Bill Text: VA SB731 | 2016 | Regular Session | Comm Sub
Bill Title: Capital outlay funding; issuance of bonds by VPBA & VCBA for certain projects & programs.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2016-04-20 - Governor: Acts of Assembly Chapter text (CHAP0769) [SB731 Detail]
Download: Virginia-2016-SB731-Comm_Sub.html
16105722D
Be it enacted by the General Assembly of Virginia: 1. §1. That pursuant to §2.2-2264 of the Code of Virginia, the General Assembly hereby authorizes the Virginia Public Building Authority (VPBA) to undertake the following projects, including, without limitation, constructing, improving, furnishing, equipping, acquiring, and renovating buildings, facilities, improvements, and land therefor, and to exercise any and all powers granted to it by law in connection therewith, including the power to finance all or any portion of the cost thereof by the issuance of revenue bonds in a principal amount not to exceed $280,800,000 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 General Assembly hereby appropriates the proceeds from any such bonds for the projects listed in this section.
§2. That pursuant to §23-30.28 of the Code of Virginia, the General Assembly hereby authorizes the Virginia College Building Authority to undertake the following projects, including, without limitation, constructing, improving, furnishing, equipping, acquiring, and renovating buildings, facilities, improvements, and land therefor, to exercise any and all powers granted to it by law in connection therewith; and to finance all or any portion of the cost thereof by the issuance of revenue bonds in a principal amount not to exceed $760,000,000 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 Authority may pay all or any part of the cost of any project listed in this section or authorized 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.
2. §1. That pursuant to §2.2-2264 of the Code of Virginia, the General Assembly hereby authorizes the Virginia Public Building Authority (VPBA) to issue revenue bonds in a principal 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.
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 $15,600,000 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.
4. §1. That beginning July 1, 2017, the following projects shall be funded for detailed planning from amounts in the Central Capital Planning Fund established under §2.2-1520 of the Code of Virginia, and amounts are hereby appropriated from the Central Capital Planning Fund for such purposes as provided in this enactment.
§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. Each public college and university is authorized to use additional higher education operating nongeneral funds to move to working drawings for the projects listed in §1. §4. Each agency may utilize other nongeneral funds to move to working drawings for the projects authorized in §1. §5. Each agency or institution shall be reimbursed for all nongeneral funds used when the project is funded to move into the construction phase. §6. 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. §7. No planning documents pursuant to this enactment shall be submitted to the Governor or the General Assembly prior to December 2018. 5. 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 $350,000,000 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 fund capital projects at Norfolk International Terminal. 6. 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 expenses. The proceeds of such bonds shall be provided to the Department of Environmental Quality to reimburse entities as provided in Chapter 21.1 (§10.1-2117 et seq.) of Title 10.1 of the Code of Virginia, considered as eligible Significant and Non-Significant Dischargers in the Chesapeake Bay watershed, 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 pursuant to the provisions of this enactment and Chapter 21.1 of Title 10.1 of the Code of Virginia. The Department of Environmental Quality shall submit cash flow requirements for this program to the Director of the Department of Planning and Budget and the State Treasurer. The cash flows shall indicate quarterly cash needs to the program's completion. 7. That the provisions of Item C-46.10 of Chapter 665 of the Acts of Assembly of 2015, as it relates to the Advanced Manufacturing Apprentice Academy Center and Regional Centers of Excellence, are hereby extended without change. |