1997 Session

Budget Amendments - HB1600 (Committee Approved)

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VPSA Language Correction (language only)

Item 152 #1h

Item 152 #1h

Education: Elementary and Secondary
Direct Aid To Public Education

Page 125, line 37, after "million" insert:
"plus debt service on any refunding bonds benefiting from the provisions of either §22.1-168(iii), (iv), and (v), Code of Virginia, or §22.1-168.1, Code of Virginia".

(This amendment allows the Virginia Public School Authority to issue bonds to refund existing VPSA bonds using the security structure -- included in the introduced bill -- of Literary Fund Revenues, and to the extent necessary, the General Fund. This provision is necessary, in part, to reduce the possibility that no single local issuer under the new security structure has more than 10 percent of the total borrowing using that structure, which would cause the locality to come under stringent Securities Exchange Commission requirements as a "Materially Obligated Person.")