HB1309:

Resilient Virginia Revolving Loan Fund; created.

Bill Summary:

Resilient Virginia Revolving Fund. Creates the Resilient Virginia Revolving Fund. The bill provides guidelines for deposits, expenditures, and investments and requires an annual audit of the Virginia Resources Authority. The bill provides that the Fund be used for loans or to refinance projects for local governments or to give grants to them, provides that the Fund may be used by local governments for loans or grants to persons of the Commonwealth eligible for projects for resilience purposes, and establishes guidelines for the priority of such loans and grants. This bill is identical to SB 756.