SB 1463 Virginia Tobacco Region Revolving Fund; revises definition of project

About SB-1463

Virginia Tobacco Region Revolving Fund; definition of project. Defines "equity" under the Virginia Tobacco Region Revolving Fund to mean any contribution to a project other than debt financing, including a federal, state, or local grant, except that the grant shall not be a Virginia Tobacco Region Revitalization Commission grant. The bill includes in the definition of "project" any other proposal recommended for evaluation and disbursement by the Commission and credit approved by the Virginia Resources Authority, subject to such conditions and policies as agreed to by the Commission and the Authority. Projects other than those defined in § 62.1-199 shall be eligible to borrow from the Fund only in the event that other funding for the project equal to 25 percent of the total cost of the project is available through equity.