2008 Session

Budget Amendments - SB30 (Member Request)

View Budget Item
View Budget Item amendments

Chief Patron: Newman
Combined Sewer Overflow Projects (language only)

Item C-181 #1s

Item C-181 #1s

Central Appropriations
9(D) Revenue Bonds

Page 482, line 33, following "funds" insert "original issue discount".
Page 482, strike line 40 and insert:
"$533,420,000 in bond proceeds; provided that the amount listed for Item C-181 may be increased to an amount that, when combined with the amount necessary to fund related issuance costs, reserve funds, original issue discount and other financing expenses, will have annual debt service requirements of $3,000,000 or less over a term of maturity of 30 years, and the total amount will increase by the corresponding amount.
5.  The amount listed for Item #C-181 shall be deposited into the Combined Sewer Overflow Matching Fund established pursuant to § 62.1-241.12 of the Code of Virginia and applied by the Virginia Resources Authority and the State Water Control Board, along with any interest earnings thereon, to make grants to the Cities of Lynchburg and Richmond to pay up to 50% of the capital costs of the completion of their combined sewer overflow (CSO) projects without regard to any requirement to use such funds to match federal funds allocated to Virginia for CSO controls.  The amount of such grants shall constitute the Commonwealth’s share of the capital costs of the CSO projects for purposes of § 2.2-2261 and § 2.2-2263 of the Code of Virginia.  All such funds shall be divided equally between the Cities of Lynchburg and Richmond.  No such funds shall be used to pay debt service on obligations of the Cities of Lynchburg or Richmond or any other regional or local governments or authorities."
Page 483, following line 39, insert:
"Department of Environmental Quality
Funding of grants to the Cities of Lynchburg and Richmond to pay the Commonwealth's share of the cost of completion of combined sewer overflow projects      $40,000,000".

(This amendment authorizes $40.0 million from VPBA bond proceeds for combined sewer overflow (CSO) projects in the cities of Lynchburg and Richmond.)