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1998 SESSION

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SB 195 Public Building Authority; refunding of bonds issued by others.

Introduced by: William C. Wampler, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Public Building Authority; refunding of bonds issued by other issuers. Authorizes the Virginia Public Building Authority (VPBA) to refinance bonds issued by other state and local authorities and political subdivisions if the bonds are secured by a lease or other payment agreement with the Commonwealth. The current $1,386 million cap on VPBA-issued bonds is reduced to $1,140 million. The VPBA's authority to issue revenue bonds is made subject to the consent of the Governor. The Governor is authorized to designate the chairman of the VPBA. Currently, the members of the VPBA elect the chairman. The measure also provides that the format for statements of expected financing costs for the construction of jail projects is to be prescribed by the Department of the Treasury rather than by the Treasury Board. The measure clarifies requirements regarding the bidding for construction and other contracts for projects to be owned by the VPBA or any state agency.


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