{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/62.1-234.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/62.1-234.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/62.1-234.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/62.1-234.html"}],"law_id":374874,"edition_id":2,"section_id":374874,"structure_id":53300,"section_number":"62.1-234","catch_line":"Creation and management of Fund","history":"1987, c. 324; 1997, cc. 651, 665; 2003, c. 506.","full_text":"A\n\nThere shall be set apart as a permanent and perpetual fund, to be known as the “Virginia Water Supply Revolving Fund,” sums appropriated to the Fund by the General Assembly, all receipts by the Fund from loans made by it to local governments or other entities, all income from the investment of moneys held in the Fund, and any other sums designated for deposit to the Fund from any source public or private. The Fund shall be administered and managed by the Authority as prescribed in this chapter, subject to the right of the Board, following consultation with the Authority, to direct the distribution of loans, loan subsidies (including principal forgiveness) or grants from the Fund to particular local governments or other entities and to establish the interest rates and repayment terms and those public health conditions deemed necessary by the Board of such loans, loan subsidies or grants as provided in this chapter. In order to carry out the administration and management of the Fund, the Authority is granted the power to employ officers, employees, agents, advisers and consultants, including, without limitation, attorneys, financial advisers, engineers and other technical advisers and public accountants and, the provisions of any other law to the contrary notwithstanding, to determine their duties and compensation without the approval of any other agency or instrumentality. However, the Authority shall adopt policies and procedures that minimize the costs of professional services associated with the processing of a loan application and the financing or refinancing of a project, especially in those instances in which the Board has identified the applicant as “disadvantaged.”\n\t\t\tThe Board shall reimburse the Authority for its reasonable costs and expenses incurred in the administration and management of the Fund, and the Board may disburse a reasonable fee, to be approved by the Board, for the Authority’s management services. The Board may require status reports on the Fund from the Authority.\n\nB\n\nThe Board may enter into a memorandum of understanding or interagency agreement with the State Water Control Board to manage aspects of the Fund, which may include (i) reviewing assistance applications and project bid documents, (ii) monitoring projects, and (iii) ensuring compliance with environmental review and other program requirements. Any memorandum of understanding or interagency agreement shall be approved by the United States Environmental Protection Agency.\n\n","order_by":null,"text":{"0":{"id":1399159,"text":"There shall be set apart as a permanent and perpetual fund, to be known as the “Virginia Water Supply Revolving Fund,” sums appropriated to the Fund by the General Assembly, all receipts by the Fund from loans made by it to local governments or other entities, all income from the investment of moneys held in the Fund, and any other sums designated for deposit to the Fund from any source public or private. The Fund shall be administered and managed by the Authority as prescribed in this chapter, subject to the right of the Board, following consultation with the Authority, to direct the distribution of loans, loan subsidies (including principal forgiveness) or grants from the Fund to particular local governments or other entities and to establish the interest rates and repayment terms and those public health conditions deemed necessary by the Board of such loans, loan subsidies or grants as provided in this chapter. In order to carry out the administration and management of the Fund, the Authority is granted the power to employ officers, employees, agents, advisers and consultants, including, without limitation, attorneys, financial advisers, engineers and other technical advisers and public accountants and, the provisions of any other law to the contrary notwithstanding, to determine their duties and compensation without the approval of any other agency or instrumentality. However, the Authority shall adopt policies and procedures that minimize the costs of professional services associated with the processing of a loan application and the financing or refinancing of a project, especially in those instances in which the Board has identified the applicant as “disadvantaged.”\n\t\t\tThe Board shall reimburse the Authority for its reasonable costs and expenses incurred in the administration and management of the Fund, and the Board may disburse a reasonable fee, to be approved by the Board, for the Authority’s management services. The Board may require status reports on the Fund from the Authority.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1399160,"text":"The Board may enter into a memorandum of understanding or interagency agreement with the State Water Control Board to manage aspects of the Fund, which may include (i) reviewing assistance applications and project bid documents, (ii) monitoring projects, and (iii) ensuring compliance with environmental review and other program requirements. Any memorandum of understanding or interagency agreement shall be approved by the United States Environmental Protection Agency.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":53300,"edition_id":2,"name":"Virginia Water Supply Revolving Fund","identifier":"23","label":"chapter","depth":2,"order_by":40,"parent_id":53275,"metadata":{"child_laws":12,"child_structures":0},"date_created":"2026-08-02 03:14:32","date_modified":"2026-08-02 12:36:55","permalink":{"id":1495873,"object_type":"structure","relational_id":53300,"identifier":"23","token":"62.1\/23","url":"\/62.1\/23\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53275,"edition_id":2,"name":"Waters of the State, Ports and Harbors","identifier":"62.1","label":"title","depth":1,"order_by":132,"parent_id":null,"metadata":{"child_laws":578,"child_structures":74},"date_created":"2026-08-02 03:14:05","date_modified":"2026-08-02 12:36:41","permalink":{"id":1495201,"object_type":"structure","relational_id":53275,"identifier":"62.1","token":"62.1","url":"\/62.1\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":374873,"structure_id":53300,"section_number":"62.1-233","catch_line":"Definitions","url":"\/62.1-233\/","token":"62.1\/23\/62.1-233","metadata":false},{"id":374874,"structure_id":53300,"section_number":"62.1-234","catch_line":"Creation and management of Fund","url":"\/62.1-234\/","token":"62.1\/23\/62.1-234","metadata":false},{"id":374875,"structure_id":53300,"section_number":"62.1-235","catch_line":"Deposit of money; expenditures; investments","url":"\/62.1-235\/","token":"62.1\/23\/62.1-235","metadata":false},{"id":374876,"structure_id":53300,"section_number":"62.1-236","catch_line":"Annual audit","url":"\/62.1-236\/","token":"62.1\/23\/62.1-236","metadata":false},{"id":374877,"structure_id":53300,"section_number":"62.1-237","catch_line":"Collection of money due Fund","url":"\/62.1-237\/","token":"62.1\/23\/62.1-237","metadata":false},{"id":374878,"structure_id":53300,"section_number":"62.1-238","catch_line":"Loans to local governments or other entities","url":"\/62.1-238\/","token":"62.1\/23\/62.1-238","metadata":false},{"id":374880,"structure_id":53300,"section_number":"62.1-239","catch_line":"Grants","url":"\/62.1-239\/","token":"62.1\/23\/62.1-239","metadata":false},{"id":374879,"structure_id":53300,"section_number":"62.1-239.1","catch_line":"Loans, loan subsidies, and grants for regional projects, etc","url":"\/62.1-239.1\/","token":"62.1\/23\/62.1-239.1","metadata":false},{"id":374883,"structure_id":53300,"section_number":"62.1-240","catch_line":"Pledge of loans to secure bonds of Authority","url":"\/62.1-240\/","token":"62.1\/23\/62.1-240","metadata":false},{"id":374881,"structure_id":53300,"section_number":"62.1-240.1","catch_line":"Sale of loans","url":"\/62.1-240.1\/","token":"62.1\/23\/62.1-240.1","metadata":false},{"id":374882,"structure_id":53300,"section_number":"62.1-240.2","catch_line":"Powers of the Authority","url":"\/62.1-240.2\/","token":"62.1\/23\/62.1-240.2","metadata":false},{"id":374898,"structure_id":53300,"section_number":"62.1-241","catch_line":"Liberal construction of chapter","url":"\/62.1-241\/","token":"62.1\/23\/62.1-241","metadata":false}],"previous_section":{"id":374873,"structure_id":53300,"section_number":"62.1-233","catch_line":"Definitions","url":"\/62.1-233\/","token":"62.1\/23\/62.1-233","metadata":false},"next_section":{"id":374875,"structure_id":53300,"section_number":"62.1-235","catch_line":"Deposit of money; expenditures; investments","url":"\/62.1-235\/","token":"62.1\/23\/62.1-235","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/62.1-234\/","history_text":"

This law was first created in 1987. The record of its establishment is cataloged in chapter 324 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1987 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1997, chapters 651<\/a> and 665<\/a>; in 2003, chapter 506<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1495879,"object_type":"law","relational_id":374874,"identifier":"62.1-234","token":"62.1\/23\/62.1-234","url":"\/62.1-234\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/62.1-234\/","token":"62.1\/23\/62.1-234","dublin_core":{"Title":"Creation and management of Fund","Type":"Text","Format":"text\/html","Identifier":"\u00a7 62.1-234","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> There shall be set apart as a permanent and perpetual fund<\/span>, to be known as the “Virginia Water Supply Revolving Fund<\/span>,” sums appropriated to the Fund<\/span> by the General Assembly, all receipts by the Fund<\/span> from loans made by it to local governments<\/span> or other entities<\/span>, all income from the investment of moneys held in the Fund<\/span>, and any other sums designated for deposit to the Fund<\/span> from any source public or private. The Fund<\/span> shall be administered and managed by the Authority<\/span> as prescribed in this chapter, subject to the right of the Board<\/span>, following consultation with the Authority<\/span>, to direct the distribution of loans, loan subsidies (including principal forgiveness) or grants from the Fund<\/span> to particular local governments<\/span> or other entities<\/span> and to establish the interest rates and repayment terms and those public health conditions deemed necessary by the Board<\/span> of such loans, loan subsidies or grants as provided in this chapter. In order<\/span> to carry out the administration and management of the Fund<\/span>, the Authority<\/span> is granted the power to employ officers, employees, agents, advisers and consultants, including, without limitation, attorneys, financial advisers, engineers and other technical advisers and public accountants and, the provisions of any other law<\/span> to the contrary notwithstanding, to determine their duties and compensation without the approval of any other agency or instrumentality. However, the Authority<\/span> shall adopt policies and procedures that minimize the costs of professional services associated with the processing of a loan application and the financing or refinancing of a project<\/span>, especially in those instances in which the Board<\/span> has identified the applicant as “disadvantaged.”\n\t\t\tThe Board<\/span> shall reimburse the Authority<\/span> for its reasonable costs and expenses incurred in the administration and management of the Fund<\/span>, and the Board<\/span> may disburse a reasonable fee, to be approved by the Board<\/span>, for the Authority<\/span>’s management services. The Board<\/span> may require status reports on the Fund<\/span> from the Authority<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Board<\/span> may enter into a memorandum<\/span> of understanding or interagency agreement with the State Water Control Board<\/span> to manage aspects of the Fund<\/span>, which may include (i) reviewing assistance applications and project<\/span> bid documents, (ii) monitoring projects<\/span>, and (iii) ensuring compliance with environmental review and other program requirements. Any memorandum<\/span> of understanding or interagency agreement shall be approved by the United States Environmental Protection Agency. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCREATION AND MANAGEMENT OF FUND (\u00a7 62.1-234)\n\nA. There shall be set apart as a permanent and perpetual fund, to be known as\nthe “Virginia Water Supply Revolving Fund,” sums appropriated to the\nFund by the General Assembly, all receipts by the Fund from loans made by it to\nlocal governments or other entities, all income from the investment of moneys\nheld in the Fund, and any other sums designated for deposit to the Fund from any\nsource public or private. The Fund shall be administered and managed by the\nAuthority as prescribed in this chapter, subject to the right of the Board,\nfollowing consultation with the Authority, to direct the distribution of loans,\nloan subsidies (including principal forgiveness) or grants from the Fund to\nparticular local governments or other entities and to establish the interest\nrates and repayment terms and those public health conditions deemed necessary by\nthe Board of such loans, loan subsidies or grants as provided in this chapter.\nIn order to carry out the administration and management of the Fund, the\nAuthority is granted the power to employ officers, employees, agents, advisers\nand consultants, including, without limitation, attorneys, financial advisers,\nengineers and other technical advisers and public accountants and, the\nprovisions of any other law to the contrary notwithstanding, to determine their\nduties and compensation without the approval of any other agency or\ninstrumentality. However, the Authority shall adopt policies and procedures that\nminimize the costs of professional services associated with the processing of a\nloan application and the financing or refinancing of a project, especially in\nthose instances in which the Board has identified the applicant as\n“disadvantaged.”\n\t\t\tThe Board shall reimburse the Authority for its reasonable costs and expenses\nincurred in the administration and management of the Fund, and the Board may\ndisburse a reasonable fee, to be approved by the Board, for the\nAuthority’s management services. The Board may require status reports on\nthe Fund from the Authority.\n\nB. The Board may enter into a memorandum of understanding or interagency\nagreement with the State Water Control Board to manage aspects of the Fund,\nwhich may include (i) reviewing assistance applications and project bid\ndocuments, (ii) monitoring projects, and (iii) ensuring compliance with\nenvironmental review and other program requirements. Any memorandum of\nunderstanding or interagency agreement shall be approved by the United States\nEnvironmental Protection Agency.\n\nHISTORY: 1987, c. 324; 1997, cc. 651, 665; 2003, c. 506.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}