2012 Special Session I

Budget Amendments - HB1301 (Committee Approved)

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GARVEE Authorization (language only)

Item 450 #2s

Item 450 #2s

Transportation, Department of

Page 343, following line 46, insert
"J. Notwithstanding § 33.1-23.15, The Board is hereby authorized, by and with the consent of the Governor, to issue, pursuant to the provisions of the State Revenue Bond Act (§ 33.1-267 et seq.), in one or more series from time to time revenue obligations of the Commonwealth to be designated “Commonwealth of Virginia Federal Transportation Grant Anticipation Revenue Notes, Series .....” (the Notes) provided that the aggregate principal amount outstanding at any time shall not exceed the sum of $400 million and the amount authorized pursuant to the second enactments of Chapters 1019 and 1044 of the Acts of Assembly of 2000 as amended by Chapter 655 of the Acts of Assembly of 2005, less any principal amounts outstanding from revenue obligations issued pursuant to those enactments prior to July 1, 2011, and exclusive of (i) the amount of any revenue obligations that may be issued to refund Notes issued under this Article or the revenue obligations issued under those enactments in accordance with § 33.1-293, and (ii) any amounts issued for financing expenses (including, without limitation, any original issue discount)."

(This amendment authorizes the issuance of $400 million in Grant Anticipation Revenue Notes for eligible federally funded projects. The additional authorization provides the Commonwealth Transportation Board additional flexibility in using federal fund backed bonds for projects which may currently have Commonwealth Project Revenue Bonds programmed for future expenditure.)