SB 1121

Abstract

Bonds for public institutions of higher learning; emergency. Authorizes issuance of bonds in an amount up to $206,085,243 for revenue-producing capital projects at James Madison University and The College of William and Mary in Virginia. The bill contains an emergency clause and is identical to HB 2359.

An Act to authorize the issuance of bonds, in an amount up to $206,085,243 plus financing costs, pursuant to Article X, Section 9 (c) of the Constitution of Virginia, for paying costs of acquiring, constructing, and equipping revenue-producing capital projects at institutions of higher learning of the Commonwealth; to authorize the Treasury Board, by and with the consent of the Governor, to fix the details of such bonds, to provide for the sale of such bonds, and to issue notes to borrow money in anticipation of the issuance of the bonds; to provide for the pledge of the net revenues of such capital projects and the full faith, credit and taxing power of the Commonwealth for the payment of such bonds; to provide that the interest income on such bonds and notes shall be exempt from all taxation by the Commonwealth and any political subdivision thereof; emergency.