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2020 Session

Budget Bill - HB30 (Reenrolled)

Treasury Board

Item 288

Item 288

First Year - FY2021Second Year - FY2022
Bond and Loan Retirement and Redemption (74300)$876,257,156$931,665,934
Debt Service Payments on General Obligation Bonds (74301)FY2021 $59,181,904FY2022 $56,955,915
Capital Lease Payments (74302)FY2021 $4,757,375FY2022 $4,756,000
Debt Service Payments on Public Building Authority Bonds (74303)FY2021 $298,386,309FY2022 $319,645,098
Debt Service Payments on College Building Authority Bonds (74304)FY2021 $513,931,568FY2022 $550,308,921
Fund Sources:  
GeneralFY2021 $834,230,106FY2022 $890,333,756
Higher Education OperatingFY2021 $31,526,576FY2022 $31,526,576
Dedicated Special RevenueFY2021 $645,000FY2022 $645,000
Federal TrustFY2021 $9,855,474FY2022 $9,160,602

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 2021

FY 2022

General Fund

Federal Funds

General Fund

Federal Funds

2012 Refunding

$4,129,700

$0

$4,029,200

$0

2013 Refunding

$14,535,250

$0

$14,079,000

$0

2015B Refunding

$13,113,750

$0

$12,680,250

$0

2016B Refunding

$5,483,450

$0

$5,320,700

$0

2019B Refunding

$20,439,250

$0

$19,425,000

$0

2019C Refunding

$1,400,504

$0

$1,341,765

$0

Projected debt service & expenses

$80,000

$0

$80,000

$0

Total Service Area

$59,181,904

$0

$56,955,915

$0


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 2021

FY 2022

Virginia Biotech Research Park, 2009

$4,757,375

$4,756,000

Total Capital Lease Payments

$4,757,375

$4,756,000


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:


Series

FY 2021

FY 2022

General Fund

Nongeneral Fund

General Fund

Nongeneral Fund

2005D

$2,000,000

$0

$2,000,000

$0

2009A

$4,682,863

$0

$4,683,497

$0

2009C

$1,087,310

$0

$1,088,090

$0

2009D Refunding

$2,622,250

$0

$2,618,188

$0

2010A

$21,843,481

$3,553,029

$21,825,508

$3,292,966

2010B

$33,944,941

$3,121,053

$33,924,754

$2,916,714

2011A STARS

$630,375

$0

$630,375

$0

2011A

$12,909,250

$0

$12,909,875

$0

2011B

$1,298,949

$0

$1,297,924

$0

2012A Refunding

$6,557,350

$0

$6,551,700

$0

2013A

$8,825,775

$0

$8,824,900

$0

2013B Refunding

$17,243,625

$0

$17,245,000

$0

2014A

$8,480,150

$645,000

$8,477,525

$645,000

2014B

$2,010,580

$0

$2,011,088

$0

2014C Refunding

$25,871,400

$0

$17,373,650

$0

2015A

$17,339,870

$0

$17,342,870

$0

2015B Refunding

$11,264,775

$0

$11,266,900

$0

2016A

$14,387,050

$0

$14,389,800

$0

2016B Refunding

$17,811,650

$0

$17,811,275

$0

2016C

$11,658,000

$0

$11,656,000

$0

2016D

$904,382

$0

$906,682

$0

2017A Refunding

$6,722,850

$0

$6,722,850

$0

2018A

$11,749,844

$0

$11,746,094

$0

2018B

$1,229,590

$0

$1,229,490

$0

2019A

$13,434,000

$0

$13,438,000

$0

2019B

$10,159,150

$0

$10,157,525

$0

2019C

$5,579,052

$0

$5,453,302

$0

Projected debt service and expenses

$18,818,715

$0

$49,207,556

$0

Total Service Area

$291,067,227

$7,319,082

$312,790,418

$6,854,680


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

Prince William – Manassas Regional Jail

$21,032,421

Henry County Jail

$18,759,878

Chesapeake City Jail

$6,860,886

Piedmont Regional Jail

$2,139,464

Prince William – Manassas Regional Jail Expansion

$678,387

Riverside Regional Jail

$807,447

Total Approved Capital Costs

$50,278,483


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 2021

FY 2022

2009E Refunding

$26,967,750

$26,971,250

2010B

$27,254,689

$27,021,208

2011 A

$10,295,250

$0

2012A

$16,248,450

$16,248,450

2012B

$21,479,850

$21,477,850

2013 A

$16,814,669

$16,818,669

2014A

$16,971,650

$19,673,650

2014B Refunding

$195,400

$195,400

2015A

$26,655,700

$26,656,450

2015B Refunding

$27,432,898

$27,429,861

2015D

$13,716,535

$13,716,785

2016A

$19,471,600

$19,472,600

2016B Refunding

$1,972,000

$1,972,000

2016C

$4,432,507

$4,431,735

2017B Refunding

$19,961,500

$18,609,750

2017C

$31,465,500

$31,470,250

2017D

$11,317,081

$11,315,706

2017E Refunding

$26,711,750

$35,956,750

2019A

$31,122,350

$31,126,100

2019B

$9,985,500

$9,982,250

2019C Refunding

$29,213,500

$29,064,250

Projected 21st Century debt service & expenses

$33,001,247

$77,660,902

Subtotal 21st Century

$422,687,376

$467,271,866


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 2021

FY 2022

2013A

$9,450,000

$0

2014A

$9,660,000

$0

2015A

$10,479,250

$10,479,000

2016A

$11,066,750

$11,063,750

2017A

$11,851,750

$11,852,250

2018

$12,859,500

$12,860,750

2019A

$12,570,250

$12,571,250

Projected debt service & expenses

$13,306,692

$24,210,055

Subtotal Equipment

$91,244,192

$83,037,055

Total Service Area

$513,931,568

$550,308,921


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 2021

FY 2022

George Mason University

$2,804,490

$2,804,490

Old Dominion University

$1,108,899

$1,108,899

University of Virginia

$5,006,754

$5,006,754

Virginia Polytechnic Institute and State University

$5,192,295

$5,192,295

Virginia Commonwealth University

$2,359,266

$2,359,266

College of William and Mary

$1,639,845

$1,639,845

Christopher Newport University

$131,508

$131,508

University of Virginia's College at Wise

$48,330

$48,330

James Madison University

$2,843,787

$2,843,787

Norfolk State University

$420,789

$420,789

Longwood University

$106,149

$106,149

University of Mary Washington

$234,834

$234,834

Radford University

$300,486

$300,486

Virginia Military Institute

$400,470

$400,470

Virginia State University

$773,577

$773,577

Richard Bland College

$10,830

$10,830

Virginia Community College System

$3,301,665

$3,301,665

TOTAL

$26,683,974

$26,683,974


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 2021

FY 2022

Institution

General Fund

Nongeneral Fund

General Fund

Nongeneral Fund

College of William & Mary

$2,992,492

$259,307

$2,653,323

$259,307

University of Virginia

$15,492,944

$1,088,024

$15,075,947

$1,088,024

Virginia Polytechnic Institute and State University

$15,279,292

$992,321

$14,889,747

$992,321

Virginia Military Institute

$903,953

$88,844

$800,533

$88,844

Virginia State University

$1,644,946

$108,886

$1,275,939

$108,886

Norfolk State University

$1,486,086

$108,554

$1,096,014

$108,554

Longwood University

$813,221

$54,746

$691,450

$54,746

University of Mary Washington

$1,142,531

$97,063

$1,204,332

$97,063

James Madison University

$2,633,299

$254,504

$2,063,725

$254,504

Radford University

$1,565,037

$135,235

$973,031

$135,235

Old Dominion University

$5,207,706

$374,473

$5,056,268

$374,473

Virginia Commonwealth University

$10,927,292

$401,647

$9,093,486

$401,647

Richard Bland College

$192,408

$2,027

$163,209

$2,027

Christopher Newport University

$927,427

$17,899

$739,369

$17,899

University of Virginia's College at Wise

$296,121

$19,750

$231,863

$19,750

George Mason University

$5,148,921

$205,665

$5,440,942

$205,665

Virginia Community College System

$17,935,987

$633,657

$15,210,782

$633,657

Virginia Institute of Marine Science

$704,080

$0

$556,150

$0

Roanoke Higher Education Authority

$86,971

$0

$80,089

$0

Southwest Virginia Higher Education Center

$89,759

$0

$82,656

$0

Institute for Advanced Learning and Research

$357,191

$0

$282,881

$0

Southern Virginia Higher Education Center

$132,326

$0

$98,833

$0

New College Institute

$43,640

$0

$34,614

$0

Eastern Virginia Medical School

$397,961

$0

$399,279

$0

TOTAL

$86,401,591

$4,842,602

$78,194,462

$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 452, 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.