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Board conditionally backs MPPDC support agreement for $500,000 VRA line of credit
Summary
The Board agreed to support a Middle Peninsula Planning District Commission request that member jurisdictions sign a support agreement to enable a $500,000 VRA line of credit for grant cash-flow; King William’s approval was conditioned on other jurisdictions joining to spread cost.
County staff presented a request from the Middle Peninsula Planning District Commission (MPPDC) for member jurisdictions to sign a support agreement enabling a $500,000 Virginia Resources Authority (VRA) line of credit. The line is intended to provide short-term cash flow for the commission when grants are reimbursed after expenses are incurred.
Staff recommended that King William support the agreement on the condition that other jurisdictions also sign, thereby reducing the county’s potential pro rata exposure. Board members discussed how the county’s maximum share would depend on the number of jurisdictions participating and the commission reported that most members were expected to support the measure. The board approved a motion to support the agreement conditional on other jurisdictions’ participation and recorded unanimous 'Aye' votes by roll call.
