Virginia Tobacco Region Revolving Fund
The 2015 General Assembly passed Senate Bill 1440. This bill, patroned by Senator Frank Ruff, changed the name of the Tobacco Indemnification and Community Revitalization Commission to the Tobacco Region Revitalization Commission and also established the Virginia Tobacco Region Revolving Fund.
The Fund will assist Virginia local governments by providing loans to help finance eligible projects. VRA was named Fund administrator by the bill and in this role may pledge Fund assets as security for bonds issued to finance projects, sell or collect on loans made from the Fund, and, in accordance with a memorandum of agreement with the Commission, establish the rates and terms of loans. The law becomes effective July 1, 2015.
August 4, 2022