CODE OF VIRGINIA

VIRGINIA INVESTMENT PARTNERSHIP GRANT FUND (§ 2.2-5104)

A. There is established a special fund in the state treasury to be known as the
Virginia Investment Partnership Grant Fund. The Fund shall consist of the Major
Eligible Employer Grant subfund, the Economic Development Incentive Grant
subfund, and the Investment Performance Grant subfund. Each subfund shall
include such moneys as may be appropriated by the General Assembly and
designated for the respective subfund, and a “sinking fund”
including some proportion of the marginal revenues derived from eligible
companies receiving grants under this Act. The Fund shall be used solely for the
payment of investment incentive grants to eligible Virginia business entities
pursuant to this chapter. The Partnership shall administer the Virginia
Investment Partnership Grant Fund.

B. The Partnership shall allocate, from the appropriate subfund, moneys in the
following order of priority: (i) first to unpaid grant amounts carried forward
from prior years because eligible manufacturers did not receive the full 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 than the amount of
grants to which approved applicants in any class of priority are eligible, the
moneys in the appropriate subfund shall be apportioned pro rata among eligible
applicants in such class, based upon the amount of the grant to which an
approved applicant is eligible and the amount of money in the subfund available
for allocation to such class.

C. If a grant recipient is allocated less than the full amount of a grant to
which it is eligible in any year, it shall not be eligible for the deficiency in
that year, but the unpaid portion of the grant to which it was eligible shall be
carried forward by the Partnership to the following year, during which it shall
be in the first class of priority as provided in clause (i) of subsection B.

D. The Partnership shall determine the amount of the grants to be allocated to
eligible applicants by June 30 of each year. The Partnership shall then certify
to the Comptroller the amount of grant an eligible manufacturer shall receive.
Payments shall be made by check issued by the State Treasurer on warrant of the
Comptroller.

E. All excess funds remaining in any given year shall be carried forward on the
books of the Fund for use in subsequent years.

F. Actions of the Partnership relating to the allocation and awarding of grants
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.

HISTORY: 1999, cc. 875, 961, § 2.1-548.43:6; 2000, c. 571; 2001, c. 844; 2005,
c. 431.