SB754: Higher educational institutions; modifications to prior revenue bond bills, emergency.

SENATE BILL NO. 754

Offered January 11, 2012
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 Halls36,000,000
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 Dormitories17933 $ 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.