Bill Details

SB754 Higher educational institutions; modifications to prior revenue bond bills, emergency. (Stosch)
Hotlist: No
Summary as Introduced:			PDF
Revenue bond bills for higher education; modifications. Modifies revenue bond bills for institutions of higher education enacted in 2008 by changing a project at Radford University from \|construct residence halls\| to \|renovate residence halls.\| The bill also modifies revenue bond bills for institutions of higher education enacted in 2012 by (i) changing a project at the College of William and Mary from \|renovate dormitory\| to \|renovate dormitories,\| (ii) increasing the amount allocated for such project from $5,000,000 to $14,650,000, and (iii) increasing the maximum aggregate amount of bonds that may be issued from $125,594,000 to $135,244,000. The bill states that an emergency exists and that the bill is in force from its passage.

Bill Status 1:	Bill Status 2:	Next Meeting: (date and time)
	Signed by Governor
Committee/Subcommitte:


Full Text of Bill: 13103014D SENATE BILL NO. 754 Offered January 9, 2013 Prefiled December 17, 2012 A BILL to amend and reenact § 2 of the first enactment of Chapters 207 and 604 of the Acts of Assembly of 2008 and § 2 of the first enactment of Chapters 490 and 556 of the Acts of Assembly of 2012, relating to modifications to prior revenue bond bills for institutions of higher education. ---------- Patron-- Stosch ---------- Referred to Committee on Finance ---------- Be it enacted by the General Assembly of Virginia: 1. That § 2 of the first enactment of Chapter 207 of the Acts of Assembly of 2008 is amended and reenacted as follows: § 2. Authorization of bonds and BANs. The Treasury Board is hereby authorized, by and with the consent of the Governor, to sell and issue, pursuant to Article X, Section 9(c), Constitution of Virginia, at one time or from time to time, bonds of the Commonwealth, to be designated "Commonwealth of Virginia Higher Educational Institutions Bonds, Series ....." in an aggregate principal amount not exceeding $350,565,000, plus amounts needed to fund issuance costs, reserve funds, construction period interest and other financing expenses. The Treasury Board is further hereby authorized, by and with the consent of the Governor, to borrow money in anticipation of the issuance of bonds by the issuance of bond anticipation notes (BANs), including BANs issued as commercial paper. The proceeds of such bonds and BANs, excluding amounts needed to fund issuance costs, reserve funds and other financing expenses, shall be used exclusively for the purpose of providing funds, with any other available funds, for paying all or a portion of the costs of acquiring, constructing, renovating, enlarging, improving and equipping revenue-producing capital projects at institutions of higher learning of the Commonwealth as follows: Institution Project Title Project Code Amount George Mason University President's Park 17540 Phase II Renovation $15,633,000 George Mason University Smithsonian CRC 17572 Housing 17,804,000 George Mason University Housing VIII 17570 102,460,000 Old Dominion University Construct Residence 17342 Hall, Phase II 34,779,000 Radford University ~~Construct~~ Renovate 17565 Residence Halls 36,000,000 The College of William Renovate Graduate 17555 and Mary In Virginia Student Dormitories 2,500,000 The College of William Renovate Campus 17554 and Mary In Virginia Center and Trinkle Hall 35,000,000 Virginia Polytechnic Renovate Owens and 17558 Institute and State West End Market Food 5,000,000 University Courts Virginia Polytechnic Renovate Ambler 17557 Institute and State Johnson Hall 55,000,000 University Virginia Polytechnic New Residence Hall 16682 8,047,000 Institute and State University Virginia State University Demolish Student 17531 Village and Construct Gateway 500, Phase II 38,342,000 Total $350,565,000 2. That § 2 of the first enactment of Chapter 604 of the Acts of Assembly of 2008 is amended and reenacted as follows: § 2. Authorization of bonds and BANs. The Treasury Board is hereby authorized, by and with the consent of the Governor, to sell and issue, pursuant to Article X, Section 9(c), Constitution of Virginia, at one time or from time to time, bonds of the Commonwealth, to be designated "Commonwealth of Virginia Higher Educational Institutions Bonds, Series ....." in an aggregate principal amount not exceeding $350,565,000, plus amounts needed to fund issuance costs, reserve funds, construction period interest and other financing expenses. The Treasury Board is further hereby authorized, by and with the consent of the Governor, to borrow money in anticipation of the issuance of bonds by the issuance of bond anticipation notes (BANs), including BANs issued as commercial paper. The proceeds of such bonds and BANs, excluding amounts needed to fund issuance costs, reserve funds, and other financing expenses, shall be used exclusively for the purpose of providing funds, with any other available funds, for paying all or a portion of the costs of acquiring, constructing, renovating, enlarging, improving, and equipping revenue-producing capital projects at institutions of higher learning of the Commonwealth as follows: Institution Project Title Project Code Amount George Mason University President's Park 17540 Phase II Renovation 15,633,000 George Mason University Smithsonian CRC - 17572 Housing 17,804,000 George Mason University Housing VIII 17570 102,460,000 Old Dominion University Construct Residence 17342 Hall, Phase II 34,779,000 Radford University ~~Construct~~ Renovate 17565 Residence Halls 36,000,000 The College of William Renovate Graduate 17555 and Mary In Virginia Student Dormitories 2,500,000 The College of William Renovate Campus 17554 and Mary In Virginia Center and Trinkle Hall 35,000,000 Virginia Polytechnic Renovate Owens and 17558 Institute and State West End Market Food University Courts 5,000,000 Virginia Polytechnic Renovate Ambler 17557 Institute and State Johnson Hall University 55,000,000 Virginia Polytechnic New Residence Hall 16682 Institute and State University 8,047,000 Virginia State University Demolish Student 17531 Village and Construct Gateway 500, Phase II 38,342,000 Total $350,565,000 3. That § 2 of the first enactment of Chapters 490 and 556 of the Acts of Assembly of 2012 are amended and reenacted as follows: § 2. Authorization of bonds and BANs. The Treasury Board is hereby authorized, by and with the consent of the Governor, to sell and issue, pursuant to Article X, Section 9 (c) of the Constitution of Virginia, at one time or from time to time, bonds of the Commonwealth, to be designated "Commonwealth of Virginia Higher Educational Institutions Bonds, Series ....." in an aggregate principal amount not exceeding ~~$125,594,000~~ $135,244,000, plus amounts needed to fund issuance costs, reserve funds, construction period interest and other financing expenses. The Treasury Board is further hereby authorized, by and with the consent of the Governor, to borrow money in anticipation of the issuance of bonds by the issuance of bond anticipation notes (BANs), including BANs issued as commercial paper. The proceeds of such bonds and BANs, excluding amounts needed to fund issuance costs, reserve funds and other financing expenses, shall be used exclusively for the purpose of providing funds, with any other available funds, for paying all or a portion of the costs of acquiring, constructing, renovating, enlarging, improving and equipping revenue-producing capital projects at institutions of higher learning of the Commonwealth as follows: Institution Project Title Project Code Amount George Mason University Construct Student Housing IX-A 17929 $41,071,000 James Madison University Student Housing Phase I 17949 $50,000,000 Old Dominion University Renovate Student Housing, Phase 2 17945 $23,113,000 Radford University Renovate Washing- ton Hall 17948 $ 5,410,000 The College of William Renovate ~~Dormitory~~ and Mary in Virginia Dormitories 17933 ~~$ 5,000,000~~ $14,650,000 The College of William Construct New and Mary in Virginia Dormitory 17808 $ 1,000,000 Total ~~$125,594,000~~ $135,244,000 4. That an emergency exists and this act is in force from its passage.
Amendments: