                                 CODE OF VIRGINIA

DEFINITIONS (§ 3.2-3112)

As used in this chapter, unless the context requires a different meaning:
		&#8220;Authority&#8221; means the Virginia Resources Authority created in
Chapter 21 (§ 62.1-197 et seq.) of Title 62.1.
		&#8220;Commission&#8221; means the Tobacco Region Revitalization Commission
created pursuant to § 3.2-3101.
		&#8220;Cost,&#8221; as applied to any project financed under the provisions of
this chapter, means the total of all costs incurred by the local government as
reasonable and necessary for carrying out all works and undertakings necessary
or incident to the accomplishment of any project. It includes, without
limitation, all necessary developmental, planning, and feasibility studies,
surveys, plans, and specifications; architectural, engineering, financial,
legal, or other special services; the cost of acquisition of land and any
buildings and improvements thereon, including the discharge of any obligations
of the sellers of such land, buildings, or improvements; site preparation and
development, including demolition or removal of existing structures;
construction and reconstruction; labor; materials, machinery, and equipment; the
reasonable costs of financing incurred by the local government in the course of
the development of the project; carrying charges incurred before the project is
placed in service; interest on funds borrowed to finance the project to a date
subsequent to the estimated date the project is to be placed in service;
necessary expenses incurred in connection with placing the project in service;
the funding of accounts and reserves that the Authority may require; and the
cost of other items that the Authority determines to be reasonable and
necessary.
		&#8220;Endowment&#8221; means the Tobacco Indemnification and Community
Revitalization Endowment as established in § 3.2-3104.
		&#8220;Equity&#8221; means any contribution to a project other than debt
financing, including a federal, state, or local grant, except that the grant
shall not be a Commission grant.
		&#8220;Fund&#8221; means the Virginia Tobacco Region Revolving Fund created by
this chapter.
		&#8220;Local government&#8221; means any county, city, town, municipal
corporation, authority, district, commission, or political subdivision created
by the General Assembly or pursuant to the Constitution of Virginia or laws of
the Commonwealth, or any combination of any two or more of the foregoing,
located in any of the tobacco-dependent communities in the Southside and
Southwest regions of Virginia.
		&#8220;Project&#8221; means the same as that term is defined in § 62.1-199
and any other proposal recommended for evaluation and disbursement by the
Commission and credit approved by the Authority, subject to such conditions and
policies as agreed to by the Commission and the Authority. Projects other than
those defined in § 62.1-199 shall be eligible to borrow from the Fund only in
the event that other funding for the project equal to 25 percent of the total
cost of the project is available through equity.

HISTORY: 2015, cc. 399, 433; 2017, c. 254.