Northern Virginia Forensic Lab Financing (language only)

Item C-264 #1h

Language
Page 461, line 20, after "needed.", insert:
"The comprehensive agreement shall provide for an operating or capital lease agreement, the term of which shall not exceed 20 years, or financing through the Virginia Public Building Authority.  The Governor is authorized to establish the appropriate amount of the lease or financing for this project up to a total of $63,500,000.  Prior to the issuance of long-term debt or the Commonwealth entering into some other operating or capital lease arrangement, the Department of Forensic Science is hereby authorized to utilize a Commonwealth of Virginia Treasury Anticipation Loan or other interim financing mechanism to initiate the planning, design, and other site preparation activities associated with this project."

Explanation
(This amendment provides language authorizing the use of Virginia Public Building Authority bonds to finance the construction of the proposed new northern Virginia Regional Forensic Lab and Medical Examiner's Office once the Governor approves a final agreement on the cost of the facility with the developer. Once an agreement is signed, the Department of Forensic Sciences shall commence with planning for this project utilizing a Treasury Loan. )