Code of Virginia § 2.2-2289. Power to issue umbrella bonds.
106 words·~1 min read·
/va/title-2-2/chapter-22/2-2-2289A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In addition to the powers of the Authority to issue bonds, it may issue bonds, the proceeds of which, after payment of the costs of issuance thereof, shall be used to make loans, no single loan to be in excess of ten million dollars in aggregate principal amount, to finance or refinance the projects of eligible businesses. The Authority shall adopt such rules and regulations as are necessary to carry out the purposes of this section and to provide procedures for the making of such loans and the repayment thereof.
1984, c. 749, § 9-210; 1986, c. 297; 2001, c. 844 ; 2009, c. 565 .