Code of Virginia
Chapter 22 - Authorities
§ 2.2-2292. Public hearing and approval

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 Section 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 once a week for two successive weeks in a newspaper published or having general circulation in the municipality in which the facility to be financed is to be located of intention to provide financing for a named applicant. The applicant shall pay the cost of notification. The notice shall also be mailed or otherwise delivered to the clerk of the local governing body of the municipality. 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 six days nor more than 21 days after the second notice shall appear in such newspaper. 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. Every request for private activity bond financing when submitted to the Authority shall be accompanied by a statement in the following form:
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 Section 147(f)(2)(E) of the Internal Revenue Code.
1984, c. 749, § 9-216; 2001, c. 844; 2003, c. 339; 2009, c. 565.

Structure Code of Virginia