15.2-2420 - Creation and management of Fund. - Virginia Statutes

§ 15.2-2420. Creation and management of Fund.

There shall be set apart as a permanent and perpetual fund, to be known asthe Virginia Broadband Infrastructure Loan Fund, consisting of such sums thatmay be appropriated to the Fund by the General Assembly, all receipts by theFund from loans made by it to local governments, all income from theinvestment of moneys held in the Fund, and any other sums designated fordeposit to the Fund from any source public or private. The Fund shall beadministered and managed by the Authority as prescribed in this chapter. TheAuthority shall establish guidelines regarding the distribution of loans orgrants from the Fund, prioritization of such loans and grants, and shallestablish interest rates and repayment terms of such loans as provided inthis chapter. The Authority may disperse from the Fund its reasonable costsand expenses incurred in the administration and management of the Fund.

(2009, c. 131.)