Resilient Virginia Revolving Loan Fund; created.

Virginia Resources Authority; Resilient VirginiaRevolving Loan Fund. Creates the Resilient Virginia RevolvingLoan Fund, for which sums are appropriated by the General Assembly,and that is administered and managed by the Virginia Resources Authority,with oversight given to the Soil and Water Conservation Board. Thebill provides guidelines for deposits, expenditures, and investmentsand requires an annual audit of the Authority. The Authority cancollect money for the Fund. The bill provides that the Fund be used for loans or to refinance projects for local governments or to givegrants to them; that the Fund may be used for loans or grants forindividuals; guidelines for the priority of such loans and grants.In addition, the bill provides that the Authority may pledge loansto secure bonds and sell loans.