Chief Patron: Cox
Low-interest Loan Program (language only)

Item 411 #1h

Language
Page 381, after line 42, insert:
"C.  The Department of Environmental Quality shall work with the Virginia Resources Authority and the Department of Business Assistance to establish a low-interest loan program for private facilities or companies to implement water quality improvement projects or other environmental enhancement projects.  The Department of Environmental Quality shall work with the U.S. Environmental Protection Agency or other appropriate agencies to direct any federal penalties or Supplemental Environmental Projects imposed on Virginia companies toward this project and seek funds from other available source for this project.  These loans should be prioritized for facilities or companies providing services to facilities that demonstrate environmental stewardship by participating in Virginia's Environmental Excellence Program or are otherwise going beyond regulatory requirements to reduce their impact on the environment."

Explanation
(This amendment creates a low-interest loan program to promote environmental stewardship and assist companies in reducing their impacts to Virginia's environmentally sensitive areas. It is anticipated that this loan program could be administered by the Virginia Resources Authority or the Department of Business Assistance through existing legal authority.)