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2001 SESSION
SB 1232 Virginia Resources Authority; power to borrow money, etc.
Introduced by: Kenneth W. Stolle | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
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.
SUMMARY AS INTRODUCED:
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.