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2001 SESSION

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SB 1232 Virginia Resources Authority; power to borrow money, etc.

Introduced by: Kenneth W. Stolle | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Virginia Resources Authority; power to borrow money and issue bonds and credit enhancements; limitation. Requires that the aggregate outstanding principal amount of bonds issued by the Virginia Resources Authority (VRA) and local obligations guaranteed pursuant to credit enhancements by the VRA, which are secured by a capital reserve fund, not exceed $900 million without prior approval by the General Assembly. The current cap on such bonds and obligations is $550 million.


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