RECONVENED SESSION REENROLLED VIRGINIA ACTS OF ASSEMBLY --–– 2024 RECONVENED SESSION CHAPTER 816R An Act to amend and reenact § 10.1-603.29 of the Code of Virginia, relating to Resilient Virginia Revolving Fund;

E N [H 673] Approved AprilR 17, 2024 Be it enacted by the General Assembly of Virginia:

O 1.

L § 10.1-603.29.

There shall be set apart as a permanent and perpetual fund, to be known as the "Resilient Virginia Revolving Fund," sums appropriated to the Fund by the General Assembly, sums allocated to the Commonwealth for resilience purposes through the federal government, all receipts by the Fund from loans made by it to local governments, all income from the investment of moneys held in the Fund,FunD, and administeredany andother managedsums bydesignated thefor Authoritydeposit as prescribed in this article, subject to the rightFund offrom thebeany Department,source followingpublic consultation with the Authority, to direct the distribution of loans or grantsprivate. from the Fund to particular local governments and to establish the interest rates and repayment terms of such loans as provided in this article.

The Fund shall be administered and managed by the Authority as prescribed in this article, subject to the right of the the Fund to particular local governments and to establish the interest rates and repayment terms of suchm loans as provided in this article.

A portion of the Fund shall be reserved to hold money that is allocated only for the hazard mitigationadministration and management of buildingsthe Fund, the Authority is granted the power to employ officerB, employees, agents, advisers, and thatconsultants, shallincluding, notwithout belimitation, availableattorneys, forfinancial advisers, engineers, and other uses.technical advisers and public accountants and, the provisions of any otherElaw to the contrary notwithstanding, to determine their duties and compensation without the approval oR any expenses incurred in the administration and management of the Fund and a reasonable fee to bes and approved by the Department for its management services.

In order to carry out the administration and management of the Fund, the Authority is granted the power to employ officers, employees, agents, advisers, and consultants, including, without limitation, attorneys, financial advisers, engineers, and other technical advisers and public accountants and, the provisions of any other law to the contrary notwithstanding, to determine their duties and compensation without the approval of any other agency or instrumentality.

The Authority may disburse from the Fund its reasonable costs and expenses incurred in the administration and management of the Fund and a reasonable fee to be approved by the Department for its management services.