56-575.10 - Federal, state and local assistance. - Virginia Statutes

§ 56-575.10. Federal, state and local assistance.

A. Any financing of a qualifying facility may be in such amounts and uponsuch terms and conditions as may be determined by the parties to the interimor comprehensive agreement. Without limiting the generality of the terms andconditions of the financing, the private entity and the responsible publicentity may propose to utilize any and all funding resources that may beavailable to them and may, to the fullest extent permitted by applicable law,issue debt, equity, or other securities or obligations, enter into leases,access any designated trust funds, borrow or accept grants from any stateinfrastructure bank, and secure any financing with a pledge of, securityinterest in, or lien on, any or all of its property, including all of itsproperty interests in the qualifying facility.

B. The responsible public entity may take any action to obtain federal,state, or local assistance for a qualifying project that serves the publicpurpose of this chapter and may enter into any contracts required to receivesuch assistance. If the responsible public entity is a state agency, anyfunds received from the state or federal government or any agency orinstrumentality thereof shall be subject to appropriation by the GeneralAssembly. The responsible public entity may determine that it serves thepublic purpose of this chapter for all or any portion of the costs of aqualifying project to be paid, directly or indirectly, from the proceeds of agrant or loan made by the local, state, or federal government or any agencyor instrumentality thereof.

(2002, c. 571; 2005, c. 865.)