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_ 602 Item Details($) Appropriations($) ITEM 450. First Year Second Year First Year Second Year FY2025 FY2026 FY2025 FY2026 $25,000,000 the second year, will be paid from special funds. C. In order to remain consistent with the grant of authority as provided in Chapter 10, § 62.1- 128 et seq. of the Code of Virginia, the Virginia Port Authority is authorized to maintain independent payroll and nonpayroll disbursement systems and, in connection with such systems, to open and maintain appropriate accounts with a qualified public depository, or depositories. As implementation occurs, these systems and related procedures shall be subject to review and approval by the State Comptroller. The Virginia Port Authority shall continue to provide nonpayroll transaction detail to the State Comptroller through the Commonwealth Accounting and Reporting System (Cardinal). D. Out of the amounts in this Item, $10,000,000 the first year and $10,000,000 the second year from the Commonwealth Port Fund may be used to make lease payments associated with the Virginia International Gateway capital lease. 451. Financial Assistance for Port Activities (62800) $19,112,325 $20,437,325 $11,612,325 $7,612,325 Aid to Localities (62801) $13,500,000 $14,825,000 $6,000,000 $2,000,000 Payment in Lieu of Taxes (62802) $5,612,325 $5,612,325 Fund Sources: General $7,500,000 $8,500,000 $0 Special $1,612,325 $1,937,325 $1,612,325 Commonwealth Transportation $2,000,000 $2,000,000 Dedicated Special Revenue $8,000,000 $8,000,000 $4,000,000 Authority: Title 62.1, Chapter 10, Code of Virginia. A.1. Of the amounts authorized in Item 101 A.1, $2,000,000 the first year from the general fund may be deposited in the Port of Virginia Economic and Infrastructure Development Grant Fund, created pursuant to § 62.1-132.3:2, Code of Virginia. The Executive Director of the Virginia Port Authority shall disburse the funding in the form of grants to qualified companies in accordance with the provisions of § 62.1-132.3:2, Code of Virginia. 2. Of the amounts authorized in Item 101 A.1, $2,000,000 the second year from the general fund may be deposited in the Port of Virginia Economic Development Grant Fund, established pursuant to § 62.1-132.3:2.1, Code of Virginia. These funds shall be used to support the Port of Virginia Economic Development Grant Program, consisting of the following component programs: 1) the Economic Development and Infrastructure Development Grant Program established by § 62.1-132.3:2.2, Code of Virginia, and 2) the International Trade Facility Grant Program established by § 62.1-132.3:2.3, Code of Virginia. 3. Notwithstanding any other provision of law, upon expiration of the Port of Virginia Economic and Infrastructure Development Grant Fund and Program on December 31, 2024, any balance remaining in the Port of Virginia Economic and Infrastructure Development Grant Fund shall be transferred to the Port of Virginia Economic Development Grant Fund, established pursuant to § 62.1-132.3:2.1, Code of Virginia, and used to support the Port of Virginia Economic Development Grant Program and its component programs pursuant to §§ 62.1-132.3:2.1, 62.1-132.3:2.2, and 62.1-132.3:2.3, Code of Virginia. B. Of the amounts in this Item, $1,000,000 the first year and $1,000,000 the second year from the Commonwealth Port Fund is appropriated for previously awarded Aid to Local Ports which were unreimbursed in the year of the initial award. C. Out of amounts in this item, $4,000,000 the first year and $4,000,000 the second year from amounts transferred to this item pursuant § 3-1.01 M. of this act, the Authority shall award a grant of funds to a qualified applicant or applicants to support a dredging project or projects that have been approved by the Authority. The source of the grant funds shall be the Virginia Waterway Maintenance Fund created pursuant to § 62.1-132.3:3. Applicants shall be limited to political subdivisions and the governing bodies of Virginia localities. The Authority shall develop guidelines establishing an application process as set out in Chapter 642, 2018 Session of the General Assembly. Projects for which the Authority may award grant funding include