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2000 SESSION

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SB 31 Higher Educational Institutions Bond Act of 2000; created.

Introduced by: John H. Chichester | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Commonwealth of Virginia Higher Educational Institutions Bond Act of 2000. Authorizes the issuance of Commonwealth of Virginia Higher Educational Institutions Bonds pursuant to Article X, Section 9 (c) of the Constitution of Virginia in a principal amount not exceeding $131,763,100. The purpose of the bonds is to provide funds for paying, together with any other available funds, the costs of acquiring, constructing, renovating, enlarging, improving, and equipping revenue-producing capital projects at institutions of higher learning of the Commonwealth. The net revenues derived from the capital projects, and the full faith and credit of the Commonwealth are pledged for the payment of the principal of and the interest on the bonds and any bond anticipation notes or refunding bonds. The bill authorizes the Treasury Board, by and with the consent of the Governor, to fix the details of such bonds, to borrow money in anticipation of the issuance of the bonds, and to issue refunding bonds. The bill finds that an emergency exists, and that it is in force from its passage.

SUMMARY AS PASSED SENATE:

Commonwealth of Virginia Higher Educational Institutions Bond Act of 2000. Authorizes the issuance of Commonwealth of Virginia Higher Educational Institutions Bonds pursuant to Article X, Section 9 (c) of the Constitution of Virginia in a principal amount not exceeding $131,763,100. The purpose of the bonds is to provide funds for paying, together with any other available funds, the costs of acquiring, constructing, renovating, enlarging, improving, and equipping revenue-producing capital projects at institutions of higher learning of the Commonwealth. The net revenues derived from the capital projects, and the full faith and credit of the Commonwealth are pledged for the payment of the principal of and the interest on the bonds and any bond anticipation notes or refunding bonds. The bill authorizes the Treasury Board, by and with the consent of the Governor, to fix the details of such bonds, to borrow money in anticipation of the issuance of the bonds, and to issue refunding bonds. The bill finds that an emergency exists, and that it is in force from its passage.

SUMMARY AS INTRODUCED:

Commonwealth of Virginia Higher Educational Institutions Bond Act of 2000. Authorizes the issuance of Commonwealth of Virginia Higher Educational Institutions Bonds pursuant to Article X, Section 9 (c) of the Constitution of Virginia in a principal amount not exceeding $126,396,400. The purpose of the bonds is to provide funds for paying, together with any other available funds, the costs of acquiring, constructing, renovating, enlarging, improving, and equipping revenue-producing capital projects at institutions of higher learning of the Commonwealth. The net revenues derived from the capital projects, and the full faith and credit of the Commonwealth are pledged for the payment of the principal of and the interest on the bonds and any bond anticipation notes or refunding bonds. The bill authorizes the Treasury Board, by and with the consent of the Governor, to fix the details of such bonds, to borrow money in anticipation of the issuance of the bonds, and to issue refunding bonds. The bill finds that an emergency exists, and that it is in force from its passage.