(A) There is hereby created a separate political subdivision of the Commonwealth of Virginia with such public and corporate powers as are set forth in the Industrial Development and Revenue Bond Act, VA Code Title 15.2, Chapter 49 of 1950 as amended, including such powers as may hereinafter be set forth from time to time in said Act.
(B) The name of the separate political subdivision of the Commonwealth created by this section shall be the "Economic Development Authority of Northampton County and Towns."
(C) The Authority shall be governed by a board of seven directors in which all powers of the Authority shall be vested. Said Board of Directors shall be appointed by the Board of Supervisors of Northampton County, the Town Council of Cape Charles, the Town Council of Cheriton, the Town Council of Exmore and the Town Councils of the other participating incorporated towns of Northampton County as follows:
(1) Initially, the Town Council of Cape Charles appointed two directors and the Board of Supervisors of Northampton County appointed five directors as set out below. On the first occasion hereafter upon which the term of office of a Director appointed by Northampton County expires, the Town Council of Cheriton shall have the right to appoint a Director for a four- year term. Subsequently, as terms expire, and at such times as this section is amended by the Board of Supervisors of Northampton County and the Town Councils of Cape Charles, Cheriton, and Exmore and adopted by the Town Councils of the Towns of Belle Haven, Eastville, or Nassawadox so that one or more of those towns has joined the Authority, the Town Council of each town joining the Authority pursuant to the provisions of the Act and of this section, as then amended and adopted by Northampton County, the Towns of Cape Charles, Cheriton and Exmore, and any other incorporated town in Northampton County, shall have the option of appointing one director to the Authority. It is the intention of this provision to create the possibility for each incorporated town with all or part of its jurisdiction within Northampton County to eventually appoint one Director to the Authority. As appointments are allocated to towns choosing to participate in the Authority, the county shall relinquish the first three appointments to such towns other than Cape Charles which pursuant to the Act and the provisions of this section as then amended, join the Authority, the Town of Cape Charles shall relinquish the fourth appointment to such town, and the county shall relinquish the fifth appointment to such town.
(2) Initial appointments which were for terms beginning April 1, 1995, were as follows:
(a) One-year term - one Northampton County;
(b) One-year term - one Town of Cape Charles;
(c) Two-year term - one Northampton County;
(d) Two-year term - one Town of Cape Charles;
(e) Three-year term - two Northampton County; and
(f) Four-year term - one Northampton County.
(3) Subsequent appointments shall be for terms of four years, except appointments to fill vacancies which shall be for the unexpired terms. Should any town fail or decline to make an appointment within 30 days of its right to do so, the Board of Supervisors of Northampton County shall make such appointment.
(4) Qualifications for appointments as members of the Board of Directors shall be as set out at VA Code § 15.2-4904. A member of the Board of Directors, in addition to reimbursement for his or her necessary expenses for travel and otherwise incurred in the performance of official duties, shall be paid $10 for each regular, special or committee meeting attended by the member and for instances in which the member of the Board serves as official representative of the Authority not to exceed $10 per month.
(D) The County of Northampton, the Towns of Cape Charles, Cheriton, and Exmore, and such other towns as are participating in the Authority as provided in this section may, from time to time, provide operational funding for the Authority. Such funding shall be at a level agreed to by the Board of Supervisors of Northampton County and the Town Councils of Cape Charles, Cheriton, Exmore and of any other town participating in the Authority pursuant to this section. Unless otherwise agreed, when and if the governing bodies have reached agreement as to the appropriate level of funding, each participating town shall provide a percentage of the total funding agreed upon which is equal to the percentage of the population of Northampton County which lives in such town based upon the most recent decennial census. Northampton County shall provide the balance of the funding not provided by the Towns of Cape Charles, Cheriton, Exmore and other participating towns according to the foregoing formula. Any net earnings as that term is used at VA Code § 15.2-4913 shall be distributed according to the foregoing formula.
(Ord. passed 2-8-2000; Am. Ord. passed 8-11-2020)