10.1-603.18 - Administration of the Fund. - Virginia Statutes

§ 10.1-603.18. Administration of the Fund.

The Authority shall administer and manage the Fund, and establish theinterest rates and the repayment terms of such loans as provided in thisarticle, in accordance with a memorandum of agreement with the Director. TheDirector shall, after consultation with all interested parties, develop aguidance document governing project eligibility and project prioritycriteria, and the Director, upon approval from the Virginia Soil and WaterConservation Board, shall direct the distribution of loans and grants fromthe Fund to local governments and private entities. In order to carry out theadministration and management of the Fund, the Authority may employ officers,employees, agents, advisers and consultants, including without limitation,attorneys, financial advisors, engineers, and other technical advisors andpublic accountants, and determine their duties and compensation without theapproval of any other agency or instrumentality. The Authority may disbursefrom the Fund reasonable costs and expenses incurred in the administrationand management of the Fund and may establish and collect a reasonable fee forits management services. However, any such fee shall not exceed one-eighth ofone percent of any bond par, loan or grant amount.

(1989, cc. 462, 498; 1995, c. 510; 2002, c. 320; 2006, cc. 648, 765; 2010, c.13.)