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2009 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 62.1-204 of the Code of Virginia is amended and reenacted as follows:
§ 62.1-204. Power to borrow money and issue bonds and credit enhancements.
The Authority shall have the power to borrow money and issue
its bonds in amounts the Authority determines to be necessary or convenient to
provide funds to carry out its purposes and powers and to pay all costs and
expenses incurred in connection with the issuance of bonds. The Authority shall
also have the power to issue credit enhancements with respect to local
obligations issued to finance or refinance the cost of any project. The total
outstanding aggregate principal amount of bonds issued by the Authority and
local obligations guaranteed by the Authority pursuant to credit enhancements,
that in either case are secured by a capital reserve fund pursuant to the
provisions of § 62.1-215, shall not exceed the sum of $900 million $1.5
billion without prior approval of the General Assembly.
Notwithstanding the foregoing, the Authority shall not exceed the sum of eight million dollars in the total principal amount of bonds outstanding at any one time for the purpose of financing any heavy rail transportation facilities.