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2012 SESSION

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SB 672 Hampton Roads Sanitation District; amends enabling act, etc.

Introduced by: Thomas K. Norment, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Hampton Roads Sanitation District.  Amends the sanitation district's enabling act by expressly permitting the Hampton Roads Sanitation District Commission to determine the rate of interest on revenue bonds, removing the six percent interest-rate cap for the sale of bonds, and allowing the Commission to refund revenue bonds at a higher interest rate than that at which they were issued where the Commission determines such a refund to be in the best interests of the District. Where the Commission secures revenue bonds with a trust agreement, the bill allows such an agreement to require that the bonds be delivered to the trustee with written instructions to cancel them before they will be deemed extinguished. The bill eliminates the requirement that the public official's liability insurance policy covering each Commissioner shall have a $10,000 deductible and be available through the Commonwealth. A change to the definitions section expands the meaning of the word "owner" to include not only individuals, corporations, and other listed entities but also limited liability companies. The bill also makes clarifying amendments.


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