2012 Special Session I

Budget Amendments - HB1300 (Conference Report)

View Budget Item
View Budget Item amendments

VDEM Hurricane Irene Loan Language (language only)

Item 3-2.03 #1c

Item 3-2.03 #1c

Working Capital Funds and Lines of Credit
Lines of Credit

Page 183, after line 56, insert:
"f. Consistent with any Executive Order signed by the Governor, the Secretary of Finance or his designee may provide the department 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 of August 27, 2011.)