Chief Patron: Bennett-Parker
VPBA Bond Allocation for CSO- City of Alexandria
Item C-53.50 #2h
Item C-53.50 #2h | First Year - FY2025 | Second Year - FY2026 | |
| Natural and Historic Resources |
| Department of Environmental Quality | FY2025 $30,000,000 | FY2026 $0 | NGF |
Language
Page 558, after line 34, insert:
| "C-53.50 Improvements: Department of Environmental Quality: Alexandria Combined Sewer Overflow | $30,000,000 | $0 | |
| Fund Sources:
Bond Proceeds
|
$30,000,000
|
$0
" | |
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 $30,000,000 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 for distribution to the City of Alexandria, Virginia Sanitation Authority to pay a portion of the costs of its combined sewer overflow control project.
2. Debt service on the bonds issued under the authorization in this item shall be provided from appropriations to the Treasury Board."
Explanation
(This amendment authorizes $30.0 million the first year in general fund tax-supported debt for a payment to the City of Alexandria, Virginia Sanitation Authority to pay a portion of the costs of its combined sewer overflow control project. 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.)