2001 Session

Budget Amendments - HB1600 (Member Request)

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Chief Patron: Callahan
DOC Headquarters Lease (language only)

Item 437 #1h

Item 437 #1h

Public Safety
Corrections, Central Activities, Department of

Page 400, after line 11, insert:
"D. Subject to the approval of the terms and structure by the Treasury Board pursuant to §2.1-179, Code of Virginia, and §4-3.03 9(b) of Chapter 1073 (2000), the Department of Corrections is authorized to amend the capital lease on its administration building in the City of Richmond to effect a reduction in rent obligations as a result of providing for interest incorporated in the lease to be separately stated.  The State Treasurer shall notify the Chairmen of the House Appropriations and Senate Finance Committees of the action of the Treasury Board."

(This amendment authorizes the Department of Corrections to negotiate amendments to the capital lease for the Department's administration building to permit interest incorporated in the rental payments to be separately stated. This would permit the lender to sell certificates of participation to private parties at tax-exempt interest rates and separately negotiate a reduction in rent payments by the Department.)