62.1-234 - Creation and management of Fund.
§ 62.1-234. Creation and management of Fund.
A. There shall be set apart as a permanent and perpetual fund, to be known asthe "Virginia Water Supply Revolving Fund," sums appropriated to the Fundby the General Assembly, all receipts by the Fund from loans made by it tolocal governments or other entities, all income from the investment of moneysheld in the Fund, and any other sums designated for deposit to the Fund fromany source public or private. The Fund shall be administered and managed bythe Authority as prescribed in this chapter, subject to the right of theBoard, following consultation with the Authority, to direct the distributionof loans, loan subsidies (including principal forgiveness) or grants from theFund to particular local governments or other entities and to establish theinterest rates and repayment terms and those public health conditions deemednecessary by the Board of such loans, loan subsidies or grants as provided inthis chapter. In order to carry out the administration and management of theFund, the Authority is granted the power to employ officers, employees,agents, advisers and consultants, including, without limitation, attorneys,financial advisers, engineers and other technical advisers and publicaccountants and, the provisions of any other law to the contrarynotwithstanding, to determine their duties and compensation without theapproval of any other agency or instrumentality. However, the Authority shalladopt policies and procedures that minimize the costs of professionalservices associated with the processing of a loan application and thefinancing or refinancing of a project, especially in those instances in whichthe Board has identified the applicant as "disadvantaged."
The Board shall reimburse the Authority for its reasonable costs and expensesincurred in the administration and management of the Fund, and the Board maydisburse a reasonable fee, to be approved by the Board, for the Authority'smanagement services. The Board may require status reports on the Fund fromthe Authority.
B. The Board may enter into a memorandum of understanding or interagencyagreement with the State Water Control Board to manage aspects of the Fund,which may include (i) reviewing assistance applications and project biddocuments, (ii) monitoring projects, and (iii) ensuring compliance withenvironmental review and other program requirements. Any memorandum ofunderstanding or interagency agreement shall be approved by the United StatesEnvironmental Protection Agency.
(1987, c. 324; 1997, cc. 651, 665; 2003, c. 506.)