                                 CODE OF VIRGINIA

DISSOLVING THE LOCAL ENTERPRISE ZONE DEVELOPMENT FUND (§ 58.1-3245.11)

The existence of a local enterprise zone shall terminate, and the Local
Enterprise Zone Development Fund shall dissolve, upon the earliest to occur of
(i) the passage by the governing body of an ordinance repealing the local
enterprise zone taxation ordinance or (ii) the termination of designation of the
area as an enterprise zone. When the Local Enterprise Zone Development Fund is
dissolved, any revenue remaining in the Fund shall be paid into the general fund
of the county, city, or town.
		Upon dissolving the Local Enterprise Zone Development Fund, the real estate or
machinery and tools, or both, shall be assessed and taxes collected in the same
manner as applicable in the year preceding the adoption of the local enterprise
zone development taxation ordinance.

HISTORY: 1997, c. 314.