Code of Virginia § 29.1-101.6. Loans to owners other than local governments.
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/va/title-29-1/chapter-1/29-1-101-6·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
After consultation with the Commissioner of the Virginia Marine Resources Commission, the Department may offer to finance the construction of fishways for an owner, other than a local government, who owns a dam or other artificial impediment to the free passage of anadromous fish. The term of such loan shall not exceed twenty years and the interest rate shall be the prime rate for major money center banks, as reported by the latest edition of The Wall Street Journal appearing before the loan is made if the total loan exceeds fifty percent of the estimated project cost; if the total loan does not exceed fifty percent of the estimated cost of the project, the interest rate shall not be less than three percentage points below such prime rate.
The Department shall approve the design of the fishway prior to the making of any loan from the Fund pursuant to this section.
1989, c. 5, § 10.1-1218; 1992, cc. 464, 887.