Small water supply and waste water project loans. Provides that the Virginia Resources Authority (VRA) may, from the Virginia Water Facilities Revolving Fund, loan amounts up to $40,000 to local governments for the repair or upgrade of water facility projects. Loans of up to $100,000 may be made from the same fund to a local government which has developed a low-interest loan program to provide loans or other incentives to facilitate the correction of onsite sewage disposal system problems, provided that the moneys may be used only for the program and that the onsite sewage disposal systems to be repaired or upgraded are owned by individual citizens of the Commonwealth where (i) public health or water quality concerns are present and (ii) connection to a public sewer system is not feasible because of location or cost. The VRA may also make loans of up to $40,000 from the Virginia Water Supply Revolving Fund for the repair and upgrade of water supply projects.
The loans may be secured by a note, the security for which is money payable to the local government from funds collected by the Comptroller from the local option one percent sales and use taxes allowed for by §§ 58.1-605 and 58.1-606. In cases of default, procedures for withholding amounts by the Comptroller for cure of the default are established and are similar to those found in the State Aid Intercept Program and those established to withhold from localities that do not assess property values at 100 percent its share of profits from the operation of the alcoholic beverage control system.Full text:
01/23/95 Senate: Presented & ordered printed LD5355633 pdf
01/23/95 Senate: Presented & ordered printed LD5355633
01/23/95 Senate: Referred to Committee on Agriculture, Conservation and Natural Resources
02/07/95 Senate: Left in Agriculture, Conservation and Natural Resources