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2002 SESSION
SB 31 Educational Facilities Bond Act of 2002; created.
Introduced by: John H. Chichester | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Commonwealth of Virginia Educational Facilities Bond Act of 2002. Authorizes the issuance of Commonwealth of Virginia General Obligation Bonds pursuant to Article X, Section 9 (b) of the Virginia Constitution in an amount not exceeding $900,488,645 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 financing the costs of capital projects for the Commonwealth's institutions of higher education. 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 shall not become effective, and no bonds shall be issued, unless and until voter approval is obtained.
SUMMARY AS PASSED SENATE:
Commonwealth of Virginia Educational Facilities Bond Act of 2002. Authorizes the issuance of Commonwealth of Virginia General Obligation Bonds pursuant to Article X, Section 9 (b) of the Virginia Constitution in an amount not exceeding $900,488,645 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 financing the costs of capital projects for the Commonwealth's institutions of higher education. 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 shall not become effective, and no bonds shall be issued, unless and until voter approval is obtained.
SUMMARY AS INTRODUCED:
Commonwealth of Virginia Educational Facilities Bond Act of 2002. Authorizes the issuance of Commonwealth of Virginia General Obligation Bonds pursuant to Article X, Section 9 (b) of the Virginia Constitution in an amount not exceeding $608,190,000 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 financing the costs of capital projects for the Commonwealth's institutions of higher education. 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 shall not become effective, and no bonds shall be issued, unless and until voter approval is obtained.