Virginia Code 51.5-57: Assistive Technology Loan Fund established
A. There is hereby established a permanent and perpetual fund to be known as the Assistive Technology Loan Fund, consisting of such moneys as may be appropriated by the General Assembly from time to time, gifts, bequests, endowments or grants from the United States government, its agencies and instrumentalities, all receipts by the Fund from loans made by it, all income from the investment of moneys held in the Fund, and any other available sources of funds, public and private. Any moneys remaining in the Fund at the end of a biennium shall not revert to the general fund but shall remain in the Fund. Interest and income earned from the investment of such funds shall remain in the Fund and be credited to it.
Terms Used In Virginia Code 51.5-57
- Assistive technology: means any item, piece of equipment or device that enables an individual with a disability to improve his or her independence and quality of life. See Virginia Code 51.5-53
- Authority: means the Assistive Technology Loan Fund Authority established pursuant to this chapter. See Virginia Code 51.5-53
- Board: means the Board of Directors of the Assistive Technology Loan Fund Authority. See Virginia Code 51.5-53
- Fund: means the Assistive Technology Loan Fund established pursuant to this chapter. See Virginia Code 51.5-53
- United States: includes the 50 states, the District of Columbia the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands and the United States Virgin Islands. See Virginia Code 1-255
B. The Fund shall be used to provide loans to individuals with disabilities within the Commonwealth for the purpose of acquiring assistive technology, other equipment, or other authorized purposes designed to help such individuals become more independent. The Fund shall also be used to buy down interest rates of lending institutions making such loans and provide a loan guarantee for loans made by lending institutions for such purposes. The Fund shall be used only when, in the discretion of the Board, loan applicants have met eligibility criteria and the release of money is deemed appropriate.
C. The Fund shall be administered and managed by the Authority. The costs and expenses of maintaining, servicing and administering the Fund may be paid out of amounts in the Fund.