2025 SESSION

INTRODUCED

25103627D

SENATE BILL NO. 1189

Offered January 8, 2025

Prefiled January 8, 2025

A BILL to amend the Code of Virginia by adding in Chapter 8 of Title 36 a section numbered 36-140.02, relating to Virginia Residential Development Infrastructure Program and Fund.

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Patron—Carroll Foy

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Referred to Committee on General Laws and Technology

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Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding in Chapter 8 of Title 36 a section numbered 36-140.02 as follows:

§ 36-140.02. Virginia Residential Development Infrastructure Program and Fund.

A. For the purposes of this section,"eligible project" means the construction or installation of water distribution systems, water treatment plants, wastewater treatment systems, sanitary sewer systems, storm sewer systems, stormwater retention ponds, lift or pump stations, and transportation infrastructure such as streets, roads, alleys, bridges, curbs, gutters, sidewalks, and traffic devices.

B. There is hereby established the Virginia Residential Development Infrastructure Program (the Program) to provide financial assistance to localities for expanding or improving public infrastructure needed to support new residential development. The Program shall be administered by the Department, in consultation with the Virginia Resources Authority, and the Department shall establish guidelines for the administration of the Program, including guidelines related to the application for and award of grants pursuant to this section. Subject to availability of funds in the Virginia Residential Development Infrastructure Fund, created pursuant to subsection C, a locality shall be eligible to apply for a grant equal to 70 percent of the locality's costs incurred for the construction or installation of an eligible project.

C. There is hereby created in the state treasury a special nonreverting fund to be known as the Virginia Residential Development Infrastructure Fund, referred to in this section as "the Fund." The Fund shall be established on the books of the Comptroller. All funds appropriated for such purpose and any gifts, donations, grants, bequests, and other funds received on its behalf shall be paid into the state treasury and credited to the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Moneys in the Fund shall be used solely for the purpose of awarding grants pursuant to this section. Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the Director.