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2005 Session

Budget Bill - HB1500 (Introduced)

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Treasury Board

Item 296

Item 296

First Year - FY2005Second Year - FY2006
Bond and Loan Retirement and Redemption (74300)$296,968,894
$280,660,744
$344,068,765
$327,534,242
General Obligation Bond Redemption and Interest (74301)FY2005 $71,531,071FY2006 $96,396,686
Amortization Payments (74302)FY2005 $225,437,823
$209,129,673
FY2006 $247,672,079
$231,137,556
Fund Sources: 
GeneralFY2005 $289,973,527
$273,665,377
FY2006 $334,653,610
$318,119,087
SpecialFY2005 $2,572,763FY2006 $2,572,551
Higher Education OperatingFY2005 $4,422,604FY2006 $6,842,604

Authority: Title 2.2, Chapter 18; Title 33.1, Chapter 3, Article 5, Code of Virginia; Article X, Section 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 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, Section 9 (b), of the Constitution of Virginia:


Series

FY 2005

FY 2006

1996 Refunding

$3,540,573

$3,538,485

1996

$3,025,350

$2,891,513

1997

$8,170,500

$7,915,250

1998 Refunding

$2,591,779

$2,594,004

1998

$5,052,225

$4,896,475

1999

$1,810,745

$1,760,395

2002 Refunding

$22,566,050

$22,414,450

2003A

$4,584,363

$4,446,038


2. Out of the amounts for General Obligation Bond Redemption and Interest, $20,189,486 $15,503,318 the first year and $47,940,076 $36,522,438 the second year is hereby appropriated from the general fund for costs of issuance and debt service on general obligation bonds issued pursuant to Article X, Section 9(b), of the Constitution of Virginia.


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 for the financing of projects specified under the 21st Century College Program:


Series

FY 2005

FY 2006

1996

$4,342,436

$4,341,274

1998

$4,413,025

$4,411,713

1999

$1,419,616

$1,420,616

2000

$1,226,075

$1,226,113

2001

$1,442,319

$1,444,069

2002

$6,608,713

$6,604,963

2003A

$8,370,263

$8,367,713

 

 

 


These amounts may be reduced to adjust for savings resulting from the issuance of refunding bonds, if any, issued after December 1, 2004.


2. Out of the amounts for Amortization Payments, and contingent upon authorization of additional projects in the 2004 Session, shall be paid from the general fund 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: $16,238,095 $10,514,928 the first year and $24,573,461 $20,097,000 the second year.


3. Out of the amounts for Amortization Payments, amounts estimated at $42,014,525 $48,133,292 from the general fund and $2,422,604 from nongeneral funds the first year and $15,606,100 $21,722,746 from the general fund and $4,842,604 from nongeneral funds the second year, shall be paid to the Virginia College Building Authority for the payment of debt service on the following bond issues to finance equipment:


Series

FY 2005

FY 2006

2000

$10,820,425

$0

2001

$13,172,250

$0

2002

$10,755,100

$10,756,600

2003

$7,266,750

$7,269,500

2004

$8,541,371

$8,539,250

 

 

 


4. Out of the amounts for Amortization Payments, the following estimated amounts shall be paid to the Virginia College Building Authority from the general fund for debt service payments on obligations issued pursuant to Item 270 of this act; $8,596,188 the first year and $20,115,751 $9,087,000 the second year.


5.a. Out of the amounts included in paragraph C 3 of this Item the following is the estimated breakdown of each institution's share of the debt service on the bond issues to finance equipment:


 

FY 2005

FY 2006


 


Institution

General Fund

Nongeneral Fund

General Fund

Nongeneral Fund


.


College of William & Mary

$1,422,967

$134,606

$638,238

$134,606

 

 

 

$779,104

 

University of Virginia

$7,187,909

$313,532

$3,661,555

$313,532

 

 

 

$4,494,507

 

Virginia Polytechnic Institute and State University

$7,452,936

$415,254

$3,642,031

$415,254

 

 

 

$4,443,015

 

Virginia Military Institute

$443,230

$22,690

$235,742

$22,690

 

 

 

$310,159

 

Virginia State University

$830,325

$28,964

$434,610

$28,964

 

 

 

$540,053

 

Norfolk State University

$1,151,820

$41,676

$492,777

$41,676

 

 

 

$601,566

 

Longwood University

$510,175

$49,981

$254,438

$49,981

 

 

 

$343,491

 

University of Mary Washington

$610,253

$59,764

$303,449

$59,764

 

 

 

$374,968

 

James Madison University

$1,924,206

$122,920

$1,022,760

$122,920

 

 

 

$1,236,510

 

Radford University

$1,007,125

$103,127

$497,944

$103,127

 

 

 

$660,297

 

Old Dominion University

$2,895,732

$253,142

$1,400,692

$253,142

 

 

 

$1,876,952

 

Virginia Commonwealth University

$5,417,956

$214,930

$2,905,831

$214,930

 

 

 

$3,946,121

 

Richard Bland College

$178,414

$1,481

$127,251

$1,481

 

 

 

$148,188

 

Christopher Newport University

$566,761

$14,045

$311,696

$14,045

 

 

 

$408,973

 

University of Virginia's College at Wise

$208,816

$16,258

$97,031

$16,258

 

 

 

$139,434

 

George Mason University

$4,036,802

$117,484

$2,470,293

$117,484

 

 

 

$2,872,364

 

Virginia Community College System

$11,770,974

$512,750

$5,317,260

$512,750

 

 

 

$6,978,312

 

Virginia Institute of Marine Science

$399,483

$0

$210,187

$0

 

 

 

$292,331

 

Roanoke Higher Education Authority

$53,156

$0

$53,154

$0

 

 

 

$62,465

 

Southwest Virginia Higher Education Center

$119,069

$0

$119,065

$0

 

 

 

$128,212

 

Institute for Advanced Learning and Research

$0

$0

$172,524

$0

TOTAL

$48,188,109

$2,422,604

$24,196,004

$2,422,604

 

 

 

$30,809,546

 


b. Out of the amounts included in C.3. of this item the following is a breakdown of each institution's nongeneral fund share of the debt service on the bond issues to finance the 2004-06 equipment purchase:


Institution

FY 2006

George Mason University

$88,181

Old Dominion University

$121,331

University of Virginia

$774,492

Virginia Commonwealth University

$186,717

Virginia Polytechnic Institute and State University

$577,067

College of William and Mary

$124,701

Christopher Newport University

$3,854

University of Virginia's College at Wise

$3,492

James Madison University

$131,584

Longwood University

$4,765

University of Mary Washington

$37,299

Norfolk State University

$66,878

Radford University

$32,108

Virginia Military Institute

$66,154

Virginia State University

$79,922

Richard Bland College

$546

Virginia Community College System

$120,907

TOTAL

$2,420,000

 

$2,419,998


6. The aggregate principal amount of bonds outstanding to finance the acquisition of equipment pursuant to § 23-30.27:1, Code of Virginia, shall not exceed $170 million.


7. Out of the amounts for Amortization Payments, the following nongeneral fund amounts from a capital fee charged to out-of-state students at institutions of higher education shall be paid to the Virginia College Building Authority in each year for debt service on bonds issued under the 21st Century Program:


Institution

FY 2005

FY 2006

George Mason University

$114,035

$114,035

Old Dominion University

$108,790

$108,790

University of Virginia

$376,300

$376,300

Virginia Polytechnic Institute and State University

$386,400

$386,400

Virginia Commonwealth University

$94,125

$94,125

College of William and Mary

$133,950

$133,950

Christopher Newport University

$7,190

$7,190

University of Virginia's College at Wise

$3,790

$3,790

James Madison University

$219,230

$219,230

Norfolk State University

$75,375

$75,375

Longwood University

$9,130

$9,130

University of Mary Washington

$55,465

$55,465

Radford University

$51,190

$51,190

Virginia Military Institute

$36,135

$36,135

Virginia State University

$68,770

$68,770

Richard Bland College

$1,165

$1,165

Virginia Community College System

$258,960

$258,960

TOTAL

$2,000,000

$2,000,000


D.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:


 

FY 2005

FY 2006


 


Series

General Fund

Special Funds

General Fund

Special Funds

1992B Refunding

$15,230,000

$0

$15,235,000

$0

1993A

$982,434

$0

$981,787

$0

 

$665,337

 

$0

 

1994A

$3,474,524

$228,101

$3,493,870

$209,630

 

$3,267,524

 

$0

 

1995

$14,321,581

$0

$14,313,781

$0

 

$11,264,127

 

$11,256,327

 

1996 Refunding

$6,506,432

$1,645,432

$6,505,675

$1,645,764

1997

$12,631,703

$0

$12,594,078

$0

 

$8,620,601

 

$8,582,976

 

1998 Refunding

$16,934,280

$378,705

$16,906,908

$396,827

 

$17,154,280

 

$17,126,909

 

1998

$3,214,375

$0

$3,214,125

$0

1999

$5,339,656

$0

$5,343,288

$0

1999B

$2,650,214

$0

$2,646,827

$0

2000

$8,880,488

$0

$8,881,569

$0

2001

$2,753,695

$0

$2,754,383

$0

2002

$4,203,675

$0

$4,198,200

$0

2003 Refunding

$1,547,463

$320,525

$4,281,483

$320,330

 

 

 

 

 


These amounts may be reduced to adjust for savings resulting from the issuance of refunding bonds, if any, issued after December 1, 2004.


2.a. Out of the amounts for Amortization Payments the following estimated amounts are hereby appropriated to the Virginia Public Building Authority for use by the Authority: $7,347,593 $13,143,851 the first year and $28,097,868 $37,925,101 in the second year from the general fund.


b. Out of this appropriation, $1,319,063 $1,605,894 the first year and $9,550,938 $7,172,675 the second year from the general fund is provided for debt service on the State Agency Radio System (STARS).


3a. 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 Renovation

Albemarle-Charlottesville Regional Jail

Southwest Virginia Regional Jail

Middle River Regional Jail

Hampton City Jail

Loudoun County Adult Detention Center

Botetourt-Craig Regional Jail

Eastern Shore Regional Jail

Chesterfield County Jail Replacement

Virginia Beach Local Jail

Clarke, Fauquier, Frederick, Winchester Regional Detention Center

 


b. This paragraph shall constitute the authority for the Virginia Public Building Authority to issue bonds for the foregoing projects, pursuant to § 2.2-2261, Code of Virginia.


4. The total principal amount of Virginia Public Building Authority bonds outstanding, excluding refunding bonds and bonds issued to refinance bonds issued by other state and local authorities or political subdivisions where such bonds are secured by a lease or payment agreement with the Commonwealth, shall not exceed $1,300,000,000 $1,600,000,000.


5.a. Funding is included in this Item for reimbursement of the state share of the costs of juvenile residential care facilities in accordance with § 16.1-309.5 of the Code of Virginia and guidelines approved by the State Board of Juvenile Justice, for the following:


 

 

Chesterfield Detention Expansion

$4,861,061

Chesterfield Group Home

$37,103

Newport News Detention

$5,904,094

Prince William Detention

$2,250,507

Shenandoah Detention

$2,837,670

Blue Ridge/Charlottesville Detention

$2,625,422

Virginia Beach Detention

$5,764,514


b. This paragraph shall constitute the authority for the Virginia Public Building Authority to finance the reimbursement of the state share of costs of the foregoing projects by the issuance of revenue bonds in accordance with § 2.2-2261 of the Code of Virginia.


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


 

FY 2005

FY 2006

Norfolk IDA (DGS) (Norfolk Public Health, 1997)

$2,410,294

$2,410,238

Brunswick IDA (DOC) (Lawrenceville, 1996)

$5,003,496

$5,006,618

Virginia Biotechnology Research Park (Biotech Two, 1996)

$2,420,921

$2,423,358

Big Stone Gap RHA (DOC) (Wallens Ridge, 1995)

$6,055,608

$6,047,248

Norfolk RHA (VCCS-TCC), Series 1995

$1,889,774

$1,947,388

Innovative Technology Authority (VEDP) (1997)

$1,402,691

$1,341,855

Virginia Biotech Research Park, 2001

$4,690,607

$4,689,907


F. 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 493, paragraph E of this act and §§ 58.1-815, 58.1-815.1 and 58.1-816.1, Code of Virginia, as follows:


 

FY 2005

FY 2006

Transportation Contract Revenue Refunding Bonds, Series 2002 (Route 28)

$7,531,145

$7,528,145

Commonwealth of Virginia Transportation Revenue Bonds

 

 

U.S. Route 58 Corridor Development Program:

 

 

Series 1996B

$8,113,112

$8,115,299

Series 1997C

$4,878,804

$4,879,779

Series 1999B

$14,857,236

$14,855,236

Series 2001B

$7,219,957

$7,219,207

Series 2002B (Refunding)

$5,760,588

$7,237,688

Series 2003A (Refunding)

$9,919,175

$9,910,375

 

 

 

Northern Virginia Transportation District Program:

 

 

Series 1996A

$5,190,147

$5,189,347

Series 1997B

$2,336,783

$2,332,858

Series 1999A

$2,414,972

$2,413,222

Series 2001A

$4,143,375

$4,144,125

Series 2002A

$13,948,119

$14,934,419

Additional Bonds

$8,381,366

$8,381,366

Transportation Program Revenue Bonds, Series 1997 (Oak Grove Connector, City of Chesapeake)

$2,331,120

$2,328,620

 

 

 


G. 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.


H. Any unexpended balance in the first year appropriation of this Item on June 30, 2005, shall be reappropriated in the second year.