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2006 SESSION

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HJ 118 Community College System; joint subcommittee to study financing long-term facility needs.

Introduced by: Clifford L. Athey, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Study; financing the long-term facility needs of the Virginia Community College System; report.  Establishes a joint subcommittee to study financing the long-term facility needs of the Virginia Community College System. In conducting its study, the joint subcommittee shall consider an assessment of the current and future facility needs at Virginia's community colleges relative to the expected growth in student population geographically and at each community college, alternatives for financing the planning, bidding process, and construction of new facilities at Virginia's community colleges, and financing options, including, but not limited to: (i) general obligation bond issues 9(b) and 9(c) of the Commonwealth; (ii) lease-purchase financing; (iii) revenue bonds; (iv) establishment of a debt issuance vehicle structured for the Virginia Community College System that is similar to that for the Virginia College Building Authority; (v) expansion of funding and financing options through the Virginia College Building Authority, or a new dispensation for taxing and borrowing authority; (vi) establishment of a state start-up capital fund that would be used to leverage matching private funds; (vii) changes to the local real property tax to provide a designated increment that would be dedicated to community college facilities; (viii) public-private partnerships; and (ix) local or regional authorizing bond referenda.

The joint subcommittee must submit its findings and recommendations to the 2007 Session of the General Assembly.


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