Tobacco Region Revitalization Commission; created, financial viability & feasibility. (HB2330)

Introduced By

Del. Terry Kilgore (R-Gate City)

Description

Tobacco Indemnification and Community Revitalization Commission; financial viability and feasibility study prior to disbursement; Virginia Tobacco Region Revolving Fund. Requires the Tobacco Indemnification and Community Revitalization Commission (the Commission) to enter into a management agreement with a manager with respect to Commission loans, grants, and other distributions of money. The bill requires the manager to provide a written report on the financial viability and feasibility of any such distribution and prohibits the Commission from making the distribution until its viability and feasibility have received favorable recommendations from the manager. The bill eliminates future appointments of six nonlegislative citizen members, all tobacco producers, and requires 15 of the remaining 25 Commission members to have experience in particular fields. The bill requires the Commission to adopt policies governing the Tobacco Region Opportunity Fund; to require a dollor-for-dollar match from entities receiving grants; to make no distribution to a tobacco-dependent community solely based on the historical production of tobacco; to require each project to have an accountability matrix, provide a set of quantified outcome expectations and other figures, and demonstrate how it will address low employment levels or other indicators; to develop a strategic plan every two years; and to establish a public database of awards. The bill also establishes the Virginia Tobacco Region Revolving Fund (the Fund), the assets of which are to be used to make loans to local governments for the financing of any project. The bill empowers the Virginia Resources Authority (the Authority) to administer the Fund, pledge assets of the Fund as security for bonds issued to finance a project, sell or collect on loans made from the Fund, and, in accordance with a memorandum of agreement with the Commission, establish the rates and terms of loans. The bill directs the Commission, in conjunction with the Authority, to make an annual report to the General Assembly and the Governor on all loans made from the Fund. Read the Bill »

Outcome

History