Virginia Resources Authority; short-term loans to planning district commissions. (SB503)

Introduced By

Sen. Lynwood Lewis (D-Accomac)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Virginia Resources Authority; short-term loans to planning district commissions. Provides that the Virginia Resources Authority (VRA) shall have the power to establish a perpetual and permanent revolving fund with any funds appropriated by the General Assembly to the VRA for the purpose of making short-term loans to any planning district commission. Under the bill, loans are made for the purpose of providing short-term cash flow necessary for state and federal grants that require the expenditure of funds prior to requesting reimbursement by the planning district commission. Such loans shall be deemed in the public interest, and the loan interest rates charged by the VRA shall be set based on guidelines established for the administration of loan funds and based on prevailing short-term interest rates, according to the bill. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/12/2022Prefiled and ordered printed; offered 01/12/22 22103969D
01/12/2022Referred to Committee on Local Government
01/26/2022Impact statement from DPB (SB503)
01/27/2022Impact statement from DPB (SB503)
01/31/2022Senate committee, floor amendments and substitutes offered
01/31/2022Reported from Local Government with substitute (14-Y 0-N 1-A) (see vote tally)
01/31/2022Committee substitute printed 22105580D-S1
01/31/2022Rereferred to Finance and Appropriations
02/02/2022Impact statement from DPB (SB503S1)
02/08/2022Stricken at request of Patron in Finance and Appropriations (15-Y 1-N) (see vote tally)

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