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1999 Session

Budget Amendments - HB1450 (Conference Report)

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Virginia Water Facilities Revolving Fund (language only)

Item 427 #10c

Item 427 #10c

Natural Resources
Environmental Quality, Department of

Language
Page 326, after line 3, insert:
"K.  The Department of Environmental Quality, with the assistance of the Virginia Resources Authority, shall study and develop a plan to leverage the assets of the Virginia Water Facilities Revolving Fund.  The report shall include, but not be limited to, an analysis of the short-term and long-term program and financial needs of wastewater treatment facility projects required or permitted by the State Water Control Board.  In addition, the study shall identify and address the short-term and long-term fiscal impacts of a leveraging program on the Revolving Fund.  The Department shall submit the report by December 31, 1999, to the Secretary of Natural Resources and to the Chairmen of the Senate Committees on Finance and Agriculture, Conservation and Natural Resources, and the House Committees on Appropriations and Natural Resources.  Until such time as the Environmental Protection Agency approves Virginia's request for a leveraging program and the General Assembly reviews the Department's plan, the State Water Control Board shall not approve the transfer or use of the Revolving Fund's assets for this purpose."


Explanation
(This amendment directs the Department to study and develop a plan to leverage the assets of the Virginia Water Facilities Revolving Fund. This is a practice used in other states to raise funds over a short period of time to address capital needs associated with the upgrade or new construction of wastewater treatment plants.)