HD38 - Interim Report of the Commission Studying Virginia's Industrial Development and Revenue Bond Act

  • Published: 1984
  • Author: Industrial Development and Revenue Bond Act Study Commission
  • Enabling Authority: House Joint Resolution 99 (Regular Session, 1983)

Executive Summary:
CONCLUSION

Even though Congress has recently restricted the uses of industrial development bonds and the Commonwealth, in some aspects, has further restricted their use beyond the requirements of federal law, there still exists in the Commonwealth dissatisfaction with many of the remaining permitted uses.

RECOMMENDATIONS

1. That the study by this Commission be continued for another year to consider the question of further restrictions, and to await the outcome of pending federal legislation impacting the issuance of industrial development bonds, see Appendix A. Regardless of the federal legislation, the Commission felt that there was need for further study on the use of such bonds in the Commonwealth.

2. That the Commission continue to monitor the use, and reports of use, of industrial development bonds in Virginia.