10.1-646 - Purchase price and terms of sales authorized by § 10.1-645. - Virginia Statutes

§ 10.1-646. Purchase price and terms of sales authorized by § 10.1-645.

When an entity, as the term is used in § 10.1-645, agrees to purchase afacility and the rights incident thereto resulting from the storing ofadditional water in feasible flood prevention sites or the strengthening offoundations and appurtenances of feasible flood prevention sites in which theBoard has invested pursuant to § 10.1-638 B, the purchase price shall be thetotal expenditure from the revolving fund by the Board for such facility plusa surcharge of three percent annually on all funds expended for the facility,other than funds expended pursuant to § 10.1-638 C, from the date ofexpenditure to the date of purchase by the purchasing entity.

With the approval of the Board, the purchasing entity may finance thepurchase price, or any portion thereof, of the facility under the terms andconditions of §§ 10.1-638 A and 10.1-643, and the provisions of §§ 10.1-643and 10.1-644 shall apply, mutatis mutandis, to such financing. If apurchasing entity finances the purchase of a facility as hereinaboveprovided, such purchasing entity shall not be precluded from applying for aloan authorized by § 10.1-638 A to the limit imposed by that section tocomplete any facility purchased to store additional water.

(1970, c. 591, § 21-11.10; 1972, c. 821; 1988, c. 891.)