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2006 SESSION
SB 624 Flood Prevention and Protection Assistance Fund; Fund includes dam safety, report.
Introduced by: J. Brandon Bell, II | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED SENATE:
Dam and flood assistance fund. Reconstitutes the current Flood Prevention and Protection Assistance Fund into the new Dam Safety, Flood Prevention and Protection Assistance Fund. The new fund will be used to make loans and grants to local governments and loans to private entities to finance the cost of implementing projects to prevent, reduce, or mitigate damages caused by flooding, to upgrade dams or impounding structures, and to fund flood prevention studies. The Virginia Resources Authority would administer and manage the fund, determining the interest rate and terms and conditions of any loan from the Fund in accordance with a memorandum of understanding with the Director of the Department of Conservation and Recreation. The Director of Conservation and Recreation would make the decision on how the moneys in the Fund would be disbursed. The language establishing the Fund is modeled after language creating the Virginia Resources Authority, the Virginia Water Facilities Revolving Fund, and the Virginia Water Supply Revolving Fund. This bill is identical to HB 596.
SUMMARY AS INTRODUCED:
Dam and flood assistance fund. Reconstitutes the current Flood Prevention and Protection Assistance Fund into the new Dam Safety, Flood Prevention and Protection Assistance Fund. The new fund will be used to make loans and grants to local governments and loans to private entities to finance the cost of implementing projects to prevent, reduce, or mitigate damages caused by flooding, to upgrade dams or impounding structures, and to fund flood prevention studies. One source of revenue for the Fund would be tax revenue generated as a result of flood insurance premiums associated with the National Flood Insurance Program's flood insurance sales. The Virginia Resources Authority would administer and manage the fund, determining the interest rate and terms and conditions of any loan from the Fund. The Director of the Department of Conservation and Recreation would make the decision on how the moneys in the Fund would be disbursed. The language establishing the Fund is modeled after language creating the Virginia Resources Authority, the Virginia Water Facilities Revolving Fund, and the Virginia Water Supply Revolving Fund.