{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/5.1-30.2.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/5.1-30.2.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/5.1-30.2.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/5.1-30.2.html"}],"law_id":68946,"edition_id":1,"section_id":68946,"structure_id":15281,"section_number":"5.1-30.2","catch_line":"Creation and management of Virginia Airports Revolving Fund","history":"1999, c. 897.","full_text":"There shall be set apart as a permanent and perpetual fund, to be known as the “Virginia Airports Revolving Fund,” sums 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, 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. The Authority shall administer and manage the Fund, and establish the interest rates and repayment terms of such loans as provided in this chapter, in accordance with a memorandum of agreement with the Board. The Board shall direct the distribution of loans from the Fund to particular local governments. Consistent with this chapter, the Board shall, after consultation with all interested parties, develop a guidance document governing project eligibility and project priority criteria. In order to carry out the administration and management of the Fund, the Authority, in consultation with the Board, 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 its reasonable costs and expenses incurred in the administration and management of the Fund and a reasonable fee to be approved by the Board for its management services.","order_by":null,"text":{"0":{"id":249603,"text":"There shall be set apart as a permanent and perpetual fund, to be known as the “Virginia Airports Revolving Fund,” sums 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, 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. The Authority shall administer and manage the Fund, and establish the interest rates and repayment terms of such loans as provided in this chapter, in accordance with a memorandum of agreement with the Board. The Board shall direct the distribution of loans from the Fund to particular local governments. Consistent with this chapter, the Board shall, after consultation with all interested parties, develop a guidance document governing project eligibility and project priority criteria. In order to carry out the administration and management of the Fund, the Authority, in consultation with the Board, 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 its reasonable costs and expenses incurred in the administration and management of the Fund and a reasonable fee to be approved by the Board for its management services.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15281,"edition_id":1,"name":"Virginia Airports Revolving Fund","identifier":"2.1","label":"chapter","depth":2,"order_by":1,"parent_id":13105,"metadata":{},"date_created":"2026-06-26 03:53:36","date_modified":"2026-06-26 03:53:36","permalink":{"id":233737,"object_type":"structure","relational_id":15281,"identifier":"2.1","token":"5.1\/2.1","url":"\/5.1\/2.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13105,"edition_id":1,"name":"Aviation","identifier":"5.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:17","date_modified":"2026-06-26 03:44:17","permalink":{"id":233299,"object_type":"structure","relational_id":13105,"identifier":"5.1","token":"5.1","url":"\/5.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":65035,"structure_id":15281,"section_number":"5.1-30.1","catch_line":"Definitions","url":"\/5.1-30.1\/","token":"5.1\/2.1\/5.1-30.1","metadata":false},{"id":77164,"structure_id":15281,"section_number":"5.1-30.10","catch_line":"Liberal construction of chapter","url":"\/5.1-30.10\/","token":"5.1\/2.1\/5.1-30.10","metadata":false},{"id":68946,"structure_id":15281,"section_number":"5.1-30.2","catch_line":"Creation and management of Virginia Airports Revolving Fund","url":"\/5.1-30.2\/","token":"5.1\/2.1\/5.1-30.2","metadata":false},{"id":60301,"structure_id":15281,"section_number":"5.1-30.3","catch_line":"Deposit of money; expenditures; investments","url":"\/5.1-30.3\/","token":"5.1\/2.1\/5.1-30.3","metadata":false},{"id":58252,"structure_id":15281,"section_number":"5.1-30.4","catch_line":"Collection of money due Fund","url":"\/5.1-30.4\/","token":"5.1\/2.1\/5.1-30.4","metadata":false},{"id":67294,"structure_id":15281,"section_number":"5.1-30.5","catch_line":"Loans to local governments","url":"\/5.1-30.5\/","token":"5.1\/2.1\/5.1-30.5","metadata":false},{"id":59316,"structure_id":15281,"section_number":"5.1-30.6","catch_line":"Pledge of loans to secure bonds of Authority","url":"\/5.1-30.6\/","token":"5.1\/2.1\/5.1-30.6","metadata":false},{"id":58175,"structure_id":15281,"section_number":"5.1-30.7","catch_line":"Sale of loans","url":"\/5.1-30.7\/","token":"5.1\/2.1\/5.1-30.7","metadata":false},{"id":72911,"structure_id":15281,"section_number":"5.1-30.8","catch_line":"Powers of the Authority","url":"\/5.1-30.8\/","token":"5.1\/2.1\/5.1-30.8","metadata":false},{"id":67058,"structure_id":15281,"section_number":"5.1-30.9","catch_line":"Report to the General Assembly and Governor","url":"\/5.1-30.9\/","token":"5.1\/2.1\/5.1-30.9","metadata":false}],"previous_section":{"id":77164,"structure_id":15281,"section_number":"5.1-30.10","catch_line":"Liberal construction of chapter","url":"\/5.1-30.10\/","token":"5.1\/2.1\/5.1-30.10","metadata":false},"next_section":{"id":60301,"structure_id":15281,"section_number":"5.1-30.3","catch_line":"Deposit of money; expenditures; investments","url":"\/5.1-30.3\/","token":"5.1\/2.1\/5.1-30.3","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/5.1-30.2\/","history_text":"

This law was first created in 1999. The record of its establishment is cataloged in chapter 897<\/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":false,"permalink":{"id":233747,"object_type":"law","relational_id":68946,"identifier":"5.1-30.2","token":"5.1\/2.1\/5.1-30.2","url":"\/5.1-30.2\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/5.1-30.2\/","token":"5.1\/2.1\/5.1-30.2","dublin_core":{"Title":"Creation and management of Virginia Airports Revolving Fund","Type":"Text","Format":"text\/html","Identifier":"\u00a7 5.1-30.2","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

There shall be set apart as a permanent and perpetual fund<\/span>, to be known as the “Virginia Airports<\/span> Revolving Fund<\/span>,” sums appropriated to the Fund<\/span> by the General Assembly, all receipts by the Fund<\/span> from loans made by it to local governments<\/span>, all income from the investment of moneys held in the Fund<\/span>, and 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>. The Authority<\/span> shall administer and manage the Fund<\/span>, and establish the interest rates and repayment terms of such loans as provided in this chapter, in accordance with a memorandum<\/span> of agreement with the Board<\/span>. The Board<\/span> shall direct the distribution of loans from the Fund<\/span> to particular local governments<\/span>. Consistent with this chapter, the Board<\/span> shall, after consultation with all interested parties, develop a guidance document governing project<\/span> eligibility and project<\/span> priority criteria. In order<\/span> to carry out the administration and management of the Fund<\/span>, the Authority<\/span>, in consultation with the Board<\/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> its reasonable costs and expenses incurred in the administration and management of the Fund<\/span> and a reasonable fee to be approved by the Board<\/span> for its management services.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCREATION AND MANAGEMENT OF VIRGINIA AIRPORTS REVOLVING FUND (\u00a7 5.1-30.2)\n\nThere shall be set apart as a permanent and perpetual fund, to be known as the\n“Virginia Airports Revolving Fund,” sums appropriated to the Fund by\nthe General Assembly, all receipts by the Fund from loans made by it to local\ngovernments, all income from the investment of moneys held in the Fund, and any\nother sums designated for deposit to the Fund from any source public or private,\nincluding without limitation any federal grants, awards or other forms of\nassistance received by the Commonwealth that are eligible for deposit therein\nunder federal law. The Authority shall administer and manage the Fund, and\nestablish the interest rates and repayment terms of such loans as provided in\nthis chapter, in accordance with a memorandum of agreement with the Board. The\nBoard shall direct the distribution of loans from the Fund to particular local\ngovernments. Consistent with this chapter, the Board shall, after consultation\nwith all interested parties, develop a guidance document governing project\neligibility and project priority criteria. In order to carry out the\nadministration and management of the Fund, the Authority, in consultation with\nthe Board, is granted the power to employ officers, employees, agents, advisers\nand consultants, including, without limitation, attorneys, financial advisers,\nengineers and other technical advisers and public accountants and, the\nprovisions of any other law to the contrary notwithstanding, to determine their\nduties and compensation without the approval of any other agency or\ninstrumentality. The Authority may disburse from the Fund its reasonable costs\nand expenses incurred in the administration and management of the Fund and a\nreasonable fee to be approved by the Board for its management services.\n\nHISTORY: 1999, c. 897.","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}}