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2024 Session

Budget Bill - SB29 (Introduced)

Treasury Board

Item 280

Item 280

First Year - FY2023Second Year - FY2024
Bond and Loan Retirement and Redemption (74300)$991,805,056$1,031,659,380
$1,009,928,311
Debt Service Payments on General Obligation Bonds (74301)FY2023 $56,028,916FY2024 $51,320,292
Debt Service Payments on Public Building Authority Bonds (74303)FY2023 $370,973,321FY2024 $377,655,887
$358,558,912
Debt Service Payments on College Building Authority Bonds (74304)FY2023 $564,802,819FY2024 $602,683,201
$600,049,107
Fund Sources:  
GeneralFY2023 $954,233,341FY2024 $994,591,558
$973,117,692
Higher Education OperatingFY2023 $31,526,576FY2024 $31,526,576
Dedicated Special RevenueFY2023 $645,000FY2024 $645,000
Federal TrustFY2023 $5,400,139FY2024 $4,896,246
$4,639,043

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 2023

FY 2024

General Fund

Federal Funds

General Fund

Federal Funds

2012 Refunding

$17,767,000

$0

$14,463,750

$0

2013 Refunding

$19,501,000

$0

$18,774,000

$0

2015B Refunding

$12,230,750

$0

$11,786,000

$0

2016B Refunding

$5,161,450

$0

$5,000,450

$0

2019C Refunding

$1,268,716

$0

$1,196,092

$0

Projected debt service & expenses

$100,000

$0

$100,000

$0

Total Service Area

$56,028,916

$0

$51,320,292

$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.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 2023

FY 2024

General Fund

Nongeneral Fund

General Fund

Nongeneral Fund

2010B

$23,922,713

$2,696,461

$19,842,211

$21,971,373

$2,459,268

$2,343,731

2012A Refunding

$16,553,925

$0

$10,520,650

$0

2013A

$8,823,400

$0

$8,825,750

$8,748,200

$0

2013B Refunding

$17,247,625

$0

$12,228,250

$0

2014A

$8,481,150

$645,000

$8,480,275

$8,415,675

$645,000

2014B

$2,013,408

$0

$2,012,761

$0

2014C Refunding

$17,370,525

$0

$22,389,650

$22,366,550

$0

2015A

$17,342,870

$0

$17,343,745

$17,297,345

$0

2015B Refunding

$11,268,775

$0

$11,264,525

$11,259,575

$0

2016A

$14,387,675

$0

$14,384,800

$14,376,850

$0

2016B Refunding

$17,811,525

$0

$32,051,025

$31,952,825

$0

2016C

$11,655,625

$0

$11,656,125

$0

2016D

$906,532

$0

$904,132

$0

2017A Refunding

$19,100,475

$0

$6,088,100

$5,899,700

$0

2018A

$11,748,844

$0

$11,747,344

$11,743,744

$0

2018B

$1,233,290

$0

$1,230,990

$0

2019A

$13,437,750

$0

$13,437,625

$13,434,025

$0

2019B

$10,155,400

$0

$10,157,150

$0

2019C

$5,326,052

$0

$5,197,302

$0

2020A

$15,723,325

$0

$15,723,825

$15,719,425

$0

2020B Refunding

$26,566,625

$0

$33,499,500

$33,375,250

$0

2020C

$6,621,668

$0

$6,618,510

$0

2021A

$38,485,750

$0

$38,486,250

$0

2021B Refunding

$1,183,232

$0

$1,185,309

$0

2022A

$0

$0

$33,094,425

$0

2022B

$0

$0

$5,467,790

$0

Projected debt service and expenses

$19,263,701

$0

$59,275,815

$250,000

$0

Total Service Area

$336,631,860

$3,341,461

$374,551,619

$355,570,181

$3,104,268

$2,988,731



b. Out of this appropriation and in conjunction with any proposed disposition or transfer of the Eastern Shore Farmers Market, including the Market Office Building at 18491 Garey Road and the Produce Warehouse at 18513 Garey Road, Melfa, Virginia 23410, and the Seafood Market Building located at 18555 Garey Road, Melfa, Virginia 23410, by the Virginia Department of Agriculture and Consumer Services as set forth in § 3-1.01 II, up to $6,000,000 the first year and $0 the second year from the general fund is provided for remediation available under federal law in order to maintain tax-advantaged status on bonds that financed the construction, improvement and equipping of such facilities.


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 State Board of Local and Regional Jails 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

Middle River Regional Jail - Expansion and Renovation

$24,125,430

Henry County Jail

$18,759,878

Prince William - Manassas Regional Jail Expansion

$678,387

Riverside Regional Jail

$807,447

Fairfax County Adult Detention Center - Security and Mechanical Upgrades

$14,479,670

Total Approved Capital Costs

$79,883,233

$55,757,803


b. The Commonwealth's share of the total construction cost of the projects listed in the table in paragraph C.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.


d. Authority for the Virginia Public Building Authority to fund the Middle River Regional Jail - Expansion and Renovation project as authorized in Item 288 D.2. of Chapter 552, 2021 Acts of Assembly, Special Session I, is hereby rescinded.


D.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 2023

FY 2024

2009E Refunding

$26,968,250

$18,611,250

2010B

$26,774,791

$26,507,791

$27,993,592

2012B

$399,100

$399,100

2013 A

$13,340,250

$0

2014A

$15,938,850

$15,935,600

$13,489,800

2014B Refunding

$195,400

$195,400

2015A

$24,058,450

$13,643,950

$9,755,550

2015B Refunding

$27,425,391

$27,424,266

2015D

$16,311,785

$26,726,035

$26,257,435

2016A

$19,476,100

$19,475,850

$16,797,150

2016B Refunding

$1,972,000

$1,972,000

2016C

$4,428,901

$4,430,471

2017B Refunding

$22,352,250

$23,841,000

2017C

$31,464,000

$31,465,750

2017D

$11,318,456

$11,317,964

2017E Refunding

$54,799,500

$67,187,000

2019A

$31,124,100

$31,124,850

2019B

$9,982,750

$9,986,250

2019C Refunding

$29,062,500

$29,064,000

2020A & B

$22,690,545

$22,689,935

$20,156,200

2020B Refunding

$7,867,830

$7,868,280

$6,441,196

2021A

$32,911,050

$32,914,050

2022A

$0

$24,259,663

2022B Refunding

$0

$18,547,409

2023A

$0

$41,846,555

2023B

$0

$11,156,299

Projected 21st Century debt service & expenses

$44,114,110

$87,830,508

$250,000

Subtotal 21st Century

$474,976,358

$510,611,299

$506,884,200


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 2023

FY 2024

2016A

$11,067,000

$0

2017A

$14,939,000

$14,941,500

2018A

$12,866,750

$12,866,000

2019A

$12,568,750

$12,571,750

2020A

$12,061,250

$12,063,750

2021A

$12,516,000

$12,514,000

2022A

$0

$13,807,250

2023A

$0

$14,400,657

Projected debt service & expenses

$13,807,710

$27,114,901

$0

Subtotal Equipment

$89,826,460

$92,071,901

$93,164,907

Total Service Area

$564,802,818

$602,683,200

$600,049,107


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 2023

FY 2024

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 2023

FY 2024

Institution

General Fund

Nongeneral Fund

General Fund

Nongeneral Fund

College of William & Mary

$3,521,190

$259,307

$3,991,903

$2,988,012

$259,307

University of Virginia

$14,736,611

$1,088,024

$16,021,183

$13,584,069

$1,088,024

Virginia Polytechnic Institute and State University

$16,492,798

$992,321

$16,776,273

$13,419,326

$992,321

Virginia Military Institute

$879,579

$88,844

$894,058

$1,150,897

$88,844

Virginia State University

$1,357,553

$108,886

$1,379,234

$1,743,312

$108,886

Norfolk State University

$1,518,993

$108,554

$1,672,023

$1,558,769

$108,554

Longwood University

$740,819

$54,746

$756,993

$965,613

$54,746

University of Mary Washington

$1,514,252

$97,063

$1,744,813

$851,721

$97,063

James Madison University

$2,449,435

$254,504

$2,779,889

$2,999,901

$254,504

Radford University

$986,8077

$135,235

$992,742

$2,266,497

$135,235

Old Dominion University

$3,739,565

$374,473

$3,296,742

$6,515,318

$374,473

Virginia Commonwealth University

$9,556,313

$401,647

$9,437,485

$8,901,628

$401,647

Richard Bland College

$172,947

$2,027

$185,534

$208,011

$2,027

Christopher Newport University

$860,248

$17,899

$818,586

$979,941

$17,899

University of Virginia's College at Wise

$248,072

$19,750

$263,446

$325,599

$19,750

George Mason University

$4,632,155

$205,665

$4,638,315

$5,126,621

$205,665

Virginia Community College System

$19,875,309

$633,657

$19,776,368

$22,855,399

$633,657

Virginia Institute of Marine Science

$588,799

$0

$597,435

$470,316

$0

Roanoke Higher Education Authority

$84,809

$0

$86,063

$100,821

$0

Southwest Virginia Higher Education Center

$87,527

$0

$88,821

$104,053

$0

Institute for Advanced Learning and Research

$299,553

$0

$303,982

$356,110

$0

Southern Virginia Higher Education Center

$104,658

$0

$107,326

$124,418

$0

New College Institute

$35,745

$0

$38,640

$44,792

$0

Eastern Virginia Medical School

$500,126

$0

$581,448

$681,159

$0

TOTAL

$84,983,859

$4,842,602

$87,229,300

$88,322,305

$4,842,602


E. 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.


F. 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.


G. Notwithstanding the provisions of 2.2-1156, 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.


H. Included in the appropriation for this item is an amount not to exceed $25,000,000 in the first year from the general fund for defeasance of all outstanding bonds of the Central Virginia Training Center.