Comprehensive Capital Program

Item C-39.40 #1c

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 $877,500,000 plus amounts to fund related issuance costs, and other financing expenses, in accordance with § 2.2-2263 of the Code of Virginia.
2. a) 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, Chapter 874, 2010 Acts of Assembly.
b) The purpose outlined in Item C-86, paragraph A, Chapter 2, Special Session I, 2012 Acts of Assembly is rescinded.  The $35,200,000 bond authority contained in that item shall be applied to the projects contained in paragraph B of this item.
3. From the list of projects included in paragraph B of this item, the Directors of the Department of Planning and Budget and the Department of General Services shall provide the Chairmen of the Virginia College Building Authority and the Virginia Public Building Authority with the specific 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. Except as provided herein, it is the intent of the General Assembly that not more than a total of $250 million in debt or other payment obligations is issued in any fiscal year for the capital projects set forth in this item, provided, however, if less than a total of $250 million in debt or other payment obligations is incurred in any fiscal year for such capital projects, the unused amount may be added to any other subsequent fiscal year. Only under this circumstance may more than a total of $250 million in debt or other payment obligations be issued in a fiscal year for such capital projects.  The provisions of this paragraph do not apply to previously authorized debt referenced in paragraph 2 of this item.
7. The issuance of debt authorized in this item shall proceed so that the projected  average annual debt service over the ten-year horizon shall be below five percent of blended revenues, as defined by the December 18, 2012 report of the Debt Capacity Advisory Committee.  All issuance requirements shall be guided by the project cash flows submitted as part of paragraph A. 8.
8. a) Agencies and institutions included in this item shall submit cash flow 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 project completion.  The Six-Year Capital Outlay Advisory Committee shall review the cash flow requirements and forward the project cash flows to the Department of the Treasury.  The Department of Treasury shall use the cash flows as guidance for the issuance needs for the capital projects in this item by the Virginia College Building Authority and the Virginia Public Building Authority.
b) The Six-Year Capital Outlay Advisory Committee shall, at a minimum, meet at the end of each quarter to evaluate project progress.
9. In accordance with § 2.2-1520, the Director, Department of Planning and Budget shall reimburse the Central Capital Planning Fund, agencies and institutions for any amounts provided for and expenses incurred for project planning for the projects in paragraph B of this item.
10. 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.
11. 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.
12. The Auditor of Public Accounts shall report on the adherence to the cash flow requirements for each project and any deviation in necessary project appropriation and allotment which creates a delay in the progress of the projects.  The report shall be submitted annually to the Governor, Speaker of the House of Delegates, President Pro-Tempore of the State Senate and the Chairmen of the House Appropriations and Senate Finance Committees.
B. The General Assembly hereby appropriates $56,000,000 from nongeneral fund sources in the second year for the projects listed in this section.