§ 2.2-5104. Virginia Investment Partnership Grant Fund.
A. There is established a special fund in the state treasury to be known asthe Virginia Investment Partnership Grant Fund. The Fund shall consist of theMajor Eligible Employer Grant subfund, the Economic Development IncentiveGrant subfund, and the Investment Performance Grant subfund. Each subfundshall include such moneys as may be appropriated by the General Assembly anddesignated for the respective subfund, and a "sinking fund" including someproportion of the marginal revenues derived from eligible companies receivinggrants under this Act. The Fund shall be used solely for the payment ofinvestment incentive grants to eligible Virginia business entities pursuantto this chapter. The Partnership shall administer the Virginia InvestmentPartnership Grant Fund.
B. The Partnership shall allocate, from the appropriate subfund, moneys inthe following order of priority: (i) first to unpaid grant amounts carriedforward from prior years because eligible manufacturers did not receive thefull amount of any grant to which they were eligible in a prior year and (ii)then to other approved applicants. If the moneys in the Fund are less thanthe amount of grants to which approved applicants in any class of priorityare eligible, the moneys in the appropriate subfund shall be apportioned prorata among eligible applicants in such class, based upon the amount of thegrant to which an approved applicant is eligible and the amount of money inthe subfund available for allocation to such class.
C. If a grant recipient is allocated less than the full amount of a grant towhich it is eligible in any year, it shall not be eligible for the deficiencyin that year, but the unpaid portion of the grant to which it was eligibleshall be carried forward by the Partnership to the following year, duringwhich it shall be in the first class of priority as provided in clause (i) ofsubsection B.
D. The Partnership shall determine the amount of the grants to be allocatedto eligible applicants by June 30 of each year. The Partnership shall thencertify to the Comptroller the amount of grant an eligible manufacturer shallreceive. Payments shall be made by check issued by the State Treasurer onwarrant of the Comptroller.
E. All excess funds remaining in any given year shall be carried forward onthe books of the Fund for use in subsequent years.
F. Actions of the Partnership relating to the allocation and awarding ofgrants shall be exempt from the provisions of the Administrative Process Act(§ 2.2-4000 et seq.) pursuant to subdivision B 4 of § 2.2-4002.
(1999, cc. 875, 961, § 2.1-548.43:6; 2000, c. 571; 2001, c. 844; 2005, c.431.)
§ 2.2-5104. Virginia Investment Partnership Grant Fund.
A. There is established a special fund in the state treasury to be known asthe Virginia Investment Partnership Grant Fund. The Fund shall consist of theMajor Eligible Employer Grant subfund, the Economic Development IncentiveGrant subfund, and the Investment Performance Grant subfund. Each subfundshall include such moneys as may be appropriated by the General Assembly anddesignated for the respective subfund, and a "sinking fund" including someproportion of the marginal revenues derived from eligible companies receivinggrants under this Act. The Fund shall be used solely for the payment ofinvestment incentive grants to eligible Virginia business entities pursuantto this chapter. The Partnership shall administer the Virginia InvestmentPartnership Grant Fund.
B. The Partnership shall allocate, from the appropriate subfund, moneys inthe following order of priority: (i) first to unpaid grant amounts carriedforward from prior years because eligible manufacturers did not receive thefull amount of any grant to which they were eligible in a prior year and (ii)then to other approved applicants. If the moneys in the Fund are less thanthe amount of grants to which approved applicants in any class of priorityare eligible, the moneys in the appropriate subfund shall be apportioned prorata among eligible applicants in such class, based upon the amount of thegrant to which an approved applicant is eligible and the amount of money inthe subfund available for allocation to such class.
C. If a grant recipient is allocated less than the full amount of a grant towhich it is eligible in any year, it shall not be eligible for the deficiencyin that year, but the unpaid portion of the grant to which it was eligibleshall be carried forward by the Partnership to the following year, duringwhich it shall be in the first class of priority as provided in clause (i) ofsubsection B.
D. The Partnership shall determine the amount of the grants to be allocatedto eligible applicants by June 30 of each year. The Partnership shall thencertify to the Comptroller the amount of grant an eligible manufacturer shallreceive. Payments shall be made by check issued by the State Treasurer onwarrant of the Comptroller.
E. All excess funds remaining in any given year shall be carried forward onthe books of the Fund for use in subsequent years.
F. Actions of the Partnership relating to the allocation and awarding ofgrants shall be exempt from the provisions of the Administrative Process Act(§ 2.2-4000 et seq.) pursuant to subdivision B 4 of § 2.2-4002.
(1999, cc. 875, 961, § 2.1-548.43:6; 2000, c. 571; 2001, c. 844; 2005, c.431.)
§ 2.2-5104. Virginia Investment Partnership Grant Fund.
A. There is established a special fund in the state treasury to be known asthe Virginia Investment Partnership Grant Fund. The Fund shall consist of theMajor Eligible Employer Grant subfund, the Economic Development IncentiveGrant subfund, and the Investment Performance Grant subfund. Each subfundshall include such moneys as may be appropriated by the General Assembly anddesignated for the respective subfund, and a "sinking fund" including someproportion of the marginal revenues derived from eligible companies receivinggrants under this Act. The Fund shall be used solely for the payment ofinvestment incentive grants to eligible Virginia business entities pursuantto this chapter. The Partnership shall administer the Virginia InvestmentPartnership Grant Fund.
B. The Partnership shall allocate, from the appropriate subfund, moneys inthe following order of priority: (i) first to unpaid grant amounts carriedforward from prior years because eligible manufacturers did not receive thefull amount of any grant to which they were eligible in a prior year and (ii)then to other approved applicants. If the moneys in the Fund are less thanthe amount of grants to which approved applicants in any class of priorityare eligible, the moneys in the appropriate subfund shall be apportioned prorata among eligible applicants in such class, based upon the amount of thegrant to which an approved applicant is eligible and the amount of money inthe subfund available for allocation to such class.
C. If a grant recipient is allocated less than the full amount of a grant towhich it is eligible in any year, it shall not be eligible for the deficiencyin that year, but the unpaid portion of the grant to which it was eligibleshall be carried forward by the Partnership to the following year, duringwhich it shall be in the first class of priority as provided in clause (i) ofsubsection B.
D. The Partnership shall determine the amount of the grants to be allocatedto eligible applicants by June 30 of each year. The Partnership shall thencertify to the Comptroller the amount of grant an eligible manufacturer shallreceive. Payments shall be made by check issued by the State Treasurer onwarrant of the Comptroller.
E. All excess funds remaining in any given year shall be carried forward onthe books of the Fund for use in subsequent years.
F. Actions of the Partnership relating to the allocation and awarding ofgrants shall be exempt from the provisions of the Administrative Process Act(§ 2.2-4000 et seq.) pursuant to subdivision B 4 of § 2.2-4002.
(1999, cc. 875, 961, § 2.1-548.43:6; 2000, c. 571; 2001, c. 844; 2005, c.431.)
