§ 15.2-6401. Findings; purpose; governmental functions
A. The economies of many localities within the region have not kept pace with those of the rest of the Commonwealth. Individual localities in the region often lack the financial resources to assist in the development of economic development projects. Providing a mechanism for localities in the region to cooperate in the development of facilities will assist the region in overcoming this barrier to economic growth. The creation of regional industrial facility authorities will assist this area of the Commonwealth in achieving a greater degree of economic stability.
B. The purpose of a regional industrial facility authority is to enhance the economic base for the member localities by developing, owning, and operating one or more facilities on a cooperative basis involving its member localities.
C. The exercise of the powers granted by this chapter shall be in all respects for the benefit of the inhabitants of the region and other areas of the Commonwealth, for the increase of their commerce, and for the promotion of their safety, health, welfare, convenience and prosperity.
(1997, cc. 276, 587, § 15.1-1711.)Sections: Previous 15.2-6400 15.2-6401 15.2-6402 15.2-6403 15.2-6404 15.2-6405 15.2-6406 15.2-6407 15.2-6408 15.2-6409 15.2-6410 15.2-6411 15.2-6412 15.2-6413 15.2-6414 Next
Last modified: April 2, 2009