                                 CODE OF VIRGINIA

LOANS TO OWNERS OTHER THAN LOCAL GOVERNMENTS (§ 29.1-101.6)

After consultation with the Commissioner of the Virginia Marine Resources
Commission, the Department may offer to finance the construction of fishways for
an owner, other than a local government, who owns a dam or other artificial
impediment to the free passage of anadromous fish. The term of such loan shall
not exceed twenty years and the interest rate shall be the prime rate for major
money center banks, as reported by the latest edition of The Wall Street Journal
appearing before the loan is made if the total loan exceeds fifty percent of the
estimated project cost; if the total loan does not exceed fifty percent of the
estimated cost of the project, the interest rate shall not be less than three
percentage points below such prime rate. The Department shall approve the design
of the fishway prior to the making of any loan from the Fund pursuant to this
section.

HISTORY: 1989, c. 5, § 10.1-1218; 1992, cc. 464, 887.