A.1. For each year of the biennium, there is hereby appropriated from the general fund of the state treasury an amount as specified in paragraphs A.3. and A.4. below, to fund certain capital projects that are presently authorized for funding from debt issuances by either the Virginia College Building Authority or the Virginia Public Building Authority, to the extent that the existing debt for such capital projects has not been issued. The Governor shall recommend an equivalent reduction in the amount of debt authorization for the affected projects so that overall, there is no decrease or increase in total funding for such projects.
2. It is the intent of the General Assembly that any appropriation pursuant to this Item only be used to reduce the total authorized but unissued debt such that general fund cash becomes the funding source for certain capital outlay projects rather than debt. In making this substitution, priority shall be given to maintenance reserve or other small capital outlay projects that are better suited to be funded from cash or to taxable debt projects which offer the opportunity to obtain greater debt service cost savings, if funded by cash rather than debt.
3. For the first fiscal year of the biennium, the appropriation specified in paragraph A.1. above shall be equal to the lesser of $181,900,000 or the actual total general fund revenue collections for fiscal year ending June 30, 2016, reduced by any amounts needed to meet the Constitutional or statutory deposit to the Revenue Stabilization Fund and the statutory deposit concerning surplus revenue to the Water Quality Improvement Fund, as certified by the State Comptroller, minus the “official revenue estimate" for general fund revenues for the second year of the biennium as contained in the second enactment of Senate Bill 29 of the 2016 General Assembly, as enacted.
4. For the second year of the biennium the appropriation specified in paragraph A.1. above shall be equal to the lesser of $188,200,000 or the actual total general fund revenue collections for fiscal year ending June 30, 2017, reduced by any amounts needed to meet the Constitutional or statutory deposit to the Revenue Stabilization Fund and the statutory deposit concerning surplus revenue to the Water Quality Improvement Fund, as certified by the State Comptroller, minus the “official revenue estimate" for general fund revenues for the first year of the biennium as contained in the first enactment of this Act.
B. The State Comptroller shall make a commitment for any amount appropriated in this Item pursuant to paragraph A.3. above on the balance sheet of the Commonwealth for June 30, 2016. The State Comptroller shall make a commitment for any amount appropriated in this Item pursuant to paragraph A.4. above on the balance sheet of the Commonwealth for June 30, 2017.
C.1. The Director of the Department of Planning and Budget shall report quarterly to the State Treasurer and to the Six Year Capital Outlay Planning Advisory Committee, established by § 2.2-1516 Code of Virginia, identifying the projects for which the debt authorization was replaced by appropriations pursuant to paragraph A1. above.
2. Upon notification from the Director of the Department of Planning and Budget that appropriations pursuant to paragraph A1. above have been made, the State Treasurer shall not issue any debt for the affected projects.