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2001 SESSION
011810732Be it enacted by the General Assembly of Virginia:
1. § 1. Title. This act shall be known and may be cited as the “Commonwealth of Virginia Park and Recreational Facilities_Bond Act of 2001.”
§ 2. Authorization of Bonds and BANs. Subject to a favorable vote of a majority of the qualified voters voting on this act at the November 6, 2001, general election as hereinafter provided, the Treasury Board is hereby authorized, by and with the consent of the Governor, to sell and issue, at one time or from time to time, bonds of the Commonwealth, to be designated “Commonwealth of Virginia Park and Recreational Facilities Bonds, Series...,” in an aggregate principal amount not exceeding $164,329,000. The Treasury Board is further authorized, by and with the consent of the Governor, to borrow money in anticipation of the issuance of the bonds by the issuance of bond anticipation notes (“BANs”), including BANS as commercial paper.
§ 3. Purpose; Projects. The proceeds of the bonds and BANs, excluding amounts needed to pay issuance costs and other financing expenses, shall be used as provided in § 4 hereof for capital projects for parks and recreational facilities as follows:
Park and Recreational Facilities Amount
A. Acquisition of land and development of four parks: $40,000,000
Natural Chimney/Grand Cavern State Park
Trevilian Station Battlefield State Park
A park to be located on the James River near Richmond
A park to be located on the Middle Peninsula
B. Acquisition of land for Natural Area Preserves $12,000,000
C. Construction of the following projects at existing state parks:
Park Description of project
Bear Creek Lake Construct additional picnic shelter facility 50,000
Bear Creek Lake New cabin construction 2,500,000
Belle Isle Construct new campground and visitor center 2,000,000
Belle Isle Expand shop complex 500,000
Breaks Interstate Construct campground 200,000
Caledon Natural Area Construct visitors' support facility 200,000
Caledon Natural Area Rehabilitate caretakers' structure 120,000
Chippokes Plantation Replace Chippokes Plantation water system 620,000
Chippokes Plantation Renovate historic structures 4,000,000
Chippokes Plantation Renovate conference shelter, relocate
maintenance area & restore barns 800,000
Chippokes Plantation Upgrade River House to an interpretive
exhibit of period architecture 500,000
Chippokes Plantation Expand concession and campground 1,000,000
Claytor Lake Construct campground improvements 500,000
Claytor Lake Install additional marina docks 400,000
Claytor Lake Construct new cabins with docks 2,000,000
Douthat Construct additional cabins 1,500,000
Douthat Construct horse camping area 700,000
Douthat Construction of Stoney Run Lodge 1,000,000
Fairy Stone Renovate historic beach concession complex 750,000
Fairy Stone Dredge lake and construct new boat ramp 1,400,000
Fairy Stone Construct lodge. 1,000,000
Fairy Stone Construct equestrian camping area 200,000
Fairy Stone Construct horse support facility 100,000
False Cape Wash Woods Environmental Education Center dorm 500,000
False Cape Visitor center/administrative offices 1,500,000
First Landing Construct visitors' support facility 400,000
First Landing Upgrade campsite utility system 220,000
First Landing Construct storage area/pole sheds 150,000
Grayson Highlands Construct visitors' support facility 500,000
Grayson Highlands Construct group campground with visitors'
support facility 300,000
Grayson Highlands Improvement to stable area campground electric
and water hook ups 150,000
Hemlock Haven Construct new and expanded overnight facilities 1,500,000
Holliday Lake Construction of year round campground 1,000,000
Hungry Mother Dredge lake 1,375,000
Hungry Mother Replacement of water lines 388,000
Hungry Mother Construct new campground 1,000,000
Hungry Mother Construct visitors' support facility 145,000
James River Construct campground 1,000,000
James River Construct cabins 3,500,000
James River Construct equestrian camping area 500,000
James River Construct visitors center/office complex 1,500,000
James River Construct staff residence 175,000
Kiptopeke Construct nautical waterfront building 2,002,000
Kiptopeke Construct overnight lodges 1,500,000
Kiptopeke Develop campground facilities 125,000
Lake Anna Construct new cabins and campsites 3,500,000
Lake Anna Relocate boat launch and expand beach area 200,000
Lake Anna Construct water service to picnic area 206,000
Lake Anna Construct maintenance area pole shed 105,000
Leesylvania Construct group use picnic shelter 49,000
Leesylvania Construct boat piers 250,000
Mason Neck Construct new office/administrative complex near
park entrance 480,000
Mason Neck Construct chief ranger and assistant manager residences 250,000
Mason Neck Improve Phase II Road 200,000
Mason Neck Construct picnic shelters 129,000
Mason Neck Replace and enlarge visitor center/discovery
center/meeting space 500,000
Natural Tunnel Construct campground and bathhouse 1,000,000
Natural Tunnel Construct cabins 3,500,000
New River Trail Expand Foster Falls water distribution system 150,000
New River Trail Trail wide facility development 500,000
New River Trail Further development of Foster Falls complex
including hotel renovation 3,500,000
Occoneechee Complete boat ramp improvements 200,000
Occoneechee Construct cabins 3,500,000
Occoneechee Improve campground road and utilities 200,000
Occoneechee Construct equestrian camping area 100,000
Occoneechee Construct Shenandoah style contact station and
office complex 120,000
Occoneechee Renovate campground 50,000
Pocahontas Road repairs 600,000
Pocahontas Construct new environmental education center
and headquarters 2,000,000
Pocahontas Construct equestrian center and camping area 1,500,000
Pocahontas Construct parking areas 225,000
Pocahontas Construct boat dock and boat rental 120,000
Pocahontas Expand campground including camping cabins 2,500,000
Sailor's Creek Battlefield Construct visitor center 1,000,000
Sailor's Creek Battlefield Construct visitors' support facility
near Hillsman House 120,000
Sailor's Creek Battlefield Renovate Hillsman House and install
exhibits 400,000
Shenandoah "Andy Guest" Construct road Culler's Tract 668,000
Shenandoah "Andy Guest" Construct cabins and campground 4,500,000
Shenandoah "Andy Guest" Construct visitor center/office 1,000,000
Sky Meadows Construct picnic area 335,000
Sky Meadows Expand campground including Appalachian Trail shelters 200,000
Smith Mountain Lake Construct visitor center 1,978,000
Smith Mountain Lake Construct new campground 1,000,000
Smith Mountain Lake New construction of large picnic shelter
and play area 75,000
Smith Mountain Lake New construction and improvements for
additional water access 200,000
Smith Mountain Lake Construct new overnight lodges 1,000,000
Smith Mountain Lake Expand and pave boat ramp parking 150,000
Staunton River Renovate visitor center/discovery center 460,000
Staunton River Construct equestrian camping area 750,000
Staunton River Boat ramp improvements 200,000
Staunton River Construct three new picnic shelters 100,000
Staunton River Construct new environmental education center and
dormitory 1,200,000
Staunton River Battlefield Construct bateau/canoe landing 125,000
Staunton River Battlefield Burial of electrical lines 500,000
Staunton River Battlefield Construct horse camping at Mulberry Hill 100,000
Staunton River Battlefield Mulberry Hill improvements, renovation
and exhibits 300,000
Twin Lakes Construct new park shop/maintenance 524,000
Twin Lakes Construct staff residence to replace Stoney Knoll 250,000
Westmoreland Construct new visitor, discovery and birding center 1,000,000
Westmoreland Expand office complex 150,000
Westmoreland Construct picnic shelters 75,000
Wilderness Road Construct utilities, roads, picnic area and
parking 920,000
Wilderness Road Construct visitor center 1,120,000
Wilderness Road Construct staff residence 175,000
Wilderness Road Horse trailer parking 150,000
Wilderness Road Improvement of mansion/gazebo 500,000
Wilderness Road Construct Martin's Fort/Gibson's Station 1,000,000
York River Renovate and expand boat ramp facilities 500,000
York River Native American heritage village 2,500,000
Various parks Repair Shoreline Erosion, Phase I 6,000,000
Various parks Repair Shoreline Erosion, Phase II 4,000,000
Various parks In holdings and Acquisitions 5,000,000
Various parks Trail Improvements 3,500,000
Various parks Disability Access Projects 1,500,000
Total of construction projects in existing parks 112,329,000
GRAND TOTAL 164,329,000
The General Assembly hereby finds and determines that the estimated useful life of the capital projects listed above is in excess of twenty-one years.
To the extent that the cost of any capital project in subsection C is less than the amount allocated to such project, the Director of the Department of Conservation and Recreation may increase the amount allocated to any other capital project included in subsection C. No such allocation to a capital project may be increased, however, until it has been demonstrated to the satisfaction of the Director of the Department of Conservation and Recreation that (a) the cost of the capital project has been reduced to the extent reasonable, (b) the capital project has not been expanded or enhanced beyond that originally approved, and (c) the capital project is suitable and adequate for the scope originally intended. No increase in the amount allocated to any capital project shall constitute an authorization for the issuance of bonds in an amount in excess of the aggregate amount authorized hereunder. No allocation shall be made to any capital project included herein until all applicable requirements of § 10.1-200.1 of the Code of Virginia have been met.
§ 4. Application of Proceeds. Proceeds (including any premium) of the bonds and any BANs (except the proceeds of (i) bonds the issuance of which has been anticipated by BANs, (ii) refunding bonds and (iii) refunding BANs) shall be deposited by the State Treasurer in a special capital outlay fund in the State Treasury and shall be disbursed only for the purpose for which the bonds or any BANs have been issued. In the event that the proceeds of the bonds or BANs exceed the cost of the projects specified in § 3, the Treasury Board shall cause such excess proceeds to be applied to the retirement of the bonds or BANs. The proceeds of (i) bonds the issuance of which has been anticipated by BANs, (ii) refunding bonds and (iii) refunding BANs and any funds provided by the General Assembly, or available from any other source, for the purpose, shall be used to pay such BANs, refunded bonds and refunded BANs.
The proceeds of the bonds and any refunding bonds or BANs are hereby appropriated for disbursement from the State Treasury for the current biennium pursuant to Article X, Section 7 of the Constitution of Virginia, and § 2.1-224 of the Code of Virginia. The general conditions and general provisions of the general appropriation act enacted pursuant to Chapter 27, Title 2.1 of the Code of Virginia, in effect from time to time, and all of the terms and conditions contained therein shall apply to the capital projects listed in § 3. The Governor or his designee is hereby authorized to increase the appropriation for any project listed in § 3 by the amount of the proceeds of donations, gifts, grants or other nongeneral funds paid into the state treasury in excess of such appropriation.
§ 5. Details, sale of bonds and BANs. The bonds shall be dated, shall mature at such time or times not exceeding twenty-one years from their date or dates and may be made redeemable before their maturity or maturities at such price or prices or within such price parameters, all as may be determined by the Treasury Board, by and with the consent of the Governor. The principal of the bonds shall be amortized, by payment into a sinking fund or otherwise, in annual installments. The first annual installment of principal of the bonds shall become due not later than one-tenth of the term of the bonds, and no installment of principal of the bonds shall be more than twice the smallest previous installment. Any such sinking fund shall not be appropriated for any other purpose.
The bonds shall be in such form, shall bear interest at such rate or rates, either at fixed rates or at rates established by formula or other method, and may contain such other provisions, all as the Treasury Board or the State Treasurer, when authorized by the Treasury Board, may determine. The principal of and premium, if any, and interest on the bonds and BANs shall be payable in lawful money of the United States of America. Bonds and BANs may be certificated or uncertificated as determined by the Treasury Board. The Treasury Board may contract for services of such registrars, transfer agents, or other authenticating agents as it deems appropriate to maintain a record of the persons entitled to the bonds and BANs. Bonds and BANs may be issued under a system of book entry for recording the ownership and transfer of ownership of rights to receive payments on the bonds and BANs. The Treasury Board shall fix the denomination or denominations of the bonds and the place or places of payment of principal, premium, if any, and interest, which may be at the office of the State Treasurer or at any one or more banks or trust companies within or without the Commonwealth.
The Treasury Board may sell the bonds and any BANs in such manner, either by competitive bidding, negotiated sale or private placement, and for such price as it may determine, by and with consent of the Governor, to be in the interest of the Commonwealth.
In the discretion of the Treasury Board, bonds and BANs may be issued at one time or in part from time to time and may be issued and sold at the same time with other general obligation bonds and bond anticipation notes, respectively, of the Commonwealth authorized pursuant to Article X, Section 9(a)(3), (b) or (c) of the Constitution of Virginia, either as separate issues, as a combined issue designated “Commonwealth of Virginia General Obligation Bonds [Bond Anticipation Notes], Series 20….,” or as a combination of both. The bonds and BANs shall be signed on behalf of the Commonwealth by the Governor and by the State Treasurer, or shall bear their facsimile signatures, and shall bear the lesser seal of the Commonwealth or a facsimile thereof. In the event that the bonds or BANs bear the facsimile signature of the State Treasurer, they shall be signed by such administrative assistant as the State Treasurer shall determine or by such registrar or paying agent as may be designated to sign them by the Treasury Board. If any officer whose signature or facsimile signature shall appear on any bonds or BANs shall cease to be such officer before the delivery, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if such officer had remained in office until such delivery, and any bond or BAN may bear the facsimile signature of, or may be signed by, such persons as at the actual time of the execution are the proper officers to sign such bond or BAN although, at the date of such bond or BAN, such persons may not have been such officers.
§ 6. Refunding. The Treasury Board is hereby authorized, by and with the consent of the Governor, to sell and issue, at one time or from time to time, refunding bonds and BANs of the Commonwealth, to refund any or all of the bonds and BANs, respectively, issued under this act or otherwise pursuant to Article X, Section 9(b), of the Constitution of Virginia. Refunding bonds and BANs may be issued in a principal amount up to the amount necessary to pay at maturity or redeem the bonds and BANs to be refunded and pay all issuance costs and other financing expenses of the refunding. Such refunding bonds and BANs may be issued whether or not the bonds or BANs to be refunded are then subject to redemption. Any escrow or trust fund established with the proceeds from the sale of refunding bonds shall be irrevocably pledged to the payment of the bonds to be refunded, and shall be used solely to pay such bonds or BANs at maturity or upon redemption or for the purchase of not less than all of the bonds or BANs to be refunded. Any such escrow or trust fund shall constitute a special fund for the payment of such refunded bonds or BANs, and such refunded bonds or BANs, to the extent of amounts, including the maturity amounts of investments, set aside for the payment thereof in such escrow or trust fund, shall not be included for the purposes of determining any limitations upon the amount of bonded indebtedness of the Commonwealth that may be incurred pursuant to Article X, Section 9(b), of the Constitution of Virginia. The Treasury Board may, however, direct that the interest received from the investment of the proceeds of the bonds or any BANs be transferred to the general fund of the State Treasury.
§ 7. Authorized Investments. Pending the application of the proceeds of the bonds or BANs (including refunding bonds and BANs) to the purpose for which they have been authorized and the application of funds set aside for the purpose to the payment of bonds or BANs, they may be invested by the State Treasurer in securities that are legal investments under the laws of the Commonwealth for public funds and sinking funds, as the case may be. Whenever the State Treasurer receives interest from the investment of the proceeds of bonds or any BANs, such interest shall become a part of the principal of the bonds or any BANs and shall be used in the same manner as required for principal of the bonds or BANs.
§ 8. Security for bonds and BANs. The full faith and credit of the Commonwealth are hereby irrevocably pledged for the payment of the principal of and the interest on bonds and (unless the Treasury Board, by and with the consent of the Governor, shall provide otherwise) BANs issued under this act. The proceeds of (i) bonds the issuance of which has been anticipated by BANs, (ii) refunding bonds and (iii) refunding BANs are hereby irrevocably pledged for the payment of principal of and interest and any premium on such bonds or BANs to be refunded thereby. In addition, the Treasury Board may pledge the full faith and credit of the Commonwealth for the payment of the principal of and interest on any BANs. If sufficient funds are not appropriated in the general appropriations act for any fiscal year for the timely payment of the principal of and the interest on the bonds, any refunding bonds or any BANs where the full faith and credit of the Commonwealth has been pledged, there shall be set apart by direction of the Governor, from the first general fund revenues received during such fiscal year and thereafter, a sum sufficient to pay such principal and interest.
§ 9. Expenses. All expenses incurred under this act shall be paid from the proceeds of the bonds, or any refunding bonds or BANs, or from any other available funds as the Treasury Board shall determine.
§ 10. Exemption of interest from tax. The bonds and BANs issued under the provisions of this Act, their transfer, and the income therefrom, including any profit made on the sale thereof, shall at all times be exempt from taxation by the Commonwealth and by any political subdivision thereof. The interest on the bonds and any refunding bonds or BANs may be subject to inclusion in gross income of the holders thereof for federal income tax purposes.
§ 11. Referendum. The question of the effectiveness of this act and the authorization of the bonds shall be submitted to the qualified voters of the Commonwealth at the general election to be held on Tuesday, November 6, 2001. Notice of the election shall be given, the ballots shall be prepared, distributed and voted, and the results thereof ascertained and certified, in accordance with Title 24.1 of the Code of Virginia, relating to special elections. The ballots to be used at the election shall pose the question in substantially the following form:
QUESTION: Shall Chapter ___, Acts of the General Assembly of 2001, authorizing the issuance of general obligation bonds of the Commonwealth of Virginia in the maximum amount of $164,329,000 pursuant to Article X, Section 9(b) of the Constitution of Virginia for capital projects for parks and recreational facilities, take effect?
The State Board of Elections shall cause to be sent to the electoral boards of each county and city sufficient copies of the full text of this act and the question contained herein for the officers of election to post in each polling place on election day. The State Board of Elections shall without delay make out and transmit to the Governor and to the Treasury Board an official copy of the report of the whole number of votes cast at the election for and against the act, certified by it.
If a majority of those voting thereon shall vote in favor of this act, this act shall take effect and the bonds may be issued as hereinabove provided. If a majority of those voting thereon shall vote against this act, this act shall not take effect and the bonds shall not be issued.
The expenses incurred in conducting this election shall be defrayed as in the case of election of members of the General Assembly.
§ 12. Severability. The provisions of this act or the application thereof to any person or circumstance that are held invalid shall not affect the validity of other provisions or applications of this act that can be given effect without the invalid provisions or applications.