§5B-7-4. Reallocation of Volume Cap
(a) The Economic Development Authority shall reallocate volume cap that has been waived pursuant to this article. The authority may reallocate the volume cap to the state, state agencies, counties, municipalities or any other political subdivisions or any other eligible issuer authorized to issue recovery zone bonds pursuant to Section 5.04 of Internal Revenue Service […]
§5B-7-5. Suballocation of Volume Cap by Counties; Counties Authorized to Take Action to Issue Recovery Zone Bonds
Counties allocated volume cap pursuant to this article may, by order, ordinance or resolution of the county commission, suballocate such allocation to municipalities or any other eligible issuers authorized to issue recovery zone bonds pursuant to Section 5.04 of Internal Revenue Service Notice 2009-50. Each county that suballocates volume cap shall attach a copy of […]
§5B-8-1. Definitions
When used in this article: “Department” means the West Virginia Department of Commerce. “SBIR” means the Small Business Innovation Research Program enacted under the Small Business Innovation Development Act of 1982, Pub. L. 97-219, 15 U.S.C. § 638. “STTR” means the Small Business Technology Transfer Program enacted under the Small Business Technology Transfer Act of […]
§5B-8-2. Creating a Matching Program
The West Virginia Small Business Innovation Research and Small Business Technology Transfer Matching Funds Program is established. It shall be administered by the department which is hereby authorized to promulgate legislative rules governing the program. In order to foster job creation and economic development in the state, the department may provide grants to eligible small […]
§5B-8-3. Eligibility
In order to be eligible for a grant under this article, a small business must satisfy all of the following conditions: (1) The small business must be a for-profit, West Virginia-based business;
§5B-8-4. Application Process
(a) A small business shall apply, under oath, to the department on forms prescribed by the department that include at least the following: (1) The name of the small business, the form of business organization under which it is operated, and the names and addresses of the principals and management of the small business;
§5B-8-5. Grant Terms
(a) The department may award a “WV Phase Zero Grant” of $2500 upon submission of a Phase I SBIR/STTR proposal or Fast track SBIR/STTR proposal. The WV Phase Zero grant shall be remitted to the small business upon notification from the granting agency of the receipt of a submission for an SBIR/STTR Phase I or […]
§5B-7-1. Definitions
Unless the context clearly indicates otherwise, as used in this article: (1) "Economic Development Authority" or "authority" means the West Virginia Economic Development Authority as continued in section five, article fifteen, chapter thirty-one of this code.
§5B-7-2. Allocation of Volume Cap for Recovery Zone Bonds; Obligations Not Debt of State
Pursuant to 26 U.S.C. §1400U-1(a)(3)(A), the State of West Virginia shall allocate the volume cap among the counties of the state in the same manner as described in Section 6.04 of Internal Revenue Service Notice 2009-50. Bonds, notes and other obligations issued pursuant to this article shall not constitute a debt or a pledge of […]
§5B-7-3. Certification and Waiver of Volume Cap Allocation
(a) Preliminary certification. — (1) Each county allocated volume cap in accordance with this article shall submit a preliminary certification to the Governor that includes: