29.1-101.6 - Loans to owners other than local governments. - Virginia Statutes

§ 29.1-101.6. Loans to owners other than local governments.

After consultation with the Commissioner of the Virginia Marine ResourcesCommission, the Department may offer to finance the construction of fishwaysfor an owner, other than a local government, who owns a dam or otherartificial impediment to the free passage of anadromous fish. The term ofsuch loan shall not exceed twenty years and the interest rate shall be theprime rate for major money center banks, as reported by the latest edition ofThe Wall Street Journal appearing before the loan is made if the total loanexceeds fifty percent of the estimated project cost; if the total loan doesnot exceed fifty percent of the estimated cost of the project, the interestrate shall not be less than three percentage points below such prime rate.The Department shall approve the design of the fishway prior to the making ofany loan from the Fund pursuant to this section.

(1989, c. 5, § 10.1-1218; 1992, cc. 464, 887.)