State Aid Intercept Clause Samples
State Aid Intercept. The Local Government acknowledges that VRA is treating this Agreement as a "local obligation" within the meaning of Section 62.1-199 of the Act, including amendments thereto taking effect as of July 1, 2011, which in the event of a nonpayment thereunder authorizes VRA or the Trustee to file an affidavit with the Governor that such nonpayment has occurred pursuant to Section 62.1-216.1 of the Act. In purchasing this Agreement, VRA is further relying on Section 62.1-216.1 of the Act, providing that if the Governor is satisfied that such nonpayment has occurred, the Governor will immediately make an order directing the Comptroller to withhold all further payment to the Local Government of all funds, or of any part of them, appropriated and payable by the Commonwealth of Virginia to the Local Government for any and all purposes, and the Governor will, while the nonpayment continues, direct in writing the payment of all sums withheld by the Comptroller, or as much of them as is necessary, to VRA, so as to cure, or cure insofar as possible, such nonpayment.
State Aid Intercept. The Local Government acknowledges that VRA has covenanted under the Master Indenture to take any and all actions available to it under the laws of the Commonwealth of Virginia, including the invocation of the "state-aid intercept" provisions of Section 62.1-216.1 of the Act, to obtain any payment of the principal of and premium, if any, and interest on the Local Bond Roanoke or Salem fails to make under the Support Agreement.
State Aid Intercept. The Borrower acknowledges that the Authority is treating the Local Bond as a “local obligation” within the meaning of Section 62.1-199 of the Virginia Resources Authority Act (Chapter 21, Title 62.1 of the Code of Virginia of 1950, as amended (the “VRA Act”)), which in the event of a nonpayment thereunder authorizes the Authority to file an affidavit with the Governor of the Commonwealth of Virginia that such nonpayment has occurred pursuant to Section 62.1-216.1 of the VRA Act. In purchasing the Local Bond, the Authority is further relying on Section 62.1-216.1 of the VRA Act providing that if the Governor is satisfied that such nonpayment has occurred, the Governor will immediately make an order directing the Comptroller to withhold all further payment to the Borrower of all funds, or of any part of them, appropriated and payable by the Commonwealth of Virginia to the Borrower for any and all purposes, and the Governor will, while the nonpayment continues, direct in writing the payment of all sums withheld by the Comptroller, or as much of them as is necessary, to the Authority, so as to cure, or cure insofar as possible, such nonpayment.