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1994 SESSION

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SB 458 Bond issue.

Introduced by: Mark L. Earley | all patrons    ...    notes | add to my profiles

SUMMARY:

Bond issue. Authorizes the issuance of $32.5 million in 9(d) state bonds to pay for the costs of acquiring and constructing the Oak Grove Connector in the City of Chesapeake. The debt service on the bonds will be paid from two sources: (i) the City of Chesapeake's share of recordation tax proceeds; that is, for a full fiscal year, approximately $972,000 out of the total $40 million recordation tax distribution; and (ii) pursuant to a contract with the City, from the city allocation under the highway allocation formula.


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