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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>54274</law_id><section_number>56-575.10</section_number><catch_line>Federal, state and local assistance</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="56">Public Service Companies</unit><unit label="chapter" level="2" order_by="1" identifier="22.1">The Public-Private Education Facilities and Infrastructure Act of 2002</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> Any financing of a qualifying facility may be in such amounts and upon such terms and conditions as may be determined by the parties to the interim or <span class="dictionary">comprehensive agreement</span>. Without limiting the generality of the terms and conditions of the financing, the <span class="dictionary">private entity</span> and the <span class="dictionary">responsible public entity</span> may propose to utilize any and all funding resources that may be available to them and may, to the fullest extent permitted by applicable <span class="dictionary">law</span>, <span class="dictionary">issue</span> debt, <span class="dictionary">equity</span>, or other securities or obligations, enter into leases, access any designated trust funds, borrow or accept grants from any <span class="dictionary">state</span> infrastructure bank, and secure any financing with a pledge of, security interest in, or <span class="dictionary">lien</span> on, any or all of its property, including all of its property interests in the qualifying facility. <a id="paragraph-199256" class="section-permalink" href="https://vacode.org/56-575.10/#A"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> The <span class="dictionary">responsible public entity</span> may take any action to obtain federal, <span class="dictionary">state</span>, or local assistance for a <span class="dictionary">qualifying project</span> that serves the public purpose of this chapter and may enter into any <span class="dictionary">contracts</span> required to receive such assistance. If the <span class="dictionary">responsible public entity</span> is a <span class="dictionary">state</span> agency, any funds received from the <span class="dictionary">state</span> or federal government or any agency or instrumentality thereof shall be subject to appropriation by the General Assembly. The <span class="dictionary">responsible public entity</span> may determine that it serves the public purpose of this chapter for all or any portion of the costs of a <span class="dictionary">qualifying project</span> to be paid, directly or indirectly, from the proceeds of a grant or loan made by the local, <span class="dictionary">state</span>, or federal government or any agency or instrumentality thereof. <a id="paragraph-199257" class="section-permalink" href="https://vacode.org/56-575.10/#B"><i class="fa fa-link"/></a></p></section></text><history>2002, c. 571; 2005, c. 865.</history><metadata></metadata></law>
