                                 CODE OF VIRGINIA

ADMINISTRATION OF THE FUND (§ 10.1-603.18)

The Authority shall administer and manage the Fund, and establish the interest
rates and the repayment terms of such loans as provided in this article, in
accordance with a memorandum of agreement with the Director. The Director shall,
after consultation with all interested parties, develop a guidance document
governing project eligibility and project priority criteria, and the Director,
upon approval from the Virginia Soil and Water Conservation Board, shall direct
the distribution of loans and grants from the Fund to local governments and
private entities. In order to carry out the administration and management of the
Fund, the Authority may employ officers, employees, agents, advisers and
consultants, including without limitation, attorneys, financial advisors,
engineers, and other technical advisors and public accountants, and determine
their duties and compensation without the approval of any other agency or
instrumentality. The Authority may disburse from the Fund reasonable costs and
expenses incurred in the administration and management of the Fund and may
establish and collect a reasonable fee for its management services. However, any
such fee shall not exceed one-eighth of one percent of any bond par, loan or
grant amount.

HISTORY: 1989, cc. 462, 498; 1995, c. 510; 2002, c. 320; 2006, cc. 648, 765;
2010, c. 13.