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.
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.