2016 Session

Budget Amendments - HB30 (Committee Approved)

Debt Reduction (language only)

Item C-52.10 #2h

Item C-52.10 #2h

Capital Projects
Central Capital Outlay

Page 439, after line 27, insert:

"C-52.10 Improvements: Debt Reduction$0$0

Page 439, after line 27, insert:

"Any general fund revenue collected during fiscal year 2016, fiscal year 2017, and fiscal year 2018 that is in excess of the official revenue estimate for that respective year as set out in amendments to Chapter 665 adopted by the 2016 Session of the General Assembly or contained in this Act that are not required to meet (i) any Constitutionally-mandated deposit to the Revenue Stabilization Fund or (ii) any deposit to the Water Quality Improvement Fund based on revenues in excess of the official estimate as required pursuant to § 10.2-2128 A., Code of Virginia, shall be reserved by the Comptroller in the Restricted Fund Balance.  These amounts not be subject to the provisions of § 2.2-1514, Code of Virginia, but shall instead be designated to reduce the amount of tax-supported bonds authorized by the 2016 Session."


(This amendment directs the use of all revenues that exceed the Official Revenue Forecast contained in this Act to reduce tax-supported debt after satisfying the Revenue Stabilization Fund and Water Quality Improvement Fund (Part A) deposit requirements.)