A. In addition to any other fund or account the Authority may create pursuant to subdivision 23 of § 2.2-2285, there shall be a permanent fund known as the Virginia Export Fund (the Fund). The Fund shall be comprised of (i) sums appropriated to it by the General Assembly, (ii) receipts by the Fund from loans or loan guarantees made against it, (iii) all income from the investment of moneys held by the Fund, and (iv) 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, and all moneys in the Fund shall be used to provide loans or loan guarantees as provided in subsection D. Any balances remaining in the Fund shall not revert to the general fund but shall be retained in order to make additional loans or loan guarantees.
B. All moneys belonging to the Fund shall be deposited to the credit of the State Treasurer and recorded on the books of the State Comptroller. Earnings from investments and interest shall be returned to the Fund.
C. The Authority, or its designated agent, may collect moneys due to the Fund. Proceedings to recover moneys due to the Fund may be instituted by the Authority in the name of the Fund in any appropriate court.
D. The Fund shall be used to make loans or to provide a guarantee for up to ninety percent of the principal amount of any commercial loan or line of credit made by a lender for the purpose of facilitating the sale of goods, products, or services outside of the United States by persons, firms, or corporations utilizing a Virginia air, land, or sea port to ship such goods, products, or services. Such guarantee shall not exceed one million dollars.
E. The Authority shall determine the terms and conditions of any loans or loan guarantee made against the Fund and may allow for use of the Fund in single or multiple transactions. No loan shall exceed a term of twelve months, nor shall a loan guarantee exceed a term of eighteen months. In the case of loans, the Authority shall charge an annual interest rate. In the case of guarantees, the Authority shall charge an annual guarantee fee. However, the Authority may waive such guarantee fees in an economically distressed area as defined in § 58.1-439. In connection with applications for loans or loan guarantees made against the Fund, the Authority may require the production of any document, instrument, certificate, legal opinion, or other information it deems necessary or convenient.
F. All loans or loan guarantees made against the Fund shall be approved by the Board or an authorized committee or subcommittee thereof.
1997, c. 815, §§ 9-228.1, 9-228.2, 9-228.3, 9-228.4; 1999, c. 785; 2001, c. 844.
Structure Code of Virginia
Title 2.2 - Administration of Government
§ 2.2-2201. Short title; definitions
§ 2.2-2202. Declaration of public purpose; Virginia Commercial Space Flight Authority created
§ 2.2-2203. Board of directors; members and officers; Executive Director
§ 2.2-2203.3. Employees; employment; personnel rules
§ 2.2-2203.4. Trust for postemployment benefits authorized; administration
§ 2.2-2204. Powers of the Authority
§ 2.2-2206. Trust indenture or agreement securing bonds
§ 2.2-2207. Moneys received deemed trust funds
§ 2.2-2208. Proceedings by bondholder or trustee to enforce rights
§ 2.2-2209. Bonds made securities for investment and deposit
§ 2.2-2210. Refunding bonds; bonds for refunding and for costs of additional projects
§ 2.2-2211. Grants or loans of public or private funds
§ 2.2-2212. Moneys of Authority
§ 2.2-2213. Forms of accounts and records; audit; annual report
§ 2.2-2214. Exemption from taxes or assessments
§ 2.2-2216. Appropriations by any government
§ 2.2-2217. Conveyance, lease or transfer of property by a city or county to the Authority
§ 2.2-2234. Short title; declaration of public purpose; Authority created
§ 2.2-2235.1. Board of directors; members and officers; Chief Executive Officer
§ 2.2-2236. Powers and duties of the Chief Executive Officer
§ 2.2-2236.1. Internal auditor; duties
§ 2.2-2237. Powers of Authority
§ 2.2-2237.2. Office of the Attorney General to provide instruction to Board
§ 2.2-2237.3. Division of Incentives
§ 2.2-2238. Economic development services
§ 2.2-2239. Planning and research
§ 2.2-2239.1. Advisory Committee on Business Development and Marketing
§ 2.2-2239.2. Advisory Committee on International Trade
§ 2.2-2240. Nonstock corporation to assist economic development
§ 2.2-2240.2:1. Virginia Business Ready Sites Program Fund
§ 2.2-2240.4. Virginia New Jobs Program
§ 2.2-2240.5. Workforce Retraining Program
§ 2.2-2240.6. Small Business New Jobs and Retraining Programs
§ 2.2-2241. Moneys of Authority
§ 2.2-2242. Forms of accounts and records
§ 2.2-2243. Exemptions from taxes or assessments
§ 2.2-2244. Exemption of Authority from personnel and procurement procedures
§ 2.2-2245. Appropriations by any government
§ 2.2-2246. Conveyance, lease or transfer of property by a city or county to the Authority
§ 2.2-2260. Short title; definition
§ 2.2-2261. Virginia Public Building Authority created; purpose; membership; terms; expenses; staff
§ 2.2-2262. Board of directors
§ 2.2-2263. Powers and duties of Authority; limitations
§ 2.2-2264. Revenue bonds generally
§ 2.2-2265. Trust agreement securing bonds
§ 2.2-2267. Moneys received deemed trust funds
§ 2.2-2268. Proceedings by bondholder or trustee to enforce rights
§ 2.2-2269. Bonds made securities for investment and deposit
§ 2.2-2270. Revenue refunding bonds; bonds for refunding and for cost of additional projects
§ 2.2-2271. Grants or loans of public or private funds
§ 2.2-2272. Moneys of Authority; audit
§ 2.2-2273. Contracts, leases and other arrangements
§ 2.2-2274. Resolutions, rules and regulations, etc.
§ 2.2-2275. Competition in award of contracts; contractors to give surety; terms of contracts
§ 2.2-2276. Eminent domain; right of entry
§ 2.2-2277. Jurisdiction of suits against Authority; service of process
§ 2.2-2278. Exemption from taxes or assessments
§ 2.2-2279. Short title; definitions
§ 2.2-2280. Declaration of public purpose; Authority created
§ 2.2-2281. Construction of article
§ 2.2-2283. Meetings of the Board
§ 2.2-2284. Executive Director; appointment; duties
§ 2.2-2285. Powers of the Authority
§ 2.2-2287. Power to borrow money and issue bonds
§ 2.2-2288. Power to issue bonds to purchase ninety percent guaranteed portion of loans
§ 2.2-2289. Power to issue umbrella bonds
§ 2.2-2290. Insurance or guarantee fund
§ 2.2-2291. Security for bonds; fees and expenses; limitations
§ 2.2-2292. Public hearing and approval
§ 2.2-2293. Loans to lenders; conditions
§ 2.2-2294. Investment in, purchase or assignment of loans; conditions
§ 2.2-2295. Regulations of the Authority
§ 2.2-2296. How bonds paid and secured
§ 2.2-2297. Liability of Commonwealth, political subdivisions and members of Board
§ 2.2-2298. Authorization of bonds by resolution; contents of bond sale; manner
§ 2.2-2299. Resolution authorizing issuance of bonds; provisions
§ 2.2-2300. Pledge by Authority
§ 2.2-2301. Purchase of bonds of Authority
§ 2.2-2302. Bonds secured by indenture; contents; expenses; how treated
§ 2.2-2303. Signatures of prior members or officers; validity
§ 2.2-2304. Deposit of money; expenditures; security for deposits
§ 2.2-2305. Contracts with holders of bonds; how money secured
§ 2.2-2306. Bondholder protection
§ 2.2-2307. Bonds as legal investments and securities
§ 2.2-2308. Expenses of Authority; liability of Commonwealth or political subdivision prohibited
§ 2.2-2309. Creation, administration, and management of Virginia Export Fund
§ 2.2-2310. Creation, administration, and management of Virginia Small Business Growth Fund
§ 2.2-2312. Annual report; audit
§ 2.2-2312.1. Risk-based review of outstanding loans; report
§ 2.2-2313. Exemption from taxation
§ 2.2-2314. Administrative Process Act not applicable
§ 2.2-2315. Short title; declaration of public purpose; Authority created
§ 2.2-2316. Executive Director; Board of Directors; members and officers
§ 2.2-2317. Appointment and duties of Executive Director
§ 2.2-2318. Powers of Authority
§ 2.2-2319. Cooperative Marketing Fund
§ 2.2-2320. Governor's Motion Picture Opportunity Fund
§ 2.2-2320.1. Governor's New Airline Service Incentive Fund
§ 2.2-2320.2. Tourism promotion grants
§ 2.2-2321. Grants from Commonwealth
§ 2.2-2322. Deposit of money; expenditures; security for deposits
§ 2.2-2323. Forms of accounts and records; annual reports; audit
§ 2.2-2324. Exemption from taxation
§ 2.2-2325. Exemptions from personnel and procurement procedures
§ 2.2-2326. Sovereign immunity
§ 2.2-2327. Liberal construction of article
§ 2.2-2338. Board of Trustees; membership
§ 2.2-2339. (Effective until date pursuant to Va. Const., Art. IV, § 13) Duties of the Authority
§ 2.2-2339. (Effective pursuant to Va. Const., Art. IV, § 13) Duties of the Authority
§ 2.2-2339.1. Fort Monroe Master Plan; approval by Governor
§ 2.2-2340. Additional declaration of policy; powers of the Authority; penalty
§ 2.2-2341. Relationship to the City of Hampton
§ 2.2-2341.1. Control over the use of certain vehicles
§ 2.2-2343. Authority may borrow money, accept contributions, etc.
§ 2.2-2344. Authority empowered to issue bonds; additional security; liability thereon
§ 2.2-2345. Powers and duties of executive director
§ 2.2-2347. Exemption from taxation
§ 2.2-2348. Rents, fees, and charges; disposition of revenues
§ 2.2-2349. Powers conferred additional and supplemental; liberal construction
§ 2.2-2349.1. Chapter controlling over inconsistent laws
§ 2.2-2350. Sovereign immunity
§ 2.2-2351. Short title; declaration of public purpose
§ 2.2-2353. Board of directors; members; president
§ 2.2-2354. Powers and duties of the president
§ 2.2-2355. Powers of the Authority
§ 2.2-2356. Designation of staff of not-for-profit entity
§ 2.2-2357. Division of Entrepreneurial Ecosystems
§ 2.2-2358. Division of Investment
§ 2.2-2359. Division of Commercialization
§ 2.2-2360. Virginia Innovation Index
§ 2.2-2361. Grants or loans of public or private funds
§ 2.2-2362. Moneys of Authority; examination of books by the Auditor of Public Accounts
§ 2.2-2363. Exemption from taxes or assessments
§ 2.2-2364. Exemption of Authority from personnel and procurement procedures
§ 2.2-2366. Opioid Abatement Authority established
§ 2.2-2367. Board of directors; members
§ 2.2-2368. Duties of the Authority
§ 2.2-2369. Powers of the Authority
§ 2.2-2370. Conditions and restrictions on financial assistance
§ 2.2-2371. Cooperation with other agencies
§ 2.2-2372. Form and audit of accounts and records
§ 2.2-2374. Opioid Abatement Fund
§ 2.2-2375. Exemption from taxes or assessments
§ 2.2-2376. Exemption of Authority from personnel and procurement procedures