HB1320: Port Opportunity Fund; transfers to Fund.
HOUSE BILL NO. 1320
Be it enacted by the General Assembly of Virginia:
1. That § 62.1-132.3:1 of the Code of Virginia is amended and reenacted as follows:
§ 62.1-132.3:1. Port Opportunity Fund.
A. There is hereby created in the state treasury a special
nonreverting fund that is a subfund of the Commonwealth Port Fund, known as the
Port Opportunity Fund, hereinafter
referred to in this section as "the Fund." The Fund shall be
established on the books of the Comptroller. All
funds appropriated for such purpose and any gifts, donations, grants, bequests,
and other funds received on its behalf shall be paid into the state treasury
and credited to the Fund.
Disbursements Expenditures and
disbursements from the Fund shall be made by the State
Treasurer on warrants issued by the Comptroller upon written request signed by
the Executive Director of the Virginia Port Authority or his designee. Interest
earned on moneys in the Fund shall remain in the
Fund and be credited to it. Moneys in the Fund shall be
used solely for the purposes enumerated in subsection C B.
B. If
the Authority's revenues from terminal operations during a fiscal year exceed
its terminal operating expenditures for that year by at least five percent, the
Authority shall request that the Treasurer transfer to the Port Opportunity
Fund an amount equal to five percent of that year's revenues from terminal
operations. Such requests are to be made by August 30 of the ensuing fiscal
year.
C.
Revenues Moneys in
the Fund shall be used to fund the development and implementation of a national
and international marketing program and to provide incentives, as prescribed by
the Board of Commissioners, for expanding the use of Virginia Port Authority
facilities for the import and export of containerized and noncontainerized
cargoes.
D. C. The
Authority shall develop, and the Board of Commissioners approve, guidelines
governing the use of incentives that comply with applicable Virginia laws.