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1999 SESSION

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SB 1310 Resources Authority; bonds.

Introduced by: H. Russell Potts, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Virginia Resources Authority. Allows the Virginia Resources Authority to provide other forms of credit enhancements not backed by the moral obligation of the Commonwealth; however, bonds issued by the Authority and local government obligations guaranteed by the Authority, which are secured by the Authority’s current capital reserve fund and are backed by the moral obligation of the Commonwealth, would continue to be capped at $550 million.

SUMMARY AS INTRODUCED:

Virginia Resources Authority. Allows the Virginia Resources Authority to issue bonds not backed by the moral obligation of the Commonwealth; however, bonds issued by the Authority and local government obligations guaranteed by the Authority, which are secured by the Authority’s current capital reserve fund and are backed by the moral obligation of the Commonwealth, would continue to be capped at $550 million.