51.5-57 - Assistive Technology Loan Fund established. - Virginia Statutes

§ 51.5-57. Assistive Technology Loan Fund established.

A. There is hereby established a permanent and perpetual fund to be known asthe Assistive Technology Loan Fund, consisting of such moneys as may beappropriated by the General Assembly from time to time, gifts, bequests,endowments or grants from the United States government, its agencies andinstrumentalities, all receipts by the Fund from loans made by it, all incomefrom the investment of moneys held in the Fund, and any other availablesources of funds, public and private. Any moneys remaining in the Fund at theend of a biennium shall not revert to the general fund but shall remain inthe Fund. Interest and income earned from the investment of such funds shallremain in the Fund and be credited to it.

B. The Fund shall be used to provide loans to individuals with disabilitieswithin the Commonwealth for the purpose of acquiring assistive technology,other equipment, or other authorized purposes designed to help suchindividuals become more independent. The Fund shall also be used to buy downinterest rates of lending institutions making such loans and provide a loanguarantee for loans made by lending institutions for such purposes. The Fundshall be used only when, in the discretion of the Board, loan applicants havemet eligibility criteria and the release of money is deemed appropriate.

C. The Fund shall be administered and managed by the Authority. The costs andexpenses of maintaining, servicing and administering the Fund may be paid outof amounts in the Fund.

(1995, c. 812; 2002, c. 19.)