Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Higher Education Bonds topic
No spam. Unsubscribe anytime.
Senate committee unanimously reports bonds to finance student housing projects at JMU and William & Mary
Summary
Committee voted to report Senate Bill 1121, which authorizes Treasury Board 9C bonds for revenue‑producing student housing projects at James Madison University and William & Mary; vote recorded Ayes 13, no 0.
A Virginia Senate committee in Richmond unanimously approved and reported Senate Bill 1121, a bill authorizing the Treasury Board to issue 9C revenue bonds for student-housing projects at James Madison University and William & Mary. Committee staff explained the bonds would be backed by student housing fees and would not count against the state's standard debt-capacity model.
Tyler, the committee staff presenter, told members the two projects are revenue-producing capital projects and that the introduced budget (Senate Bill 800) includes authorization for construction. "These are related to student housing. These bonds are backed by the student fees for student housing," the staff explanation stated. With no public speakers in favor or in opposition at the hearing, members moved to report the bill; the clerk recorded the roll as "Ayes 13, no 0."
Because the bonds are revenue-backed by student fees rather than the state's tax-supported debt, staff said they are not considered part of the Commonwealth's tax-supported debt capacity model. The committee's vote reports SB1121 to the next stage of the legislative process.
