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1994 SESSION

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SB 237 Virginia Resources Authority.

Introduced by: Charles J. Colgan | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Resources Authority. Increases the general cap on outstanding bonds of the Virginia Resources Authority from $400 million to $550 million, and increases the maximum amount of bonds that can be issued to finance heavy rail transportation facilities from six million to eight million dollars. The bill authorizes the Virginia Resources Authority to sell loans made by the wastewater, water supply, and solid waste revolving loan funds for the purpose of leveraging the funds. The bill also grants to the Authority the power to do necessary or convenient acts with respect to these three revolving loan funds, which conforms to the usual grant of power to the Authority generally.

The bill allows the Board of Directors, rather than the Attorney General, to establish the penalty sum for the surety bond to be provided by the Director. The Authority would be authorized to self-insure against losses, including indemnification of its employees and agents.

Finally, the bill makes a technical correction regarding refunding bonds.


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