                                 CODE OF VIRGINIA

GRANTS AND LOANS TO LOCAL GOVERNMENTS (§ 29.1-101.5)

After consultation with the Commissioner of the Virginia Marine Resources
Commission, the Department may offer to finance the construction of fishways for
any local government which owns a dam or other artificial impediment to the free
passage of anadromous fish. The Fund will pay for seventy-five percent of the
entire cost of the fishway, and will lend the balance of the cost to the local
government. The loan shall be repaid over ten years at no interest or over
twenty years at an annual rate of interest which shall be two percentage points
below the rate for municipal bonds given in the latest Bond Buyer Twenty Bond
Index appearing before the loan is made. Any balance of a loan not paid off as
required by this section shall be paid off as provided in § 29.1-101.4. The
Department shall approve the design of the fishway prior to the making of any
grant or loan from the Fund pursuant to this section.
		All local governments borrowing money from the Fund are authorized to take any
action, adopt any proceedings and make and carry out any contracts that are
contemplated by this chapter. Such contracts need not be identical among all
local governments, but may be structured as determined by the Department
according to the needs of the contracting local governments and the Fund.

HISTORY: 1989, c. 5, § 10.1-1217; 1992, cc. 464, 887.