Bill Text: VA HB1344 | 2016 | Regular Session | Comm Sub
Bill Title: Bonds; certain capital projects.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2016-04-20 - Governor: Acts of Assembly Chapter text (CHAP0759) [HB1344 Detail]
Download: Virginia-2016-HB1344-Comm_Sub.html
16105769D
Be it enacted by the General Assembly of Virginia: 1. §1. That the capital projects listed in §3 are authorized and may be financed in whole or in part through bonds of the Virginia Public Building Authority pursuant to §2.2-2263 of the Code of Virginia and the Virginia College Building Authority pursuant to Chapter 3.2 (§ 23-30.23 et seq.) of Title 23 of the Code of Virginia. Bonds of the Virginia College Building Authority issued to finance such projects may be sold and issued under the 21st Century College Program at the same time with other obligations of the Virginia College Building Authority as separate issues or as a combined issue. The aggregate principal amounts of such bonds shall not exceed $1,295,069,056, plus amounts to fund related issuance costs and other financing costs. Debt service on projects contained in this section shall be provided from appropriations to the Treasury Board. §2. That the Virginia Public Building Authority or the Virginia College Building Authority may pay all or any part of the cost of any project listed or authorized in §3 or any portion thereof with any income and reserve funds of the Authority available for such purpose and in such case may transfer such funds of the Authority, with the approval of the Governor. §3. The General Assembly hereby appropriates the proceeds from the bonds authorized pursuant to §1 for the following projects:
§4. Any projects included in this section involving the renovation of existing facilities shall comply with Article 8 (§2.2-1182 et seq.) of Chapter 11 of Title 2.2 of the Code of Virginia. 2. §1. That the Virginia Public Building Authority, pursuant to §2.2-2264 of the Code of Virginia, or the Virginia College Building Authority, pursuant to §23-30.28 of the Code of Virginia, is authorized to issue revenue bonds in an amount not to exceed $39,000,000 plus amounts needed to fund issuance costs, reserve funds, original issue discount, interest prior to and during acquisition, construction, or renovation and for one year after completion thereof, and other financing expenses. The proceeds of such bonds shall be used to supplement the prior funding for the projects in this enactment. Bonds of the Virginia College Building Authority issued to finance projects may be sold and issued under the 21st Century College Program at the same time with other obligations of the Virginia College Building Authority as separate issues or as a combined issue. The General Assembly hereby appropriates the proceeds from any such bonds for the projects listed in this section. Debt service on projects contained in this section shall be provided from appropriations to the Treasury Board.
3. §1.That the Virginia Public Building Authority, pursuant to §2.2-2264 of the Code of Virginia, or the Virginia College Building Authority pursuant to §23-30.28 of the Code of Virginia, is authorized to issue revenue bonds in a principal amount not to exceed $13,049,000 plus amounts needed to fund issuance costs, reserve funds, original issue discount, interest prior to and during acquisition, construction, or renovation and for one year after completion thereof, and other financing expenses to provide funds for equipment for the following projects for which funding for construction was previously provided, or to maintain existing operational capability. Bonds of the Virginia College Building Authority issued to finance projects may be sold and issued under the 21st Century College Program at the same time with other obligations of the Virginia College Building Authority as separate issues or as a combined issue. The General Assembly hereby appropriates the proceeds from any such bonds for the projects listed in this section. Debt service on projects contained in this section shall be provided from appropriations to the Treasury Board.
4. §1. That beginning July 1, 2017, the following projects shall be funded for pre-planning or detailed planning from amounts in the Central Capital Planning Fund established under §2.2-1520 of the Code of Virginia. Pre-Planning
Detailed Planning
§2. In accordance with Chapter 15.1 (§2.2-1515 et seq.) of Title 2.2 of the Code of Virginia, each institution and agency shall submit its completed detailed planning documents to the Six-Year Capital Outlay Plan Advisory Committee for its review and recommendation. §3. In accordance with §2.2-1520 of the Code of Virginia, the Director of the Department of Planning and Budget shall reimburse the Central Capital Planning Fund for the amounts provided for detailed planning when the project is funded to move into the construction phase. 5. §1. That pursuant to §2.2-2263 of the Code of Virginia, the Virginia Public Building Authority is authorized to issue bonds in an aggregate amount not to exceed $59,000,000, plus amounts to fund related issuance costs and other financing costs. The proceeds of the bonds authorized pursuant to this section shall be used by the Department of Environmental Quality to reimburse entities considered as eligible Significant and Non-Significant Dischargers in the Chesapeake Watershed, as provided in Chapter 21.1 (§10.1-2117 et seq.) of Title 10.1 of the Code of Virginia, for capital costs incurred for the design and installation of nutrient removal technology. Such reimbursements shall be in accordance with eligibility determinations made by the Department of Environmental Quality pursuant to this section and Chapter 21.1 of Title 10.1. The Department of Environmental Quality shall submit cash flow requirements for such program to the Director of the Department of Planning and Budget and the State Treasurer, indicating quarterly cash needs to the program's completion. The provisions of §2.2-1132 of the Code of Virginia shall not apply to such program. The General Assembly hereby appropriates the proceeds from any such bonds for the projects listed in this enactment. Debt service on projects contained in this enactment shall be provided from appropriations to the Treasury Board. |