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2003 SESSION
SB 904 Southeastern Public Service Authority of Virginia.
Introduced by: Frederick M. Quayle | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Southeastern Public Service Authority of Virginia. Amends the original act creating the Southeastern Public Service Authority of Virginia to add the County of Isle of Wight to the list of cities that are authorized to contract obligations over a period of more than one year to guarantee indebtedness of the Authority. Pursuant to Article VII, § 10(b) of the Constitution of Virginia, the County of Isle of Wight has elected to be treated as a city for purposes of Article VII, § 10(a) regarding the issuance of bonds. The bill also authorizes the Authority to indemnify and hold harmless purchasers of Authority-owned interests in property for certain liabilities when the Authority leases back such property.
SUMMARY AS PASSED SENATE:
Southeastern Public Service Authority of Virginia. Amends the original act creating the Southeastern Public Service Authority of Virginia to add the County of Isle of Wight to the list of cities that are authorized to contract obligations over a period of more than one year to guarantee indebtedness of the Authority. Pursuant to Article VII, § 10(b) of the Constitution of Virginia, the County of Isle of Wight has elected to be treated as a city for purposes of Article VII, § 10(a) regarding the issuance of bonds. The bill also authorizes the Authority to indemnify and hold harmless purchasers of Authority-owned interests in property for certain liabilities when the Authority leases back such property.
SUMMARY AS INTRODUCED:
Southeastern Public Service Authority of Virginia. Amends the original act creating the Southeastern Public Service Authority of Virginia to add the County of Isle of Wight to the list of cities that are authorized to contract obligations over a period of more than one year to guarantee indebtedness of the Authority. Pursuant to Article VII, § 10(b) of the Constitution of Virginia, the County of Isle of Wight has elected to be treated as a city for purposes of Article VII, § 10(a) regarding the issuance of bonds.