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2010 Session

Budget Bill - SB30 (Introduced)

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Treasury Board

Item 271

Item 271

First Year - FY2011Second Year - FY2012
Bond and Loan Retirement and Redemption (74300)$576,402,915$632,566,758
Debt Service Payments on General Obligation Bonds (74301)FY2011 $119,034,910FY2012 $118,781,149
Capital Lease Payments (74302)FY2011 $13,813,790FY2012 $13,802,699
Debt Service Payments on Public Building Authority Bonds (74303)FY2011 $258,024,125FY2012 $289,958,928
Debt Service Payments on College Building Authority Bonds (74304)FY2011 $185,530,090FY2012 $210,023,982
Fund Sources: 
GeneralFY2011 $555,147,190FY2012 $611,311,901
SpecialFY2011 $2,417,353FY2012 $2,416,485
Higher Education OperatingFY2011 $18,838,372FY2012 $18,838,372

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, 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 2011

FY 2012

 

 

 

2002 Refunding

$9,208,300

$8,813,800

2003A

$3,822,288

$3,696,288

2004A

$9,639,062

$10,500,626

2004B Refunding

$12,259,550

$11,808,050

2005

$7,562,476

$8,318,226

2006A Refunding

$10,064,750

$9,534,500

2006

$7,732,588

$8,686,088

2007A

$11,365,463

$11,052,963

2007B

$7,138,025

$6,938,025

2008A

$8,651,563

$8,454,563

2008B

$8,951,438

$8,801,438

2008B Refunding

$5,634,341

$5,349,963

2009A

$7,445,000

$7,285,000

2009B

$3,455,316

$3,436,869

2009 Refunding

$6,064,750

$6,064,750

Projected debt service & expenses

$40,000

$40,000

Total Service Area

$119,034,910

$118,781,149


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 2011

FY 2012

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

$6,028,875

$6,019,000

Norfolk RHA (VCCS-TCC), Series 1995

$2,018,381

$2,018,255

Innovative and Entrepreneurship Investment Authority (VEDP) (1997)

$1,351,896

$1,350,568

Virginia Biotech Research Park, 2001

$2,823,638

$2,823,876

Virginia Biotech Research Park, 2009

$1,591,000

$1,591,000

Total Capital Lease Payments

$13,813,790

$13,802,699


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 2011

FY 2012

 


 


Series

General Fund

Special Funds

General Fund

Special Funds

1992B Refunding

$7,410,000

$0

$0

$0

2000

$5,026,400

$0

$0

$0

2001

$1,724,013

$0

$1,720,806

$0

2002

$3,141,363

$0

$3,137,188

$0

2003 Refunding

$4,876,429

$176,684

$4,877,095

$176,399

2004A

$23,932,131

$0

$23,905,256

$0

2004B

$19,098,350

$0

$19,078,850

$0

2004C

$4,545,000

$0

$4,552,875

$0

2004D

$7,510,731

$0

$12,520,338

$0

2005A Refunding

$5,149,625

$0

$5,137,500

$0

2005B Refunding

$19,235,648

$1,865,002

$19,241,586

$1,864,939

2005C

$6,022,313

$0

$6,020,938

$0

STARS 2005C

$12,247,875

$0

$12,250,625

$0

2005D

$2,063,750

$0

$2,213,346

$0

2006A

$5,954,118

$0

$5,956,243

$0

STARS 2006A

$7,146,375

$0

$7,146,500

$0

2006B

$14,000,300

$0

$14,000,800

$0

STARS 2006B

$4,469,000

$0

$4,468,375

$0

2007A

$14,715,100

$0

$14,718,100

$0

STARS 2007A

$7,513,875

$0

$7,514,000

$0

2008A Refunding

$16,334,958

$375,667

$16,309,478

$375,147

2008B

$11,992,900

$0

$11,992,400

$0

2009A

$4,677,727

$0

$4,681,532

$0

2009B

$16,742,280

$0

$16,743,805

$0

2009B STARS

$6,581,500

$0

$6,580,850

$0

2009C

$1,087,702

$0

$1,088,808

$0

2009D

$1,974,350

$0

$1,972,725

$0

Projected debt service and expenses

$20,432,958

$0

$59,712,424

$0

Total Service Area

$255,606,772

$2,417,353

$287,542,443

$2,416,485


2.a. 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 53.1-82.2 of the Code of Virginia, for the following:


 

Commonwealth Share of

Project

Approved Capital Costs

Loudoun County Adult Detention Center Phase 2

$8,389,677

Riverside Regional Jail Expansion Phase 2

$41,662,121

Blue Ridge Regional Jail

$31,664,995

Meherrin River Regional Jail

$32,189,469

New River Valley Regional Jail

$29,868,567

Newport News Public Safety Renovations

$428,125

Patrick County Jail

$2,689,032

Richmond City Jail Replacement

$29,702,708

Newport News Public Safety Building Life Safety Renovation

$875,294

Total Approved Capital Costs

$177,469,988


b. The Commonwealth's share of the total cost of construction for Meherrin River Regional Jail shall not exceed $32,189,469.  The Commonwealth's share of the total cost of construction of the Richmond City Jail Replacement shall not exceed $29,702,708.  The Commonwealth's share of the total cost of construction of the Newport News Public Safety Building Life Safety Renovation project shall not exceed $875,294.  Reimbursement of the Commonwealth's portion of the construction costs of these projects will not occur before July 1, 2012.


c. 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.


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 2011

FY 2012

2002

$4,037,925

$4,038,925

2003A

$5,262,900

$5,263,400

2004A 

$6,242,250

$6,245,500

2004B Refunding

$9,349,950

$9,469,950

2005A

$3,483,500

$3,481,500

2006

$9,564,400

$9,539,800

2007A Refunding

$2,937,300

$2,937,300

2007B

$2,856,175

$2,851,675

2008A

$7,446,731

$7,444,981

2009A&B

$33,301,359

$33,307,609

2009C Refunding

$2,359,800

$2,363,800

2009E Refunding

$10,218,400

$10,215,450

Projected 21st Century debt service & expenses

$29,661,000

$58,670,000

Subtotal 21st Century

$126,721,690

$155,829,890


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 2011

FY 2012

2006

$12,951,750

$0

2007B

$18,775,750

$18,779,250

2008A

$8,231,750

$8,229,250

2009D

$9,049,150

$9,051,425

Projected debt service & expenses

$9,800,000

$18,134,167

Subtotal Equipment

$58,808,400

$54,194,092

Total Service Area

$185,530,090

$210,023,982


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 2011

FY 2012

George Mason University

$1,124,340

$1,124,340

Old Dominion University

$565,155

$565,155

University of Virginia

$2,830,205

$2,830,205

Virginia Polytechnic Institute and State University

$2,600,180

$2,600,180

Virginia Commonwealth University

$1,237,060

$1,237,060

College of William and Mary

$769,745

$769,745

Christopher Newport University

$57,130

$57,130

University of Virginia's College at Wise

$26,960

$26,960

James Madison University

$1,569,990

$1,569,990

Norfolk State University

$286,560

$286,560

Longwood University

$76,210

$76,210

University of Mary Washington

$292,450

$292,450

Radford University

$205,840

$205,840

Virginia Military Institute

$191,055

$191,055

Virginia State University

$405,790

$405,790

Richard Bland College

$3,440

$3,440

Virginia Community College System

$1,753,660

$1,753,660

TOTAL

$13,995,770

$13,995,770


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:


5. Beginning with the FY 2008 allocation of the higher education equipment trust fund, the Treasury Board shall amortize equipment purchases at seven years, which is consistent with the useful life of the equipment.


 

FY 2011

FY 2012

 


 


Institution

General Fund

Nongeneral Fund

General Fund

Nongeneral Fund

College of William & Mary

$1,541,950

$259,307

$1,469,205

$259,307

University of Virginia

$10,093,515

$1,088,024

$9,339,830

$1,088,024

Virginia Polytechnic Institute and State University

$9,354,885

$992,321

$8,755,725

$992,321

Virginia Military Institute

$593,290

$88,844

$505,625

$88,844

Virginia State University

$949,330

$108,886

$872,855

$108,886

Norfolk State University

$1,337,165

$108,554

$806,885

$108,554

Longwood University

$520,085

$54,746

$487,775

$54,746

University of Mary Washington

$494,188

$97,063

$437,530

$97,063

James Madison University

$1,671,180

$254,504

$1,511,855

$254,504

Radford University

$1,115,115

$135,235

$1,066,500

$135,235

Old Dominion University

$3,379,770

$374,473

$3,147,225

$374,473

Virginia Commonwealth University

$7,726,995

$401,647

$7,322,975

$401,647

Richard Bland College

$121,730

$2,027

$111,875

$2,027

Christopher Newport University

$558,715

$17,899

$512,725

$17,899

University of Virginia's College at Wise

$211,295

$19,750

$184,280

$19,750

George Mason University

$3,520,240

$205,665

$3,357,410

$205,665

Virginia Community College System

$9,426,165

$633,657

$8,675,410

$633,657

Virginia Institute of Marine Science

$516,760

$0

$489,925

$0

Roanoke Higher Education Authority

$56,105

$0

$52,315

$0

Southwest Virginia Higher Education Center

$53,375

$0

$49,810

$0

Institute for Advanced Learning and Research

$680,565

$0

$135,475

$0

Southern Virginia Higher Education Center

$19,175

$0

$23,435

$0

New College Institute

$24,205

$0

$34,845

$0

 TOTAL

$53,965,798

$4,842,602

$49,351,490

$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 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 456, paragraph E of this act and §§ 58.1-815, 58.1-815.1 and 58.1-816.1, Code of Virginia, as follows:.


 

FY 2011

FY 2012

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

$7,528,835

 

$7,529,625

 

Commonwealth of Virginia Transportation Revenue Bonds

 

 

U.S. Route 58 Corridor Development Program:

 

 

Series 2001B

$3,760,113

$3,758,563

Series 2002B (Refunding)

$7,234,938

$7,235,688

Series 2003A (Refunding)

$9,916,775

$9,911,725

Series 2004B

$23,086,913

$23,088,263

Series 2006C

$3,173,000

$3,173,000

Series 2007B

$4,197,750

$4,197,750

Northern Virginia Transportation District Program:

 

 

Series 2001A

$2,822,413

$2,826,213

Series 2002A

$12,359,444

$12,358,944

Series 2004A

$8,294,750

$8,289,250

Series 2006B

$973,363

$973,363

Series 2007A

$4,526,600

$4,535,600

Series 2009A-1

$2,206,150

$2,207,350

Series 2009A-2

$3,305,799

$3,305,799

Transportation Program Revenue Bonds, Series 2006A (Oak Grove Connector, City of Chesapeake)

$2,226,750

 

$2,229,750

 


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.