Chief Patron: Hawkins
Set-Aside 10% of any Surplus for Debt Paydown (language only)

Item 4-5.13 #1s

Language
Page 533, after line 6, insert:
"§4-5.13  Paydown of Principal and Interest
In the event that actual general fund revenues collected for the prior fiscal year exceed the amounts for such fiscal year contained in this Act, ten percent of such excess shall be set-aside solely and exclusively for the payment of principal and interest on indebtedness of the Commonwealth, its agencies and authorities.  Provided, however, that the ten percent shall be calculated after reducing the revenue for such amounts required to be deposited pursuant to the provisions of Article 10, Section 8, of the Constitution of Virginia and §§10.1-2117 through 10.1-2134, Code of Virginia."

Explanation
(This amendment is self-explanatory.)