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2002 SESSION
023276660Be it enacted by the General Assembly of Virginia:
1. § 1. Title. This act shall be known and may be cited as the “Commonwealth of Virginia Educational Facilities Bond Act of 2002.”
§ 2. Authorization of Bonds and BANs. The authorization to issue bonds hereunder is subject to the following conditions. First, there shall be a favorable vote of a majority of the qualified voters voting on this act at the November 5, 2002, general election as hereinafter provided;
Secondly, the Governor shall prepare and release a plan to the chairmen of the Senate Finance Committee and House Appropriations Committee on or before December 1, 2002, detailing a process whereby the Secretary of Finance, in conjunction with the Secretaries of Administration and Education, shall administer the orderly issuance of the bonds hereunder authorized in order to provide the funding required to execute the capital projects identified in this bill, including the following:
a) Development of processes to expedite the capital outlay review process as set forth in § 2.2-1132 of the Code of Virginia; and
b) Development of detailed draw schedules, to the extent practicable, for projects and for the approval of such draw schedules with due consideration given to the long-term capacity of the Commonwealth to open and operate such completed capital projects. Included in such approval shall be an estimate of the net additional costs of staffing and equipping such projects.
Thereafter, 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 General Obligation Bonds, Series...,” in an aggregate principal amount not exceeding $900,488,645. The Treasury Board is further authorized, by and with the consent of the Governor, to borrow money in anticipation of the issuance of the bonds by the issuance of bond anticipation notes (“BANs”), including BANS issued as commercial paper.
§ 3. Purpose; Projects. The proceeds of the bonds and BANs, excluding amounts needed to pay issuance costs and other financing expenses, shall be used as provided in § 4 hereof for capital projects for educational facilities as follows:
Educational Facility Project Description Amount
Christopher Newport
University Renovate/Expand Technology
Center/Library $11,333,000
Christopher Newport
University Convert Student Center
to Academic Space 6,357,000
Christopher Newport
University Renovate/Expand Gosnold Hall 5,798,000
Christopher Newport
University Construct Warehouse
and Grounds Building 1,300,000
Christopher Newport
University Renovate Ferguson Hall-Plant,
Classrooms and Art 1,000,000
The College of William
and Mary Renovate/Expand Marshall-
Wythe Law Library 11,821,000
The College of William
and Mary Renovate Andrews Hall 5,415,000
The College of William
and Mary Renovate Small Hall 13,583,000
The College of William
and Mary Renovate Lake Matoaka 2,500,000
George Mason University Construct Academic II -
Arlington 30,954,000
George Mason University Renovate Thompson, West
and Pohick 12,693,000
George Mason University Construct Academic V-Fairfax 21,898,000
George Mason University Construct Fairfax Research I 8,190,500
George Mason University Improve Handicapped
Accessibility 1,900,000
George Mason University Upgrade Utility Infrastructure 2,926,000
George Mason University Renovate Conflict Analysis 1,000,000
Facility
James Madison University Renovate Steam Infrastructure 3,978,000
James Madison University Improve Handicapped
Accessibility 1,780,000
James Madison University Renovate Harrison Hall &
Annex 9,732,700
James Madison University Construct Center for the Arts 29,808,900
James Madison University Construct Music Recital Hall 20,900,000
James Madison University Construct Library, CISAT
Campus 19,792,600
James Madison University Renovate Miller Hall 13,927,700
Longwood College Construct Bedford Wygal
Connector 7,256,000
Longwood College Renovate Jarman Auditorium 4,731,000
Mary Washington College Renovate/Alter Portions of
Four Academic Buildings 2,242,000
Mary Washington College Renovate/Expand Lee Hall 10,432,000
Mary Washington College Renovate Dodd Auditorium
and Klein Theater 1,725,000
Mary Washington College Renovate Monroe Hall 4,035,000
Norfolk State University Upgrade HVAC Systems 2,847,366
Norfolk State University Construct RISE Center 18,000,000
Norfolk State University Renovate Robinson Tech
Building 500,000
Old Dominion University Renovate Technology Building 9,158,050
Old Dominion University Renovate Batten Arts &
Letters 9,631,552
Old Dominion University Construct Physical Science
Building, Phase II 13,000,000
Old Dominion University Construct Tri-Cities Higher
Education Center 6,149,200
Old Dominion University Renovate Hughes Hall 5,600,000
Old Dominion University Renovate Chemistry Building 731,000
Radford University Construct Fine Arts Center 19,350,000
Radford University Renovate Young Hall 4,716,000
Radford University Renovate Davis Hall 1,851,000
Radford University Upgrade/Construct Stormwater
Management/Access Road 500,000
Radford University Renovate Russell Hall 1,000,000
University of Virginia Construct Medical Research
Bldg (MR-6) 24,235,000
University of Virginia Construct Materials Sci.
Eng. & Nano-Technology
Building 7,000,000
University of Virginia Upgrade Cavalier Substation 4,700,000
University of Virginia Construct Engineering/Science
Chiller Plant 4,800,000
University of Virginia Renovate Fayerweather Hall 4,600,000
University of Virginia Renovate Gilmer Hall
Teaching Laboratories 5,700,000
University of Virginia Upgrade Storm Water
Management, McCormick & North 1,400,000
University of Virginia Construct Arts and
Sciences Building 14,284,000
University of Virginia Construct Campbell Hall
Chiller Replacement 1,600,000
University of Virginia -
Wise Upgrade/Construct Stormwater
Management/Access Road 2,000,000
University of Virginia -
Wise Renovate/Expand Drama
Building 7,475,000
Virginia Commonwealth
University Renovate West Hospital/
G.B. Johnston 14,308,000
Virginia Commonwealth
University Construct Massey
Cancer Center Addition 10,099,000
Virginia Commonwealth
University Construct Medical Sciences
Building Phase II 22,550,000
Virginia Commonwealth
University Renovate Sanger Research
Laboratory, Phase I 7,899,000
Virginia Commonwealth
University Renovate Hibbs Bldg 8,766,000
Virginia Commonwealth
University Renovate Music Center 3,407,000
Virginia Commonwealth
University Construct School of
Engineering Phase II 6,200,000
Virginia Commonwealth
University Renovate Franklin Terrace 3,524,000
Virginia Military
Institute Renovate Nichols Engineering
Building 13,514,000
Virginia Military
Institute Renovate Mallory Hall 9,106,000
Virginia Tech Renovate Williams, Agnew,
Burrus 5,451,856
Virginia Tech Construct Main Campus Chilled
Water Central Plant 2,800,000
Virginia Tech Improve/Expand Fine Arts
Center and Renovate
Henderson Hall 6,542,000
Virginia Tech Construct New Engineering
Facility (VTRI Phase I) 13,996,000
Virginia Tech Construct Biology Building 14,263,000
Virginia Tech Construct New Vivarium
Facility 12,000,000
Virginia Tech Classroom Improvements,
Phase I 4,530,000
Virginia Tech Construct Building
Construction Facility 2,500,000
Virginia Tech Renovate Litton Reaves Hall
and Exterior Structural
Repairs 2,500,000
Virginia Tech Renovate Cowgill Hall HVAC
and Power 7,500,000
Virginia State University Construct New Academic
Science & Technology Building 17,711,000
Virginia State University Renovate Gandy Hall 4,561,000
Richard Bland College Renovate Library 2,650,000
Richard Bland College Renovate & Expand Art Bldg 800,000
Virginia Community
College System Major Mechanical Systems,
Systemwide 7,684,000
Virginia Community
College System Renovate Science Building,
Northern Va. (Annandale) 8,500,000
Virginia Community
College System South Campus Renovation,
Virginia Western 2,192,500
Virginia Community
College System Renovate Instructional Labs,
John Tyler 5,250,000
Virginia Community
College System Alexandria Phase III,
Renovate Phases I & II,
Northern Va. 15,947,320
Virginia Community
College System Construct Historic Triangle
Campus, Thomas Nelson 17,653,861
Virginia Community
College System Construct Sciences Building
I, Tidewater (Virginia Beach) 11,330,000
Virginia Community
College System Renovate Campus Post ISS
Bldg Construction,
Thomas Nelson 3,548,000
Virginia Community
College System Renovate LRC/West Hall,
Patrick Henry 3,439,300
Virginia Community
College System Replace Exterior Doors
and Windows, Thomas Nelson 974,000
Virginia Community
College System Renovate CN & CT Buildings,
Northern Virginia (Annandale) 4,127,000
Virginia Community
College System Construct Learning Resources
Building, Southwest Virginia 5,840,000
Virginia Community
College System Construct Fine and
Performing Arts Program
Building, Blue Ridge 5,092,000
Virginia Community
College System Construct Addition To HVAC
Building, Northern Va.
(Woodbridge) 1,175,000
Virginia Community
College System Portsmouth Campus Relocation,
Tidewater 25,000,000
Virginia Community
College System Renovate/Expand Webber Hall,
Virginia Western 3,500,000
Virginia Community
College System Renovate Classrooms & Labs,
Southside (Christanna) 1,100,000
Virginia Community
College System Renovate Classrooms & Labs,
Southside (Daniel) 1,100,000
Virginia Community
College System Upgrade ADA Accessibility,
Systemwide 5,000,000
Virginia Community
College System Renovate Paul D. Camp
(Franklin) 500,000
Virginia Community
College System Renovate Unsafe & Obsolete
Facilities, D. S. Lancaster 2,025,000
Virginia Community
College System Replace Greenhouses,
Northern Va. (Loudoun) 450,000
Virginia Community
College System Upgrade Main Academic Building
Fire Suppression System,
Piedmont 235,000
Virginia Community
College System Expand Computing Services,
New River 300,000
Virginia Community
College System Construct William F. Snyder
Auditorium, Wytheville 543,080
Virginia Community
College System Construct Science & Technology
Building, Piedmont 5,000,500
Virginia Community
College System Construct Workforce Training
& Technology Center,
J.S. Reynolds 3,138,200
Virginia Community
College System Construct Business Dev.
& Workforce Training Ctr.,
Eastern Shore 2,347,000
Virginia Community
College System Construct Advanced Tech. and
Workforce Dev. Ctr., Germanna
(Culpeper) 5,555,000
Virginia Community
College System Construct Workforce Services
Dev. Ctr., Lord Fairfax
(Middletown) 2,340,000
Virginia Community
College System Construct Regional Automotive
Tech./Workforce Dev. Ctr,
Tidewater 3,262,000
Virginia Community
College System Construct Maintenance
Building, Danville 839,000
Virginia Community
College System Construct Maintenance-Service
Building, Southside (Daniel) 464,480
Virginia Community
College System Construct Maintenance
Building, Blue Ridge 491,000
Virginia Community
College System Construct Maintenance and
Storage Building, Germanna
(Locust Grove) 517,000
Virginia Community
College System Construct Maintenance-Service
Building, Southside
(Christanna) 464,480
Virginia Community
College System Construct Maintenance Services
Building, New River 517,000
Virginia Community
College System Construct Maintenance Services
Building, Mountain Empire 564,000
Virginia Community
College System Construct Maintenance Services
Building, Rappahannock (Glenns) 463,000
Virginia Community
College System Construct Maintenance Services
Building, Southwest Virginia 545,000
Virginia Community
College System Construct Facilities
Maintenance Building,
Central Virginia 485,500
Virginia Institute
of Marine Science Construct Marine Research
Bldg Complex 23,692,000
Virginia Institute
of Marine Science Construct Research Storage
Facility 641,000
VPI Coop. Ext./
Agriculture Exp.
Station Construct Agriculture and
Natural Resources Research
Laboratory Facility 23,168,000
Southwest Virginia
Higher Ed. Center Construct Addition to
Southwest Va. Higher Ed.
Center 1,900,000
Jamestown-Yorktown
Foundation Renovate/Expand Jamestown
Powhatan Village 1,694,000
Jamestown-Yorktown
Foundation Construct Central Support
Complex 5,219,000
Jamestown-Yorktown
Foundation Construct Jamestown Riverfront
Support Area 1,722,000
Jamestown-Yorktown
Foundation Construct Jamestown Entrance
Plaza, Parking Lots and
Roadways 5,598,000
Jamestown-Yorktown
Foundation Construct Jamestown
Maintenance Building 711,000
Science Museum of
Virginia Construct Belmont Bay
Science Center 5,000,000
Science Museum of
Virginia Renovate Planetarium/IMAX
Theater Sprinklers 2,000,000
Science Museum of
Virginia Renovate/Expand Danville
Science Center 3,679,000
Virginia Museum of
Fine Arts Renovate/Expand Museum 28,000,000
Frontier Culture Museum Construct Maintenance
Facility 950,000
Grand Total $900,488,645
The General Assembly hereby finds and determines that the estimated useful life of the capital projects listed above is in excess of twenty-five years.
To the extent that the cost of any capital project listed above is less than the amount allocated to such project, the Governor or the Governor's designee may increase the amount allocated to any other capital project listed above. No such allocation to a capital project may be increased, however, until it has been demonstrated to the satisfaction of the Governor or the Governor's designee that (a) the cost of the capital project has been reduced to the extent reasonable, (b) the capital project has not been expanded or enhanced beyond that originally approved, and (c) the capital project is suitable and adequate for the scope originally intended. No increase in the amount allocated to any capital project shall constitute an authorization for the issuance of bonds in an amount in excess of the aggregate amount authorized hereunder.
§ 4. Application of Proceeds. Proceeds (including any premium) of the bonds and any BANs (except the proceeds of (i) bonds the issuance of which has been anticipated by BANs, (ii) refunding bonds and (iii) refunding BANs) shall be deposited 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 or any BANs have been issued. In the event that the proceeds of the bonds or BANs exceed the cost of the projects specified in § 3, the Treasury Board shall cause such excess proceeds to be applied to the retirement of the bonds or BANs. The proceeds of (i) bonds the issuance of which has been anticipated by BANs, (ii) refunding bonds and (iii) refunding BANs and any funds provided by the General Assembly, or available from any other source, for the purpose, shall be used to pay such BANs, refunded bonds and refunded BANs.
The proceeds of the bonds and any refunding bonds or BANs are hereby appropriated for disbursement from the state treasury for the current biennium pursuant to Article X, Section 7 of the Constitution of Virginia, and § 2.2-1819 of the Code of Virginia. The general conditions and general provisions of the general appropriation act enacted pursuant to Chapter 15 (§ 2.2-1500 et seq.) of Title 2.2 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 § 3. The Governor or his designee is hereby authorized to increase the appropriation for any project listed in § 3 by the amount of the proceeds of donations, gifts, grants or other nongeneral funds paid into the state treasury in excess of such appropriation.
§ 5. Details, sale of bonds and BANs. The bonds shall be dated, shall mature at such time or times not exceeding twenty-five years from their date or dates and may be made redeemable before their maturity or maturities at such price or prices or within such price parameters, all as may be determined by the Treasury Board, by and with the consent of the Governor. The principal of the bonds shall be amortized by payment into a sinking fund or otherwise, in annual installments. The first annual installment of principal of the bonds shall become due not later than one-tenth of the term of the bonds, and no installment of principal of the bonds shall be more than twice the smallest previous installment. Any such sinking fund shall not be appropriated for any other purpose.
The bonds 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 the Treasury Board or the State Treasurer, when authorized by the Treasury Board, may determine. The principal of and premium, if any, and interest on the bonds and BANs shall be payable in lawful money of the United States of America. Bonds and BANs may be certificated or uncertificated as determined by the Treasury Board. The Treasury Board may contract for services of such registrars, transfer agents, or other authenticating agents as it deems appropriate to maintain a record of the persons entitled to the bonds and BANs. Bonds and BANs may be issued under a system of book entry for recording the ownership and transfer of ownership rights to receive payments on the bonds and BANs. The Treasury Board shall fix the denomination or denominations of the bonds and the place or places of payment of 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.
The Treasury Board may sell the bonds and any BANs in such manner, either by competitive bidding, negotiated sale or private placement, and for such price as it may determine, by and with consent of the Governor, to be in the interest of the Commonwealth.
At the discretion of the Treasury Board, bonds and BANs may be issued at one time or in part from time to time and may be issued and sold at the same time with other general obligation bonds and bond anticipation notes, respectively, of the Commonwealth authorized pursuant to Article X, Section 9(a)(3), (b) or (c) of the Constitution of Virginia, either as separate issues, as a combined issue designated “Commonwealth of Virginia General Obligation Bonds [Bond Anticipation Notes], Series 20….,” or as a combination of both. The bonds and BANs shall be signed on behalf of the Commonwealth by the Governor and by the State Treasurer, or shall bear their facsimile signatures, and shall bear the lesser seal of the Commonwealth or a facsimile thereof. In the event that the bonds or BANs bear the facsimile signature of the State Treasurer, they shall be signed by such administrative assistant as the State Treasurer shall determine or by such registrar or paying agent as may be designated to sign them by the Treasury Board. If any officer whose signature or facsimile signature shall appear on any bonds or BANs shall cease to be such officer before the delivery, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if such officer had remained in office until such delivery, and any bond or BAN may bear the facsimile signature of, or may be signed by, such persons as at the actual time of the execution are the proper officers to sign such bond or BAN although, at the date of such bond or BAN, such persons may not have been such officers.
§ 6. Refunding. 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, refunding bonds and BANs of the Commonwealth, to refund any or all of the bonds and BANs, respectively, issued under this act or otherwise pursuant to Article X, Section 9(b), of the Constitution of Virginia. Refunding bonds and BANs may be issued in a principal amount up to the amount necessary to pay at maturity or redeem the bonds and BANs to be refunded and pay all issuance costs and other financing expenses of the refunding. Such refunding bonds and BANs may be issued whether or not the bonds or BANs to be refunded are then subject to redemption. Any escrow or trust fund established with the proceeds from the sale of refunding bonds shall be irrevocably pledged to the payment of the bonds to be refunded, and shall be used solely to pay such bonds or BANs at maturity or upon redemption or for the purchase of not less than all of the bonds or BANs to be refunded. Any such escrow or trust fund shall constitute a special fund for the payment of such refunded bonds or BANs, and such refunded bonds or BANs, to the extent of amounts, including the maturity amounts of investments, set aside for the payment thereof in such escrow or trust 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 Article X, Section 9(b), of the Constitution of Virginia. The Treasury Board may, however, direct that the interest received from the investment of the proceeds of the bonds or any BANs be transferred to the general fund of the State Treasury.
§ 7. Authorized Investments. Pending the application of the proceeds of the bonds or BANs (including refunding bonds and BANs) to the purpose for which they have been authorized and the application of funds set aside for the purpose to the payment of bonds or BANs, they may be invested by the State Treasurer in securities that are legal investments under the laws of the Commonwealth for public funds and sinking funds, as the case may be. Whenever the State Treasurer receives interest from the investment of the proceeds of bonds or any BANs, such interest shall become a part of the principal of the bonds or any BANs and shall be used in the same manner as required for principal of the bonds or BANs.
§ 8. Security for bonds and BANs. The full faith and credit of the Commonwealth is hereby irrevocably pledged for the payment of the principal of and the interest on bonds, refunding bonds, and (unless the Treasury Board, by and with the consent of the Governor, shall provide otherwise) BANs issued under this act. The proceeds of (i) bonds the issuance of which has been anticipated by BANs, (ii) refunding bonds and (iii) refunding BANs are hereby irrevocably pledged for the payment of principal of and interest and any premium on such bonds or BANs to be refunded thereby. 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 BANs. If sufficient funds are not appropriated in the general appropriations act for any fiscal year for the timely payment of the principal of and the interest on the bonds, any refunding bonds or any BANs where the full faith and credit of the Commonwealth has been pledged, there shall be set apart by direction of the Governor, from the first general fund revenues received during such fiscal year and thereafter, a sum sufficient to pay such principal and interest.
§ 9. Expenses. All expenses incurred under this act shall be paid from the proceeds of the bonds, or any refunding bonds or BANs, or from any other available funds as the Treasury Board shall determine.
§ 10. Exemption of interest from tax. The bonds and BANs issued under the provisions of this Act, their transfer, and the income therefrom, including any profit made on the sale thereof, shall at all times be exempt from taxation by the Commonwealth and by any political subdivision thereof. The interest on the bonds and any refunding bonds or BANs may be subject to inclusion in gross income of the holders thereof for federal income tax purposes.
§ 11. Referendum. 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 Tuesday, November 5, 2002. The referendum shall be supervised and held, notice thereof given, ballots prepared, returns made and certified, votes canvassed and results ascertained and made known, as provided by law. The ballots to be used at the election shall pose the question in substantially the following form:
QUESTION: Shall Chapter, Acts of the General Assembly of 2002, authorizing the issuance of general obligation bonds of the Commonwealth of Virginia in the maximum amount of $900,488,645 pursuant to Article X, Section 9(b) of the Constitution of Virginia for capital projects for educational facilities, take effect?
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 shall vote in favor of this act, this act shall take effect and the bonds may be issued as hereinabove provided. If a majority of those voting thereon shall 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.
§ 12. An educational institution may apply any available nongeneral funds to initiate a project authorized in § 3 hereof, and the appropriations provided for in this act may be used to reimburse such institution for nongeneral funds so applied. Such reimbursement shall be contingent upon the availability of appropriations provided for in this act. Reimbursement shall be made only for projects authorized in § 3 hereof which were supplemented with nongeneral funds on and after January 1, 2002, provided that any such expenditures have received the prior written approval of the Director of the Department of Planning and Budget.
§ 13. Severability. The provisions of this act or the application thereof to any person or circumstance that are held invalid shall not affect the validity of other provisions or applications of this act that can be given effect without the invalid provisions or applications.
2. That the Secretary of Finance, in conjunction with the Secretaries of Education and Administration, shall provide to the chairmen of the Senate Finance Committee and House Appropriations Committee, beginning in 2003, by April 1 and September 1 of each year, until such capital projects as are herein authorized are completed, a status report on the projects, including (i) the status of compliance with the expedited capital outlay review process as set forth in the first enactment of this act and § 2.2-1132 of the Code of Virginia; and (ii) the most recent approved draw schedules for the projects included in this act.