Commonwealth of Virginia
PROPOSED BOND ISSUES

TO BE VOTED ON AT THE NOVEMBER 5, 2002 SPECIAL ELECTION

PROPOSED BOND ISSUE #1 - Educational Facilities

PROPOSED BOND ISSUE #2 - Parks and Recreational Facilities

PROPOSED BOND ISSUE, QUESTION #1

EDUCATIONAL FACILITIES

 Question:  Shall Chapters 827 and 859, Acts of the General Assembly of 2002, authorizing the issuance of general obligation bonds of the Commonwealth of Virginia in the maximum amount of $900,488,645 pursuant to Article X, Section 9(b) of the Constitution of Virginia for capital projects for educational facilities, take effect?

 EXPLANATION

On April 18, 2002, the Governor signed into law Senate Bill No. 31/House Bill No. 99, the Commonwealth of Virginia Educational Facilities Bond Act of 2002 (or "the Act").  Virginia law requires a majority of voters in a statewide referendum to vote in favor of the Act before it can become effective.

         The purpose of the Act is to allow the Commonwealth to sell bonds to raise funds to pay for capital projects at state-supported colleges, universities, museums and other educational facilities.  The Constitution of Virginia in Section 9(b) of Article X provides that the General Assembly may authorize the creation of debt to pay for capital projects.  If this Act is approved, the Commonwealth may issue Commonwealth of Virginia General Obligation Bonds and sell the bonds to raise funds to pay for specific capital projects.  The capital projects contemplated in the Act have an estimated useful life of more than twenty-five years and include, but are not limited to, capital projects for the renovation of instructional facilities, construction of new academic space, construction of new research space, upgrades to heating and cooling systems, and improvements for handicapped accessibility.  The total amount of bonds the Commonwealth could issue pursuant to the Act is no more than $900,488,645 (nine hundred million, four hundred eighty-eight thousand, six hundred forty-five dollars), and no bond may be outstanding for more than twenty-five years.  The Act and related laws govern the details regarding the creation, issuance and repayment of the bonds, as well as the use of the funds generated by the sale of the bonds.  The educational institutions that would receive funds pursuant to the Act are: 

PROPOSED BOND ISSUE, QUESTION # 2

 PARKS AND RECREATIONAL FACILITIES

 QUESTION: Shall Chapters 854 and 884, Acts of the General Assembly of 2002, authorizing the issuance of general obligation bonds of the Commonwealth of Virginia in the maximum amount of $119,040,000 pursuant to Article X, Section 9(b) of the Constitution of Virginia for capital projects for parks and recreational facilities, take effect?

EXPLANATION 

On April 18, 2002, the Governor signed into law Senate Bill No. 672/House Bill No. 1144, the Commonwealth of Virginia Parks and Natural Areas Bond Act of 2002 (or "the Act").  Virginia law requires a majority of voters in a statewide referendum to vote in favor of the Act before it can become effective. 

The purpose of the Act is to allow the Commonwealth to sell bonds to raise funds to pay for capital projects at state-supported parks and recreational facilities.  The Constitution of Virginia in Section 9(b) of Article X provides that the General Assembly may authorize the creation of debt to pay for capital projects.  If this Act is approved, the Commonwealth may issue Commonwealth of Virginia General Obligation Bonds and sell the bonds to raise funds to pay for specific capital projects.  The capital projects contemplated in the Act have an estimated useful life of more than twenty-five years and include, but are not limited to, capital projects for the acquisition of land for natural area preserves and parks, campground construction, visitor center renovation, road improvements, trail improvements and shoreline erosion repair.  The total amount of bonds the Commonwealth could issue pursuant to the Act is no more than $119,040,000 (one hundred nineteen million, forty thousand dollars), and no bond may be outstanding for more than twenty-five years.  The Act and related laws govern the details regarding the creation, issuance and repayment of the bonds, as well as the use of the funds generated by the sale of the bonds.  The existing state parks that would receive funds pursuant to the Act are: