CODE OF VIRGINIA

CREATION AND MANAGEMENT OF FUND (§ 62.1-241.2)

There shall be set apart as a permanent and perpetual fund, to be known as the
“Virginia Solid Waste or Recycling Revolving Fund,” sums
appropriated to the Fund by the General Assembly, all receipts by the Fund from
loans made by it to local governments, 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
or grants from the Fund to particular local governments and to establish the
interest rates and repayment terms of such loans 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.  The Authority may disburse from the Fund its reasonable costs
and expenses incurred in the administration and management of the Fund and a
reasonable fee to be approved by the Board for its management services.

HISTORY: 1992, c. 378.