Updated at 7:26 p.m. ET on 7/23
(CNN) – Embattled Virginia Gov. Bob McDonnell announced Tuesday he was paying back more than $120,000 in loans amid federal and state investigations into gifts and financial contributions he received from a wealthy executive.
McDonnell, who has said he will not resign, added he was working toward advancing policy items in the final several months of his governorship.
He apologized for the "embarrassment certain members of my family and I brought upon my beloved Virginia and her citizens."
"I want you to know that I broke no laws and that I am committed to regaining your sacred trust and confidence," McDonnell continued. "I hope today's action is another step toward that end."
The Republican governor has been under intense scrutiny for the past several weeks over gifts and loans he received from Jonnie Williams Sr., the owner of a dietary supplement company that McDonnell and his wife have promoted in recent years.
On Tuesday, McDonnell said he had repaid Williams $52,278 for a loan made to his wife Maureen McDonnell in 2011, as well as a $71,837 for two loans made to a McDonnell family business.
Funds for repayment came from McDonnell himself, his family, and his family's business.
Cuccinelli, a Republican, owned stock in Williams' company, but sold off his shares earlier this year. He also collected more than $18,000 in gifts from the executive and stayed at his vacation house on Smith Mountain Lake.
Cuccinelli's Democratic rival Terry McAuliffe Tuesday called on the attorney general to follow McDonnell's lead on Tuesday.
"Since the Governor has begun the process of repaying Jonnie Williams, so should the Attorney General," McAuliffe spokesperson Josh Schwerin wrote. "The Attorney General should repay the $18,000 in gifts he received from the CEO of a company he was supposed to be pursuing for unpaid taxes. Instead of taking Williams and his company to court, Cuccinelli was taking gifts and vacations and buying stock in the company."
Last week an state investigation indicated the attorney general would not face charges for the failure to report the gifts, adding that there was no evidence Cuccinelli committed a crime.
"Ken Cuccinelli has been open and transparent in his race for governor, while Terry McAuliffe uses scare tactics to distract voters from his history of broken promises and unanswered questions," said Anna Nix, a spokeswoman for the Cuccinelli campaign.
CNN’s Paul Steinhauser, Peter Hamby, Kevin Liptak and Ashley Killough contributed to this report.