                                 CODE OF VIRGINIA

USE OF FUNDS DEPOSITED IN THE LOCAL ENTERPRISE ZONE DEVELOPMENT FUND (§
58.1-3245.10)

A. Any county, city, or town which adopts a local enterprise zone development
taxation program may use funds in the Local Enterprise Zone Development Fund for
any one or more of the following purposes:

   1. To provide enhanced law-enforcement and other governmental services,
   including financing transportation projects, as may be appropriate to secure
   and promote private investment in the local enterprise zone;

   2. To make grants to chambers of commerce and similar organizations within
   such county, city, or town in order to secure and promote economic development
   within the local enterprise zone; or

   3. To make grants to any industrial development authority created by the
   governing body pursuant to Chapter 49 (&#xA7; 15.2-4900 et seq.) of Title
   15.2, in order to secure and promote economic development within the local
   enterprise zone.

B. Any revenues in the Local Enterprise Zone Development Fund which are not used
for a purpose authorized by subsection A shall be deemed &#8220;surplus
funds.&#8221; At the end of the tax year, all surplus funds may be paid into the
general fund of the county, city, or town in which the local enterprise zone is
located.

HISTORY: 1997, c. 314.