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2003 SESSION

032013856
HOUSE BILL NO. 2804
Offered January 17, 2003
A BILL to provide for the financing by the Virginia Public Building Authority of certain projects providing for the construction, improvement, and furnishing of certain buildings and structures that were originally built or constructed before 1950 and are located within the boundaries of Capitol Square, Richmond; the Capitol Square Preservation Act of 2003.
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Patrons-- Morgan, Abbitt, Albo, Almand, Amundson, Barlow, Baskerville, Black, Bland, Bloxom, Bolvin, Brink, Broman, Bryant, Byron, Callahan, Christian, Cline, Cosgrove, Councill, Cox, Crittenden, Darner, Devolites, Dillard, Drake, Griffith, Hall, Hamilton, Hargrove, Howell, Hugo, Hull, Hurt, Ingram, Janis, Joannou, Johnson, Jones, D.C., Jones, S.C., Keister, Kilgore, Landes, Lingamfelter, Louderback, Marshall, R.G., May, McDonnell, Melvin, Miles, Nixon, Nutter, O'Bannon, Oder, Orrock, Parrish, Phillips, Plum, Purkey, Putney, Rapp, Reid, Rollison, Rust, Saxman, Scott, Sears, Sherwood, Shuler, Spruill, Suit, Tata, Thomas, Van Landingham, Van Yahres, Wardrup, Ware, Watts, Weatherholtz, Woodrum and Wright; Senators: Blevins, Bolling, Chichester, Hawkins, Martin, Norment, O'Brien, Potts, Quayle, Rerras, Ruff, Trumbo, Wagner and Watkins
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Referred to Committee on Finance
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Be it enacted by the General Assembly of Virginia:

1. § 1. Title. This act shall be known and may be cited as the "Capitol Square Preservation Act of 2003."

§ 2. Pursuant to § 2.2-2264 of the Code of Virginia, the General Assembly hereby authorizes the Virginia Public Building Authority to undertake the construction, improvement, and furnishing of the following projects including, without limitation, constructing, improving, furnishing, maintaining, and renovating buildings, facilities, improvements, and land therefor; and to exercise any and all powers granted to it by law in connection therewith, including the power to finance all or any portion of the cost thereof by the issuance of revenue bonds in a principal amount not to exceed $125,052,000 plus amounts needed to fund issuance costs, reserve funds, original issue discount, interest prior to and during construction or renovation and for 1 year after completion thereof, and other financing expenses. 

Agency                   Project Description               Amount

Dept. of                 Renovate Capitol Building    $54,492,000 

General Services         Acquire fixtures and       

                         furnishings for Capitol

                         Building                       5,972,000 

                         Construct new northern

                         entrance for Capitol

                         Building                      13,528,000

                         Renovate Old State Library

                         for temporary use by the

                         Governor and General Assembly  3,848,000

Subtotal                                              $77,840,000

Dept. of                 Construct and improve

General Services         Capitol Square utilities      $2,036,000

Dept. of                 Renovate Finance Building

General Services        (and construct addition to

                         Finance Building)            $31,520,000

Dept. of                 

General Services         Renovate Washington Building $13,146,000

Dept. of                 

General Services         Renovate Bell Tower             $300,000

Dept. of                 

General Services         Renovate Washington Monument    $210,000

GRAND TOTAL                                          $125,052,000

§ 3. The Virginia Public Building Authority is also authorized to exercise any and all powers granted to it by law in connection therewith, including the power to finance the cost thereof by the issuance of revenue bonds not to exceed the principal amount set forth plus amounts needed to fund issuance costs, reserve funds, original issue discount, interest prior to or during improvement and for up to 1 year after completion of the improvement, and other financing expenses.

§ 4. Notwithstanding the foregoing, the Virginia Public Building Authority shall not take any action in regard to the acquisition of fixtures and furnishings for the Capitol Building project, renovation of the Finance Building project, and renovation of the Washington Building project included in § 2, including the issuance of bonds, except as provided in this section.

The Governor shall prepare and release a plan to the chairmen of the Senate Finance Committee and House Appropriations Committee on or before December 1, 2003, providing alternatives to the issuance of bonds for completing the renovations included in § 2 for the Finance Building and Washington Building projects. Such alternatives shall include detailed information on the feasibility of entering into public-private partnerships for completing such renovations, including, but not limited to, entering into a comprehensive agreement with a private entity for the completion of such renovations pursuant to The Public-Private Education Facilities and Infrastructure Act of 2002 (§ 56-575.1 et seq. of the Code of Virginia). In addition, the plan shall identify the proposed tenants of each of the Finance and Washington Buildings, respectively, who will be occupying office space in such buildings immediately after completion of such renovations. The Governor's plan shall also provide alternatives to the issuance of bonds for the acquisition of fixtures and furnishings for the Capitol Building project included in § 2, which may include plans to finance the acquisition of such fixtures and furnishings through private donations or other means of fundraising. In no case shall any action be taken in regard to the acquisition of fixtures and furnishings for the Capitol Building project, renovation of the Finance Building project, and renovation of the Washington Building project included in § 2 prior to December 31, 2003.

The Department of General Services shall provide written notice to the Virginia Public Building Authority no later than March 31, 2004, identifying the renovations, and the expected costs thereof, for the renovations included in § 2 for the Finance Building and Washington Building projects that will be undertaken and completed by entities other than the Authority (in accordance with the Governor's plan provided herein), including, but not limited to, renovations to be completed pursuant to a comprehensive agreement with a private entity under the provisions of The Public-Private Education Facilities and Infrastructure Act of 2002. Upon receipt of such notice, the Virginia Public Building Authority shall undertake and complete, and may issue bonds to finance, the costs of all other renovations for the Finance Building and Washington Building projects included in § 2.

The Department of General Services shall provide written notice to the Virginia Public Building Authority no later than March 31, 2005, identifying the fixtures and furnishings, and the expected costs thereof, included in § 2 for the fixtures and furnishings for the Capitol Building project that will be acquired using funds from private donations or other means of fundraising, in accordance with the Governor's plan. Upon receipt of such notice, the Virginia Public Building Authority shall undertake to acquire, and may issue bonds for purposes thereof, all other fixtures and furnishings for the fixtures and furnishings for the Capitol Building project included in § 2.

§ 5. Any funds raised from private donations or other fundraising for purposes of acquiring fixtures and furnishings for the Capitol Building project may be used for such purposes by the Department of General Services after December 31, 2003.