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1997 Session

Budget Amendments - HB1600 (Conference Report)

CIT/ITA Bond Refinancing (language only)

Item 3-3.05 #1c

Item 3-3.05 #1c

General Fund Deposits
Payment By the Virginia Economic Development Partnership for Lease Payment Savings

Language
Page 420, after line 5, insert:
"In accordance with Item 96 A.2. of this act, the Virginia Economic Development Partnership shall deposit to the general fund of the State Treasury the sum of $130,000 on or before June 30, 1998.  This amount is the savings realized in fiscal year 1998 from the refunding of the $13,300,000 Innovative Technology Authority Taxable Lease Revenue Bonds (Series 1989)."


Explanation
(This amendment instructs the Virginia Economic Development Partnership to deposit to the general fund the savings realized from refinancing ITA's Series 1989 Bonds. A companion amendment authorizes the refinancing provided that market conditions will produce the savings.)