Bill Text: VA HB1392 | 2013 | Regular Session | Chaptered

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Bill Title: Higher educational institutions; modifications to prior revenue bond bills, emergency.

Spectrum: Partisan Bill (Independent 1-0)

Status: (Passed) 2013-02-20 - Governor: Acts of Assembly Chapter text (CHAP0008) [HB1392 Detail]

Download: Virginia-2013-HB1392-Chaptered.html

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CHAPTER 8 An Act to amend and reenact §2 of the first enactment of Chapters 207 and 604 of the Acts of Assembly of 2008 and §2 of the first enactment of Chapters 490 and 556 of the Acts of Assembly of 2012, relating to modifications to prior revenue bond bills for institutions of higher education. Emergency. [H 1392] Approved February 20, 2013

 

Be it enacted by the General Assembly of Virginia:

1.  That §2 of the first enactment of Chapter 207 of the Acts of Assembly of 2008 is amended and reenacted as follows:

§2. Authorization of bonds and BANs.

The Treasury Board is hereby authorized, by and with the consent of the Governor, to sell and issue, pursuant to Article X, Section 9(c), Constitution of Virginia, at one time or from time to time, bonds of the Commonwealth, to be designated "Commonwealth of Virginia Higher Educational Institutions Bonds, Series ....." in an aggregate principal amount not exceeding $350,565,000, plus amounts needed to fund issuance costs, reserve funds, construction period interest and other financing expenses. The Treasury Board is further hereby authorized, by and with the consent of the Governor, to borrow money in anticipation of the issuance of bonds by the issuance of bond anticipation notes (BANs), including BANs issued as commercial paper. The proceeds of such bonds and BANs, excluding amounts needed to fund issuance costs, reserve funds and other financing expenses, shall be used exclusively for the purpose of providing funds, with any other available funds, for paying all or a portion of the costs of acquiring, constructing, renovating, enlarging, improving and equipping revenue-producing capital projects at institutions of higher learning of the Commonwealth as follows:

         Institution             Project Title       Project Code    Amount

  George Mason University     President's Park         17540

                               Phase II Renovation              $15,633,000

  George Mason University     Smithsonian CRC          17572

                               Housing                           17,804,000

  George Mason University     Housing VIII             17570    102,460,000

  Old Dominion University     Construct Residence      17342

                               Hall, Phase II                    34,779,000

  Radford University          Construct Renovate       17565

                               Residence Halls                   36,000,000

  The College of William      Renovate Graduate        17555

   and Mary In Virginia        Student Dormitories                2,500,000

  The College of William      Renovate Campus          17554

   and Mary In Virginia        Center and Trinkle Hall           35,000,000

  Virginia Polytechnic        Renovate Owens and       17558

   Institute and  State        West End Market Food

   University                  Courts                             5,000,000

  Virginia Polytechnic        Renovate Ambler          17557

   Institute and  State        Johnson Hall                      55,000,000

   University

  Virginia Polytechnic        New Residence Hall       16682      8,047,000

   Institute and State

   University

  Virginia State University   Demolish Student         17531

                               Village and Construct

                               Gateway 500, Phase II             38,342,000

  Total                                                        $350,565,000

2.  That §2 of the first enactment of Chapter 604 of the Acts of Assembly of 2008 is amended and reenacted as follows:

§2. Authorization of bonds and BANs.

The Treasury Board is hereby authorized, by and with the consent of the Governor, to sell and issue, pursuant to Article X, Section 9(c), Constitution of Virginia, at one time or from time to time, bonds of the Commonwealth, to be designated "Commonwealth of Virginia Higher Educational Institutions Bonds, Series ....." in an aggregate principal amount not exceeding $350,565,000, plus amounts needed to fund issuance costs, reserve funds, construction period interest and other financing expenses. The Treasury Board is further hereby authorized, by and with the consent of the Governor, to borrow money in anticipation of the issuance of bonds by the issuance of bond anticipation notes (BANs), including BANs issued as commercial paper. The proceeds of such bonds and BANs, excluding amounts needed to fund issuance costs, reserve funds, and other financing expenses, shall be used exclusively for the purpose of providing funds, with any other available funds, for paying all or a portion of the costs of acquiring, constructing, renovating, enlarging, improving, and equipping revenue-producing capital projects at institutions of higher learning of the Commonwealth as follows:

  Institution               Project Title       Project Code     Amount

  George Mason University   President's Park      17540

                             Phase II Renovation             15,633,000

  George Mason University   Smithsonian CRC -     17572

                             Housing                         17,804,000

  George Mason University   Housing VIII          17570     102,460,000

  Old Dominion University   Construct Residence   17342

                             Hall, Phase II                  34,779,000

  Radford University        Construct Renovate    17565

                             Residence Halls                 36,000,000

  The College of William    Renovate Graduate     17555

   and Mary In Virginia      Student Dormitories              2,500,000

  The College of William    Renovate Campus       17554

   and Mary In Virginia      Center and Trinkle Hall         35,000,000

  Virginia Polytechnic      Renovate Owens and    17558

   Institute and State       West End Market Food

   University                Courts                           5,000,000

  Virginia Polytechnic      Renovate Ambler       17557

   Institute and State       Johnson Hall

   University                                                55,000,000

  Virginia Polytechnic      New Residence Hall    16682

   Institute and State

   University                                                 8,047,000

  Virginia State University Demolish Student      17531

                             Village and Construct

                             Gateway 500, Phase II           38,342,000

  Total                                                    $350,565,000

3. That § 2 of the first enactment of Chapters 490 and 556 of the Acts of Assembly of 2012 are amended and reenacted as follows:

§2. Authorization of bonds and BANs.

The Treasury Board is hereby authorized, by and with the consent of the Governor, to sell and issue, pursuant to Article X, Section 9 (c) of the Constitution of Virginia, at one time or from time to time, bonds of the Commonwealth, to be designated "Commonwealth of Virginia Higher Educational Institutions Bonds, Series ....." in an aggregate principal amount not exceeding $125,594,000 $135,244,000, plus amounts needed to fund issuance costs, reserve funds, construction period interest and other financing expenses. The Treasury Board is further hereby authorized, by and with the consent of the Governor, to borrow money in anticipation of the issuance of bonds by the issuance of bond anticipation notes (BANs), including BANs issued as commercial paper. The proceeds of such bonds and BANs, excluding amounts needed to fund issuance costs, reserve funds and other financing expenses, shall be used exclusively for the purpose of providing funds, with any other available funds, for paying all or a portion of the costs of acquiring, constructing, renovating, enlarging, improving and equipping revenue-producing capital projects at institutions of higher learning of the Commonwealth as follows:

  Institution                Project Title     Project Code   Amount

  George Mason University    Construct Student

                             Housing IX-A         17929     $41,071,000

  James Madison University   Student Housing

                             Phase I              17949     $50,000,000

  Old Dominion University    Renovate Student

                             Housing, Phase 2 II  17945     $23,113,000

  Radford University         Renovate Washing-

                             ton Hall             17948     $ 5,410,000

  The College of William     Renovate Dormitory

  and Mary in Virginia       Dormitories          17933     $ 5,000,000

                                                            $14,650,000

  The College of William     Construct New

  and Mary in Virginia       Dormitory            17808     $ 1,000,000

                                                           $125,594,000

  Total                                                    $135,244,000

4.  That an emergency exists and this act is in force from its passage.