                                 CODE OF VIRGINIA

CREATION AND MANAGEMENT OF FUND (§ 15.2-2420)

There shall be set apart as a permanent and perpetual fund, to be known as the
Virginia Broadband Infrastructure Loan Fund, consisting of such sums that may be
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. The Fund shall be administered and managed by the
Authority as prescribed in this chapter. The Authority shall establish
guidelines regarding the distribution of loans or grants from the Fund,
prioritization of such loans and grants, and shall establish interest rates and
repayment terms of such loans as provided in this chapter. The Authority may
disperse from the Fund its reasonable costs and expenses incurred in the
administration and management of the Fund.

HISTORY: 2009, c. 131.