                                 CODE OF VIRGINIA

LEGISLATIVE FINDINGS AND PURPOSES (§ 62.1-198)

The General Assembly finds that there exists in the Commonwealth a critical need
for additional sources of funding to finance the present and future needs of the
Commonwealth for water supply; land conservation or land preservation, including
land for parks and other recreational purposes; oyster restoration projects,
including planting and replanting with seed oysters, oyster shells, or other
material that will catch, support, and grow oysters; wastewater treatment
facilities; drainage facilities; solid waste treatment, disposal, and management
facilities; recycling facilities; resource recovery facilities; energy
conservation and energy efficiency projects; professional sports facilities;
certain heavy rail transportation facilities; public safety facilities; airport
facilities; the remediation of brownfields and contaminated properties,
including properties contaminated by defective drywall; the design and
construction of roads, public parking garages, and other public transportation
facilities, and facilities for public transportation by commuter rail;
construction of local government buildings, including administrative and
operations systems and other local government equipment and infrastructure; site
acquisition and site development work for economic development projects;
community development projects, to include projects related to the production
and preservation of housing, including housing for persons and families of low
and moderate income; recovered gas energy facilities; the location or retention
of federal facilities in the Commonwealth and the support of the transition of
former federal facilities from use by the federal government to other uses; and
renewable energy projects, including solar, wind, biomass, waste-to-energy, and
geothermal. This need can be alleviated in part through the creation of a
resources authority. Its purpose is to encourage the investment of both public
and private funds and to make loans, grants, and credit enhancements available
to local governments to finance water and sewer projects; land conservation or
land preservation programs or projects; oyster restoration projects; drainage
projects; solid waste treatment, disposal, and management projects; recycling
projects; energy conservation and energy efficiency projects; professional
sports facilities; resource recovery projects; public safety facilities; airport
facilities; the remediation of brownfields and contaminated properties,
including properties contaminated by defective drywall; the design and
construction of roads, public parking garages, and other public transportation
facilities, and facilities for public transportation by commuter rail; site
acquisition and site development work for the benefit of economic development
projects; community development projects, to include projects related to the
production and preservation of housing, including housing for persons and
families of low and moderate income; technology; construction of local
government buildings, including administrative and operations systems and other
local government equipment and infrastructure; infrastructure for broadband
services; recovered gas energy facilities; federal facilities or former federal
facilities; and renewable energy projects. The General Assembly determines that
the creation of an authority for this purpose is in the public interest, serves
a public purpose, and will promote the health, safety, welfare, convenience, or
prosperity of the people of the Commonwealth.

HISTORY: 1984, c. 699; 1989, cc. 533, 551; 1990, c. 506; 1998, c. 399; 2000, c.
790; 2001, cc. 652, 661; 2003, c. 561; 2005, cc. 727, 769; 2007, cc. 81, 649,
663; 2008, cc. 3, 24, 238, 259, 504, 605, 613; 2009, cc. 14, 246, 311, 543, 632;
2010, cc. 42, 724, 820; 2011, c. 270; 2023, cc. 440, 441.