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2007 SESSION

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HB 1712 Transportation Capital Projects Bond Debt Service Fund; created.

Introduced by: Vincent F. Callahan, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED HOUSE: (all summaries)

Virginia Public Building Authority; prison construction. Authorizes (i) the Virginia Public Building Authority to issue bonds in an amount not to exceed $106,500,000 for the construction of a medium security prison in the Mt. Rogers Planning District, and for state parks; (ii) the Virginia College Building Authority to issue bonds not to exceed $241,835,488 to fund the costs of numerous capital projects at public institutions of higher education; and (iii) authorizes the Commonwealth Transportation Board (CTB) to issue bonds in an amount not to exceed $2 billion for transportation purposes. The bill dedicates certain insurance premium tax revenue, and $163 million in surplus funds to pay debt service on the bonds issued by the CTB. The remaining surplus of $64 million is appropriated to the Transportation Trust Fund.


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