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ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
1995 SESSION
LD7402176Be it enacted by the General Assembly of Virginia:
1. That §§ 2.1-234.12 and 2.1-234.13 of the Code of Virginia are amended and reenacted as follows:
§ 2.1-234.12. Virginia Public Building Authority created; membership; terms; expenses; vacancies.
The State Treasurer or his designee, the State Comptroller, and five additional members appointed by the Governor, subject to confirmation by the General Assembly, if in session when such appointments are made, and if not in session, at its first session subsequent to such appointment, who shall serve at the pleasure of the Governor, are hereby created a body corporate and politic, constituting a public corporation and governmental instrumentality by the name of the "Virginia Public Building Authority." Unconfirmed appointments shall expire thirty days after the convening of the General Assembly. Such members of the Authority shall be entitled to no compensation for their services as members, but shall be entitled to reimbursement for all necessary expenses incurred in connection with the performance of their duties as members. The term of each member appointed by the Governor shall be five years; provided, however, that of the members first appointed, one shall be appointed for a term of five years, one for a term of four years, one for a term of three years, one for a term of two years, and one for a term of one year. Any vacancy happening among the appointed members of the Authority shall be filled by appointment by the Governor, subject to confirmation by the General Assembly. The Department of the Treasury shall serve as staff to the Authority.
§ 2.1-234.13. Purposes and general powers and duties of Authority.
The Authority is created for the purpose of constructing, improving, furnishing, maintaining, acquiring, and operating public buildings for the use of the Commonwealth (heretofore or hereafter constructed), state arsenals, armories, and military reserves, state institutions of every kind and character (heretofore and hereafter constructed), additions and improvements to land grant colleges, state colleges, universities and medical colleges, and the purchase of lands for rehabilitation purposes in connection with state institutions and for use of state colleges, and museum facilities for a trust instrumentality of the United States, and the purchase of lands for the development of public buildings which may be authorized by the General Assembly in the future, and the acquisition of items of personal property for the use of the Commonwealth (any and all of the foregoing being herein called "projects"), the purpose and intent of this article being to benefit the people of the Commonwealth by, among other things, increasing their commerce and prosperity. The Authority shall not undertake any project or projects which are not specifically included in a bill or resolution passed by a majority of those elected to each house of the General Assembly, authorizing such project or projects and as to any project relating to a state institution of higher education, not specifically designated by the board of visitors of that institution as a project to be undertaken by the Authority. The Authority is hereby granted and shall have and may exercise all powers necessary or convenient for the carrying out of the aforesaid purposes, including, but without limiting the generality of the foregoing, the following rights and powers:
1. To have perpetual existence as a corporation.
2. To sue and be sued, implead and be impleaded, complain and defend in all courts.
3. To adopt, use, and alter at will a corporate seal.
4. To acquire, purchase, hold and use any property, real, personal or mixed, tangible or intangible, or any interest therein necessary or desirable for carrying out the purposes of the Authority; without limitation of the foregoing, to lease as lessee, with the approval of the Governor, any property, real, personal or mixed, or any interest therein for a term not exceeding ninety-nine years at a nominal rental or at such annual rental as may be determined; with the approval of the Governor, to lease as lessor to the Commonwealth of Virginia and any city, county, town or other political subdivision, or any agency, department, or public body of the Commonwealth, or land grant college, any project at any time constructed by the Authority and any property, real, personal or mixed, tangible or intangible, or any interest therein, at any time acquired by the Authority, whether wholly or partially completed; with the approval of the Governor, to sell, transfer and convey to the Commonwealth of Virginia, any project at any time constructed by the Authority; and, with the approval of the Governor, to sell, transfer and convey any property, real, personal or mixed, tangible or intangible, or any interest therein, at any time acquired by the Authority.
5. To acquire by purchase, lease, or otherwise, and to construct, improve, furnish, maintain, repair, and operate projects.
6. To make bylaws for the management and regulation of its affairs.
7. To fix, alter, charge, and collect rates, rentals, and other charges for the use of the facilities of, or for the services rendered by, the Authority, or projects thereof, at reasonable rates to be determined by it for the purpose of providing for the payment of the expenses of the Authority, the construction, improvement, repair, furnishing, maintenance, and operation of its facilities and properties, the payment of the principal of and interest on its obligations, and to fulfill the terms and provisions of any agreements made with the purchasers or holders of any such obligations.
8. To borrow money; make and issue negotiable notes, bonds, and other
evidences of indebtedness or obligations (herein called "bonds") of the
Authority and such bonds as the Authority may, from time to time, determine
to issue for the purpose of refunding bonds previously issued by the
Authority; to secure the payment of all bonds, or any part thereof, by pledge
or deed of trust of all or any of its revenues, rentals, and receipts; to
make such agreements with the purchasers or holders of such bonds or with
others in connection with any such bonds, whether issued or to be issued, as
the Authority shall deem advisable; and in general, to provide for the
security for said bonds and the rights of holders thereof, provided that the
total principal amount of such bonds outstanding at any time shall not exceed
$879 $902 million.
The Authority shall submit an annual report to the Governor and General Assembly on or before November 1 of each year containing, at a minimum, the annual financial statements of the Authority for the year ending the preceding June 30. The annual report shall be distributed in accordance with the provisions of § 2.1-467.
9. To make contracts of every name and nature, and to execute all instruments necessary or convenient for the carrying on of its business.
10. Without limitation of the foregoing, to borrow money and accept grants from, and to enter into contracts, leases or other transactions with, any federal agency.
11. To have the power of eminent domain.
12. To pledge or otherwise encumber all or any of the revenues or receipts of the Authority as security for all or any of the obligations of the Authority.
13. To do all acts and things necessary or convenient to carry out the powers granted to it by this article or any other acts.
14. To acquire, by assignment from the Commonwealth or the Virginia Retirement System, all contracts, including those which are not completed, which involve constructing, improving, furnishing, maintaining, and operating the structures, facilities, or undertakings similar to those designated herein as projects.
Except as otherwise provided by law, when projects are to be constructed, improved, furnished, maintained, repaired or operated for the use of any department of the Commonwealth, as hereinbefore listed in this section, no plans or specifications therefor shall be presented for quotations or bids until such plans and specifications shall have been submitted to and approved by the Department of General Services and any other department of the Commonwealth having any jurisdiction over the projects, so that the project will conform to standards established by such departments.
2. That the third enactment of Chapter 876 of the Acts of Assembly of 1990, as last amended by the seventh enactment of Chapter 1 of the Acts of Assembly of 1993, Special Session, is amended and reenacted as follows:
3. That pursuant to § 2.1-234.13 of the Code of Virginia, the General Assembly hereby authorizes the Virginia Public Building Authority to undertake projects consisting of the construction and furnishing of three correctional facilities located on state-owned property as follows:
Principal Amount
Facility of Project
Deep Meadow Prototype Correctional Facility #1 $24,000,000
$24,048,000
Deep Meadow Prototype Correctional Facility #2 $24,000,000
$24,664,000
Deep Meadow Prototype Correctional Facility #3 $24,000,000
$22,806,000
Warehouses at Augusta, Buckingham and Nottoway
Correctional Centers (14168) $1,708,000
Of the amount provided for the Deep Meadow Prototype Correctional Facility
#1, no more than $20,526,071 $20,574,071 shall be used
for prison construction and contingencies and no more than $3,473,929 shall
be used to furnish the prison. Of the amount provided for the Deep Meadow
Prototype Correctional Facility #2, no more than $20,020,771
$20,684,771 shall be used for prison construction and
contingencies and no more than $3,979,229 shall be used to furnish the
prison. Of the amount for the Deep Meadow Prototype Correctional Facility
#3, no more than $20,400,571 $19,206,571 shall be used
for prison construction and contingencies and no more than $3,599,429 shall
be used to furnish the prison. Included within the construction costs for
the Deep Meadow Prototype Correctional Facility #3 is the demolition and
reconstruction on state-owned property or acquired appurtenant land of a
Virginia Department of Transportation area headquarters which stands on the
prison construction site.
The Virginia Public Building Authority is also authorized to exercise any and all powers granted to it by law in connection therewith, including the power to lease such projects to the Commonwealth and to finance the cost thereof by the issuance of revenue bonds not to exceed the principal amount set forth plus amounts needed to fund issuance costs, reserve funds and other financing expenses.
3. That the fifth enactment of Chapter 656 of the Acts of Assembly of 1991, as amended by the fourth enactment of Chapter 1 of the Acts of Assembly of 1993, Special Session, is amended and reenacted as follows:
5. That pursuant to § 2.1-234.13 of the Code of Virginia, the General
Assembly hereby authorizes the Virginia Public Building Authority to
undertake a project consisting of the acquisition, construction and
furnishing of up to an 825-bed correctional facility to be located in the
Northern Administrative Region of the Department of Corrections, and to
exercise any and all powers granted to it by law in connection therewith,
including the power to lease such project to the Commonwealth and to finance
the cost thereof by the issuance of revenue bonds in a principal amount not
to exceed $28,149,429 $28,631,429 plus amounts needed
to fund issuance costs, reserve funds and other financing expenses.
Of the amount provided for the 825-bed correctional facility, no more
than $24,800,000 $24,966,000 shall be used for
acquisition, prison construction and contingencies and no more than
$3,349,429 $3,665,429 shall be used to furnish the facility.
4. That the first enactment of Chapter 2 of the Acts of Assembly of 1991, Special Session II, as last amended by the seventh enactment of Chapter 823 of the Acts of Assembly of 1994, is amended and reenacted as follows:
1. § 1. That pursuant to § 2.1-234.13 of the Code of Virginia, the General
Assembly authorizes the Virginia Public Building Authority to undertake the
following projects including, without limitation, constructing, improving,
furnishing, maintaining, acquiring and renovating buildings, facilities,
improvements and land therefor, to exercise any and all powers granted to it
by law in connection therewith, including the power to lease such projects to
the Commonwealth, and to finance all or any portion of the cost thereof by
the issuance of revenue bonds in a principal amount not to exceed
$17,788,000 $18,288,000 plus amounts needed to fund issuance
costs, reserve funds, interest prior to and during acquisition, construction
or renovation and for one year after completion thereof, and other financing
expenses. The Authority may pay all or any part of the cost of any project
hereinafter listed or otherwise authorized or any portion thereof with any
income and reserve funds of the Authority available for such purpose, and in
such case may transfer such funds of the Authority, with or without a
property interest in such projects, as determined by the Authority, with the
approval of the Governor.
Project
Facility Cost
Central State Hospital Life Safety Code
Renovations for Building No. 39 $3,434,000
Central Virginia Training Center Coal Pile
Runoff Improvements $175,000
Department of General Services Renovation of
Elevators in Supreme Court Building $779,000
Department of General Services Renovation of
Elevators in State Capitol Building $375,000
Department of General Services Restoration of
Virginia War Memorial $450,000
Eastern State Hospital Life Safety Corrections,
Buildings 2, 25, and 28 $1,513,000
Eastern State Hospital Renovation of Climate
Control System, Building No. 4 $823,000
Eastern State Hospital Sources of Discharge
Improvements $209,000
Eastern State Hospital Renovation of
Bathrooms, Buildings 32 and 34 $1,160,000
Southside Virginia Training Center
Repairs and Renovations of Cottages $2,501,000
Western State Hospital Climate Control,
Buildings 107, 115, 118, 121 $2,337,000
Woodrow Wilson Rehabilitation Center
Carter Hall, Heating, Ventilation and Air
Conditioning $967,000
Augusta Correctional Center Air
Pollution Control Requirements $434,000
Staunton Correctional Center Replacement of
Stairwell in Building #37 $253,000
$353,000
St. Brides Correctional Center Roof Repairs
and Replacements $875,000
Virginia Correctional Center for Women
Repair of Heating System $482,000
Southampton Correctional Center Boiler
Replacement $530,000
8th and 9th Street State Office Buildings
and Supreme Court Building
Life Safety Code Repairs $246,000 Department of General Services Repair Safety Hazards in Monroe Building $400,000 Virginia Institute for Marine Science Fire Safety Renovations $245,000 Total$17,788,000$18,288,000
5. That the first enactment of Chapter 4 of the Acts of Assembly of 1991, Special Session II, as last amended by the eighth enactment of Chapter 823 of the Acts of Assembly of 1994, is amended and reenacted as follows:
1. § 1. That pursuant to § 2.1-234.13 of the Code of Virginia, the General
Assembly authorizes the Virginia Public Building Authority to undertake the
following projects including, without limitation, constructing, improving,
furnishing, maintaining, acquiring and renovating buildings, facilities,
improvements and land therefor, to exercise any and all powers granted to it
by law in connection therewith, including the power to lease such projects to
the Commonwealth, and to finance all or any portion of the cost thereof by
the issuance of revenue bonds in a principal amount not to exceed
$17,788,000 $18,288,000 plus amounts needed to fund
issuance costs, reserve funds, interest prior to and during acquisition,
construction or renovation and for one year after completion thereof, and
other financing expenses. The Authority may pay all or any part of the cost
of any project hereinafter listed or otherwise authorized or any portion
thereof with any income and reserve funds of the Authority available for such
purpose, and in such case may transfer such funds of the Authority, with or
without a property interest in such projects, as determined by the Authority,
with the approval of the Governor.
Project
Facility Cost
Central State Hospital Life Safety Code
Renovations for Building No. 39 $3,434,000
Central Virginia Training Center Coal Pile
Runoff Improvements $175,000
Department of General Services Renovation of
Elevators in Supreme Court Building $779,000
Department of General Services Renovation of
Elevators in State Capitol Building $375,000
Department of General Services Restoration of
Virginia War Memorial $450,000
Eastern State Hospital Life Safety Corrections,
Buildings 2, 25, and 28 $1,513,000
Eastern State Hospital Renovation of Climate
Control System, Building No. 4 $823,000
Eastern State Hospital Sources of Discharge
Improvements $209,000
Eastern State Hospital Renovation of
Bathrooms, Buildings 32 and 34 $1,160,000
Southside Virginia Training Center
Repairs and Renovations of Cottages $2,501,000
Western State Hospital Climate Control,
Buildings 107, 115, 118, 121 $2,337,000
Woodrow Wilson Rehabilitation Center
Carter Hall, Heating, Ventilation and Air
Conditioning $967,000
Augusta Correctional Center Air
Pollution Control Requirements $434,000
Staunton Correctional Center Replacement of
Stairwell in Building #37 $253,000
$353,000
St. Brides Correctional Center Roof Repairs
and Replacements $875,000
Virginia Correctional Center for Women
Repair of Heating System $482,000
Southampton Correctional Center Boiler
Replacement $530,000
8th and 9th Street State Office Buildings
and Supreme Court Building
Life Safety Code Repairs $246,000 Department of General Services Repair Safety Hazards in Monroe Building $400,000 Virginia Institute for Marine Science Fire Safety Renovations $245,000 Total$17,788,000$18,288,000
6. That the fourth enactment of Chapter 878 of the Acts of Assembly of 1992, as amended by the second enactment of Chapter 823 of the Acts of Assembly of 1994, is amended and reenacted as follows:
4. That pursuant to § 2.1-234.13 of the Code of Virginia, the General Assembly hereby authorizes the Virginia Public Building Authority to undertake projects consisting of the construction, improvement and furnishing of four correctional facilities and the acquisition of appurtenant land as follows:
Principal Amount
Facility of Project
Virginia Correctional Center for Women
Kitchen/Dining Facility construction and
the improvement of a bakery and existing
kitchen space in several buildings $2,888,000
Keen Mountain Prototype Correctional Facility $52,000,000
Deep Meadow Prototype Correctional Facility #5 $29,849,500
Bland Isolation/Segregation Building $2,812,100
Of the amounts provided for the Deep Meadow Prototype Correctional #5, not
more than $3,349,500 $4,029,500 shall be used to
furnish the project. Of the amounts provided for the Bland
Isolation/Segregation Building, not more than $124,500 shall be used to
furnish the project. The Virginia Public Building Authority is also
authorized to exercise any and all powers granted to it by law in connection
therewith, including the power to lease such projects to the Commonwealth and
to finance the cost thereof by the issuance of revenue bonds not to exceed
the principal amount set forth plus amounts needed to fund issuance costs,
reserve funds, and other financing expenses. The Authority is further
authorized and directed to locate the Keen Mountain Prototype and
the Deep Meadow Prototype Correctional Facilities
Facility on a site in Lunenburg County and a site in Wise County
(the Wise County location being one generally referred to as “Red Onion
Mountain”), provided that clear and unencumbered title to either or both
sites, as the case may be, is conveyed to the Authority at no cost to the
Authority or the Commonwealth by September 1, 1992, and that neither the
Authority nor the Commonwealth shall be required or expected to contribute in
any way to the cost of any utility or sitework improvement which is required
to complete these projects where such work is outside the metes and bounds of
the property which is owned by the Authority. If clear and unencumbered
titles to either or both of these sites are not conveyed by such date, the
Authority shall be authorized to redirect the location of the correctional
facilities authorized pursuant to this section to sites located within the
Eastern Administrative Region of the Department of Corrections and to acquire
the appurtenant land and to exercise any and all powers granted to it by law
in connection therewith. The Authority is further authorized and
directed to locate the Keen Mountain Prototype Facility (Sussex II) on an
existing state-owned site in Sussex County, and to exercise any and all
powers granted to it by law in connection therewith. The Governor is
authorized to supplement funds available for the Keen Mountain Prototype
Facility (Sussex II) in an amount up to $21,041,420 from revenue collections
deposited in the state treasury to the credit of the general fund which
exceed official estimates for the fiscal year ending June 30, 1995. Any
amount designated by the Governor to supplement funding available for the
Facility is herewith appropriated for such purpose. The Department of
Corrections, acting as agent for the Authority, shall design, construct and
equip the Facility within the limits of funds provided for herein,
notwithstanding any supplemental appropriation therefor. To the extent that
funds have been expended for a Facility to be located on a site in Wise
County, such expenditures shall be considered to be in furtherance of the
Keen Mountain Prototype Facility (Sussex II), and may be paid from the
proceeds of bonds issued for the project.
7. That pursuant to § 2.1-234.13 of the Code of Virginia, the General Assembly hereby authorizes the Virginia Public Building Authority to undertake projects consisting of the construction, improvement and furnishing of correctional facilities and the acquisition of appurtenant land as follows:
Principal Amount
Facility of Project
Seven Corrections Work Centers $28,835,000
Of the amounts provided for the seven work centers, not more than $3,910,000 shall be used to furnish the project. The Virginia Public Building Authority is also authorized to exercise any and all powers granted to it by law in connection therewith, including the power to lease such projects to the Commonwealth and to finance the cost thereof by the issuance of revenue bonds not to exceed the principal amount set forth plus amounts needed to fund issuance costs, reserve funds, and other financing expenses.
8. § 1. That the provisions of this enactment shall be known and may be cited as the “Commonwealth of Virginia Correctional Facilities Bond Act of 1995.”
§ 2. Subject to a favorable vote of a majority of the qualified voters voting at the November 7, 1995, general election as hereinafter provided, the Treasury Board is hereby authorized, by and with the consent of the Governor, to sell and issue, at one time or from time to time, bonds of the Commonwealth, to be designated “Commonwealth of Virginia Correctional Facilities Bonds, Series...,” in an aggregate principal amount not exceeding $30,800,000. The proceeds of the bonds, excluding amounts needed to pay issuance costs and other financing expenses, shall be used as provided in § 6 hereof for the purpose of providing funds for paying, together with any other available funds, the cost of acquiring, constructing, renovating, furnishing, and equipping certain capital projects for correctional facilities as follows:
Correctional Facilities
Project Amount
Sussex I Maximum Security Prison,
Supplement for Additional Housing
and Security Enhancements.............................$ 16,200,000 Womens' Multi-Custody Prison,
Supplement for Additional Housing,
Infrastructure, and Security Features ................$ 14,600,000 TOTAL $ 30,800,000
The General Assembly hereby finds and determines that the estimated useful life of the capital projects listed above is in excess of twenty-one years.
Where specific geographic locations are not identified for the projects listed above, the Governor, after consulting with the Department of Corrections, shall (i) identify such locations by county, city, or town and (ii) provide written notice of such locations to the State Board of Elections on or before August 1, 1995. Such locations shall be (i) published as part of the notice of the election described in § 14 of this act and (ii) printed as part of the ballot question posed to the voters on the effectiveness of this act, such question also being described in § 14 of this act.
If any capital project listed in § 2 of this act includes more than one correctional facility, the Department of Corrections shall determine the amount to be allocated within such capital project to each correctional facility.
To the extent that the cost of any capital project is less than the amount allocated to such capital project in § 2 of this act, the Governor or the Governor's designee may use such excess funds to increase the amount allocated to any other capital project listed in § 2 of this act. No allocation to any other capital project may be increased until it has been demonstrated to the satisfaction of the Governor or the Governor's designee that (i) the cost of such other capital project has been reduced to the extent reasonable, (ii) such other capital project has not been expanded or enhanced beyond that originally approved, and (iii) such other capital project is suitable and adequate for the scope originally intended. No increase in the amount allocated to any other capital project shall constitute authorization for the issuance of bonds in an amount in excess of the aggregate amount authorized hereunder.
No allocation shall be made to any capital project listed in § 2 of this act until planning has been completed and a complete review of estimated cost has been conducted by the Department of General Services.
§ 3. The bonds shall be dated, shall mature at such time or times not exceeding twenty-one years from their date or dates and may be made redeemable before their maturity or maturities at such price or prices, all as may be determined by the Treasury Board, by and with the consent of the Governor. The bonds shall be in such form, shall bear interest at a rate or rates, either at fixed rates or at rates established by formula or other method, and may contain such other provisions, all as determined by the Treasury Board or the State Treasurer, when authorized by the Treasury Board. The principal of, premium, if any, and interest on the bonds shall be payable in lawful money of the United States of America. The Treasury Board shall fix the denomination or denominations of the bonds and the place or places for payment of the principal, premium, if any, and interest, which may be at the office of the State Treasurer or at any one or more banks or trust companies within or without the Commonwealth.
Bonds may be issued under a system of book entry for recording the ownership and transfer of ownership of rights to receive payments of the principal of, premium, if any, and interest on the bonds.
The Treasury Board may sell the bonds in such manner, either at public or private sale, and for such price as it may determine, by and with the consent of the Governor, to be in the best interest of the Commonwealth.
The “Commonwealth of Virginia Correctional Facilities Bonds, Series....” authorized hereby may be issued at one time or in part from time to time or may, in the discretion of the Treasury Board, be issued and sold at the same time with any general obligation bonds of the Commonwealth authorized pursuant to Article X, Section 9 (a)(3), (b), or (c) of the Constitution of Virginia, to be designated “Commonwealth of Virginia General Obligation Bonds, Series ..,” either as separate issues or combined issues.
§ 4. The bonds shall be signed on behalf of the Commonwealth by the Governor or shall bear his facsimile signature and by the State Treasurer or shall bear his facsimile signature and shall bear the lesser seal of the Commonwealth or a facsimile thereof. In the event that the bonds bear the facsimile signature of the State Treasurer, the bonds shall be signed by such administrative assistant or authenticated by such agent as may be appointed by the State Treasurer. In case any officer whose signature or facsimile of whose signature appears on any bonds ceases to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. Any bond may bear the facsimile signature of, or may be signed by, such persons as at the actual time of the execution of such bond are the proper officers to sign such bond although at the date of such bond such persons may not have been such officers.
§ 5. The Treasury Board is hereby authorized, by and with the consent of the Governor, to borrow money in anticipation of the issuance of the bonds. Such bond anticipation notes shall be dated, shall mature at such time or times not exceeding five years from their date or dates, and may be redeemable before their maturity or maturities at such price or prices, all as may be determined by the Treasury Board, by and with the consent of the Governor. The bond anticipation notes shall be in such form, shall bear interest at such rate or rates, either at fixed rates or at rates established by formula or other method, and may contain such other provisions, all as determined by the Treasury Board or the State Treasurer, when authorized by the Treasury Board. Such bond anticipation notes shall be executed in the manner provided in § 4 hereof.
§ 6. Proceeds (including any premium) of the bonds (except the proceeds of bonds the issuance of which has been anticipated by bond anticipation notes) and proceeds of any bond anticipation notes shall be placed by the State Treasurer in a special capital outlay fund in the State Treasury and shall be disbursed only for the purpose for which the bonds and any bond anticipation notes have been issued. In the event that the proceeds of the bonds exceed the cost of the projects specified herein, the Treasury Board shall cause such excess proceeds to be deposited in the sinking fund hereinafter created. Proceeds of the bonds, the issuance of which has been anticipated by bond anticipation notes, shall be used to pay such bond anticipation notes. Funds provided by the General Assembly, or from any other source, for the payment of the principal of, premium, if any, and interest on the bonds, the issuance of which has been anticipated by bond anticipation notes, shall be used to pay the principal of, premium, if any, and interest on any bond anticipation notes.
§ 7. The Treasury Board is authorized, by and with the consent of the Governor, to sell and issue, at one time or from time to time, refunding bonds of the Commonwealth, to be designated “Virginia Correctional Facilities Refunding Bonds, Series...” to refund any or all of the bonds issued under this act. No refunding bonds shall be issued in a principal amount exceeding that necessary to amortize the principal of, premium, if any, and interest on the bonds to be refunded and to pay all issuance costs and other financing expenses of the refunding bonds. Such refunding bonds may be issued whether or not the bonds to be refunded are then subject to redemption. Such refunding bonds shall be issued and sold in the manner and subject to the limitations prescribed in § 3 hereof for the issuance and sale of bonds and shall be executed in the manner provided in § 4 hereof for the execution of bonds.
The “Commonwealth of Virginia Correctional Facilities Refunding Bonds, Series...” authorized hereby may be issued at one time or in part from time to time or may, in the discretion of the Treasury Board, be issued and sold at the same time with any general obligation bonds of the Commonwealth authorized pursuant to Article X, Section 9 (a)(3), (b), or (c) of the Constitution of Virginia, to be designated “Commonwealth of Virginia General Obligation Bonds, Series ...,” either as separate issues or combined issues.
§ 8. The proceeds of the refunding bonds shall be applied to (i) the payment of issuance costs and other financing expenses; (ii) the payment of matured or redeemable bonds, including any redemption premium; (iii) the payment of unmatured bonds which shall then be on deposit with a bank or trust company for surrender to the Commonwealth upon receipt therefor of a sum not exceeding the amount due on such bonds; or (iv) the establishment of an escrow or sinking fund consisting of cash and noncallable obligations of, or unconditionally guaranteed as to payment of, principal and interest in full by the United States of America in an amount which together with interest to be earned on such obligations will be sufficient to pay all bonds to be refunded either at maturity or upon redemption, all as provided for upon the creation of such sinking fund. Any escrow or sinking fund established with the proceeds from the sale of any refunding bonds shall be irrevocably pledged to the payment of the bonds to be refunded, and shall be used solely to pay such bonds at maturity or upon redemption or for the purchase of not less than all of the bonds to be refunded. Any such escrow or sinking fund shall constitute a special fund for the payment of such refunded bonds, and such refunded bonds, to the extent of amount set aside for the payment thereof in such sinking fund, shall not be included for the purposes of determining any limitations upon the amount of bonded indebtedness of the Commonwealth that may be incurred pursuant to Section 9 (b) of Article X of the Constitution of Virginia.
§ 9. The proceeds of the bonds and any refunding bonds or bond anticipation notes are hereby appropriated for disbursement from the State Treasury for the current biennium pursuant to Article X, § 7 of the Constitution of Virginia, and § 2.1-224 of the Code of Virginia. The general conditions and general provisions of the general appropriation act enacted pursuant to Chapter 27 (§ 2.1-387 et seq.) of Title 2.1 of the Code of Virginia, in effect from time to time, and all of the terms and conditions contained therein shall apply to the capital projects listed in § 2 hereof. The Governor or his designee is hereby authorized to increase the appropriation for any project listed in § 2 hereof by the amount of the proceeds of donations, gifts, grants or other nongeneral funds paid into the State Treasury in excess of such appropriation.
§ 10. Pending the application of the proceeds of the bonds or any bond anticipation notes to the purpose for which they have been authorized, all or any part of such proceeds may be invested by the State Treasurer in securities that are legal investments under the laws of the Commonwealth for public funds. Whenever the State Treasurer receives interest from the investment of proceeds of bonds or any bond anticipation notes, such interest shall become a part of the principal of the bonds or any bond anticipation notes and shall be used in the same manner as required for the principal of the bonds or any bond anticipation notes. However, the Treasury Board may direct that the interest received from the investment of proceeds of the bonds or any bond anticipation notes be transferred to the general fund of the State Treasury.
§ 11. The full faith and credit of the Commonwealth is hereby irrevocably pledged for the payment of the principal of and the interest on the bonds and any refunding bonds herein authorized. The proceeds of the bonds, the issuance of which has been anticipated by bond anticipation notes, are hereby irrevocably pledged for the payment of the principal of and interest on such bond anticipation notes. In addition, the Treasury Board may pledge the full faith and credit of the Commonwealth for the payment of the principal of and interest on any bond anticipation notes. If sufficient funds are not appropriated in the budget for any fiscal year for the timely payment of the principal of and the interest on the bonds, any refunding bonds or any bond anticipation notes where the full faith and credit of the Commonwealth has been pledged, a sum sufficient to pay such principal and interest shall be set apart by direction of the Governor, from the first general fund revenues received during such fiscal year and thereafter.
In order to insure the payment of the principal of and the interest on the bonds or any refunding bonds, there is hereby created a sinking fund for such purposes in which there shall be deposited annually, beginning not later than one-tenth of the term of the bonds or refunding bonds, as the case may be, out of any available moneys in the general fund of the State Treasury, or from any other source, a sum sufficient to pay the principal of and the interest on the bonds becoming due in each year. In the event that any series of bonds or refunding bonds shall all become due in one year, there shall be deposited annually into such sinking fund, in addition to the amount necessary to pay the interest on the bonds or the refunding bonds, as the case may be, a sum sufficient for redeeming or paying all such bonds or the refunding bonds, as the case may be, by their stated maturity. The amounts of such annual deposits of principal shall be determined by the Treasury Board, by and with the consent of the Governor prior to the issuance of the bonds or the refunding bonds, as the case may be, provided that no annual deposit shall exceed the smallest previous annual deposit by more than 100 percent. Such sinking fund shall not be appropriated for any other purpose.
The moneys in such sinking fund shall be invested by the Treasury Board in accordance with the provisions of general law relating to the investment of sinking funds belonging to or within the control of the Commonwealth.
§ 12. To the extent not otherwise provided for, all expenses incurred under this act shall be paid from the proceeds of the bonds, any refunding bonds or bond anticipation notes, or from any other available funds as the Treasury Board shall determine.
§ 13. The interest on the bonds, any refunding bonds or bond anticipation notes shall at all times be exempt from taxation by the Commonwealth and by any political subdivision thereof. The interest on the bonds, any refunding bonds or bond anticipation notes may be subject to inclusion in the gross income of the holders thereof for federal income tax purposes.
§ 14. The question of the effectiveness of this act and the authorization of the bonds shall be submitted to the qualified voters of the Commonwealth at the general election to be held on November 7, 1995. Notice of the election, which shall include a specific geographic location for each of the projects listed in § 2 of this act by county, city, or town, shall be published at least twice, the first publication being at least forty-five days before the election, in such newspapers designated by the State Board of Elections which collectively circulate throughout the Commonwealth. The election shall be held; the ballots shall be prepared, distributed and voted; and the results thereof ascertained and certified, in accordance with Title 24.1 of the Code of Virginia, relating to special elections. The ballots to be used at the election shall (i) include a specific geographic location for each of the projects listed in § 2 of this act by county, city, or town and (ii) pose the question in substantially the following form:
QUESTION: “Shall Chapter..., Acts of the General Assembly of 1995, authorizing the issuance of general obligation bonds of the Commonwealth of Virginia in the maximum amount of $30,800,000 pursuant to Article X, Section 9 (b), of the Constitution of Virginia for capital projects for CORRECTIONAL FACILITIES, take effect?”
□ Yes
□ No
The State Board of Elections shall cause to be sent to the electoral boards of each county and city sufficient copies of the full text of this act and the question contained herein, including specific geographic locations for each of the projects listed in § 2 of this act by county, city, or town, for the officers of election to post in each polling place on election day. The State Board of Elections shall without delay make out and transmit to the Governor and to the Treasury Board an official copy of the report of the whole number of votes cast at the election for and against the act, certified by it.
If a majority of those voting thereon vote in favor of this act, this act shall take effect and the bonds may be issued as provided herein. If a majority of those voting thereon vote against this act, this act shall not take effect and the bonds shall not be issued.
The expenses incurred in conducting this election shall be defrayed as in the case of election of members of the General Assembly.
§ 15. The provisions of this act or the application thereof to any person or circumstance which are held invalid shall not affect the validity of other provisions or applications of this act which can be given effect without the invalid provisions or applications.