17102699D
HOUSE BILL NO. 1973

House Amendments in [ ] -- February 1, 2017

A BILL to impose a [ 36 48 ] -month moratorium on the repayment of funds allocated for a bonded project pursuant to the Economic Development Access Program.

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Patron Prior to Engrossment--Delegate O'Quinn

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Referred to Committee on Counties, Cities and Towns

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Be it enacted by the General Assembly of Virginia:

1. §1. Notwithstanding a resolution adopted by a locality or surety bond issued by a locality guaranteeing repayment within five years of an allocation by the Commonwealth Transportation Board, no locality that has been allocated funds for a bonded project by the Commonwealth Transportation Board pursuant to §33.2-1509 of the Code of Virginia shall repay such funds within a [ 36 48 ] -month period beginning on the effective date of this act.

2. That an emergency exists and this act is in force from its passage.