§ 2.2-2310. Creation, administration, and management of Virginia SmallBusiness Growth 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 Small Business Growth Fund (the "Fund"). The Fund shall becomprised of (i) sums appropriated to it by the General Assembly, (ii) allincome from the investment of moneys held by the Fund, and (iii) any othersums designated for deposit to the Fund from any source, public or private.The Fund shall be administered and managed by the Authority, and all moneysin the Fund shall be used to create special reserve funds to cover potentialfuture losses from the loan portfolios of participating banks and lendinginstitutions as provided in subsection D. Any remaining balances in the Fundshall not revert to the general fund but shall be retained in order to createadditional special reserve funds.
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 owed to theFund. Proceedings to recover moneys owed to the Fund may be instituted by theAuthority in the name of the Fund in any appropriate court.
D. The Fund shall be used as a special reserve fund to cover potential futurelosses from the loan portfolios of participating banks and lendinginstitutions. The Authority shall (i) work with banks and lendinginstitutions to establish a separate account for the Virginia Small BusinessGrowth Fund in each participating bank or lending institution and (ii)deposit into such accounts moneys from the Fund in an amount at least equalto the total of the sum of the bank or lending institution's and theindividual borrower's deposits into such account. Such matching sum by theAuthority shall not exceed fourteen percent of the principal amount of theloan.
E. The Authority shall determine the qualifications, terms, and conditionsfor the use of the Fund and the accounts thereof. In connection withapplications for claims made against the Fund, the Authority may require theproduction of any document, instrument, certificate, legal opinion, or anyother information it deems necessary or convenient. All claims made againstthe Fund shall be approved by the Board or an authorized committee orsubcommittee thereof. All claims made against each account shall be reportedto the Board or an authorized committee thereof.
(1997, c. 870, §§ 9-228.5, 9-228.6, 9-228.7, 9-228.8; 2000, c. 40; 2001, c.844.)
§ 2.2-2310. Creation, administration, and management of Virginia SmallBusiness Growth 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 Small Business Growth Fund (the "Fund"). The Fund shall becomprised of (i) sums appropriated to it by the General Assembly, (ii) allincome from the investment of moneys held by the Fund, and (iii) any othersums designated for deposit to the Fund from any source, public or private.The Fund shall be administered and managed by the Authority, and all moneysin the Fund shall be used to create special reserve funds to cover potentialfuture losses from the loan portfolios of participating banks and lendinginstitutions as provided in subsection D. Any remaining balances in the Fundshall not revert to the general fund but shall be retained in order to createadditional special reserve funds.
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 owed to theFund. Proceedings to recover moneys owed to the Fund may be instituted by theAuthority in the name of the Fund in any appropriate court.
D. The Fund shall be used as a special reserve fund to cover potential futurelosses from the loan portfolios of participating banks and lendinginstitutions. The Authority shall (i) work with banks and lendinginstitutions to establish a separate account for the Virginia Small BusinessGrowth Fund in each participating bank or lending institution and (ii)deposit into such accounts moneys from the Fund in an amount at least equalto the total of the sum of the bank or lending institution's and theindividual borrower's deposits into such account. Such matching sum by theAuthority shall not exceed fourteen percent of the principal amount of theloan.
E. The Authority shall determine the qualifications, terms, and conditionsfor the use of the Fund and the accounts thereof. In connection withapplications for claims made against the Fund, the Authority may require theproduction of any document, instrument, certificate, legal opinion, or anyother information it deems necessary or convenient. All claims made againstthe Fund shall be approved by the Board or an authorized committee orsubcommittee thereof. All claims made against each account shall be reportedto the Board or an authorized committee thereof.
(1997, c. 870, §§ 9-228.5, 9-228.6, 9-228.7, 9-228.8; 2000, c. 40; 2001, c.844.)
§ 2.2-2310. Creation, administration, and management of Virginia SmallBusiness Growth 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 Small Business Growth Fund (the "Fund"). The Fund shall becomprised of (i) sums appropriated to it by the General Assembly, (ii) allincome from the investment of moneys held by the Fund, and (iii) any othersums designated for deposit to the Fund from any source, public or private.The Fund shall be administered and managed by the Authority, and all moneysin the Fund shall be used to create special reserve funds to cover potentialfuture losses from the loan portfolios of participating banks and lendinginstitutions as provided in subsection D. Any remaining balances in the Fundshall not revert to the general fund but shall be retained in order to createadditional special reserve funds.
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 owed to theFund. Proceedings to recover moneys owed to the Fund may be instituted by theAuthority in the name of the Fund in any appropriate court.
D. The Fund shall be used as a special reserve fund to cover potential futurelosses from the loan portfolios of participating banks and lendinginstitutions. The Authority shall (i) work with banks and lendinginstitutions to establish a separate account for the Virginia Small BusinessGrowth Fund in each participating bank or lending institution and (ii)deposit into such accounts moneys from the Fund in an amount at least equalto the total of the sum of the bank or lending institution's and theindividual borrower's deposits into such account. Such matching sum by theAuthority shall not exceed fourteen percent of the principal amount of theloan.
E. The Authority shall determine the qualifications, terms, and conditionsfor the use of the Fund and the accounts thereof. In connection withapplications for claims made against the Fund, the Authority may require theproduction of any document, instrument, certificate, legal opinion, or anyother information it deems necessary or convenient. All claims made againstthe Fund shall be approved by the Board or an authorized committee orsubcommittee thereof. All claims made against each account shall be reportedto the Board or an authorized committee thereof.
(1997, c. 870, §§ 9-228.5, 9-228.6, 9-228.7, 9-228.8; 2000, c. 40; 2001, c.844.)
