There shall be set apart as a permanent and perpetual fund, to be known as the Virginia Broadband Infrastructure Loan 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 and managed by the Authority as prescribed in this chapter. The Authority shall establish guidelines regarding the distribution of loans or grants from the Fund, prioritization of such loans and grants, and shall establish interest rates and repayment terms of such loans as provided in this chapter. The Authority may disperse from the Fund its reasonable costs and expenses incurred in the administration and management of the Fund.
2009, c. 131.
Structure Code of Virginia
Title 15.2 - Counties, Cities and Towns
Chapter 24.2 - Virginia Broadband Infrastructure Loan Fund
§ 15.2-2420. Creation and management of Fund
§ 15.2-2421. Deposit of money; expenditures; investments
§ 15.2-2423. Collection of money due Fund
§ 15.2-2424. Loans to local governments
§ 15.2-2425. Prioritization of loans
§ 15.2-2426. Pledge of loans to secure bonds of Authority