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2008 SPECIAL SESSION I

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HB 5001 Capital outlay projects; issuance of bonds for facilities and other projects therefor, etc.

Introduced by: Lacey E. Putney | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Capital outlay projects; planning and funding. Creates a process for determining state capital outlay projects to be funded in a rolling six-year plan including (i) creating the Six-year Capital Outlay Advisory Committee that will receive proposed projects from state agencies and compile a six-year list of projects for the Governor's and the General Assembly's consideration prior to the 2009 Session; (ii) requesting that the Governor consider the Advisory Committee's list and then submit his suggested six-year capital outlay plan for consideration by the 2009 General Assembly Session. After the General Assembly passes a bill creating the six-year capital outlay plan, the Advisory Committee and the Governor will annually carry out their functions in the nature of suggested modifications to that plan for consideration by the General Assembly.

The bill also provides almost $1.5 billion in funding for specific capital projects, with $437,671,000 of that amount being in proceeds from bonds to be issued by the Virginia Public Building Authority, and $964,593,000 of that amount being from bonds to be issued by the Virginia College Building Authority, and the remainder from general funds.

SUMMARY AS INTRODUCED:

The 21st Century Capital Improvement Program. Creates the 21st Century Capital Improvement Program which is a dynamic program for the orderly and systematic programming and financing of capital projects throughout the Commonwealth that will be revised annually for the acquisition, development, enhancement, planning, or replacement of public facilities over a multiyear period. In addition, the bill provides an initial list of the Program's projects; a list of projects to be constructed by bonds issued by the Virginia College Building Authority and the Virginia Public Building Authority, and a list of projects whose planning costs will be appropriated in the Budget Bill.