The primary purpose of the Authority is to enhance the economic base for the seven county and one city coalfield region of Virginia (Lee, Wise, Scott, Buchanan, Russell, Tazewell and Dickenson Counties and the City of Norton).
The Authority shall provide financial support for the purchase of real estate, construction of buildings for sale or lease, installation of utilities, direct loans and grants to private for-profit basic employers; may apply for matching funds from the state or federal government, or the private sector; and any other support improvements it deems necessary, including flood control dams. All such loans and grants may be managed by the LENOWISCO and Cumberland Plateau Planning District Commissions in their respective service areas.
The exercise of the powers granted by this chapter shall be in all respects for the benefit of the inhabitants of the Commonwealth, particularly the aforesaid seven county and one city areas, for the increase of their commerce, and for the promotion of their safety, health, welfare, convenience and prosperity.
1988, c. 833, § 15.1-1637; 1990, c. 341; 1992, c. 32; 1997, c. 587.
Structure Code of Virginia
Title 15.2 - Counties, Cities and Towns
Chapter 60 - Virginia Coalfield Economic Development Authority
§ 15.2-6000. Authority created; name
§ 15.2-6002. Purpose of Authority; performs governmental function
§ 15.2-6003. Board of Authority; members and officers; staff; annual report
§ 15.2-6004. Office of Authority; title to property
§ 15.2-6005. General powers of Authority; regulations; enforcement of statutes, rules, etc.
§ 15.2-6007. Acceptance of funds, property and grants or loans
§ 15.2-6008. Forms of accounts and records; audit of same
§ 15.2-6009. Capitalization of Authority
§ 15.2-6011. Eligible use of funds
§ 15.2-6012. Dissolution of Authority
§ 15.2-6013. Chapter liberally construed
§ 15.2-6014. Inconsistent laws inapplicable
§ 15.2-6015. City of Norton deemed contributing jurisdiction of Wise County