                                 CODE OF VIRGINIA

VIRGINIA GROWTH AND OPPORTUNITY FUND (§ 2.2-2487)

A. There is hereby created in the state treasury a special nonreverting fund to
be known as the Virginia Growth and Opportunity Fund. The Fund shall be
established on the books of the Comptroller. All moneys appropriated by the
General Assembly for the Fund, and from any other sources, public or private,
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, included interest thereon, at the end of each fiscal year
shall not revert to the general fund but shall remain in the Fund. Expenditures
and disbursements from the Fund shall be made by the State Treasurer on warrants
issued by the Comptroller upon written request signed by the chairman of the
Board.

B. Moneys in the Fund shall be used to facilitate regional collaboration on
economic growth and diversification. Specifically, the Fund shall be used to
incentivize and encourage cooperation among business, education, and government
on regional strategic economic development and workforce development efforts.
Available moneys in the Fund shall be allocated as follows:

   1. A portion of the Fund may be used to support the initial organizational
   efforts of each regional council, such as capacity-building activities,
   project prioritization, and studies and analyses related to the development of
   an economic growth and diversification plan for the region, including
   identification of existing and prospective gaps in education and skills within
   the region;

   2. A portion shall be reserved for specific projects in each region on the
   basis of a region&#8217;s share of state population, based on population
   estimates made by the Weldon Cooper Center for Public Service at the
   University of Virginia. However, the Board may cancel such reservation in
   whole or in part if, in the Board&#8217;s judgment, the region has failed to
   establish a certified regional council or to otherwise meet the qualifications
   for grant funding in accordance with this article; and

   3. A portion shall be competitively awarded on the basis of expected economic
   impact and outcomes without regard to a region&#8217;s population.
   				Except for initial grants awarded pursuant to subdivision 1, no more than
   eight percent of any grants from the Fund to a single regional council shall
   be used for administrative or planning purposes.

C. Public comment shall be received by the Board when making decisions regarding
awards from the Fund.

D. No more than 90 percent of moneys in the Fund shall be awarded or allocated
in any fiscal year.

HISTORY: 2016, cc. 778, 779.