Central Capital Outlay (949)

The capital projects in paragraphs A and B of this Item are hereby authorized and may be financed in whole or in part through bonds of the Virginia College Building Authority pursuant to §23-30.24 et seq., Code of Virginia or the Virginia Public Building Authority pursuant to §2.2-2263, Code of Virginia. Bonds of the Virginia College Building Authority issued to finance these projects may be sold and issued under the 21st Century College Program at the same time with other obligations of the Authority as separate issues or as a combined issue.   The aggregate principle amounts will not exceed the amounts listed in paragraphs A and B below plus amounts to fund related issuance costs, and other financing expenses, in accordance with Section 2.2-2263 of the Code of Virginia.

From the list of projects included in paragraph B of this Item, the Director of the Department of Planning and Budget shall provide the Chairmen of the Virginia College Building Authority and the Virginia Public Building Authority with the specific projects, as well as the amounts for these projects, to be financed by each authority within the dollar limit established by this authorization. 

Debt service on the projects contained in this Item shall be provided from appropriations to the Treasury Board.

The appropriations for said capital projects are contained in this Item and are subject to the conditions in § 2-0 F of this act. 

A. There is hereby appropriated $26,276,000 the first year from bond proceeds and $44,462,000 the second year from bond proceeds of the Virginia College Building Authority or the Virginia Public Building Authority to provide funds for equipment for the following projects for which construction was previously provided.

B. There is hereby appropriated $1,087,588,000 the second year from bond proceeds of the Virginia College Building Authority pursuant to § 23-30.24 et. seq., Code of Virginia, and the Virginia Public Building Authority pursuant to § 2.2-2263, Code of Virginia, to provide funding for construction for the following projects for which planning is completed.

C. The appropriations contained in paragraphs A and B of this Item shall be subject to the conditions specified in paragraph D below and no bonds shall be issued for the affected projects until the conditions of paragraph D are satisfied.

D. The Secretary of Finance shall prepare and submit a plan to the Governor and the Chairmen of the House Appropriations Committee and the Senate Finance Committee on or before the beginning of the 2011 General Assembly Session to schedule the issuance of debt for the projects authorized in this Item and for the projects authorized in Item C-84, Central Maintenance Reserve, Item 245 Higher Education Equipment Trust Fund, and Item C-86 Improvements: Energy Conservation.  The plan prepared by the Secretary of Finance shall take into account the most recent recommendations of the Debt Capacity Advisory Committee released prior to the start of the 2011 General Assembly Session and make recommendations on the issuance of bonds for affected projects to stay at or below the limits on debt capacity established by the Debt Capacity Advisory Committee.  Furthermore, the plan shall recommend a schedule for issuance of debt that funds projects in the following priority order:

Priority 1:  Maintenance Reserve

Priority 2:  Higher Education Equipment Trust Fund

Priority 3:  Equipment for Previously Funded Projects

Priority 4:  Construction funds for projects with completed planning

Priority 5:  Improvements:  Energy Conservation

E.1. The projects listed in paragraph B of this item include funds to complete planning through working drawings.  The Secretary of Finance shall provide funding through the bond authorization upon completion of the plan in paragraph D.

2. In accordance with § 2.2-1516, each institution shall submit their planning documents to the Six-Year Capital Outlay Plan Advisory Committee for review.  Projects contained in this item shall proceed according to §§ 2.2-1516 through 2.2-1520.

F.1. Capital projects authorized in paragraph B of this Item may proceed from preliminary working drawings to detailed working drawings.  

2. Such nongeneral funds as may be required for this purpose are hereby appropriated.

3. Nongeneral funds expended for the purposes of projects in paragraph B of this Item may be reimbursed from such funds as may be appropriated for the construction of the project for which planning is undertaken, upon the authorization of such funds.