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.
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 | 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 | 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 | 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 | 17895 | $30,816,000 | |
| Total |
|
| $64,579,000 |
5. That an emergency exists and this act is in force from its passage.