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2016 Session

Budget Bill - HB30 (Chapter 780)

Treasury Board

Item 281

Item 281

First Year - FY2017Second Year - FY2018
Bond and Loan Retirement and Redemption (74300)$784,115,125$814,838,773
Debt Service Payments on General Obligation Bonds (74301)FY2017 $76,752,331FY2018 $70,169,547
Capital Lease Payments (74302)FY2017 $5,492,400FY2018 $5,493,288
Debt Service Payments on Public Building Authority Bonds (74303)FY2017 $288,219,651FY2018 $293,255,074
Debt Service Payments on College Building Authority Bonds (74304)FY2017 $413,650,743FY2018 $445,920,864
Fund Sources: 
GeneralFY2017 $734,892,686FY2018 $766,262,854
Higher Education OperatingFY2017 $30,011,174FY2018 $30,011,174
Dedicated Special RevenueFY2017 $645,000FY2018 $645,000
Federal TrustFY2017 $18,566,265FY2018 $17,919,745

Authority: Title 2.2, Chapter 18, 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 2017

FY 2018



General Fund

Federal Funds

General Fund

Federal Funds

2007A

$6,812,500

$0

$6,500,000

$0

2007B

$4,200,000

$0

$0

$0

2008A

$5,362,800

$0

$5,116,800

$0

2008B

$5,447,850

$0

$5,225,850

$0

2009A

$6,285,000

$0

$6,085,000

$0

2009B

$3,238,564

$470,381

$3,185,529

$441,824

2009D Refunding

$19,659,250

$0

$24,849,250

$0

2012 Refunding

$4,499,700

$0

$4,409,200

$0

2013 Refunding

$11,353,250

$0

$4,958,750

$0

2014 Refunding

$4,436,500

$0

$1,107,750

$0

2015B Refunding

$4,909,550

$0

$8,214,550

$0

Projected debt service & expenses

$76,986

$0

$75,044

$0

Total Service Area

$76,281,950

$470,381

$69,727,723

$441,824


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 2017

FY 2018

Norfolk RHA (VCCS-TCC), Series 1995

$739,250

$739,738

Virginia Biotech Research Park, 2009

$4,753,150

$4,753,550

Total Capital Lease Payments

$5,492,400

$5,493,288


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 2017

FY 2018



Series

General Fund

Nongeneral Fund

General Fund

Nongeneral Fund

2005D

$1,250,000

$0

$1,250,000

$0

2006A

$3,854,000

$0

$0

$0

STARS 2006A

$7,144,250

$0

$0

$0

2006B

$8,620,250

$0

$0

$0

STARS 2006B

$4,469,000

$0

$0

$0

2007A

$8,992,375

$0

$8,994,375

$0

STARS 2007A

$7,515,875

$0

$7,513,250

$0

2008B

$7,120,275

$0

$7,121,212

$0

2009A

$4,685,520

$0

$4,680,433

$0

2009B

$16,676,505

$0

$16,678,755

$0

2009B STARS

$6,585,500

$0

$6,582,000

$0

2009C

$1,091,060

$0

$1,087,256

$0

2009D

$6,258,800

$0

$6,267,750

$0

2010A

$21,922,619

$4,427,564

$21,924,262

$4,245,372

2010B

$22,230,332

$3,483,595

$22,228,807

$3,483,595

2011A STARS

$631,250

$0

$626,750

$0

2011A

$20,808,175

$0

$20,815,175

$0

2011B

$1,298,724

$0

$1,297,524

$0

2012A Refunding

$10,397,100

$0

$14,873,225

$0

2013A

$10,279,800

$0

$10,284,425

$0

2013B

$3,478,000

$0

$3,478,000

$0

2014A

$9,204,275

$645,000

$9,200,150

$645,000

2014B

$2,009,865

$0

$2,014,279

$0

2014C Refunding

$47,576,200

$0

$39,093,450

$0

2015A

$17,340,371

$0

$17,344,371

$0

2015B Refunding

$17,565,080

$0

$21,406,330

$0

Projected debt service and expenses

$10,658,291

$0

$40,119,328

$0

Total Service Area

$279,663,492

$8,556,159

$284,881,107

$8,373,967


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

Richmond City Jail Replacement

$31,238,755

RSW Regional Jail

$32,840,850

Prince William – Manassas Regional Jail

$21,032,421

Southwest Virginia Regional Jail

$18,143,780

Central Virginia Regional Jail

$8,464,891

Chesapeake City Jail

$6,860,886

Pamunkey Regional Jail Authority

$288,575

Hampton Roads Regional Jail

$1,759,780

Piedmont Regional Jail

$2,139,464

Total Approved Capital Costs

$122,769,402



b. The Commonwealth's share of the total construction cost of the projects listed in the table in paragraph D.2.a. shall not exceed the amount listed for each project. Reimbursement of the Commonwealth's portion of the construction costs of these projects shall be subject to the approval of the Department of Corrections of the final expenditures.


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 2017

FY2018

2006

$8,389,625

$8,488,250

2007A Refunding

$13,608,250

$13,614,000

2007B

$2,420,250

$0

2008A

$5,282,406

$5,280,656

2009A&B

$27,185,302

$27,185,447

2009E Refunding

$24,552,650

$26,974,900

2009F

$38,279,049

$38,005,836

2010B

$28,025,164

$27,863,320

2011 A

$17,776,300

$17,775,300

2012A

$21,495,900

$21,499,400

2012B

$23,813,200

$23,835,200

2012 C

$1,709,412

$1,689,706

2013 A

$21,958,513

$21,959,513

2014A

$19,547,900

$19,545,150

2014B

$5,746,400

$1,379,650

2015A

$30,852,650

$30,850,550

2015B Refunding

$7,281,862

$7,284,369

2015C

$1,480,181

$1,478,575

2015D

$14,129,800

$14,134,300

Projected 21st Century debt service & expenses

$24,724,169

$66,448,361

Subtotal 21st Century

$338,258,983

$375,292,483


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 2017

FY 2018

2009D

$9,051,000

$0

2010A

$8,242,500

$0

2011A

$8,537,250

$8,533,500

2012A

$8,358,500

$8,362,500

2013A

$9,450,750

$9,450,500

2014A

$9,655,750

$9,657,500

2015A

$10,480,000

$10,484,000

2016A

$11,616,010

$11,616,381

Projected debt service & expenses

$0

$12,524,000

Subtotal Equipment

$75,391,760

$70,628,381

Total Service Area

$413,650,743

$445,920,864


3. 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.


4. 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 2017

FY 2018

George Mason University

$2,644,092

$2,644,092

Old Dominion University

$1,047,123

$1,047,123

University of Virginia

$4,721,706

$4,721,706

Virginia Polytechnic Institute and State University

$4,867,731

$4,867,731

Virginia Commonwealth University

$2,224,530

$2,224,530

College of William and Mary

$1,549,053

$1,549,053

Christopher Newport University

$122,562

$122,562

University of Virginia's College at Wise

$45,540

$45,540

James Madison University

$2,675,079

$2,675,079

Norfolk State University

$402,831

$402,831

Longwood University

$97,911

$97,911

University of Mary Washington

$222,750

$222,750

Radford University

$281,556

$281,556

Virginia Military Institute

$377,190

$377,190

Virginia State University

$739,233

$739,233

Richard Bland College

$9,900

$9,900

Virginia Community College System

$3,139,785

$3,139,785

TOTAL

$25,168,572

$25,168,572



5. 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 2017

FY 2018



Institution

General Fund

Nongeneral Fund

General Fund

Nongeneral Fund

College of William & Mary

$2,428,047

$259,307

$2,288,559

$259,307

University of Virginia

$12,878,320

$1,088,024

$12,398,010

$1,088,024

Virginia Polytechnic Institute and State University

$12,686,106

$992,321

$12,511,190

$992,321

Virginia Military Institute

$782,515

$88,844

$710,673

$88,844

Virginia State University

$1,251,928

$108,886

$1,102,177

$108,886

Norfolk State University

$1,134,866

$108,554

$974,308

$108,554

Longwood University

$695,519

$54,746

$616,057

$54,746

University of Mary Washington

$579,022

$97,063

$494,620

$97,063

James Madison University

$2,104,753

$254,504

$1,829,499

$254,504

Radford University

$1,610,466

$135,235

$1,439,279

$135,235

Old Dominion University

$4,765,064

$374,473

$4,411,475

$374,473

Virginia Commonwealth University

$9,079,794

$401,647

$8,135,604

$401,647

Richard Bland College

$157,143

$2,027

$142,476

$2,027

Christopher Newport University

$732,687

$17,899

$662,856

$17,899

University of Virginia's College at Wise

$239,458

$19,750

$206,441

$19,750

George Mason University

$4,075,025

$205,665

$3,715,367

$205,665

Virginia Community College System

$12,777,922

$633,657

$11,630,735

$633,657

Virginia Institute of Marine Science

$576,822

$0

$486,789

$0

Roanoke Higher Education Authority

$76,416

$0

$70,040

$0

Southwest Virginia Higher Education Center

$78,865

$0

$72,284

$0

Institute for Advanced Learning and Research

$269,909

$0

$247,386

$0

Southern Virginia Higher Education Center

$66,104

$0

$72,216

$0

New College Institute

$62,148

$0

$45,333

$0

Eastern Virginia Medical School

$0

$0

$82,099

$0

TOTAL

$69,108,899

$4,842,602

$64,345,473

$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 457, paragraph E of this act and §§ 33.2-2300, 33.2-2400, and 58.1-816.1, Code of Virginia.


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. Notwithstanding the provisions of 2.2-11.56, Code of Virginia, if tax-exempt bonds were used by the Commonwealth or its authorities, boards, or institutions to finance the acquisition, construction, improvement or equipping of real property, proceeds from the subsequent sale or disposition of such property and any improvements may first be applied toward remediation options available under federal law in order to maintain the tax-exempt status of such bonds.