The Industrial Facilities Financing Study Commission was created by Senate Joint Resolution No. 69 of 1972 to ascertain the adequacy of industrial facilities financing within the Commonwealth. The Commission made its report t o the Governor and the General Assembly of Virginia in 1973, recommending amendments to the Industrial Development and Revenue Bond Act and the continuation of the Commission to determine the need for the implementation of a mortgage guarantee program in the Commonwealth.

Senate Joint Resolution No. 5 of 1974 continued the Commission.

Pursuant to the directive contained in the resolution, the membership continued as follows: Delegate George E. Allen, Jr., Richmond; Dr. Ronald E. Carrier, Blacksburg; Delegate Alan A. Diamonstein, Newport News; Milton L. Drewer, Jr., Arlington; Delegate Raymond R. Guest, Jr., Front Royal; Senator Omer L. Hirst, Annandale; Senator William B. Hopkins, Roanoke; William C. Rigsby, Richmond; Dr. Martin Schnitzer, Blacksburg. Senator H. Dunlop Dawburn and Delegate John A. Melnick resigned from the Commission, Delegate James B. Murray, Earlysville, being appointed to replace Mr. Melnick. Senator Hirst and Mr. Rigsby continued as Chairman and Vice-Chairman, respectively.

Consultation and advice from the banking community was provided by an Advisory Committee composed of John B. Bernhardt, Executive Vice President, Virginia National Bank; J. B. Bourne, Jr., President, Franklin Federal Savings and Loan Association of Richmond; Warner N. Dalhouse, Executive Vice President, First· National Exchange Bank of Virginia; Shirley T. Holland, Chairman of the Board, Farmers Bank; C. Coleman McGehee, Chairman and Chief Executive Officer, First and Merchants National Bank; Herbert C. Moseley, Vice Chairman of the Board, Bank of Virginia-Central; James C. Wheat, Jr., Chairman of the Board, Wheat First Securities, Inc.; Richard W. Wiltshire, President, Home Beneficial Life Insurance Company.

Mr. Adolph T. Schmidt was appointed consultant to the Commission on September 18, 1974, his duties being to analyze industrial facilities financing programs in use by the various states and to make a comparison of such plans, to review the programs in use in the Commonwealth and analyze Virginia's competitive position, and to make recommendations to the Commission of the best alternative to fill any gap in Virginia's financing program. J. Frank Alspaugh, Director, Division of Industrial Development, served on the Commission as an ex officio member.

The Division of Legislative Services made staff and facilities available, E. M. Miller, Jr. and Jill M. Pope serving as staff attorney and research associate, respectively.

The Commission held numerous. meetings and conducted a public hearing to obtain input from experts in the industrial facilities financing field.