§ 33.2-1503 — Eligibility and project selection

Virginia § 33.2-1503

• Jurisdiction: Virginia
• Title 33.2: HIGHWAYS AND OTHER SURFACE TRANSPORTATION SYSTEMS
• Subtitle III: TRANSPORTATION FUNDING AND DEVELOPMENT
• Ch. 15: TRANSPORTATION FUNDING
• Art. 1: VIRGINIA TRANSPORTATION INFRASTRUCTURE BANK

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A. Any entity constituting an eligible borrower or other project sponsor is eligible to apply to the Board for project financing from the Bank.

B. All applicants for a loan or other financial assistance must file an application with the Board, which must include all items determined by the Board in consultation with the manager to be necessary and appropriate for the Board to determine whether or not to approve the loan, including the availability of reliable repayment sources to retire the project obligation as well as creditworthiness.

C. Each applicant for a loan or other financial assistance must demonstrate that the project is of local, regional, or statewide significance and meets the public interest identified in subsection A of § 33.2-214.1. Another criterion to be considered is whether or not the loan or other financial assistance will enable the project to be completed at an earlier date than would otherwise be feasible. The Board shall issue guidelines for scoring projects in accordance with subsection B of § 33.2-214.1 and any other criteria deemed necessary and appropriate for evaluating projects as determined by the Board in consultation with the manager and shall apply the scoring guidelines to each proposed project. Further, the Board shall promptly publish each proposed project and its score using the scoring guidelines.

D. All projects for which a loan or other financial assistance is provided must meet and remain in compliance with the policies and guidelines established by the Board and the manager.

Legislative History

2011, cc. 830, 868, § 33.1-23.9; 2014, c. 805; 2015, c. 684.