SB503:

Virginia Resources Authority; short-term loans to planning district commissions.

Bill Summary:

Virginia Resources Authority; short-term loans
to planning district commissions. Provides that the Virginia
Resources Authority (VRA) shall have the power to establish a perpetual
and permanent revolving fund with any funds appropriated by the General
Assembly to the VRA for the purpose of making short-term loans to
any planning district commission. Under the bill, loans are made for
the purpose of providing short-term cash flow necessary for state
and federal grants that require the expenditure of funds prior to
requesting reimbursement by the planning district commission. Such
loans shall be deemed in the public interest, and the loan interest
rates charged by the VRA shall be set based on guidelines established
for the administration of loan funds and based on prevailing short-term
interest rates, according to the bill.