ORDINANCE NO.  08-2(3)

AN ORDINANCE TO AMEND AND REORDAIN CHAPTER 2, ADMINISTRATION, ARTICLE VI, INDUSTRIAL DEVELOPMENT AUTHORITY, OF THE CODE OF THE COUNTY OF ALBEMARLE, VIRGINIA.

 

BE IT ORDAINED by the Board of Supervisors of the County of Albemarle, Virginia, that Chapter 2, Administration, Article VI, Industrial Development Authority, of the Code of the County of Albemarle, Virginia, is hereby amended and reordained as follows:

 

By Amending:

2-600          Industrial development authority.

2-601          Powers and duties generally.

2-602          Board of supervisors to approve financing.

2-603          Board of supervisors to approve location.

2-604          Board of directors.

2-605          Board of supervisors to approve by-laws, etc.

 

CHAPTER 2.  ADMINISTRATION

 

ARTICLE  VI.  INDUSTRIAL ECONOMIC  DEVELOPMENT AUTHORITY

 

Sec. 2-600 Industrial Economic  development authority.

 

            There is hereby created pursuant to Virginia Code 15.2-4900 et seq. a political subdivision of the Commonwealth of Virginia to be known as the "Industrial Economic Development Authority of Albemarle County, Virginia," hereinafter, the industrial economic development authority.

 

(5-12-76, 1, 2;  Ord. of 5-4-94; Code 1988, 2-47, 2-48; Ord. 98-A(1), 8-5-98)

 

Sec. 2-601 Powers and duties generally.

 

            The industrial economic development authority shall have all such public and corporate powers as are or may from time to time be conferred upon the industrial economic development authorities generally by the provisions of the Industrial Development and Revenue Bond Act, Chapter 49 of Title 15.2 (sections 15.2-4900 through 15.2-4920) of the Code of Virginia, and shall in the exercise of such powers adhere in all respects to the provisions of such Act, except as otherwise hereafter expressly provided.

 

(5-12-76, 3; 11-1-78; 8-14-80; 12-2-81; 3-16-83; 12-21-83; Ord. of 12-16-92; Ord. of 5-4-94; Code 1988, 2-49; Ord. 98-A(1), 8-5-98)

 

            State law reference--Va. Code 15.2-4905.

 

Sec. 2-602 Board of supervisors to approve financing.

 

            No financing of any facility by the industrial economic development authority which requires approval of the board of supervisors pursuant to the Internal Revenue Code of 1986, or the Code of Virginia, as amended, as applicable, shall take place without the prior approval of the board of supervisors. 

 

(5-12-76, 4; 11-1-78; 8-14-80; Ord. of 5-4-94; Code 1988, 2-50; Ord. 98-A(1), 8-5-98)

 

            State law reference--Va. Code 15.2-4906.

Sec. 2-603 Board of supervisors to approve location.

 

            No facility located inside or outside the legal boundaries of the county shall be financed by the industrial economic development authority unless the location of the facility has been approved by the board of supervisors. 

 

(5-12-76, 5; 11-1-78; 8-14-80; Ord. of 6-2-93; Ord. of 5-4-94; Code 1988, 2-51; Ord. 98-A(1), 8-5-98)

 

            State law reference--Va. Code 15.2-4905.

 

Sec. 2-604 Board of directors.

 

            The industrial economic development authority shall be governed by a board of directors in which all powers of the authority shall be vested, composed of seven (7) members appointed by the board of supervisors as provided by law.

 

(Ord. of 5-4-94; Code 1988, 2-52; Ord. 98-A(1), 8-5-98)

 

            State law reference--Va. Code 15.2-4904.

 

Sec. 2-605 Board of supervisors to approve by-laws, etc.

 

            All by-laws, standards and priorities of the industrial economic development authority of the county shall be approved by the board of supervisors prior to their adoption by the industrial economic development authority.   Any revisions or changes of such by-laws, standards and priorities shall require the prior approval of the board of supervisors. 

 

(5-12-76, 7; Ord. of 5-4-94; Code 1988, 2-53; Ord. 98-A(1), 8-5-98)

 

            State law reference--Va. Code 15.2-4905(10).

 

This ordinance shall be effective on and after July 1, 2008.

 

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