There shall be set apart as a permanent and perpetual fund, to be known asthe "Virginia Water Facilities Revolving Fund," sums appropriated to theFund by the General Assembly, sums allocated to the Commonwealth expresslyfor the purposes of establishing a revolving fund concept through the CleanWater Act (33 U.S.C. § 1251 et seq.), as amended from time to time, allreceipts by the Fund from loans made by it to local governments or otherentities as permitted by federal law, all income from the investment ofmoneys held in the Fund, and any other sums designated for deposit to theFund from any source public or private. The Fund shall be administered andmanaged by the Authority as prescribed in this chapter, subject to the rightof the Board, following consultation with the Authority, to direct thedistribution of loans or grants from the Fund to particular local governmentsor other entities and to establish the interest rates and repayment terms ofsuch loans as provided in this chapter. In order to carry out theadministration and management of the Fund, the Authority is granted the powerto employ officers, employees, agents, advisers and consultants, including,without limitation, attorneys, financial advisers, engineers and othertechnical advisers and public accountants and, the provisions of any otherlaw to the contrary notwithstanding, to determine their duties andcompensation without the approval of any other agency or instrumentality. TheAuthority may disburse from the Fund its reasonable costs and expensesincurred in the administration and management of the Fund and a reasonablefee to be approved by the Board for its management services. The Authoritymay provide a portion of that fee to the Department of Environmental Qualityto cover the Department's costs and expenses in administering theconstruction assistance loan program.
There shall be set apart as a permanent and perpetual fund, to be known asthe "Virginia Water Facilities Revolving Fund," sums appropriated to theFund by the General Assembly, sums allocated to the Commonwealth expresslyfor the purposes of establishing a revolving fund concept through the CleanWater Act (33 U.S.C. § 1251 et seq.), as amended from time to time, allreceipts by the Fund from loans made by it to local governments or otherentities as permitted by federal law, all income from the investment ofmoneys held in the Fund, and any other sums designated for deposit to theFund from any source public or private. The Fund shall be administered andmanaged by the Authority as prescribed in this chapter, subject to the rightof the Board, following consultation with the Authority, to direct thedistribution of loans or grants from the Fund to particular local governmentsor other entities and to establish the interest rates and repayment terms ofsuch loans as provided in this chapter. In order to carry out theadministration and management of the Fund, the Authority is granted the powerto employ officers, employees, agents, advisers and consultants, including,without limitation, attorneys, financial advisers, engineers and othertechnical advisers and public accountants and, the provisions of any otherlaw to the contrary notwithstanding, to determine their duties andcompensation without the approval of any other agency or instrumentality. TheAuthority may disburse from the Fund its reasonable costs and expensesincurred in the administration and management of the Fund and a reasonablefee to be approved by the Board for its management services. The Authoritymay provide a portion of that fee to the Department of Environmental Qualityto cover the Department's costs and expenses in administering theconstruction assistance loan program.
There shall be set apart as a permanent and perpetual fund, to be known asthe "Virginia Water Facilities Revolving Fund," sums appropriated to theFund by the General Assembly, sums allocated to the Commonwealth expresslyfor the purposes of establishing a revolving fund concept through the CleanWater Act (33 U.S.C. § 1251 et seq.), as amended from time to time, allreceipts by the Fund from loans made by it to local governments or otherentities as permitted by federal law, all income from the investment ofmoneys held in the Fund, and any other sums designated for deposit to theFund from any source public or private. The Fund shall be administered andmanaged by the Authority as prescribed in this chapter, subject to the rightof the Board, following consultation with the Authority, to direct thedistribution of loans or grants from the Fund to particular local governmentsor other entities and to establish the interest rates and repayment terms ofsuch loans as provided in this chapter. In order to carry out theadministration and management of the Fund, the Authority is granted the powerto employ officers, employees, agents, advisers and consultants, including,without limitation, attorneys, financial advisers, engineers and othertechnical advisers and public accountants and, the provisions of any otherlaw to the contrary notwithstanding, to determine their duties andcompensation without the approval of any other agency or instrumentality. TheAuthority may disburse from the Fund its reasonable costs and expensesincurred in the administration and management of the Fund and a reasonablefee to be approved by the Board for its management services. The Authoritymay provide a portion of that fee to the Department of Environmental Qualityto cover the Department's costs and expenses in administering theconstruction assistance loan program.
