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2020 SESSION
20100479DBe it enacted by the General Assembly of Virginia:
1. That § 10.1-603.25 of the Code of Virginia is amended and reenacted as follows:
§ 10.1-603.25. Virginia Shoreline Resiliency Fund.
There shall be set apart a permanent and perpetual fund, to be
known as the Virginia Shoreline Resiliency Fund, consisting of such sums that
may be appropriated to the Fund by the General Assembly,
all receipts by the Fund from loans made by it to local governments,
all income from the investment of moneys held in the Fund, and any other sums
designated for deposit to the Fund from any source, public or private. The Fund
shall be administered by the Department as prescribed in this article. The
Department shall establish guidelines regarding the distribution of loans
grants from the Fund and prioritization
of such loans to localities.
The Authority shall manage the Fund and shall establish
interest rates and repayment terms of such loans
grants as provided in this article. The Authority may
disburse from the Fund its reasonable costs and expenses incurred in the
management of the Fund.
Localities shall use moneys grants from the Fund primarily for the
purpose of creating a low-interest loan
program cost-sharing
programs to help residents and
businesses that are subject to recurrent flooding as confirmed by a locality-certified
floodplain manager. Moneys in the Fund may be used to mitigate future flood
damage.
Any locality is
authorized to secure a loan made through such a low-interest loan program by
placing a lien up to the value of the loan against any property that benefits
from the loan. Such a lien shall be subordinate to each prior lien on such
property, except prior liens for which the prior lienholder executes a written
subordination agreement, in a form and substance acceptable to the prior
lienholder in its sole and exclusive discretion, that is recorded in the land
records where the property is located.