SB 0512 Authorizes the board of public buildings to issue additional revenue bonds for expanded purposes
LR Number:1691S.01I Fiscal Note:1691-01
Committee:Ways and Means
Last Action:03/03/03 - Second Read and Referred S Ways and Means Committee Journal page:S358
Effective Date:Emergency Clause
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Current Bill Summary

SB 512 - This act expands the authority of the Board of Public Buildings to issue revenue bonds. The act authorizes the Board to issue bonds for any state educational institution. The Board is allowed to consider appropriations by the General Assembly as net income and revenues. The Board and no longer tied to only issue revenue bonds which are payable from the net income and revenues arising from the operation of the project but simply requires repayment from the net income and revenues relating to any project. The act also expands the definition of "project" to include renovations, improvements and equipping of buildings and structures.

The Board is authorized to issue bonds to provide funds to refinance the payment of general revenue fund temporary notes issued by the Tobacco Settlement Financing Authority. The Board is also authorized to covenant to request annual appropriations in an amount sufficient to pay the principal, interest, and any reserve funds for bonds issued by the Board.

The Board's bonding authority is expanded from $425 million to $825 million.

This act contains an emergency clause.