5.1-30.2 - Creation and management of Virginia Airports Revolving Fund. - Virginia Statutes

§ 5.1-30.2. Creation and management of Virginia Airports Revolving Fund.

There shall be set apart as a permanent and perpetual fund, to be known asthe "Virginia Airports Revolving Fund," sums appropriated to the Fund bythe General Assembly, all receipts by the Fund from loans made by it to localgovernments, all income from the investment of moneys held in the Fund, andany other sums designated for deposit to the Fund from any source public orprivate, including without limitation any federal grants, awards or otherforms of assistance received by the Commonwealth that are eligible fordeposit therein under federal law. The Authority shall administer and managethe Fund, and establish the interest rates and repayment terms of such loansas provided in this chapter, in accordance with a memorandum of agreementwith the Board. The Board shall direct the distribution of loans from theFund to particular local governments. Consistent with this chapter, the Boardshall, after consultation with all interested parties, develop a guidancedocument governing project eligibility and project priority criteria. Inorder to carry out the administration and management of the Fund, theAuthority, in consultation with the Board, is granted the power to employofficers, employees, agents, advisers and consultants, including, withoutlimitation, attorneys, financial advisers, engineers and other technicaladvisers and public accountants and, the provisions of any other law to thecontrary notwithstanding, to determine their duties and compensation withoutthe approval of any other agency or instrumentality. The Authority maydisburse from the Fund its reasonable costs and expenses incurred in theadministration and management of the Fund and a reasonable fee to be approvedby the Board for its management services.

(1999, c. 897.)