Item C-31.50 | First Year - FY2017 | Second Year - FY2018 |
|---|---|---|
| New Construction: Acquire or Construct Central Office and Warehouse Facility (18305) | $0 | $104,770,000 |
| Fund Sources: | ||
| Bond Proceeds | FY2017 $0 | FY2018 $104,770,000 |
A. The Department of Alcoholic Beverage Control (“ABC”) is hereby authorized to undertake a capital project consisting of the acquisition and/or construction of a new warehouse and administrative building, such authorization includes without limitation acquiring, constructing, improving, renovating, furnishing and equipping the buildings, facilities and land therefor.
B. The Virginia Public Building Authority (“VPBA”) pursuant to § 2.2-2263 et seq. of the Code of Virginia is authorized to issue bonds in a principal amount not to exceed $104,770,000, plus amounts needed to fund issuance costs, reserve funds, original issue discount, interest prior to and during the acquisition or construction and for one year after completion thereof, and other financing expenses, to finance the capital costs of the project described in this Item.
C. Debt service on the bonds issued under the authorization of this Item shall be provided from appropriations to the Treasury Board.
D. Upon the completion of the capital project described in this item, the ABC shall sell at the market rate the warehouse and administrative building it currently owns.
E. The ABC may undertake the capital project described in this item through any process authorized by law, including but not limited to the Public-Private Education Facilities and Infrastructure Act (§ 56-575.1 et seq., Code of Virginia), a capital lease, or design build process.
F. The term “ABC” shall include any other public entity that succeeds to the duties and responsibilities of the current ABC, including but not limited to the entity established under § 4.1-101 et seq. of the Code of Virginia.