10.1-1197.3 - Purposes of Fund; loans to small businesses; administrative costs. - Virginia Statutes

§ 10.1-1197.3. Purposes of Fund; loans to small businesses; administrativecosts.

A. Moneys in the Fund shall be used to make loans or to guarantee loans tosmall businesses for the purchase and installation of environmental pollutioncontrol and prevention equipment certified by the Department as meeting thefollowing requirements:

1. The air pollution control equipment is needed by the small business tocomply with the federal Clean Air Act (42 U.S.C. § 7401 et seq.); or

2. The pollution control equipment will allow the small business to implementvoluntary pollution prevention measures.

Moneys in the Fund may also be used to make loans or to guarantee loans tosmall businesses for the installation of voluntary agricultural bestmanagement practices, as defined in § 58.1-339.3.

B. The Department or its designated agent shall determine the terms andconditions of any loan. All loans shall be evidenced by appropriate securityas determined by the Department or its designated agent. The Department, orits agent, may require any documents, instruments, certificates, or otherinformation deemed necessary or convenient in connection with any loan fromthe Fund.

C. A portion of the Fund balance may be used to cover the reasonable andnecessary costs of administering the Fund. Unless otherwise authorized by theGovernor or his designee, the costs of administering the Fund shall notexceed a base year amount of $65,000 per year, using fiscal year 2000 as thebase year, adjusted annually by the Consumer Price Index.

D. The Fund shall not be used to make loans to small businesses for thepurchase and installation of equipment needed to comply with an enforcementaction by the Department, the State Air Pollution Control Board, the StateWater Control Board, or the Virginia Waste Management Board.

(1997, cc. 624, 850; 1999, c. 893; 2000, c. 131.)