Comprehensive Capital Program

Item C-39.40 #1h

Language
Page 473, after line 3, insert:
"A. 1. The capital projects in paragraph B of this item are hereby authorized and may be financed in whole or in part through bonds of the Virginia College Building Authority pursuant to § 23-30.24 et seq., Code of Virginia, or the Virginia Public Building Authority pursuant to § 2.2-2263, Code of Virginia. Bonds of the Virginia College Building Authority issued to finance these projects may be sold and issued under the 21st Century College Program at the same time with other obligations of the Authority as separate issues or as a combined issue. The aggregate principle amounts will not exceed $880,000,000 plus amounts to fund related issuance costs, and other financing expenses, in accordance with § 2.2-2263 of the Code of Virginia.
2.  Notwithstanding any other provision of law, the Director, Department of Planning and Budget, shall provide for the construction, renovation, or improvement of the projects listed in paragraph B from proceeds previously authorized in Part 2, §§ 1 through 4 of Chapter 1, 2008 Acts of Assembly, Special Session 1 and from proceeds previously authorized in Items C-85 and C-86, Chapter 874, 2010 Acts of Assembly.
3. From the list of projects included in paragraph B of this item, the Director of the Department of Planning and Budget shall provide the Chairmen of the Virginia College Building Authority and the Virginia Public Building Authority with the specific projects, as well as the amounts for these projects, to be financed by each authority within the dollar limit established by this authorization.
4. Debt service on the projects contained in this item shall be provided from appropriations to the Treasury Board.
5. The appropriations for said capital projects are contained in this item and are subject to the conditions in § 2-0 F of this act.
6. That, except as provided herein, the Commonwealth shall not issue more than a total of $250 million in debt or other payment obligations in any fiscal year for the capital projects set forth in this item. Provided, however, if the Commonwealth incurs less than a total of $250 million in debt or other payment obligations in any fiscal year for such capital projects, the difference between $250 million and the amount of debt or other payment obligations incurred in the fiscal year may be incurred in any other subsequent fiscal year for purposes of financing such capital projects. Only under this circumstance may the Commonwealth incur more than a total of $250 million in debt or other payment obligations in a fiscal year for such capital projects.
7. Agencies and institutions shall submit cash flows requirements for each project to the Director, Department of Planning and Budget and the Director, Department of General Services, the Chairmen of the House Appropriations and Senate Finance Committees and the Six-Year Capital Outlay Advisory Committee.  The cash flows shall indicate quarterly cash needs to complete planning, working drawings and construction funding to the projects completion.
8.  In accordance with § 2.2-1520, the Director, Department of Planning and Budget shall reimburse the Central Capital Planning Fund, agencies and institutions for the amounts provided for and expenses incurred for project planning for the projects in paragraph B of this item.
9. All projects are authorized to proceed to working drawings and then to construction phase within the parameters outlined in § 2.2-1519, Code of Virginia.
10. Beginning July 1, 2013, the Director, Department of Planning and Budget and the Director, Department of General Services shall provide a quarterly progress report to the Chairmen of the House Appropriations and Senate Finance Committees on the projects in this item.
B. The General Assembly hereby appropriates $56,000,000 from nongeneral fund sources in the second year for the projects listed in this section.