CODE OF VIRGINIA

LOANS IN ANTICIPATION OF FEDERAL AND STATE FUNDS (§ 15.2-2630)

Any locality may borrow money and issue its notes in advance of grants and
reimbursements due the locality from the federal or state government for the
purpose of meeting appropriations made for the then fiscal year.
“Grants” means grants which the locality has been formally advised
in writing it will receive and “reimbursements” means money which
either the federal or state government is obligated to pay the locality on
account of expenditures made in anticipation of receiving the payment from the
federal or state government. The locality may borrow the full amount of the
grant or reimbursement that the federal or state government is obligated to pay
at the time the notes are issued. The notes shall be repaid by the earlier of
thirty days after the grant or reimbursement is received or one year from the
date of their issuance.

HISTORY: 1991, c. 668, § 15.1-227.31; 1997, c. 587.