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2000 SESSION

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HB 697 College Building Authority.

Introduced by: Frank D. Hargrove, Sr. | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Virginia College Building Authority. Removes the $150 million cap on the aggregate principal amount of outstanding Virginia College Building Authority bonds to finance acquisition of equipment.

The Authority was created to purchase such bonds "to serve educational institution purposes by financing the construction of projects of capital improvement at less cost, thereby facilitating such construction" and may also issue its own revenue bonds to pay for these projects. In addition, § 23-30.24 indicates legislative intent that the Authority purchase "new scientific, technical and other" equipment for lease or sale to colleges and universities, "thereby facilitating the acquisition and supply of such equipment to educational institutions and increasing the purchasing power of their funds, including funds provided by tuition and fees and by appropriations from the General Assembly." Currently, there is no similar statutory limit on outstanding bonds for construction projects. This bill is identical to SB 368.


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