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1996 SESSION
HB 1005 Revenue bonds for institutions of higher education.
Introduced by: Alan A. Diamonstein | all patrons ... notes | add to my profiles
SUMMARY:
Bonds issued for public educational institution projects. Provides a pooled financing vehicle for public institutions of higher education through the Virginia College Building Authority (VCBA). The VCBA is authorized to issue revenue bonds to pay for projects at public colleges and universities. Currently, the VCBA is authorized to issue bonds to provide funds to purchase bonds issued by such institutions. Projects financed directly by the VCBA must be approved by the General Assembly and the institution's board of visitors. The VCBA may secure up to $300 million of its bonds with reserve funds pledged for the payment of the bonds, backed by the moral obligation pledge of the Commonwealth. Moneys appropriated to fund reserve funds will be repaid to the Commonwealth from excess VCBA funds. Educational institutions are authorized to pledge tuition, fees, and other revenues to provide funds for repayment of VCBA bonds. Under the bill's state aid intercept provision, if the Governor determines that an institution has defaulted on its obligations under VCBA bonds, he may direct the State Comptroller to pay the bondholders directly on behalf of the defaulting institution, and the amounts paid will be credited against the Commonwealth's appropriation to the defaulting institution. The bill also makes technical changes to provisions governing the issuance of bonds by public institutions of higher education.
FULL TEXT
- 01/22/96 House: Presented & ordered printed 967192204 pdf
- 02/11/96 House: Committee substitute printed 967967204-H1 pdf
- 03/13/96 House: Bill text as passed House and Senate (HB1005ER) pdf
- 04/12/96 Governor: Acts of Assembly Chapter text (CHAP0689) pdf
HISTORY
- 01/22/96 House: Presented & ordered printed 967192204
- 01/22/96 House: Referred to Committee on Appropriations
- 02/11/96 House: Reported from Appropriations with sub. (17-Y 0-N)
- 02/11/96 House: Committee substitute printed 967967204-H1
- 02/11/96 House: Read first time
- 02/12/96 House: Read second time
- 02/12/96 House: Committee substitute agreed to 967967204-H1
- 02/12/96 House: Engrossed by House - com. sub. 967967204-H1
- 02/13/96 House: Read third time and passed House (Block Vote) (100-Y 0-N)
- 02/13/96 House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
- 02/13/96 House: Communicated to Senate
- 02/14/96 Senate: Read first time
- 02/14/96 Senate: Referred to Committee on Finance
- 02/27/96 Senate: Reported from Finance (17-Y 0-N)
- 02/28/96 Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/28/96 Senate: VOTE: CONST. READING DISPENSED (39-Y 0-N)
- 02/29/96 Senate: Read third time
- 02/29/96 Senate: Passed Senate (39-Y 0-N)
- 02/29/96 Senate: VOTE: PASSAGE (39-Y 0-N)
- 02/29/96 Senate: Rec. of passage agreed to by Senate (39-Y 0-N)
- 02/29/96 Senate: VOTE: RECONSIDER (39-Y 0-N)
- 02/29/96 Senate: Passed Senate (40-Y 0-N)
- 02/29/96 Senate: VOTE: PASSAGE (40-Y 0-N)
- 03/13/96 House: Bill text as passed House and Senate (HB1005ER)
- 03/18/96 House: Enrolled
- 03/20/96 House: Signed by Speaker
- 03/21/96 Senate: Signed by President
- 04/06/96 Governor: Approved by Governor-Chapter 689 (effective 7/1/96)
- 04/12/96 Governor: Acts of Assembly Chapter text (CHAP0689)