Virginia Clean Energy Innovation Bank; created, report, membership.

The bill title was updated to reflect it is a 'Senate Substitute' proposed by the Senate Committee on Finance and Appropriations on February 5, 2026.

The section range was updated from 45.2-114 through 45.2-122 to 45.2-114 through 45.2-123, indicating the addition of a new section.

A new section 45.2-123 was added, though its content is not visible in the provided text.

A specific date stamp (2/11/26) and substitute identifier (SB225S1) were inserted into the document.

The final version removed a bracketed, incomplete sentence in Section 45.2-117 that originally required the Bank to consult with the Treasury Board before offering financing terms.

The final version excludes Section 45.2-123 (Annual report) found in the draft, meaning the specific requirement to submit an executive summary to the Governor and General Assembly on the first day of each session was removed from the final text.

The text was reformatted to match the official 'Enrolled' style, including the addition of the bill number [S 225] and approval stamps, while removing the 'Engrossed' header and amendment metadata.

The Bank was reclassified from an independent public body corporate to an entity established within the Department of Conservation and Recreation.

The governing body was changed from a 12-member Board of Directors (9 citizen, 3 ex officio) to a 10-member Bank Advisory Board (5 citizen, 5 ex officio).

The number of citizen members appointed by the Senate Committee on Rules was reduced from four to two, and the number appointed by the Speaker of the House of Delegates was reduced from four to two.

The term length for citizen board members was extended from three years to five years with staggered appointments.

The requirement for a 12-member board with specific expertise in real estate, finance, and legal matters was replaced with a requirement for 5 citizen members with general expertise relevant to the Bank.