§ 2.2-2309. Creation, administration, and management of Virginia Export Fund.
A. In addition to any other fund or account the Authority may create pursuantto subdivision 23 of § 2.2-2285, there shall be a permanent fund known as theVirginia Export Fund (the Fund). The Fund shall be comprised of (i) sumsappropriated to it by the General Assembly, (ii) receipts by the Fund fromloans or loan guarantees made against it, (iii) all income from theinvestment of moneys held by the Fund, and (iv) any other sums designated fordeposit to the Fund from any source, public or private. The Fund shall beadministered and managed by the Authority, and all moneys in the Fund shallbe used to provide loans or loan guarantees as provided in subsection D. Anybalances remaining in the Fund shall not revert to the general fund but shallbe retained in order to make additional loans or loan guarantees.
B. All moneys belonging to the Fund shall be deposited to the credit of theState Treasurer and recorded on the books of the State Comptroller. Earningsfrom investments and interest shall be returned to the Fund.
C. The Authority, or its designated agent, may collect moneys due to theFund. Proceedings to recover moneys due to the Fund may be instituted by theAuthority in the name of the Fund in any appropriate court.
D. The Fund shall be used to make loans or to provide a guarantee for up toninety percent of the principal amount of any commercial loan or line ofcredit made by a lender for the purpose of facilitating the sale of goods,products, or services outside of the United States by persons, firms, orcorporations utilizing a Virginia air, land, or sea port to ship such goods,products, or services. Such guarantee shall not exceed one million dollars.
E. The Authority shall determine the terms and conditions of any loans orloan guarantee made against the Fund and may allow for use of the Fund insingle or multiple transactions. No loan shall exceed a term of twelvemonths, nor shall a loan guarantee exceed a term of eighteen months. In thecase of loans, the Authority shall charge an annual interest rate. In thecase of guarantees, the Authority shall charge an annual guarantee fee.However, the Authority may waive such guarantee fees in an economicallydistressed area as defined in § 58.1-439. In connection with applications forloans or loan guarantees made against the Fund, the Authority may require theproduction of any document, instrument, certificate, legal opinion, or otherinformation it deems necessary or convenient.
F. All loans or loan guarantees made against the Fund shall be approved bythe Board or an authorized committee or subcommittee thereof.
(1997, c. 815, §§ 9-228.1, 9-228.2, 9-228.3, 9-228.4; 1999, c. 785; 2001, c.844.)
§ 2.2-2309. Creation, administration, and management of Virginia Export Fund.
A. In addition to any other fund or account the Authority may create pursuantto subdivision 23 of § 2.2-2285, there shall be a permanent fund known as theVirginia Export Fund (the Fund). The Fund shall be comprised of (i) sumsappropriated to it by the General Assembly, (ii) receipts by the Fund fromloans or loan guarantees made against it, (iii) all income from theinvestment of moneys held by the Fund, and (iv) any other sums designated fordeposit to the Fund from any source, public or private. The Fund shall beadministered and managed by the Authority, and all moneys in the Fund shallbe used to provide loans or loan guarantees as provided in subsection D. Anybalances remaining in the Fund shall not revert to the general fund but shallbe retained in order to make additional loans or loan guarantees.
B. All moneys belonging to the Fund shall be deposited to the credit of theState Treasurer and recorded on the books of the State Comptroller. Earningsfrom investments and interest shall be returned to the Fund.
C. The Authority, or its designated agent, may collect moneys due to theFund. Proceedings to recover moneys due to the Fund may be instituted by theAuthority in the name of the Fund in any appropriate court.
D. The Fund shall be used to make loans or to provide a guarantee for up toninety percent of the principal amount of any commercial loan or line ofcredit made by a lender for the purpose of facilitating the sale of goods,products, or services outside of the United States by persons, firms, orcorporations utilizing a Virginia air, land, or sea port to ship such goods,products, or services. Such guarantee shall not exceed one million dollars.
E. The Authority shall determine the terms and conditions of any loans orloan guarantee made against the Fund and may allow for use of the Fund insingle or multiple transactions. No loan shall exceed a term of twelvemonths, nor shall a loan guarantee exceed a term of eighteen months. In thecase of loans, the Authority shall charge an annual interest rate. In thecase of guarantees, the Authority shall charge an annual guarantee fee.However, the Authority may waive such guarantee fees in an economicallydistressed area as defined in § 58.1-439. In connection with applications forloans or loan guarantees made against the Fund, the Authority may require theproduction of any document, instrument, certificate, legal opinion, or otherinformation it deems necessary or convenient.
F. All loans or loan guarantees made against the Fund shall be approved bythe Board or an authorized committee or subcommittee thereof.
(1997, c. 815, §§ 9-228.1, 9-228.2, 9-228.3, 9-228.4; 1999, c. 785; 2001, c.844.)
§ 2.2-2309. Creation, administration, and management of Virginia Export Fund.
A. In addition to any other fund or account the Authority may create pursuantto subdivision 23 of § 2.2-2285, there shall be a permanent fund known as theVirginia Export Fund (the Fund). The Fund shall be comprised of (i) sumsappropriated to it by the General Assembly, (ii) receipts by the Fund fromloans or loan guarantees made against it, (iii) all income from theinvestment of moneys held by the Fund, and (iv) any other sums designated fordeposit to the Fund from any source, public or private. The Fund shall beadministered and managed by the Authority, and all moneys in the Fund shallbe used to provide loans or loan guarantees as provided in subsection D. Anybalances remaining in the Fund shall not revert to the general fund but shallbe retained in order to make additional loans or loan guarantees.
B. All moneys belonging to the Fund shall be deposited to the credit of theState Treasurer and recorded on the books of the State Comptroller. Earningsfrom investments and interest shall be returned to the Fund.
C. The Authority, or its designated agent, may collect moneys due to theFund. Proceedings to recover moneys due to the Fund may be instituted by theAuthority in the name of the Fund in any appropriate court.
D. The Fund shall be used to make loans or to provide a guarantee for up toninety percent of the principal amount of any commercial loan or line ofcredit made by a lender for the purpose of facilitating the sale of goods,products, or services outside of the United States by persons, firms, orcorporations utilizing a Virginia air, land, or sea port to ship such goods,products, or services. Such guarantee shall not exceed one million dollars.
E. The Authority shall determine the terms and conditions of any loans orloan guarantee made against the Fund and may allow for use of the Fund insingle or multiple transactions. No loan shall exceed a term of twelvemonths, nor shall a loan guarantee exceed a term of eighteen months. In thecase of loans, the Authority shall charge an annual interest rate. In thecase of guarantees, the Authority shall charge an annual guarantee fee.However, the Authority may waive such guarantee fees in an economicallydistressed area as defined in § 58.1-439. In connection with applications forloans or loan guarantees made against the Fund, the Authority may require theproduction of any document, instrument, certificate, legal opinion, or otherinformation it deems necessary or convenient.
F. All loans or loan guarantees made against the Fund shall be approved bythe Board or an authorized committee or subcommittee thereof.
(1997, c. 815, §§ 9-228.1, 9-228.2, 9-228.3, 9-228.4; 1999, c. 785; 2001, c.844.)
