Virginia § 62.1-132.3:2.1 - Port of Virginia Economic Development Grant Program and Fund
Full text of Virginia Code of Virginia § 62.1-132.3:2.1 — Port of Virginia Economic Development Grant Program and Fund, with citation guidance and answers to common questions.
§ 62.1-132.3:2.1. Port of Virginia Economic Development Grant Program and Fund
A. There is hereby created in the state treasury a special nonreverting fund to be known as the Port of Virginia Economic Development Grant Fund (the Fund), to be administered by the Virginia Port Authority. The Fund shall be established on the books of the Comptroller. All funds appropriated for such purpose and any gifts, donations, grants, bequests, and other funds received on its behalf shall be paid into the state treasury and credited to the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Moneys in the Fund shall be used solely for the purpose of providing grants to qualified applicants to the Program. Expenditures and disbursements from the Fund, which shall be in the form of grants, shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the Executive Director.
B. There is hereby created the Port of Virginia Economic Development Grant Program (the Program). The Program shall consist of the following component programs:
1. The Economic and Infrastructure Development Grant Program established by § 62.1-132.3:2.2.
2. The International Trade Facility Grant Program established by § 62.1-132.3:2.3.
C. 1. Except as provided in subdivision 3, for the Economic and Infrastructure Development Grant Program, the maximum amount of grants allowable among all qualified companies, as that term is defined in § 62.1-132.3:2.2, in any fiscal year shall be $5 million plus any amounts carried over from a prior fiscal year.
2. Except as provided in subdivision 3, for the International Trade Facility Grant Program, the maximum amount of grants allowable among all international trade facilities, as that term is defined in § 62.1-132.3:2.3, in any fiscal year shall be $1.25 million plus any amounts carried over from a prior fiscal year.
3. In the event that the amount of grants claimed for either of the programs described in subdivision 1 or 2 in any fiscal year is less than the maximum allowable amount, the excess amount may (i) be used to provide grants by the other program if that program is oversubscribed or (ii) be carried over to the next fiscal year.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 62.1-132.3:2.1
What does Code of Virginia § 62.1-132.3:2.1 cover?
Section 62.1-132.3:2.1 ("Port of Virginia Economic Development Grant Program and Fund") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 62.1-132.3:2.1?
A common citation format is "Code of Virginia § 62.1-132.3:2.1" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 62.1-132.3:2.1 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
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