{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/10.1-643.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/10.1-643.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/10.1-643.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/10.1-643.html"}],"law_id":85162,"edition_id":1,"section_id":85162,"structure_id":12895,"section_number":"10.1-643","catch_line":"Period of loan; interest rate; loan shall constitute a lien","history":"1970, c. 591, \u00a7 21-11.6; 1988, c. 891.","full_text":"Any loan made pursuant to the provisions of \u00a7 10.1-638 A may be made for any period not to exceed twenty years and shall bear interest at the rate of one percent annually for the first ten years or until such time as water stored under the provisions of this article is used by the borrower for the purpose stated in the application for the loan, if such use occurs within the first ten years. Interest on the loan for the second ten-year period plus the balance of the first ten-year period during which water was used, if any, shall bear interest at a rate set jointly by the Board and the State Treasury Board. Such interest rate shall conform as nearly as possible to the interest on bonds sold for water development or similar purposes within the Commonwealth within the last six months prior to setting such interest rate, taking into consideration any fluctuations of the money market which may have occurred subsequent to the last sale of such bonds within the six-month period. If no such bonds have been sold within the six-month period, the interest rate shall be set to conform as nearly as possible with the rate charged by the commercial money market for such or similar purposes. However, when the attendant facilities, such as but not limited to a filtration plant, pumping station, and pipelines, necessary for the use of the water stored cost the borrower more than $100,000, interest on the loan for the second ten-year period or the ten-year period plus the balance of the first ten-year period during which water was used, if any, shall be at the rate of three percent annually. Any borrower receiving a loan under the provisions of this article shall agree to repay the loan in equal annual installments of principal together with interest at the applicable rate on the unpaid balance of the loan. Payments of interest and principal shall be made to the State Treasurer and credited to the revolving fund, and evidence of debt taken for such loan shall be deposited with the State Treasurer and kept by him. Whenever a loan is made in accordance with the provisions of this article, a lien is hereby created against all of the funds and income of the borrower, as well as upon any real or personal property acquired with loan proceeds. Prepayment of the principal of any such loan, in whole or in part, may be made by the borrower without penalty; however, the borrower shall be liable for interest accrued on the principal at the time of prepayment.","order_by":null,"text":{"0":{"id":305159,"text":"Any loan made pursuant to the provisions of \u00a7 10.1-638 A may be made for any period not to exceed twenty years and shall bear interest at the rate of one percent annually for the first ten years or until such time as water stored under the provisions of this article is used by the borrower for the purpose stated in the application for the loan, if such use occurs within the first ten years. Interest on the loan for the second ten-year period plus the balance of the first ten-year period during which water was used, if any, shall bear interest at a rate set jointly by the Board and the State Treasury Board. Such interest rate shall conform as nearly as possible to the interest on bonds sold for water development or similar purposes within the Commonwealth within the last six months prior to setting such interest rate, taking into consideration any fluctuations of the money market which may have occurred subsequent to the last sale of such bonds within the six-month period. If no such bonds have been sold within the six-month period, the interest rate shall be set to conform as nearly as possible with the rate charged by the commercial money market for such or similar purposes. However, when the attendant facilities, such as but not limited to a filtration plant, pumping station, and pipelines, necessary for the use of the water stored cost the borrower more than $100,000, interest on the loan for the second ten-year period or the ten-year period plus the balance of the first ten-year period during which water was used, if any, shall be at the rate of three percent annually. Any borrower receiving a loan under the provisions of this article shall agree to repay the loan in equal annual installments of principal together with interest at the applicable rate on the unpaid balance of the loan. Payments of interest and principal shall be made to the State Treasurer and credited to the revolving fund, and evidence of debt taken for such loan shall be deposited with the State Treasurer and kept by him. Whenever a loan is made in accordance with the provisions of this article, a lien is hereby created against all of the funds and income of the borrower, as well as upon any real or personal property acquired with loan proceeds. Prepayment of the principal of any such loan, in whole or in part, may be made by the borrower without penalty; however, the borrower shall be liable for interest accrued on the principal at the time of prepayment.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":12895,"edition_id":1,"name":"Conservation, Small Watersheds Flood Control and Area Development Fund","identifier":"4","label":"article","depth":4,"order_by":1,"parent_id":12894,"metadata":{},"date_created":"2026-06-26 03:43:59","date_modified":"2026-06-26 03:43:59","permalink":{"id":144661,"object_type":"structure","relational_id":12895,"identifier":"4","token":"10.1\/I\/6\/4","url":"\/10.1\/I\/6\/4\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12894,"edition_id":1,"name":"Flood Protection and Dam Safety","identifier":"6","label":"chapter","depth":3,"order_by":1,"parent_id":12893,"metadata":{},"date_created":"2026-06-26 03:43:59","date_modified":"2026-06-26 03:43:59","permalink":{"id":144271,"object_type":"structure","relational_id":12894,"identifier":"6","token":"10.1\/I\/6","url":"\/10.1\/I\/6\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12893,"edition_id":1,"name":"Activities Administered by the Department of Conservation and Recreation","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12740,"metadata":{},"date_created":"2026-06-26 03:43:59","date_modified":"2026-06-26 03:43:59","permalink":{"id":143315,"object_type":"structure","relational_id":12893,"identifier":"I","token":"10.1\/I","url":"\/10.1\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12740,"edition_id":1,"name":"Conservation","identifier":"10.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":143313,"object_type":"structure","relational_id":12740,"identifier":"10.1","token":"10.1","url":"\/10.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":63458,"structure_id":12895,"section_number":"10.1-636","catch_line":"Definitions","url":"\/10.1-636\/","token":"10.1\/I\/6\/4\/10.1-636","metadata":false},{"id":73661,"structure_id":12895,"section_number":"10.1-637","catch_line":"Fund continued; administrative control","url":"\/10.1-637\/","token":"10.1\/I\/6\/4\/10.1-637","metadata":false},{"id":73761,"structure_id":12895,"section_number":"10.1-638","catch_line":"Purposes for which fund to be used","url":"\/10.1-638\/","token":"10.1\/I\/6\/4\/10.1-638","metadata":false},{"id":59350,"structure_id":12895,"section_number":"10.1-639","catch_line":"Conditions for making loan","url":"\/10.1-639\/","token":"10.1\/I\/6\/4\/10.1-639","metadata":false},{"id":66639,"structure_id":12895,"section_number":"10.1-640","catch_line":"Political subdivisions may borrow from other sources","url":"\/10.1-640\/","token":"10.1\/I\/6\/4\/10.1-640","metadata":false},{"id":77397,"structure_id":12895,"section_number":"10.1-641","catch_line":"Powers of Board in aid of the provisions of \u00a7 10.1-638","url":"\/10.1-641\/","token":"10.1\/I\/6\/4\/10.1-641","metadata":false},{"id":63225,"structure_id":12895,"section_number":"10.1-642","catch_line":"Record of applications for loans and action taken","url":"\/10.1-642\/","token":"10.1\/I\/6\/4\/10.1-642","metadata":false},{"id":85162,"structure_id":12895,"section_number":"10.1-643","catch_line":"Period of loan; interest rate; loan shall constitute a lien","url":"\/10.1-643\/","token":"10.1\/I\/6\/4\/10.1-643","metadata":false},{"id":79238,"structure_id":12895,"section_number":"10.1-644","catch_line":"Recovery of money due to fund","url":"\/10.1-644\/","token":"10.1\/I\/6\/4\/10.1-644","metadata":false},{"id":70082,"structure_id":12895,"section_number":"10.1-645","catch_line":"Limits on expenditures authorized under \u00a7 10.1-638 B; sale of resulting facilities; sale of stored water; renting facilities","url":"\/10.1-645\/","token":"10.1\/I\/6\/4\/10.1-645","metadata":false},{"id":85645,"structure_id":12895,"section_number":"10.1-646","catch_line":"Purchase price and terms of sales authorized by \u00a7 10.1-645","url":"\/10.1-646\/","token":"10.1\/I\/6\/4\/10.1-646","metadata":false},{"id":54015,"structure_id":12895,"section_number":"10.1-647","catch_line":"Disposition of facilities financed under article when part of debt remains outstanding","url":"\/10.1-647\/","token":"10.1\/I\/6\/4\/10.1-647","metadata":false},{"id":68188,"structure_id":12895,"section_number":"10.1-648","catch_line":"Acquisition of lands, easements, and rights-of-way","url":"\/10.1-648\/","token":"10.1\/I\/6\/4\/10.1-648","metadata":false},{"id":86478,"structure_id":12895,"section_number":"10.1-649","catch_line":"Sale to Board of property and rights-of-way acquired by condemnation","url":"\/10.1-649\/","token":"10.1\/I\/6\/4\/10.1-649","metadata":false}],"previous_section":{"id":63225,"structure_id":12895,"section_number":"10.1-642","catch_line":"Record of applications for loans and action taken","url":"\/10.1-642\/","token":"10.1\/I\/6\/4\/10.1-642","metadata":false},"next_section":{"id":79238,"structure_id":12895,"section_number":"10.1-644","catch_line":"Recovery of money due to fund","url":"\/10.1-644\/","token":"10.1\/I\/6\/4\/10.1-644","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/10.1-643\/","history_text":"

This law was first created in 1970. The record of its establishment is cataloged in chapter 591 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1970 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 1988, chapter 891.<\/p>","references":[{"id":79238,"section_number":"10.1-644","catch_line":"Recovery of money due to fund","order_by":null,"url":"\/10.1-644\/"},{"id":85645,"section_number":"10.1-646","catch_line":"Purchase price and terms of sales authorized by \u00a7 10.1-645","order_by":null,"url":"\/10.1-646\/"}],"refers_to":[{"id":73761,"section_number":"10.1-638","catch_line":"Purposes for which fund to be used","order_by":null,"url":"\/10.1-638\/"}],"permalink":{"id":144691,"object_type":"law","relational_id":85162,"identifier":"10.1-643","token":"10.1\/I\/6\/4\/10.1-643","url":"\/10.1-643\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/10.1-643\/","token":"10.1\/I\/6\/4\/10.1-643","dublin_core":{"Title":"Period of loan; interest rate; loan shall constitute a lien","Type":"Text","Format":"text\/html","Identifier":"\u00a7 10.1-643","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Any loan made pursuant to the provisions of \u00a7 10.1-638<\/a> A may be made for any period not to exceed twenty years and shall bear interest at the rate of one percent annually for the first ten years or until such time as water stored under the provisions of this article is used by the borrower for the purpose stated in the application for the loan, if such use occurs within the first ten years. Interest on the loan for the second ten-year period plus the balance of the first ten-year period during which water was used, if any, shall bear interest at a rate set jointly by the Board<\/span> and the State Treasury Board<\/span>. Such interest rate shall conform as nearly as possible to the interest on bonds<\/span> sold for water development or similar purposes within the Commonwealth within the last six months prior to setting such interest rate, taking into consideration any fluctuations of the money market which may have occurred subsequent to the last sale of such bonds<\/span> within the six-month period. If no such bonds<\/span> have been sold within the six-month period, the interest rate shall be set to conform as nearly as possible with the rate charged by the commercial money market for such or similar purposes. However, when the attendant facilities, such as but not limited to a filtration plant, pumping station, and pipelines, necessary for the use of the water stored cost the borrower more than $100,000, interest on the loan for the second ten-year period or the ten-year period plus the balance of the first ten-year period during which water was used, if any, shall be at the rate of three percent annually. Any borrower receiving a loan under the provisions of this article shall agree to repay the loan in equal annual installments of principal together with interest at the applicable rate on the unpaid balance of the loan. Payments of interest and principal shall be made to the State Treasurer and credited to the revolving fund<\/span>, and evidence<\/span> of debt taken for such loan shall be deposited with the State Treasurer and kept by him. Whenever a loan is made in accordance with the provisions of this article, a lien<\/span> is hereby created against all of the funds<\/span> and income of the borrower, as well as upon any real or personal property acquired with loan proceeds. Prepayment of the principal of any such loan, in whole or in part, may be made by the borrower without penalty<\/span>; however, the borrower shall be liable for interest accrued on the principal at the time of prepayment.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPERIOD OF LOAN; INTEREST RATE; LOAN SHALL CONSTITUTE A LIEN (\u00a7 10.1-643)\n\nAny loan made pursuant to the provisions of \u00a7 10.1-638 A may be made for any\nperiod not to exceed twenty years and shall bear interest at the rate of one\npercent annually for the first ten years or until such time as water stored\nunder the provisions of this article is used by the borrower for the purpose\nstated in the application for the loan, if such use occurs within the first ten\nyears. Interest on the loan for the second ten-year period plus the balance of\nthe first ten-year period during which water was used, if any, shall bear\ninterest at a rate set jointly by the Board and the State Treasury Board. Such\ninterest rate shall conform as nearly as possible to the interest on bonds sold\nfor water development or similar purposes within the Commonwealth within the\nlast six months prior to setting such interest rate, taking into consideration\nany fluctuations of the money market which may have occurred subsequent to the\nlast sale of such bonds within the six-month period. If no such bonds have been\nsold within the six-month period, the interest rate shall be set to conform as\nnearly as possible with the rate charged by the commercial money market for such\nor similar purposes. However, when the attendant facilities, such as but not\nlimited to a filtration plant, pumping station, and pipelines, necessary for the\nuse of the water stored cost the borrower more than $100,000, interest on the\nloan for the second ten-year period or the ten-year period plus the balance of\nthe first ten-year period during which water was used, if any, shall be at the\nrate of three percent annually. Any borrower receiving a loan under the\nprovisions of this article shall agree to repay the loan in equal annual\ninstallments of principal together with interest at the applicable rate on the\nunpaid balance of the loan. Payments of interest and principal shall be made to\nthe State Treasurer and credited to the revolving fund, and evidence of debt\ntaken for such loan shall be deposited with the State Treasurer and kept by him.\nWhenever a loan is made in accordance with the provisions of this article, a\nlien is hereby created against all of the funds and income of the borrower, as\nwell as upon any real or personal property acquired with loan proceeds.\nPrepayment of the principal of any such loan, in whole or in part, may be made\nby the borrower without penalty; however, the borrower shall be liable for\ninterest accrued on the principal at the time of prepayment.\n\nHISTORY: 1970, c. 591, \u00a7 21-11.6; 1988, c. 891.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}