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2008 SPECIAL SESSION I
SB 5001 Capital outlay projects; issuance of bonds for facilities and other projects therefor, etc.
Introduced by: Charles J. Colgan | 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:
Bonds for Virginia facilities and other projects. Authorizes the issuance of bonds under the Virginia Public Building Authority in a principal amount not to exceed $1,103,600,000, and under the Virginia College Building Authority with the principal amount of bonds issued for all such projects not to exceed $1,374,928,000. The bill also authorizes the State Treasurer to advance treasury loans in an amount not to exceed the costs of planning for certain capital projects with the total amount of treasury loans advanced for the costs of planning of all such projects not to exceed $95,570,000.