2017 Uncodified Acts

2017 Virginia Uncodified Acts
7/25/2017

CHAPTER 420

An Act to amend and reenact § 2 of the first enactment of Chapters 207 and 604 of the Acts of Assembly of 2008, as amended by Chapters 8 and 322 of the Acts of Assembly of 2013, and § 2 of the first enactment of Chapters 11 and 550 of the Acts of Assembly of 2011, relating to modifications to prior revenue bond bills for institutions of higher education; Virginia State University.

[H 2249]

Approved March 13, 2017

 

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, as amended by Chapters 8 and 322 of the Acts of Assembly of 2013, 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 Phase II Renovation

17540

$15,633,000

George Mason University

Smithsonian CRC Housing

17572

17,804,000

George Mason University

Housing VIII

17570

102,460,000

Old Dominion University

Construct Residence Hall, Phase II

17342

34,779,000

Radford University

Renovate Residence Halls

17565

36,000,000

The College of William and Mary in Virginia

Renovate Graduate Student Dormitories

17555

2,500,000

The College of William and Mary in Virginia

Renovate Campus Center and Trinkle Hall

17554

35,000,000

Virginia Polytechnic Institute and State University

Renovate Ambler Johnson Hall

17557

55,000,000

Virginia Polytechnic Institute and State University

Renovate Owens and West End Market Food Courts

17558

5,000,000

Virginia Polytechnic Institute and State University

New Residence Hall

16682

8,047,000

Virginia State University

Demolish Student Village and Dormitories, Construct Gateway 500, Phase II, and Improve Campus Residence Halls

17531

38,342,000

Total

 

 

$350,565,000

2. That § 2 of the first enactment of Chapter 604 of the Acts of Assembly of 2008, as amended by Chapters 8 and 322 of the Acts of Assembly of 2013, 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 Phase II Renovation

17540

$15,633,000

George Mason University

Smithsonian CRC - Housing

17572

17,804,000

George Mason University

Housing VIII

17570

102,460,000

Old Dominion University

Construct Residence Hall, Phase II

17342

34,779,000

Radford University

Renovate Residence Halls

17565

36,000,000

The College of William and Mary in Virginia

Renovate Graduate Student Dormitories

17555

2,500,000

The College of William and Mary in Virginia

Renovate Campus Center and Trinkle Hall

17554

35,000,000

Virginia Polytechnic Institute and State University

Renovate Ambler Johnson Hall

17557

55,000,000

Virginia Polytechnic Institute and State University

Renovate Owens and West End Market Food Courts

17558

5,000,000

Virginia Polytechnic Institute and State University

New Residence Hall

16682

8,047,000

Virginia State University

Demolish Student Village and Dormitories, Construct Gateway 500, Phase II, and Improve Campus Residence Halls

17531

38,342,000

Total

 

 

$350,565,000

3. That § 2 of the first enactment of Chapter 11 of the Acts of Assembly of 2011 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) 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 $64,579,000, 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 constructing revenue-producing capital projects at institutions of higher learning of the Commonwealth as follows:

Institution

Project Title

Project Code

Amount

Virginia Commonwealth University

Construct West Grace Street Housing North

17896

$33,763,000

Virginia State University

Construct Quad, Phase II and Improve Campus Residence Halls

17895

$30,816,000

Total

 

 

$64,579,000

4. That § 2 of the first enactment of Chapter 550 of the Acts of Assembly of 2011 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) 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 $64,579,000, 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 constructing revenue-producing capital projects at institutions of higher learning of the Commonwealth as follows:

Institution

Project Title

Project Code

Amount

Virginia Commonwealth University

Construct West Grace Street Housing North

17896

$33,763,000

Virginia State University

Construct Quad, Phase II and Improve Campus Residence Halls

17895

$30,816,000

Total

 

 

$64,579,000

5. That an emergency exists and this act is in force from its passage.