1997 Session

Budget Amendments - HB1600 (Conference Report)

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CIT Bond Refunding (language only)

Item 96 #3c

Item 96 #3c

Commerce And Trade
Virginia Economic Development Partnership

Page 71, strike lines 29 through 33 and insert:
"2.  If refunding can achieve present value savings of at least five percent, then it is the General Assembly's intent that the Innovative Technology Authority and the State Treasurer cooperate with the Virginia Economic Development Partnership to refinance the Innovative Technology Authority Taxable Lease Revenue Bonds (Series 1989)."

(This amendment directs several state agencies to work together to refinance the ITA Series 1989 revenue bonds. The refunding action is intended to take advantage of lower interest rates. A companion amendment in Part 3 of this act requires the Virginia Economic Development Partnership to deposit the savings to the general fund.)