HB947:

Virginia Resources Authority; short-term loans.

Bill Summary:

Virginia Resources Authority; short-term loans. Authorizes the Virginia Resources Authority to establish a revolving loan fund to make short-term loans to planning district commissions, with interest not to exceed one percent. Under the bill, the loans provide short-term cash flow to planning district commissions that receive state or federal grants that require the expenditure of funds prior to being reimbursed by grant funds.