SB 569 — Coastal Virginia Resiliency Authority; established, members, report.

AF. majority of the members shall constitute a quorum for the transaction of the Authority's SB569 2 of 6 business, and no vacancy in the membership shall impair the right of a quorum to exercise the rights and perform all duties of the Authority.

A majority of the members shall constitute a quorum for the transaction of the Authority's business, and no vacancy in the membership shall impair the right of a quorum to exercise the rights and perform all duties of the Authority.

Receive and accept from any federal or private agency, foundation, corporation, association, or person grants,grants or donations of money, real,or real or personal property for the benefit of the Authority, and to receive and accept from the Commonwealth or any state, and any municipality, county, or other political subdivision thereof and from any other source, aid or contributions of either money, property, or other things of value, to be held, used, and applied for the purposes for which such grants and contributions may be made.

Borrow money, make and issue bonds including bonds as the Authority may determine to issue for the purpose of accomplishing the purposes set forth in § 2.2-22022.2-2381 or for refunding bonds previously issued by the Authority, whether such outstanding bonds have matured or are then subject to redemption, or any combination of such purposes;

Army Corps of Engineers for the purpose of mitigating6 coastalEng3. flooding and integrating coastal resilience;

3.Enter into and execute agreements with the federal government, including the U.S.

Enter into and execute agreements with the federal government, including the Department of Defense for support for flood control initiatives to increase the coastal resiliency related to DepartmentU.S. of Defense installations;

Department of Defense installations;

CoordinateCoordinate, thewith executiontechnical ofand theadministrative Virginiasupport Coastalfrom Resiliencethe MasterDepartment Planof Conservation and federal,Recreation, state,the andexecution localof floodthe preventionVirginia andCoastal waterResilience qualityMaster programsPlan, tothe minimizeVirginia lossFlood Protection of life, property damage, and negative impacts on the environment;environment;ter quality programs to minimize loss 5.

5.Administer, with technical assistance and support from the Department of Conservation and Recreation, the Virginia Community Flood Preparedness Fund as established in § 10.1-603.25;

Administer the Virginia Community Flood Preparedness Fund as established in § 10.1-603.25;

In consultation with the Secretary of Natural and Historic Resources and the Director of the of 6 Department of Conservation and Recreation, seek the Departmentassistance of Conservation and Recreation shall assist the AuthorityDepartment withof executionConservation the powers and dutiesRec7. laid out in § 10.1-602;

IIn 7.consultation with the Secretary of Transportation and the Commissioner of Highways, seek the assistance of the Department of Transportation with transportation planning, engineering, and construction for flood mitigation and assistance with coordination with the U.S.

InArmy consultationCorps with the Secretary of TransportationS andEngineers; the Director of the Department oN engineering, and construction for flood mitigation and assist with coordination with the U.S.

Armyanning,and Corps8. of Engineers;

TAccept, 8.receive, receipt for, disburse, and expend federal and state moneys and other moneys, part, any of the purposes of this article.

Accept,All receive, receipt for, disburse, and expend federal and state moneys andaccepted otherunder monRys,this publicsection orshallNber private,in madeaccepted availableand expended by grantthe orAuthority loanupon orsuch bothterms orand otherwise,conditions toas accomplish,are inprescribed wholeby orthe inUnited part,States anyand ofas theare purposesconsistent ofwith thisstate article.law;

Alland federalall state moneys accepted under this section shallsAall be accepted and expended by the Authority upon such terms and conditions as are prescribed by the DnitedCommonwealth. States and as are consistent with state law;

andT alltemporary statebonds; moneys accepted under this section shall be Commonwealth.expended by the Authority upon such terms and conditions as are prescribed by the U § 2.2-2383.

Form, terms, execution and sale of bonds;

use of proceeds;

interim receipts or C temporary bonds;

faith and credit of state and political subdivisions Eotnot pledged;

D A.

The bonds of each issue shall be dated, shall bear interest at such rates as are fixed by the Authority, or as may be determined in such manner as the Authority may provide, including the S mature at such time not exceeding 40 years from their date as may be determined by the Authority, andall may be made redeemable before maturity, at the option of the Authority, at such price and under such terms and conditions as may be fixed by the Authority prior to the issuance of the bonds.

The Authority shall determine the form of bonds and their manner of execution, and shall fix the denominationdenominationSof of the bonds and the place of payment of principal and interest, which may be at any bank or trust comSanycompany withinthe Authority or, if so authorized by the Authority, shall bear his facsimile signature, and the official seal of the Authority, or, if so authorized by the Authority, a facsimile thereof shall be impressed or withoutimprinted thereon and attested by the Commonwealth.secretary or any assistant secretary of the Authority, orT if so authorized by the Authority, with the facsimile signature of such secretary or assistant secretary.

TheAny coupons attached to bonds issued by the Authority shall bebear signedthe bysignature of the chairman or vice-chairmanU 5fof thewhose Authoritysignature or,appears ifon soany authorizedbonds byor coupons ceases to be an officer before the Authority,delivery shallof bearthemile bonds, his signature or facsimile signature,shall nevertheless be valid and th9sufficient officialfor imprintedall thereonpurposes tEe same as if he had remained in office until such delivery and attestedany bybonds may bear the secretaryfacsimile signature of, or anymay assistantbe secretarysigned by, such persons as at the actual time of the Authority,execution or,of ifsuch sorbonds authorizedshall bybe the Authority,proper withofficers theto facsimilesign signaturesuch bonds although at the date of such secretarybonds orsuch assistantpersons secretary.may not have been such determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, for the reconversion into coupon bonds of any bonds registered as to both principal and interest, and for the interchange of registered and coupon bonds.

AnyBonds couponsissued attachedin toregistered bondsform may be issued byunder thea Authoritysystem shallof bearbook-entry for recording the signatureS ownership and transfer of theownership chairmanof rights to receive payment of principal of, and premium o5, if companies, financial institutions, or vice-chairmanother entities or persons, within or without the Commonwealth fort the authentication, registration, transfer, exchange, and payment of the Authoritybonds, or amay facsimileprovide thereof.1uch services itself.

In case any officer whose signature or a facsimile of whose signature appears on any bonds or coupons ceases to be an officer before the delivery of the bonds, his signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery and any bonds may bear the facsimile signature of, or officers to sign such bonds although at the date of such bonds such persons may not have been suchroper officers.

The bonds may be issued in coupon or in registered form, or both, as the Authority may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, for the reconversion into coupon bonds of any bonds registered as to both principal and interest, and for the interchange of registered and coupon bonds.

Bonds issued in registered form may be issued under a system of book-entry for recording the ownership and transfer of ownership of rights to receive payment of principal of, and premium on, if companies, financial institutions or other entities or persons, within or without the Commonwealth forst the authentication, registration, transfer, exchange, and payment of the bonds, or may provide such services itself.

The proceeds of the bonds of each issue shall be used solely for the purposes, and in furtherance of the powers, of the Authority as may be provided in the resolution authorizing the issuance of such bonds SB569S1 4 of 6 or in a trust agreement authorized by subsection B securing the bonds.

In addition to the above powers, the Authority may issue interim receipts or temporary bonds as provided in § 15.2-2616 and execute and deliver new bonds in place of bonds mutilated, lost, or asdestroyed destroyed, as provided in § 15.2-2621.

All such obligations shall contain on the face thereof a statement to the effect that the Commonwealth, any political subdivision thereof, and the Authority shall not be obligated to pay the same or the interest thereon except from revenues and other funds of the Authority pledged thereto, and that neither the faith and credit nor the taxing power of the Commonwealth or of any political subdivision thereof is pledged to the payment of the principal of or the SB569 4 of 6 the interest on such obligations.

All expenses incurred in carrying out the provisions of the actarticle shall be payable solely from funds provided under the provisions of this act,article, and no liability shall be incurred by the Authority beyond the extent to which moneys have been provided under the provisions of this article.

Bonds issued by the Authority under the provisions of this article are made securities in which all public officers and public bodies of the Commonwealth and its political subdivisions, all insurance companies, trust companies, banking associations, investment companies, executors, administrators, trustees, and other fiduciaries may properly and legally invest funds, including capital in their control of 6 and received by any state or belongingmunicipal toofficer them.or any agency or political subdivision of theted with Commonwealth for any purpose for which the deposit of bonds or obligations of the Commonwealth is now or may hereafter be authorized by law.

Such bonds shall be securities that may properly and legally be deposited with and received by any state or municipal officer or any agency or political subdivision of the Commonwealth for any purpose for which the deposit of bonds or obligations of the Commonwealth is now or may hereafter be authorized by law.

The Authority may provide for the issuance of refunding bonds of the Authority for the purpose of refunding any bonds then outstanding that have been issued under the provisions of this article, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of redemption of bonds.

of 6 Any government may make appropriations for the acquisition, construction, improvement, maintenance,the orAuthority.r operation of any project acquired, constructed, improved, maintained, or operatIdoperated by the§ Authority.2.2-2385.

NConveyance, Anylease, city or countytransfer withinof theproperty Commonwealth,by ina ordercity toor providecounty forto the construction,ority.Authority.

Any city or county within the Commonwealth, in order to provide for the construction, S reconstruction, improvement, repairrepair, or management of any project, or in order to accomplish any of the purposes of this article, may, with or without consideration or for a nominal consideration, leRse,lease, sell, convey,city or otherwisecounty.rwise transfer to the Authority any real, personal, or mixed property located withinwiNhin such city§ or2.2-2386. county.

O § 2.2-2386.

D The Board, promptly following the close of the fiscal year, shall submit an annual report ofAthe Authority's activities for the preceding year to the Chairman of the House Committee on Agriculture, Chesapeake and Natural Resources and the Chairman of the Senate Committee on Agriculture,griculUure,Agriculture, ConservationT financial statement covering the operation of the Authority during such year.te operating and Natural§ Resources.2.2-2387.

Each such report shall set forth a complete operating and C financial statement covering the operation of the Authority during such year.

E § 2.2-2387.

E Nothing in this article shall be construed to hinder the Department of Emergency Management from completing its duties in response to an emergency.

S be known as the Virginia Community Flood Preparedness Fund.

All sums that are designated for deposito in the Fund from revenue generated by the sale of emissions allowances pursuant to subdivision C 1 of § 10.1-1330, all sums that may be appropriated to the Fund by the General Assembly, all receipts by the Fund from the repayment of loans made by it to local governments, all income from the investmentinvestmenS of moneys held in the Fund, and any other sums designated for deposit to the Fund from any source,Ssource, public or private, including any federal grants and awards or other forms of assistance receive5 by the Commonwealth that are eligible for deposit in the Fund under federal law, shall be designated f9rforby it.the deposit to the Fund.

AnyInterest moneysearned remainingon moneys in the Fund,Fund includingshall anyremain appropriatedin fundsthe andFund all principal, interestd to accrued, and payments,be atcredited the end of each fiscal year shall not revert to theit. general fund but shall remain in the Fund.

AllAny loansmoneys andremaining grantsin providedthe underFund, thisincluding articleany shallappropriated befunds deemedand toall promoteprincipal, theinterTst publicaccrued, purposesand payments, at the end of enhancingeach floodfiscal preventionyear orshall protectionnot andrevert coastalto resilience.the general fund but shall remain in the Fund.

B.All loans and grants provided under this article shall be deemed to promote the pubB.

Moneys in the Fund shall be used solely for the purposes of enhancing flood prevention ororT protection and coastal resilience as required by this article.

The Authority shall manage the FundFEnd and shall establish interest rates and repayment terms of such loans as provided in this article in accordance reasonablewith costsa andmemorandum expensesof incurredagreement inwith the managementDepartment. of the Fund.

The DepartmentAuthority shallmay directdisburse distributionfrom ofthe loansFund andits grantsreasonable fromcosts theand Fundexpenses incurred in accordance with the provisionsmanagement of subsectionthe D.Fund.

C.The Department shall direct disC.

The Authority is authorized at any time and from time to time to pledge, assign, or transfer from the Fund or any bank or trust company designated by the Authority any or all of the assets of the Fund to be held in trust as security for the payment of principal of, premium, if any, and interest on any and all bonds, as defined in § 62.1-199, issued to finance any flood prevention or protection projectprojeSt undertaken pursuant to the provisions of this article.

In addition, the Authority is authorizedauthorized5at at any time loan or interest thereon made pursuant to this article.

The net proceeds of the sale remaining after payment of costs and expenses shall be designated for deposit to, and become part of, the Fund.Fund.1 D.

D.The Fund shall be administered by the Department Virginia Resiliency Authority as prescribed in this article established by § 2.2-2378 with technical assistance and administrative support from the Department.

The FundDepartment, shallin beconsultation administeredwith bythe Secretary of Natural and Historic Resources and the DepartmentSpecial Assistant to the Governor for Coastal VirginiaAdaptation Resiliencyand AuthorityProtection, asshall prescribedestablish inguidelines thisSB569S1 article6 establishedof by6 §regarding 2.2-2378.the distribution and prioritization of loans and grants, including loans and grants that support flood prevention or protection studies of statewide or regional significance.

TheE. Department, in consultation with the Secretary of Natural and Historic Resources and the Special Assistant to the Governor for Coastal Adaptation and Protection, shall establish guidelines regarding the distribution and prioritization of loans and grants, including loans and grants that support flood prevention or protection studies of statewide or regional sigE.

Priority shall be given to projects that implement community-scale hazard mitigation activities that use nature-based solutions to reduce flood risF.risk.

AnyF. locality is authorized to secure a loan made pursuant to this section by placing a lien up to SB569 6 of 6 the value of the loan against any property that benefits from the loan.

Any locality is authorized to secure a loan made pursuant to this section by placing a lien up to the value of the loan against any property that benefits from the loan.

That the provisions of §§ 2.2-2382 through 2.2-2385 of the Code of Virginia, as created by this act, shall become effective on JanuaryJuly 1, 2023.

That the Secretary of Natural and Historic Resources and the Secretary of TransportationTransportation, in consultation with the Coastal Virginia Resiliency AuthorityAuthority, as created by this act, shall make further recommendations regarding the organization of the Coastal Virginia Resiliency Authority,Authority. as created by this act.