§ 2.2-2292 — Public hearing and approval

Virginia § 2.2-2292

• Jurisdiction: Virginia
• Title 2.2: Administration of Government
• Subtitle I: Organization of State Government
• Ch. 22: Authorities
• Art. 7: Virginia Small Business Financing Authority
• Part D: State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies

Text

Whenever federal law requires public hearings and public approval as a prerequisite to obtaining federal tax exemption for the interest paid on private activity bonds under § 147(f) of the Internal Revenue Code, unless otherwise specified by federal law or regulation, the public hearing for private activity bonds of the Authority shall be conducted by the Authority and the procedure for the public hearing and public approvals shall be as follows:

1. For a public hearing by the Authority:

a. Notice of the hearing shall be published not less than seven days in advance of such hearing in a newspaper published or having general circulation in the locality in which the facility to be financed is to be located. The applicant shall pay the cost of notification. The notice shall specify the time and place of hearing at which persons may appear and present their views. The hearing shall be held not less than seven days after the notice has been published. The hearing may be held at any place within the Commonwealth determined by the Board.

b. The notice shall contain (i) the name and address of the Authority; (ii) the name and address of the principal place of business, if any, of the applicant seeking financing; (iii) the maximum dollar amount of financing sought; and (iv) the type of business and purpose and specific location, if known, of the facility to be financed.

c. The Authority may require any request for private activity bond financing when submitted to the Authority to be accompanied by a statement in the following form, but the absence of any such form shall not affect the validity of a private activity bond:

Name of Applicant: _______________________

Facility: ______________________

Date: ______

Maximum amount of financing sought: ____$

Estimated taxable value of the facility's real property in the municipality in which it is located. ____$

Estimated taxable value of the facility's real property once constructed or expanded. ____$

Estimated real property tax per year using present tax rates on the facility's real property once constructed or expanded.____$

Estimated personal property tax per year from property to be located in expanded or constructed facility using present tax rate. ____$

Estimated merchants' capital tax per year from property to be located in expanded or constructed facility using present tax rate. ____$

Estimated dollar value per year of goods and services that will be purchased in the Commonwealth during construction or expansion of facility. ____$

Estimated dollar value per year of goods and services that will be purchased in the Commonwealth for the operation of the facility. ____$

Estimated dollar value per year of goods and services that will be produced and sold from the facility. ____$

Estimated number of employees during construction or expansion __

Estimated number of regular employees on a year round basis during operation of the facility __

Average annual salary per regular employee during operation of the facility. ____$

Estimated payroll for labor during construction or expansion of the facility.____$

If any of the above questions do not apply to the eligible business being financed, indicate by writing N/A (not applicable) on the appropriate line.

2. For public approval, the Governor is appointed by this article as the applicable elected representative within the meaning of § 147(f)(2)(E) of the Internal Revenue Code.

Legislative History

1984, c. 749, § 9-216; 2001, c. 844; 2003, c. 339; 2009, c. 565; 2023, c. 130.