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2004 SESSION

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SB 583 College Building Authority; designation of projects financed by bonds.

Introduced by: Richard L. Saslaw | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia College Building Authority. Clarifies that boards of visitors of public institutions of higher education must designate as Virginia College Building Authority (VCBA) projects those projects to be financed by VCBA bonds secured by a pledge of any one or more of the revenue sources cited in subdivisions (1) through (4) of subsection (d) of § 23-19 (such as project rentals and fees or increased rentals and fees for existing facilities; new rentals and fees for existing facilities; student building fees and other student fees; and other general and nongeneral fund appropriations to the institution). The measure is designed to eliminate the need for institutional designation of projects financed under the VCBA 21st Century Program.

A second enactment clause "validates, ratifies, approves, and confirms" all VCBA bonds issued previously to purchase educational institution bonds pursuant to § 23-30.27, to acquire equipment pursuant to § 23-30.27.1, or to pay for all or any portion of the cost of one or more projects or portion or portions thereof.


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