29.1-101.5 - Grants and loans to local governments. - Virginia Statutes

§ 29.1-101.5. Grants and loans to local governments.

After consultation with the Commissioner of the Virginia Marine ResourcesCommission, the Department may offer to finance the construction of fishwaysfor any local government which owns a dam or other artificial impediment tothe free passage of anadromous fish. The Fund will pay for seventy-fivepercent of the entire cost of the fishway, and will lend the balance of thecost to the local government. The loan shall be repaid over ten years at nointerest or over twenty years at an annual rate of interest which shall betwo percentage points below the rate for municipal bonds given in the latestBond Buyer Twenty Bond Index appearing before the loan is made. Any balanceof a loan not paid off as required by this section shall be paid off asprovided in § 29.1-101.4. The Department shall approve the design of thefishway prior to the making of any grant or loan from the Fund pursuant tothis section.

All local governments borrowing money from the Fund are authorized to takeany action, adopt any proceedings and make and carry out any contracts thatare contemplated by this chapter. Such contracts need not be identical amongall local governments, but may be structured as determined by the Departmentaccording to the needs of the contracting local governments and the Fund.

(1989, c. 5, § 10.1-1217; 1992, cc. 464, 887.)