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2007 Session

Budget Bill - HB1650 (Chapter 847)

Treasury Board

Item 276

Item 276

First Year - FY2007Second Year - FY2008
Bond and Loan Retirement and Redemption (74300)$355,851,460
$345,893,677
$411,281,845
$410,077,950
Debt Service Payments on General Obligation Bonds (74301)FY2007 $89,074,782
$83,289,966
FY2008 $103,782,142
$95,521,805
Capital Lease Payments (74302)FY2007 $14,159,123FY2008 $14,160,961
Debt Service Payments on Public Building Authority Bonds (74303)FY2007 $152,691,520
$148,811,711
FY2008 $180,374,863
$185,401,309
Debt Service Payments on College Building Authority Bonds (74304)FY2007 $99,926,035
$99,632,877
FY2008 $112,963,879
$114,993,875
Fund Sources:  
GeneralFY2007 $346,581,582
$336,623,799
FY2008 $402,013,481
$398,809,586
SpecialFY2007 $2,427,276FY2008 $2,425,762
Higher Education OperatingFY2007 $6,842,602FY2008 $6,842,602
$8,842,602

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 Debt Service Payments on General Obligation Bonds, 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 2007

FY 2008

1996 Refunding

$3,540,448

$3,541,223

1996

$2,757,675

$2,623,838

1997

$5,365,500

$0

1998 Refunding

$10,786,989

$15,275,739

1998

$3,457,650

$3,286,325

1999

$1,215,024

$1,163,349

2002 Refunding

$13,240,050

$7,757,850

2003A

$4,320,288

$4,194,538

2004A

$15,343,538

$14,927,438

2004B Refunding

$4,045,550

$7,015,550

2005

$11,256,101

$11,133,726

2006A Refunding

$5,636,826

$5,497,150

Projected debt service & expenses

 

$25,002,070

$43,996,292

 

$8,622,450

$25,270,140

Total Service Area

$89,074,782

$103,782,142

 

$83,289,966

$95,521,805


 


2. Out of the amounts for Debt Service Payments on General Obligation Bonds, sums needed to fund issuance costs and other expenses are hereby appropriated.


C. Out of the amounts for Capital Lease Payments, the following amounts are hereby appropriated for capital lease payments:


 

FY 2007

FY 2008

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

$6,059,500

$6,038,725

Norfolk RHA (VCCS-TCC), Series 1995

$2,024,598

$2,016,079

Innovative Technology Authority (VEDP) (1997)

$1,381,525

$1,409,013

Virginia Biotech Research Park, 2001

$4,693,500

$4,697,144

Total Capital Lease Payments

$14,159,123

$14,160,961


D.1. Out of the amounts for Debt Service Payments on Virginia Public Building Authority Bonds shall be paid to the Virginia Public Building Authority the following amounts for use by the Authority for its various bond issues:


 


 

FY 2007

FY 2008

 


 


Series

General Fund

Special Funds

General Fund

Special Funds

1992B Refunding

$15,230,000

$0

$15,230,000

$0

1997

$7,272,500

$0

$7,261,500

$0

1998 Refunding

$20,595,266

$605,969

$20,588,619

$605,492

1998

$1,953,875

$0

$1,950,500

$0

1999

$3,167,888

$0

$3,165,344

$0

1999B

$2,072,402

$0

$2,023,820

$0

 

$2,027,402

 

 

 

2000

$5,072,383

$0

$5,052,668

$0

2001

$2,753,195

$0

$2,748,333

$0

2002

$4,196,100

$0

$4,192,200

$0

2003 Refunding

$4,898,974

$177,464

$4,893,020

$177,293

2004A

$16,740,856

$0

$16,720,544

$0

2004B

$19,143,580

$0

 $19,130,850

$0

 

$19,143,850

 

 

 

2004C

$4,519,800

$0

$4,525,575

$0

2004D

$5,487,638

$0

$5,486,088

$0

2005A Refunding

$2,868,575

$0

$4,978,913

$0

2005B Refunding

$6,792,150

$1,643,843

$10,194,150

$1,642,977

2005C

$6,018,788

$0

$6,019,188

$0

STARS 2005C

$12,251,650

$0

$12,249,500

$0

2005D

$2,513,750

$0

$2,544,750

$0

2006A

$1,562,076

$0

$5,955,300

$0

STARS 2006A

$1,197,719

$0

$7,145,844

$0

Projected debt service and expenses

$28,421,792

$2,427,276

$0

$0

 

$120,000

$0

$20,918,841

 

Total Service Area

$151,142,244

$2,427,276

$184,149,101

$2,425,762

 

$146,384,435

 

$182,975,547

 


 


2a. 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:


 


Riverside Regional Jail Expansion

Reimbursement may be made in two installments, the first following completion of the addition to the Pre-Release Center.

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

Northwest Virginia Regional Jail

Rappahannock Regional Jail Expansion

Western Virginia Regional Jail

Gloucester County Jail

Prince William Manassas Regional Adult Detention Center

Culpeper County Jail


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 of the Code of Virginia.


3.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:


Newport News Detention

$5,904,094

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.1. Out of the amounts for Debt Service Payments on Virginia College Building Authority Bonds shall be paid to the Virginia College Building Authority the following amounts for use by the Authority for payments on obligations issued for financing authorized projects under the 21st Century College Program:


Series

FY 2007

FY 2008

1996

$2,724,775

$2,722,874

1998

$3,375,313

$3,378,988

1999

$1,419,661

$1,422,280

2000

$665,288

$665,363

2001

$1,446,069

$1,441,869

2002

$6,604,363

$6,608,963

2003A

$8,367,963

$8,369,213

2004A 

$10,512,995

$10,514,245

2004B Refunding

$3,117,825

$3,121,450

2005A

$5,082,200

$5,082,700

2006

$8,501,525

$8,501,430

Projected 21st Century debt service & expenses

$8,854,500

$14,453,561

 

$60,000

$3,992,500

Subtotal 21st Century

$52,170,952

$57,781,508

 

$51,877,977

$55,821,875


2. Out of the amounts for Debt Service Payments on Virginia College Building Authority Bonds shall be paid to the Virginia College Building Authority the following amounts for the payment of debt service on authorized bond issues to finance equipment:


Series

FY 2007

FY 2008

2002

$10,758,800

$0

2003

$7,265,500

$7,266,000

2004

$8,543,000

$8,539,000

2005 

$11,437,500

$11,437,000

2006

$9,690,100

$12,913,000

Projected debt service Item 251 & expenses

$9,750,283

$27,940,371

 

$60,000

$19,017,000

Subtotal Equipment

$47,755,083

$49,132,371

 

$47,754,900

$59,172,000

Total Service Area

$99,926,035

$112,913,879

 

$99,632,877

$114,993,875


3.  Out of the amounts for Debt Service Payments on Virginia College Building Authority Bonds, 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 2007

FY 2008

George Mason University

$114,035

$114,035

 

 

$311,338

Old Dominion University

$108,790

$108,790

 

 

$193,298

University of Virginia

$376,300

$376,300

 

 

$760,448

Virginia Polytechnic Institute and State University

$386,400

$386,400

 

 

$794,424

Virginia Commonwealth University

$94,125

$94,125

 

 

$289,108

College of William and Mary

$133,950

$133,950

 

 

$241,596

Christopher Newport University

$7,190

$7,190

 

 

$11,324

University of Virginia's College at Wise

$3,790

$3,790

 

 

$7,800

James Madison University

$219,230

$219,230

 

 

$457,402

Norfolk State University

$75,375

$75,375

 

 

$113,258

Longwood University

$9,130

$9,130

 

 

$21,646

University of Mary Washington

$55,465

$55,465

 

 

$102,204

Radford University

$51,190

$51,190

 

 

$71,570

Virginia Military Institute

$36,135

$36,135

 

 

$65,262

Virginia State University

$68,770

$68,770

 

 

$142,136

Richard Bland College

$1,165

$1,165

 

 

$1,448

Virginia Community College System

$258,960

$258,960

 

 

$415,738

 

 

 

TOTAL

$2,000,000

$2,000,000

 

 

$4,000,000

 

 

 

 

 

 

 

 

 


4. Out of the amounts for Debt Service Payments of College Building Authority Bonds,  the following is the estimated general and nongeneral fund breakdown of each institution's share of the debt service on the Virginia College Building Authority bond issues to finance equipment. The nongeneral fund amounts shall be paid to the Virginia College Building Authority in each year for debt service on bonds issued under the equipment program:


 

FY 2007

FY 2008

 


 


Institution

General Fund

Nongeneral Fund

General Fund

Nongeneral Fund

College of William & Mary

$1,115,246

$259,307

$1,194,854

$259,307

University of Virginia

$6,527,239

$1,088,024

$6,910,206

$1,088,024

Virginia Polytechnic Institute and State University

$6,187,111

$992,321

$6,348,791

$992,321

Virginia Military Institute

$487,742

$88,844

$556,428

$88,844

Virginia State University

$774,494

$108,886

$839,170

$108,886

Norfolk State University

$1,168,943

$108,554

$1,277,285

$108,554

Longwood University

$462,311

$54,746

$475,877

$54,746

University of Mary Washington

$512,757

$97,063

$495,422

$97,063

James Madison University

$1,673,973

$254,504

$1,679,408

$254,504

Radford University

$906,626

$135,235

$986,402

$135,235

Old Dominion University

$2,633,259

$374,473

$2,821,105

$374,473

Virginia Commonwealth University

$5,497,974

$401,647

$5,821,729

$401,647

Richard Bland College

$175,410

$2,027

$119,086

$2,027

Christopher Newport University

$537,107

$17,899

$560,484

$17,899

University of Virginia's College at Wise

$197,485

$19,750

$210,355

$19,750

George Mason University

$3,501,024

$205,665

$3,443,450

$205,665

Virginia Community College System

$9,234,535

$633,657

$9,030,582

$633,657

Virginia Institute of Marine Science

$396,210

$0

$415,497

$0

Roanoke Higher Education Authority

$74,394

$0

$88,094

$0

Southwest Virginia Higher Education Center

$140,195

$0

$152,336

$0

Institute for Advanced Learning and Research

$648,449

$0

$798,900

$0

Southern Virginia Higher Education Center

$0

$0

$4,310

$0

 TOTAL

$42,852,483

$4,842,602

$44,229,771

$4,842,602


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


 

FY 2007

FY 2008

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

$7,529,845

$7,524,883

Commonwealth of Virginia Transportation Revenue Bonds

 

 

U.S. Route 58 Corridor Development Program:

 

 

Series 1996B

$4,235,155

$4,236,750

Series 1997C

$4,879,944

$4,879,194

Series 1999B

$8,179,663

$8,176,438

Series 2001B

$5,591,613

$5,591,688

Series 2002B (Refunding)

$7,233,288

$7,235,438

Series 2003A (Refunding)

$9,914,875

$9,916,075

Series 2004B

$11,563,050

$11,563,050

Northern Virginia Transportation District Program:

 

 

Series 1996A

$2,709,540

$2,709,000

Series 1997B

$2,333,613

$2,333,769

Series 1999A

$1,328,863

$1,327,988

Series 2001A

$3,210,013

$3,211,163

Series 2002A

$14,935,019

$14,951,219

Series 2004A

$4,102,000

$4,102,000

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

$2,328,870

$2,326,620


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.