SB 1385 Innovation and Entrepreneurship Investment Authority; powers, report.
Jill Holtzman Vogel | all patrons    ...    notes
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Summary as passed: (all summaries)

Innovation and Entrepreneurship Investment Authority; powers. Provides the Innovation and Entrepreneurship Investment Authority (commonly known as the CIT) with the power to exclusively, or with any other person, form and otherwise develop, own, operate, govern, and otherwise direct the disposition of assets of separate legal entities, provided that such entities are formed solely for the purpose of managing and administering any assets disposed of by the Authority. The bill provides that these legal entities may include limited liability companies, limited partnerships, charitable foundations, real estate holding companies, investment holding companies, nonstock corporations, and benefit corporations and provides that any such entities shall be operated under the governance of the Authority. The bill sets out other requirements for such entities, including that they shall not be deemed to be a state or governmental agency, advisory agency, or public body or instrumentality and that no director, officer, or employee of any such entity shall be deemed to be an officer or employee for purposes of the State and Local Government Conflict of Interests Act. The bill requires, however, that the Auditor of Public Accounts or his legally authorized representatives shall annually audit the financial accounts of the Authority and any such entity, provided that the working papers and records of the Auditor of Public Accounts relating to such audits shall not be subject to the provisions of the Virginia Freedom of Information Act. The bill (i) adds two members to the board of directors appointed by the Speaker of the House and the Senate Committee on Rules and sets the quorum for the Authority's board of directors at nine; (ii) requires the reporting of certain additional information to the Chairmen of the House Committee on Appropriations and the Senate Committee on Finance, the Secretary of Technology, and the Director of Planning and Budget; and (iii) clarifies the Authority's powers related the MACH37 Cyber Accelerator entity.

Full text:
01/21/15  Senate: Presented and ordered printed 15103120D  pdf | impact statement
02/09/15  Senate: Committee substitute printed 15104919D-S1  pdf | impact statement
02/25/15  Senate: Bill text as passed Senate and House (SB1385ER)  pdf | impact statement
03/27/15  Governor: Acts of Assembly Chapter text (CHAP0687)  pdf

Amendments:
House amendments
House amendments engrossed

Status:
01/21/15  Senate: Presented and ordered printed 15103120D
01/21/15  Senate: Referred to Committee on General Laws and Technology
02/09/15  Senate: Committee substitute printed 15104919D-S1
02/09/15  Senate: Reported from General Laws and Technology with substitute (15-Y 0-N)
02/10/15  Senate: Constitutional reading dispensed (38-Y 0-N)
02/10/15  Senate: Read second time
02/10/15  Senate: Reading of substitute waived
02/10/15  Senate: Committee substitute agreed to 15104919D-S1
02/10/15  Senate: Engrossed by Senate - committee substitute SB1385S1
02/10/15  Senate: Constitutional reading dispensed (38-Y 0-N)
02/10/15  Senate: Passed Senate (38-Y 0-N)
02/12/15  House: Placed on Calendar
02/12/15  House: Read first time
02/12/15  House: Referred to Committee on Science and Technology
02/16/15  House: Reported from Science and Technology with amendments (20-Y 1-N)
02/17/15  House: Read second time
02/18/15  House: Read third time
02/18/15  House: Committee amendments agreed to
02/18/15  House: Engrossed by House as amended
02/18/15  House: Passed House with amendments (96-Y 2-N)
02/18/15  House: VOTE: PASSAGE (96-Y 2-N)
02/20/15  Senate: House amendments agreed to by Senate (38-Y 0-N)
02/25/15  Senate: Enrolled
02/25/15  Senate: Bill text as passed Senate and House (SB1385ER)
02/25/15  House: Signed by Speaker
02/26/15  Senate: Signed by President
02/26/15  Senate: Enrolled Bill Communicated to Governor on 2/26/15
02/26/15  Governor: Governor's Action Deadline Midnight, Sunday, March 29, 2015
03/27/15  Governor: Approved by Governor-Chapter 687 (effective 7/1/15)
03/27/15  Governor: Acts of Assembly Chapter text (CHAP0687)