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2002 SESSION

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HB 1220 Environmental Stewardship Bond Act of 2002.

Introduced by: David B. Albo | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Commonwealth of Virginia Environmental Stewardship Bond Act of 2002. Authorizes the issuance of Commonwealth of Virginia Environmental Stewardship Bonds pursuant to Article X, Section 9(b) of the Constitution of Virginia in an amount not exceeding $488,495,075, subject to approval by a majority of the qualified voters of the Commonwealth voting thereon at the November 5, 2002, general election. The purpose of the bonds is to provide funds for capital projects for (i) biological nutrient removal at sewage treatment facilities, (ii) rehabilitation to dams owned by soil and water conservation districts, (iii) combined sewer overflow projects, (iv) renovation of state parks and acquisition of real estate for parks, and (iv) acquisition of permanent interests in real estate for conservation purposes. The full faith and credit of the Commonwealth is pledged for the payment of the principal of and 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 shall not become effective, and no bonds shall be issued, unless and until voter approval is obtained.


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