2024 Session

Budget Amendments - HB30 (Member Request)

Chief Patron: Bulova
VPBA Bonds for WQIF-Eligible Wastewater Treatment Plant Upgrades

Item C-53.50 #1h

Item C-53.50 #1h

First Year - FY2025 Second Year - FY2026
Natural and Historic Resources
Department of Environmental Quality FY2025 $200,000,000 FY2026 $200,000,000 NGF

Page 558, after line 34, insert:

"C-53.50 Improvements: Wastewater Treatments Upgrades$200,000,000$200,000,000
Fund Sources:  Bond Proceeds $200,000,000 $200,000,000 "

Page 558, after line 34, insert:

"A.1. The Virginia Public Building Authority pursuant to § 2.2-2260 et seq., Code of Virginia, is authorized to issue bonds in a principal amount not to exceed $400,000,000 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, in accordance with § 2.2-2263, Code of Virginia, to be provided to the Department of Environmental Quality to make matching grants for Water Quality Improvement Fund eligible wastewater projects for Chesapeake Bay nutrient reduction authorized under Code of Virginia §§ 10.1-1186.01.F., 10.1-2131.C., and 62.1- 44.19:14.G.1.

2. Debt service on the bonds issued under the authorization in this item shall be provided from appropriations to the Treasury Board."


(This amendment authorizes $200.0 million each year in general fund tax-supported debt for financing expenses related to wastewater projects for Chesapeake Bay nutrient reduction. These bonds, to be issued by the Virginia Public Building Authority (VPBA), would be repaid by future appropriations made to fund debt service payments. A companion amendment to Item C-56 updates total proposed VPBA bond issuances with respect to this request.)