33.1-223.4 - Creation and management of Fund. - Virginia Statutes

§ 33.1-223.4. Creation and management of Fund.

There shall be a permanent revolving fund known as the Virginia AlternativeFuels Revolving Fund.

The goal of the Fund shall be:

1. To improve air quality in Virginia.

2. To reduce dependence on imported fuels.

3. To reduce the costs of the purchase and operation of publicly ownedvehicles in Virginia, including costs of fuel, life of the vehicle andpersonnel costs.

4. To improve the economy of Virginia.

5. To accomplish such goals by loans or grants, with matching grants to begiven preference.

6. To include all kinds of alternative fuels, including but not limited to,electric, hydrogen, and natural gas-powered vehicles.

7. To improve infrastructure such as refueling stations.

The Fund shall be comprised of (i) sums appropriated to it by the GeneralAssembly, (ii) receipts by the Fund from loans made by it, (iii) all incomefrom the investment of moneys held by the Fund, and (iv) any other sumsdesignated for deposit to the Fund from any source, public or private. TheFund shall be administered and managed by the Commissioner and shall be usedsolely for the purpose of financing programs as provided in § 33.1-223.7.

(1992, cc. 351, 389; 1994, c. 216; 2010, c. 134.)