{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/3.2-3113.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/3.2-3113.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/3.2-3113.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/3.2-3113.html"}],"law_id":86571,"edition_id":1,"section_id":86571,"structure_id":16462,"section_number":"3.2-3113","catch_line":"Creation and management of Virginia Tobacco Region Revolving Fund","history":"2015, cc. 399, 433.","full_text":"A\n\nThere shall be set apart as a permanent and perpetual fund, to be known as the Virginia Tobacco Region Revolving Fund, with a sum of up to $50 million made available from (i) the corpus of the taxable portion of the Endowment paid to the Fund per request from the Commission within the limits imposed pursuant to § 3.2-3104, (ii) sums, if any, appropriated to the Fund by the General Assembly, (iii) all receipts by the Fund from loans made by it to local governments, (iv) all income from the investment of moneys held in the Fund, and (v) any other sums designated for deposit to the Fund from any source public or private, including, without limitation, any federal grants, awards, or other forms of assistance received by the Commonwealth that are eligible for deposit therein under federal law. Transfers from the Endowment to the Fund shall occur as required for loan disbursements.B\n\nThe Authority shall administer and manage the Fund and establish the interest rates and repayment terms of such loans as are provided for by this chapter in accordance with a memorandum of agreement with the Commission. In order to carry out the administration and management of the Fund, the Authority, in consultation with the Commission, is granted the power to employ officers, employees, agents, advisers, and consultants, including, without limitation, attorneys, financial advisers, engineers and other technical advisers, and public accountants, and, the provisions of any other law to the contrary notwithstanding, to determine their duties and compensation without the approval of any other agency or instrumentality. The Authority may disburse from the Fund the reasonable costs and expenses it incurs in the administration and management of the Fund and a reasonable fee to be approved by the Commission for its management services, but the Authority shall not charge its ordinary expenses to the Fund or the Commission. The Department of the Treasury, as the party holding the Endowment, shall be a party to the memorandum of agreement. Under all circumstances, the Commission shall select the projects eligible for the loans.C\n\nThe Commission shall direct the distribution of loans from the Fund to particular local governments. Consistent with this chapter, the Commission shall, after consultation with all interested parties, develop a guidance document governing project eligibility and project priority criteria.","order_by":null,"text":{"0":{"id":310082,"text":"There shall be set apart as a permanent and perpetual fund, to be known as the Virginia Tobacco Region Revolving Fund, with a sum of up to $50 million made available from (i) the corpus of the taxable portion of the Endowment paid to the Fund per request from the Commission within the limits imposed pursuant to § 3.2-3104, (ii) sums, if any, appropriated to the Fund by the General Assembly, (iii) all receipts by the Fund from loans made by it to local governments, (iv) all income from the investment of moneys held in the Fund, and (v) any other sums designated for deposit to the Fund from any source public or private, including, without limitation, any federal grants, awards, or other forms of assistance received by the Commonwealth that are eligible for deposit therein under federal law. Transfers from the Endowment to the Fund shall occur as required for loan disbursements.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":310083,"text":"The Authority shall administer and manage the Fund and establish the interest rates and repayment terms of such loans as are provided for by this chapter in accordance with a memorandum of agreement with the Commission. In order to carry out the administration and management of the Fund, the Authority, in consultation with the Commission, is granted the power to employ officers, employees, agents, advisers, and consultants, including, without limitation, attorneys, financial advisers, engineers and other technical advisers, and public accountants, and, the provisions of any other law to the contrary notwithstanding, to determine their duties and compensation without the approval of any other agency or instrumentality. The Authority may disburse from the Fund the reasonable costs and expenses it incurs in the administration and management of the Fund and a reasonable fee to be approved by the Commission for its management services, but the Authority shall not charge its ordinary expenses to the Fund or the Commission. The Department of the Treasury, as the party holding the Endowment, shall be a party to the memorandum of agreement. Under all circumstances, the Commission shall select the projects eligible for the loans.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":310084,"text":"The Commission shall direct the distribution of loans from the Fund to particular local governments. Consistent with this chapter, the Commission shall, after consultation with all interested parties, develop a guidance document governing project eligibility and project priority criteria.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":16462,"edition_id":1,"name":"Virginia Tobacco Region Revolving Fund","identifier":"31.1","label":"chapter","depth":4,"order_by":1,"parent_id":15735,"metadata":{},"date_created":"2026-06-26 04:19:20","date_modified":"2026-06-26 04:19:20","permalink":{"id":195401,"object_type":"structure","relational_id":16462,"identifier":"31.1","token":"3.2\/II\/D\/31.1","url":"\/3.2\/II\/D\/31.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":15735,"edition_id":1,"name":"Tobacco Region Revitalization Commission and Virginia Tobacco Region Revolving Fund","identifier":"D","label":"part","depth":3,"order_by":1,"parent_id":12794,"metadata":{},"date_created":"2026-06-26 03:58:43","date_modified":"2026-06-26 03:58:43","permalink":{"id":195349,"object_type":"structure","relational_id":15735,"identifier":"D","token":"3.2\/II\/D","url":"\/3.2\/II\/D\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12794,"edition_id":1,"name":"Boards, Councils, Foundations, and Commissions","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12793,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":194359,"object_type":"structure","relational_id":12794,"identifier":"II","token":"3.2\/II","url":"\/3.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12793,"edition_id":1,"name":"Agriculture, Animal Care, and Food","identifier":"3.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":193939,"object_type":"structure","relational_id":12793,"identifier":"3.2","token":"3.2","url":"\/3.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":83812,"structure_id":16462,"section_number":"3.2-3112","catch_line":"Definitions","url":"\/3.2-3112\/","token":"3.2\/II\/D\/31.1\/3.2-3112","metadata":false},{"id":86571,"structure_id":16462,"section_number":"3.2-3113","catch_line":"Creation and management of Virginia Tobacco Region Revolving Fund","url":"\/3.2-3113\/","token":"3.2\/II\/D\/31.1\/3.2-3113","metadata":false},{"id":74657,"structure_id":16462,"section_number":"3.2-3114","catch_line":"Deposit of money; expenditures; investments","url":"\/3.2-3114\/","token":"3.2\/II\/D\/31.1\/3.2-3114","metadata":false},{"id":80558,"structure_id":16462,"section_number":"3.2-3115","catch_line":"Collection of money due the Fund","url":"\/3.2-3115\/","token":"3.2\/II\/D\/31.1\/3.2-3115","metadata":false},{"id":86690,"structure_id":16462,"section_number":"3.2-3116","catch_line":"Loans to local governments","url":"\/3.2-3116\/","token":"3.2\/II\/D\/31.1\/3.2-3116","metadata":false},{"id":80920,"structure_id":16462,"section_number":"3.2-3117","catch_line":"Pledge of loans to secure bonds of the Authority","url":"\/3.2-3117\/","token":"3.2\/II\/D\/31.1\/3.2-3117","metadata":false},{"id":75156,"structure_id":16462,"section_number":"3.2-3118","catch_line":"Sale of loans","url":"\/3.2-3118\/","token":"3.2\/II\/D\/31.1\/3.2-3118","metadata":false},{"id":69065,"structure_id":16462,"section_number":"3.2-3119","catch_line":"Powers of the Authority","url":"\/3.2-3119\/","token":"3.2\/II\/D\/31.1\/3.2-3119","metadata":false},{"id":71825,"structure_id":16462,"section_number":"3.2-3120","catch_line":"Report to the General Assembly and the Governor","url":"\/3.2-3120\/","token":"3.2\/II\/D\/31.1\/3.2-3120","metadata":false},{"id":86665,"structure_id":16462,"section_number":"3.2-3121","catch_line":"Liberal construction of chapter","url":"\/3.2-3121\/","token":"3.2\/II\/D\/31.1\/3.2-3121","metadata":false}],"previous_section":{"id":83812,"structure_id":16462,"section_number":"3.2-3112","catch_line":"Definitions","url":"\/3.2-3112\/","token":"3.2\/II\/D\/31.1\/3.2-3112","metadata":false},"next_section":{"id":74657,"structure_id":16462,"section_number":"3.2-3114","catch_line":"Deposit of money; expenditures; investments","url":"\/3.2-3114\/","token":"3.2\/II\/D\/31.1\/3.2-3114","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/3.2-3113\/","history_text":"

This law was first created in 2015. The record of its establishment is cataloged in chapters 399<\/a> and 433<\/a> 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.<\/p>","references":false,"refers_to":[{"id":69642,"section_number":"3.2-3104","catch_line":"Tobacco Indemnification and Community Revitalization Endowment","order_by":null,"url":"\/3.2-3104\/"}],"permalink":{"id":195407,"object_type":"law","relational_id":86571,"identifier":"3.2-3113","token":"3.2\/II\/D\/31.1\/3.2-3113","url":"\/3.2-3113\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/3.2-3113\/","token":"3.2\/II\/D\/31.1\/3.2-3113","dublin_core":{"Title":"Creation and management of Virginia Tobacco Region Revolving Fund","Type":"Text","Format":"text\/html","Identifier":"\u00a7 3.2-3113","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> There shall be set apart as a permanent and perpetual fund<\/span>, to be known as the Virginia Tobacco Region Revolving Fund<\/span>, with a sum of up to $50 million made available from (i) the corpus of the taxable portion of the Endowment<\/span> paid to the Fund<\/span> per request from the Commission<\/span> within the limits imposed pursuant to § 3.2-3104<\/a>, (ii) sums, if any, appropriated to the Fund<\/span> by the General Assembly, (iii) all receipts by the Fund<\/span> from loans made by it to local governments<\/span>, (iv) all income from the investment of moneys held in the Fund<\/span>, and (v) any other sums designated for deposit to the Fund<\/span> from any source public or private, including, without limitation, any federal grants, awards, or other forms of assistance received by the Commonwealth that are eligible for deposit therein under federal law<\/span>. Transfers from the Endowment<\/span> to the Fund<\/span> shall occur as required for loan disbursements. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Authority<\/span> shall administer and manage the Fund<\/span> and establish the interest rates and repayment terms of such loans as are provided for by this chapter in accordance with a memorandum<\/span> of agreement with the Commission<\/span>. In order<\/span> to carry out the administration and management of the Fund<\/span>, the Authority<\/span>, in consultation with the Commission<\/span>, is granted the power to employ officers, employees, agents, advisers, and consultants, including, without limitation, attorneys, financial advisers, engineers and other technical advisers, and public accountants, and, the provisions of any other law<\/span> to the contrary notwithstanding, to determine their duties and compensation without the approval of any other agency or instrumentality. The Authority<\/span> may disburse from the Fund<\/span> the reasonable costs and expenses it incurs in the administration and management of the Fund<\/span> and a reasonable fee to be approved by the Commission<\/span> for its management services, but the Authority<\/span> shall not charge its ordinary expenses to the Fund<\/span> or the Commission<\/span>. The Department<\/span> of the Treasury, as the party<\/span> holding the Endowment<\/span>, shall be a party<\/span> to the memorandum<\/span> of agreement. Under all circumstances, the Commission<\/span> shall select the projects<\/span> eligible for the loans. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Commission<\/span> shall direct the distribution of loans from the Fund<\/span> to particular local governments<\/span>. Consistent with this chapter, the Commission<\/span> shall, after consultation with all interested parties, develop a guidance document governing project<\/span> eligibility and project<\/span> priority criteria. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCREATION AND MANAGEMENT OF VIRGINIA TOBACCO REGION REVOLVING FUND (\u00a7 3.2-3113)\n\nA. There shall be set apart as a permanent and perpetual fund, to be known as\nthe Virginia Tobacco Region Revolving Fund, with a sum of up to $50 million made\navailable from (i) the corpus of the taxable portion of the Endowment paid to\nthe Fund per request from the Commission within the limits imposed pursuant to\n§ 3.2-3104, (ii) sums, if any, appropriated to the Fund by the General\nAssembly, (iii) all receipts by the Fund from loans made by it to local\ngovernments, (iv) all income from the investment of moneys held in the Fund, and\n(v) any other sums designated for deposit to the Fund from any source public or\nprivate, including, without limitation, any federal grants, awards, or other\nforms of assistance received by the Commonwealth that are eligible for deposit\ntherein under federal law. Transfers from the Endowment to the Fund shall occur\nas required for loan disbursements.\n\nB. The Authority shall administer and manage the Fund and establish the interest\nrates and repayment terms of such loans as are provided for by this chapter in\naccordance with a memorandum of agreement with the Commission. In order to carry\nout the administration and management of the Fund, the Authority, in\nconsultation with the Commission, is granted the power to employ officers,\nemployees, agents, advisers, and consultants, including, without limitation,\nattorneys, financial advisers, engineers and other technical advisers, and\npublic accountants, and, the provisions of any other law to the contrary\nnotwithstanding, to determine their duties and compensation without the approval\nof any other agency or instrumentality. The Authority may disburse from the Fund\nthe reasonable costs and expenses it incurs in the administration and management\nof the Fund and a reasonable fee to be approved by the Commission for its\nmanagement services, but the Authority shall not charge its ordinary expenses to\nthe Fund or the Commission. The Department of the Treasury, as the party holding\nthe Endowment, shall be a party to the memorandum of agreement. Under all\ncircumstances, the Commission shall select the projects eligible for the loans.\n\nC. The Commission shall direct the distribution of loans from the Fund to\nparticular local governments. Consistent with this chapter, the Commission\nshall, after consultation with all interested parties, develop a guidance\ndocument governing project eligibility and project priority criteria.\n\nHISTORY: 2015, cc. 399, 433.","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}}