Code of Virginia § 5.1-2.16. Grants or loans of public or private funds.
199 words·~1 min read·
/va/title-5-1/chapter-1/5-1-2-16·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Board is authorized to accept, receive, receipt for, disburse, and expend federal and state moneys and other moneys, public or private, made available by grant or loan or both, to accomplish, in whole or in part, any of the purposes of this chapter. All federal moneys accepted under this section shall be accepted and expended by the Board upon such terms and conditions as are prescribed by the United States and as are consistent with state law, and all state moneys accepted under this section shall be accepted and expended by the Board upon such terms and conditions as are prescribed by the Commonwealth. State moneys allocated pursuant to § 33.2-1526.6 shall not be used for
(i)operating costs unless otherwise approved by the Board or
(ii)purposes related to supporting the operation of an airline, either directly or indirectly, through grants, credit enhancements, or other related means.
In considering or evaluating the application for or award of any grant of moneys under this section, the Board shall take into account the capacities of all airports within the affected geographic region.
1980, c. 750; 1998, c. 480 ; 2017, c. 709 ; 2020, cc. 1230 , 1275 .