2006 Code of Virginia § 3.1-69 - Authorization by Governor; limitations on amount; commitments for remaining funds needed

3.1-69. Authorization by Governor; limitations on amount; commitments forremaining funds needed.

If the Governor deems it advisable, he may authorize such loan, provided thatno such loan shall be in excess of 33 1/3 percent of the cost of the siteand the cost of constructing such market nor shall any such loan in any eventexceed $300,000, and provided further that in no case shall the borrowerobtain from sources other than the Produce Market Loan Fund less than$100,000 of the estimated costs of such market.

After the Governor has authorized any such loan, no transfer of funds shallactually take place until the borrower shall have firm commitments for all ofthe remaining funds needed to construct the wholesale produce market.

(Code 1950, 3-79.23; 1954, c. 453; 1966, c. 702.)