HB845:

Resilient Virginia Revolving Loan Fund; created.

Bill Summary:

Virginia Resources Authority; Resilient Virginia
Revolving Loan Fund. Creates the Resilient Virginia Revolving
Loan Fund, for which sums are appropriated by the General Assembly,
and that is administered and managed by the Virginia Resources Authority,
with oversight given to the Soil and Water Conservation Board. The
bill provides guidelines for deposits, expenditures, and investments
and requires an annual audit of the Authority. The Authority can
collect money for the Fund. The bill provides that the Fund be used
for loans or to refinance projects for local governments or to give
grants to them; that the Fund may be used for loans or grants for
individuals; guidelines for the priority of such loans and grants.
In addition, the bill provides that the Authority may pledge loans
to secure bonds and sell loans.