                                 CODE OF VIRGINIA

PHARMACEUTICAL MANUFACTURING GRANT FUND CREATED (§ 59.1-284.36)

A. There is hereby created in the state treasury a special nonreverting fund to
be known as the Pharmaceutical Manufacturing Grant Fund. The Fund shall be
established on the books of the Comptroller. All funds appropriated to the Fund
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, including interest thereon, at the end of each fiscal
year shall not revert to the general fund but shall remain in the Fund. Moneys
in the Fund shall be used to pay grants pursuant to this section. Expenditures
and disbursements from the Fund shall be made by the State Treasurer on warrants
issued by the Comptroller pursuant to subsection E.

B. A qualified company shall be eligible to receive grants each fiscal year
beginning with the Commonwealth&#8217;s fiscal year starting on July 1, 2020,
and ending with the Commonwealth&#8217;s fiscal year starting on July 1, 2022,
unless such timeframe is extended in accordance with a memorandum of
understanding. Grants paid pursuant to this section shall be subject to
appropriation by the General Assembly during each such fiscal year and are
contingent on a qualified company meeting the requirements set forth in this
chapter and the memorandum of understanding for the number of new full-time jobs
created and maintained and the amount of capital investment made. The first
grant payment of $2.5 million shall not be awarded until a qualified company has
made a capital investment of at least $420 million and has created at least 85
new full-time jobs.

C. The aggregate amount of grants payable under this section shall not exceed
$7.5 million and such grants are expected to be paid in three annual
installments of $2.5 million each, calculated in accordance with a memorandum of
understanding as follows:

   1. $2.5 million for the Commonwealth&#8217;s fiscal year beginning July 1,
   2020;

   2. $2.5 million for the Commonwealth&#8217;s fiscal year beginning July 1,
   2021; and

   3. $2.5 million for the Commonwealth&#8217;s fiscal year beginning July 1,
   2022.

D. A qualified company applying for a grant installment under this section shall
provide evidence, satisfactory to the Secretary, of (i) the aggregate number of
new full-time jobs created and maintained as of the last day of February in the
fiscal year that immediately precedes the fiscal year in which the grant
installment is to be paid and (ii) the aggregate amount of capital investment
made as of the last day of February in the fiscal year that immediately precedes
the fiscal year in which the grant installment is to be paid. The application
and evidence shall be filed with the Secretary in person, by mail, or as
otherwise agreed upon in a memorandum of understanding no later than June 1 each
year reflecting performance through the last day of the prior February. Failure
to meet the filing deadline shall result in a deferral of a scheduled grant
installment payment set forth in subsection C. For filings by mail, the postmark
cancellation shall govern the date of the filing determination.

E. Within 60 days of receiving an application and evidence pursuant to
subsection D, the Secretary shall certify to the Comptroller and the qualified
company the amount of grants to which such qualified company is entitled for
payment. Payment of such grants shall be made by check issued by the State
Treasurer on warrant of the Comptroller in the Commonwealth&#8217;s fiscal year
following the submission of an application. The Comptroller shall not draw any
warrant to issue checks for grants without a specific appropriation for the
same.

F. As a condition of receipt of grants under this section, a qualified company
shall make available to the Secretary for inspection, upon request, all
documents relevant and applicable to determining whether the qualified company
has met the requirements for receipt of a grant as set forth in this section and
subject to a memorandum of understanding. All such documents appropriately
identified by a qualified company shall be considered confidential and
proprietary.

HISTORY: 2020, cc. 275, 758, § 59.1-284.34.