SB 503

Abstract

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