§ 33.1-223.7. Loans to municipal and county governments and to theCommonwealth.
A. Except as otherwise provided in this chapter, money in the Fund shall beused to make loans to municipal and county governments and to theCommonwealth for the purpose of supporting programs and assisting localitieswith costs incurred for the conversion of fuel systems and other necessaryvehicle alternative fuel components, the maintenance and repair of vehiclealternative fuel components, and the testing and evaluating needed todetermine the benefits and savings realized by using such alternative fuels.
B. The Commissioner shall determine the terms and conditions of any loan fromthe Fund, including but not limited to, the interest rate and repayment termsof each loan. Such interest rates shall be based on the savings realized byutilizing the alternative fuel; however, no interest shall be charged if nosavings are realized. All loans shall be evidenced by appropriate security.The Commissioner is authorized to require in connection with any loans fromthe Fund any documents, instruments, certificates, legal opinions, or otherinformation deemed necessary or convenient.
C. The buying down or making of interest rate subsidies shall be accorded thesame priority as the making of loans.
D. The Commissioner shall adopt regulations to administer the Fund. TheCommissioner shall also adopt regulations which establish the standards andcriteria by which grants and loans will be made. Such standards shall givepriority to nonattainment areas and to fleets.
§ 33.1-223.7. Loans to municipal and county governments and to theCommonwealth.
A. Except as otherwise provided in this chapter, money in the Fund shall beused to make loans to municipal and county governments and to theCommonwealth for the purpose of supporting programs and assisting localitieswith costs incurred for the conversion of fuel systems and other necessaryvehicle alternative fuel components, the maintenance and repair of vehiclealternative fuel components, and the testing and evaluating needed todetermine the benefits and savings realized by using such alternative fuels.
B. The Commissioner shall determine the terms and conditions of any loan fromthe Fund, including but not limited to, the interest rate and repayment termsof each loan. Such interest rates shall be based on the savings realized byutilizing the alternative fuel; however, no interest shall be charged if nosavings are realized. All loans shall be evidenced by appropriate security.The Commissioner is authorized to require in connection with any loans fromthe Fund any documents, instruments, certificates, legal opinions, or otherinformation deemed necessary or convenient.
C. The buying down or making of interest rate subsidies shall be accorded thesame priority as the making of loans.
D. The Commissioner shall adopt regulations to administer the Fund. TheCommissioner shall also adopt regulations which establish the standards andcriteria by which grants and loans will be made. Such standards shall givepriority to nonattainment areas and to fleets.
§ 33.1-223.7. Loans to municipal and county governments and to theCommonwealth.
A. Except as otherwise provided in this chapter, money in the Fund shall beused to make loans to municipal and county governments and to theCommonwealth for the purpose of supporting programs and assisting localitieswith costs incurred for the conversion of fuel systems and other necessaryvehicle alternative fuel components, the maintenance and repair of vehiclealternative fuel components, and the testing and evaluating needed todetermine the benefits and savings realized by using such alternative fuels.
B. The Commissioner shall determine the terms and conditions of any loan fromthe Fund, including but not limited to, the interest rate and repayment termsof each loan. Such interest rates shall be based on the savings realized byutilizing the alternative fuel; however, no interest shall be charged if nosavings are realized. All loans shall be evidenced by appropriate security.The Commissioner is authorized to require in connection with any loans fromthe Fund any documents, instruments, certificates, legal opinions, or otherinformation deemed necessary or convenient.
C. The buying down or making of interest rate subsidies shall be accorded thesame priority as the making of loans.
D. The Commissioner shall adopt regulations to administer the Fund. TheCommissioner shall also adopt regulations which establish the standards andcriteria by which grants and loans will be made. Such standards shall givepriority to nonattainment areas and to fleets.
