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2022 SESSION

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SB 503 Virginia Resources Authority; short-term loans to planning district commissions.

Introduced by: Lynwood W. Lewis, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

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.


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