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1998 Special Session I

Budget Bill - HB4001 (Introduced)

Treasury Board

Item 301

Item 301

First Year - FY1999Second Year - FY2000
Bond and Loan Retirement and Redemption (74300)$187,723,116$208,350,725
General Obligation Bond Redemption and Interest (74301)FY1999 $56,644,420FY2000 $56,217,927
Amortization Payments (74302)FY1999 $131,078,696FY2000 $152,132,798
Fund Sources: 
GeneralFY1999 $182,855,580FY2000 $203,677,627
SpecialFY1999 $4,867,536FY2000 $4,673,098

Authority: Title 2.1, Chapter 14, Title 33.1, Chapter 3, Article 5, Code of Virginia; Article X, § 9, Constitution of Virginia.


A. The Director of the Department of Planning and Budget is authorized to transfer appropriations between items in the Treasury Board to address legislation affecting the Treasury Board passed by the 1998 General Assembly.


B.1. Out of the amounts for General Obligation Bond Redemption and Interest, the following amounts are hereby appropriated from the general fund for debt service on general obligation bonds issued pursuant to Article X, § 9(b), of the Constitution of Virginia:


Series First Year Second Year
1993A $7,330,000 $7,095,000
1993B $8,785,000 $8,575,000
1994 $12,136,795 $11,645,095
1996 Refunding $3,537,910 $3,536,285
1996 $4,893,269 $4,759,700
1997 $9,702,000 $9,446,750
1998 $2,593,279 $2,597,254

2. Out of the amounts for General Obligation Bond Redemption and Interest and pursuant to Chapters 781, 789, 849, 892, 894, and 896, Acts of Assembly of 1992, the following amounts are hereby appropriated for estimated debt service on general obligation bonds and notes issued in anticipation thereof: $7,666,167 the first year and $8,562,843 the second year from the general fund.


3. Out of the amounts for General Obligation Bond Redemption and Interest, sums needed to fund issuance costs and other financing expenses are hereby appropriated.


C.1. Out of the amounts for Amortization Payments shall be paid to the Virginia College Building Authority the following amounts for use by the Authority for payments on obligations issued under the 21st Century College Program for the financing of projects specified in Item C-7.10 of Chapter 924 of the Acts of Assembly of 1997:


Series First Year Second Year
1996 $4,343,331 $4,340,456

2. Out of the amounts for Amortization Payments shall be paid to the Virginia College Building Authority the following estimated amounts for use by the Authority for payments on obligations issued under the 21st Century College Program for the financing of projects specified in Item C-7.10 of Chapter 924 of the Acts of Assembly of 1997: $3,138,128 the first year and $10,332,858 the second year from the general fund.


D.1. Out of the amounts for Amortization Payments shall be paid to the Virginia College Building Authority the following estimated amounts for use by the Authority for payments on obligations issued pursuant to Item 276 of this act, $7,154,722 the first year and $12,773,177 the second year from the general fund.


2. An additional $22,280,811 from the general fund and $2,422,604 in nongeneral funds is available in each year to support debt service payments on bonds issued prior to 1998. These funds are appropriated within the operating budgets of each institution of higher education.


3. Any unexpended general fund appropriations in Paragraph D.1. not required for debt service shall revert to the surplus of the general fund at the close of business on June 30, 1999.


E.1. Out of the amounts for Amortization Payments shall be paid to the Virginia Public Building Authority the following amounts for use by the Authority for its various bond issues:


First Year

Second Year


Series General Fund Special Funds General Fund Special Funds
1988A $11,352,090 $0 $11,356,973 $0
1991A $2,352,035 $830,280 $2,346,334 $828,268
1992A Refunding $11,294,188 $1,840,782 $11,462,495 $1,648,970
1992B Refunding $3,473,476 $0 $3,472,021 $0
1992C $7,884,470 $696,143 $7,873,387 $695,756
1993A $4,719,763 $366,140 $4,711,556 $365,835
1994A $3,422,001 $285,436 $3,421,417 $285,396
1995 $16,573,081 $0 $16,561,656 $0
1996 Refunding $4,502,359 $848,754 $4,500,417 $848,872
1997 $12,688,813 $0 $12,675,198 $0
1998 Refunding $8,608,661 $0 $9,037,371 $0

2. Out of the amounts for Amortization Payments and pursuant to Chapters 656 and 878, Acts of Assembly of 1991 and 1992, respectively, Chapter 1, Acts of Assembly of 1993, Special Session, Chapter 823, 841, and 835, Acts of Assembly of 1994, 1995, and 1996 respectively, [and any Virginia Public Building Authority projects authorized by the 1998 Session of the General Assembly], the following estimated amounts are hereby appropriated to the Virginia Public Building Authority for use by the Authority: $5,722,969 in the first year and $13,549,502 in the second year from the general fund.


3. Funding is included in this item for the Commonwealth's reimbursement of a portion of the approved capital costs as determined by the Board of Corrections and other interest costs as provided in §§ 53.1-80 through 53.1-82 of the Code of Virginia for the following:


Fairfax Regional Jail


Hampton Roads Regional Jail


Middle Peninsula Regional Jail


Pamunkey Regional jail


Albemarle-Charlottesville Regional Jail


Alleghany/Covington Regional Jail


A. P. Hill Peumansend Creek Regional Jail


Blue Ridge Regional Jail


New River Valley Regional Jail


Rappahannock Regional Jail


Southside Regional Jail and


Staunton-Augusta-Waynesboro Regional Jail.


This paragraph shall constitute the authority for the Virginia Public Building Authority to issue bonds for the foregoing projects, pursuant to § 2.1-234.13, Code of Virginia.


F. Out of the amounts for Bond Amortization Payments, the following amounts are hereby appropriated for capital lease payments:


First Year Second Year
Norfolk IDA (DGS) $2,423,054 $2,419,673
Brunswick IDA (DOC) $4,978,575 $4,979,625
Virginia Biotechnology Research Park $2,439,068 $2,437,278
Big Stone Gap RHA (DOC) $6,311,815 $6,303,119
Norfolk RHA (TCC) $1,283,027 $1,283,773
Innovative Technology Authority (VEDP) $1,363,537 $1,429,414

G. Pursuant to various Payment Agreements between the Treasury Board and the Commonwealth Transportation Board, funds required to pay the debt service due on the following Commonwealth Transportation Board bonds shall be paid to the Trustee for the bondholders by the Treasury Board after transfer of these funds to the Treasury Board from the Commonwealth Transportation Board pursuant to Item 523, Paragraph G of this act and §§ 58.1-815, 58.1-815.1 and 58.1-816.1, Code of Virginia; as follows:


First Year Second Year
Transportation Contract Revenue Refunding Bonds, Series 1992 (Route 28) $8,803,778 $8,804,538
Commonwealth of Virginia Transportation Revenue Bonds
U.S. Route 58 Corridor Development Program:
Series 1989 $4,334,550 $0
Series 1993A $5,303,894 $5,306,334
Series 1993B $7,236,523 $7,239,748
Series 1996B $8,116,092 $8,114,342
Series 1997C $5,162,374 $9,497,574
Additional Bonds $0 $11,608,004
Northern Virginia Transportation District Program:
Series 1993C $9,499,794 $9,495,959
Series 1995A $2,160,680 $2,159,630
Series 1996A $5,188,259 $5,190,509
Series 1997B $2,335,110 $2,333,710
Transportation Program Revenue Bonds, Series 1997 (Oak Grove Connector, City of Chesapeake) $2,326,370 $2,326,120

H. Under the authority of this act, an agency may transfer funds to the Treasury Board for use as lease, rental, or debt service payments to be used for any type of financing where the proceeds are used to acquire equipment and to finance associated costs, including but not limited to issuance and other financing costs. In the event such transfers occur, the transfers shall be deemed an appropriation to the Treasury Board for the purpose of making the lease, rental, or debt service payments described herein.


I. Any unexpended balance in the first year appropriation of this Item at the close of business on June 30, 1999, shall be reappropriated in the second year.