Menu
2024 Special Session I

Budget Bill - HB6001 (Chapter 2)

Treasury Board

Item 264

Item 264

First Year - FY2025Second Year - FY2026
Bond and Loan Retirement and Redemption (74300)$1,055,120,400$1,089,441,170
Debt Service Payments on General Obligation Bonds (74301)FY2025 $41,187,314FY2026 $33,743,986
Debt Service Payments on Public Building Authority Bonds (74303)FY2025 $369,073,180FY2026 $379,077,905
Debt Service Payments on College Building Authority Bonds (74304)FY2025 $644,859,906FY2026 $676,619,279
Fund Sources:  
GeneralFY2025 $1,018,988,890FY2026 $1,053,890,028
Higher Education OperatingFY2025 $31,526,576FY2026 $31,526,576
Dedicated Special RevenueFY2025 $645,000FY2026 $645,000
Federal TrustFY2025 $3,959,934FY2026 $3,379,566

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 2025

FY 2026

General Fund

Federal Funds

General Fund

Federal Funds

2013 Refunding

$23,779,600

$0

$13,028,600

$0

2015B Refunding

$11,340,750

$0

$14,880,000

$0

2016B Refunding

$4,842,700

$0

$4,682,950

$0

2019C Refunding

$1,124,264

$0

$1,052,436

$0

Projected debt service & expenses

$100,000

$0

$100,000

$0

Total Service Area

$41,187,314

$0

$33,743,986

$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 2025

FY 2026

General Fund

Nongeneral Fund

General Fund

Nongeneral Fund

2010B

$21,717,048

$2,088,467

$21,436,829

$1,806,640

2012A Refunding

$10,337,125

$0

$0

$0

2013A

$8,745,050

$0

$1,354,800

$0

2014A

$8,414,675

$645,000

$8,417,675

$645,000

2014B

$2,014,388

$0

$2,012,972

$0

2014C Refunding

$34,601,050

$0

$34,600,400

$0

2015A

$17,297,845

$0

$17,296,720

$0

2015B Refunding

$11,263,075

$0

$11,263,075

$0

2016A

$14,377,100

$0

$14,379,225

$0

2016B Refunding

$31,946,700

$0

$31,953,825

$0

2016C

$11,656,750

$0

$11,656,750

$0

2016D

$906,482

$0

$903,176

$0

2017A Refunding

$5,899,700

$0

$12,065,800

$0

2018A

$11,742,369

$0

$11,745,244

$0

2018B

$1,232,590

$0

$1,232,990

$0

2019A

$13,433,275

$0

$13,431,150

$0

2019B

$10,157,150

$0

$10,159,775

$0

2019C

$5,106,276

$0

$0

$0

2020A

$15,718,050

$0

$15,718,925

$0

2020B Refunding

$33,784,375

$0

$34,228,625

$0

2020C

$6,617,714

$0

$6,618,540

$0

2021A

$38,488,625

$0

$38,485,750

$0

2021B Refunding

$1,186,304

$0

$1,184,866

$0

2022A

$33,093,050

$0

$33,092,550

$0

2022B

$5,346,540

$0

$5,210,290

$0

Projected debt service and expenses

$11,256,407

$0

$38,176,313

$0

Total Service Area

$366,339,713

$2,733,467

$376,626,265

$2,451,640


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

Fairfax County Adult Detention Center - Security and Mechanical Upgrades

$14,479,670

Loudoun County Adult Detention Center - Expansion and Renovation

$9,975,250

Albemarle-Charlottesville Regional Jail - Renovation

$11,689,250

Total Approved Capital Costs

$36,144,170


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.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 2025

FY 2026

2010B

$27,288,516

$26,692,000

2012B

$399,100

$20,354,100

2014A

$412,050

$14,147,050

2014B Refunding

$5,080,400

$0

2015A

$23,556,450

$241,600

2015B Refunding

$30,686,153

$30,688,347

2015D

$12,457,685

$18,547,435

2016A

$16,792,150

$16,791,400

2016B Refunding

$1,972,000

$1,972,000

2016C

$4,431,155

$4,433,558

2017B Refunding

$23,952,750

$24,070,500

2017C

$31,468,500

$31,465,500

2017D

$11,316,888

$11,318,600

2017E Refunding

$79,348,750

$65,166,500

2019A

$31,126,350

$31,126,600

2019B

$9,987,000

$9,984,500

2019C Refunding

$29,061,250

$29,067,000

2020A & B

$20,154,950

$20,155,700

2020B Refunding

$7,477,287

$6,206,018

2021A

$32,914,300

$32,915,050

2022A

$38,214,663

$42,806,913

2022B

$4,591,955

$0

2023A

$41,846,525

$41,847,525

2023B Refunding

$17,090,500

$17,090,500

Projected 21st Century debt service & expenses

$49,113,641

$82,501,695

Subtotal 21st Century

$550,740,968

$579,590,091


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 2025

FY 2026

2018A

$12,862,500

$0

2019A

$12,568,750

$12,573,750

2020A

$12,062,500

$12,061,500

2021A

$12,513,750

$12,514,000

2022A

$13,943,500

$13,942,250

2023A

$14,400,000

$14,402,750

Projected debt service & expenses

$15,767,938

$31,534,938

Subtotal Equipment

$94,118,938

$97,029,188

Total Service Area

$644,859,906

$676,619,279


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 2025

FY 2026

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 2025

FY 2026

Institution

General Fund

Nongeneral Fund

General Fund

Nongeneral Fund

College of William & Mary

$3,020,288

$259,307

$3,118,744

$259,307

University of Virginia

$13,730,800

$1,088,024

$14,178,399

$1,088,024

Virginia Polytechnic Institute and State University

$13,564,278

$992,321

$14,006,448

$992,321

Virginia Military Institute

$1,163,328

$88,844

$1,201,251

$88,844

Virginia State University

$1,762,143

$108,886

$1,819,586

$108,886

Norfolk State University

$1,575,607

$108,554

$1,626,969

$108,554

Longwood University

$976,044

$54,746

$1,007,861

$54,746

University of Mary Washington

$860,921

$97,063

$888,985

$97,063

James Madison University

$3,032,305

$254,504

$3,131,153

$254,504

Radford University

$2,290,979

$135,235

$2,365,661

$135,235

Old Dominion University

$6,585,695

$374,473

$6,800,377

$374,473

Virginia Commonwealth University

$8,997,781

$401,647

$9,291,093

$401,647

Richard Bland College

$210,258

$2,027

$217,112

$2,027

Christopher Newport University

$990,526

$17,899

$1,022,816

$17,899

University of Virginia's College at Wise

$329,116

$19,750

$339,844

$19,750

George Mason University

$5,181,998

$205,665

$5,350,922

$205,665

Virginia Community College System

$23,102,276

$633,657

$23,855,369

$633,657

Virginia Institute of Marine Science

$475,396

$0

$490,894

$0

Roanoke Higher Education Authority

$101,910

$0

$105,232

$0

Southwest Virginia Higher Education Center

$105,177

$0

$108,605

$0

Institute for Advanced Learning and Research

$359,957

$0

$371,691

$0

Southern Virginia Higher Education Center

$125,761

$0

$129,861

$0

New College Institute

$45,276

$0

$46,752

$0

Eastern Virginia Medical School

$688,516

$0

$710,961

$0

TOTAL

$89,276,336

$4,842,602

$92,186,586

$4,842,602


6. Old Dominion University may be responsible for the share of debt service issued to Eastern Virginia Medical School in this item to continue the financing of equipment for the schools and divisions existing as Eastern Virginia Medical School prior to the effective date of Chapters 756 and 778, 2023 Acts of Assembly.


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 443, 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.