Virginia Code 33.2-1507: Reporting requirement.
A. No loan or other financial assistance shall be awarded from the Bank until the Secretary has provided copies of the management agreement and related criteria and guidelines to the Chairmen of the House Committees on Appropriations, Finance, and Transportation and the Senate Committees on Finance and Appropriations and on Transportation.
Terms Used In Virginia Code 33.2-1507
- Bank: means the Virginia Transportation Infrastructure Bank created in § Virginia Code 33.2-1501
- Loan: means an obligation subject to repayment that is provided by the Bank to an eligible borrower to finance all or a part of the eligible cost of a project incurred by the eligible borrower or other project sponsor. See Virginia Code 33.2-1501
- Management agreement: means the memorandum of understanding or interagency agreement among the manager, the Secretary of Finance, and the Board as authorized under subsection B of § Virginia Code 33.2-1501
- Manager: means the Virginia Resources Authority serving as the manager, administrator, and trustee of funds disbursed from the Bank in accordance with the provisions of this article and the management agreement. See Virginia Code 33.2-1501
- Other financial assistance: includes capital or debt reserves for bonds or debt instrument financing, provision of letters of credit and other forms of credit enhancement, and other lawful forms of financing and methods of leveraging funds that are approved by the manager. See Virginia Code 33.2-1501
- Secretary: means the Secretary of Transportation. See Virginia Code 33.2-100
B. Within 30 days after each six-month period ending June 30 and December 31, the manager shall provide a report to the Chairmen of the House Committees on Appropriations, Finance, and Transportation and the Senate Committees on Finance and Appropriations and on Transportation, which shall include the amounts of loans and other financial assistance provided by the Bank and the projects for which the loans and other financial assistance were provided.