15.2-2431 - Creation and management of Fund. - Virginia Statutes

§ 15.2-2431. Creation and management of Fund.

There shall be set apart a permanent and perpetual fund, to be known as theVirginia Infrastructure Project Loan Fund, consisting of such sums that maybe appropriated to the Fund by the General Assembly, all receipts by the Fundfrom loans made by it to local governments, all income from the investment ofmoneys held in the Fund, and any other sums designated for deposit to theFund from any source public or private. The Fund shall be administered andmanaged by the Authority as prescribed in this chapter. The Authority shallestablish guidelines regarding the distribution of loans from the Fund andprioritization of such loans, and shall establish interest rates andrepayment terms of such loans as provided in this chapter. The Authority maydisperse from the Fund its reasonable costs and expenses incurred in theadministration and management of the Fund.

(2010, c. 724.)