Virginia Code Title 15.2. Counties, Cities and Towns § 15.2-958.3:1. Local green banks

A. As used in this section, “clean energy technologies” means energy resources and emerging technologies that have significant potential for commercialization and do not involve (i) the combustion of coal, petroleum or petroleum products, or municipal solid waste or (ii) nuclear fission. “Clean energy technologies” includes renewable energy sources, projects, and infrastructure; energy efficiency projects; alternative fuels used for electricity generation; alternative fuel vehicles and related infrastructure such as electric vehicle charging station infrastructure; and smart grid.

B. Any locality may, by ordinance, establish a green bank to promote the investment in clean energy technologies in its locality and provide financing for clean energy technologies. Such ordinance may include the following functions for a green bank:

C. In establishing a green bank, the locality shall determine whether the green bank will be a public entity, quasi-public entity, depository bank, or nonprofit entity.

D. The locality shall offer private lending institutions the opportunity to participate in the green bank established pursuant to this section.

E. Prior to the adoption of any ordinance pursuant to this section, the locality shall conduct a public hearing at which interested persons may object to or inquire about the proposed green bank or any of its particulars. The public hearing shall be advertised once a week for two successive weeks in a newspaper of general circulation in the locality.