2012 Session

Budget Amendments - SB30 (Committee Approved)

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VDEM Emergency Loan Authority (language only)

Item 3-2.03 #2s

Item 3-2.03 #2s

Working Capital Funds and Lines of Credit
Lines of Credit

Page 392, following line 38, insert:
"f. The Secretary of Finance or his designee, consistent with any Executive Order signed by the Governor, may provide the Department of Emergency Management with anticipation loans in such amounts as may be needed to appropriately reimburse the department for disaster related costs.  Such loans shall be based on the federal reimbursements anticipated in accordance with the Robert T. Stafford Disaster Relief and Emergency Assistance Act and, notwithstanding the provisions of § 4-3.02.b. of this act, may be extended for a period longer than twelve months, if necessary."

(This amendment provides authority for the Secretary of Finance to issue treasury loans for the Department of Emergency Management to cover disaster-related costs in anticipation of reimbursement by the Federal Emergency Management Agency. The language is needed because of delays in receiving FEMA reimbursement for expenses related to Hurricane Irene.)