2015 Code of Virginia
Title 67 - Virginia Energy Plan
§ 67-1303. (Expires July 1, 2016) Use of moneys in Fund

A. The Department shall establish the requirements for a revolving loan program under which moneys in the Fund may be loaned to persons to facilitate the construction and acquisition of eligible solar energy projects. The Department shall develop criteria, guidelines, and requirements for loan eligibility, loan amounts, loan terms, and interest to be charged thereon, the collateralization of loaned moneys, the payment of fees and costs incurred by the Department in the making of loans, and such other matters as the Department deems appropriate to ensure the sound conduct of a revolving loan program.

B. The Department shall lend moneys from the Fund to applicants for loans in the order in which their complete applications are received, until the portion of the moneys in the Fund that the Department determines is appropriate for lending in that fiscal year are loaned. The Department shall not lend an amount in excess of the moneys available in the Fund.

C. Beginning in calendar year 2012, by July 1 of each year, the Department shall (i) determine the amount of the loans to be made for eligible solar energy projects that year and (ii) certify to the Comptroller the amount of each loan to be made and the eligible applicants to whom the Department has agreed to loan money. Moneys to fund the approved loans shall be made available to the Department by the State Treasurer on warrant of the Comptroller within 60 days of such certification, and the disbursement of loan proceeds by the Department to the borrower shall be made in accordance with the Department's criteria, guidelines, and requirements established pursuant to subsection A and the terms of any loan funding agreement between the Department and the borrower.

D. In no case shall the Department make loans from the Fund for solar energy projects acquired, installed, or operating prior to July 1, 2012. The Department may delay making loans beyond July 1, 2012, if, in the opinion of the Director, the monies available in the Fund are not sufficient to defray the administrative costs that would be incurred in managing the loan fund.

E. Actions of the Department relating to the making of loans shall be exempt from the provisions of the Administrative Process Act pursuant to subdivision B 4 of § 2.2-4002.

2011, cc. 806, 839.