property tax per year using present tax rates on the
facility&#8217;s real property once constructed or expanded.____$
			Estimated personal property tax per year from property to be located in
expanded or constructed facility using present tax rate. ____$
			Estimated merchants&#8217; capital tax per year from property to be located
in expanded or constructed facility using present tax rate. ____$
			Estimated dollar value per year of goods and services that will be purchased
in the Commonwealth during construction or expansion of facility. ____$
			Estimated dollar value per year of goods and services that will be purchased
in the Commonwealth for the operation of the facility. ____$
			Estimated dollar value per year of goods and services that will be produced
and sold from the facility. ____$
			Estimated number of employees during construction or expansion __
			Estimated number of regular employees on a year round basis during operation
of the facility __
			Average annual salary per regular employee during operation of the facility.
____$
			Estimated payroll for labor during construction or expansion of the
facility.____$
			If any of the above questions do not apply to the eligible business being
financed, indicate by writing N/A (not applicable) on the appropriate line.

2. For public approval, the Governor is appointed by this article as the
applicable elected representative within the meaning of &#xA7; 147(f)(2)(E) of
the Internal Revenue Code.

HISTORY: 1984, c. 749, § 9-216; 2001, c. 844; 2003, c. 339; 2009, c. 565; 2023,
c. 130.