SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2001 SESSION
015990204Patrons-- Stolle, Lambert, Mims and Ruff; Delegates: Bloxom, Bryant, Kilgore and Tate
Be it enacted by the General Assembly of Virginia:
1. That § 62.1-204 of the Code of Virginia is amended and reenacted as follows:
§ 62.1-204. Power to borrow money and issue bonds and credit enhancements.
The Authority shall have the power to borrow money and issue its bonds in
amounts the Authority determines to be necessary or convenient to provide funds
to carry out its purposes and powers and to pay all costs and expenses incurred
in connection with the issuance of bonds. The Authority shall also have the
power to issue credit enhancements with respect to local obligations issued to
finance or refinance the cost of any project. The total outstanding aggregate
principal amount of bonds issued by the Authority and local obligations
guaranteed by the Authority pursuant to credit enhancements, that in either
case are secured by a capital reserve fund pursuant to the provisions of §
62.1-215, shall not exceed the sum of $550 $900 million without prior approval
of the General Assembly.
Notwithstanding the foregoing, the Authority shall not exceed the sum of eight million dollars in the total principal amount of bonds outstanding at any one time for the purpose of financing any heavy rail transportation facilities.