SB 503 — Virginia Resources Authority; short-term loans to planning district commissions.

SESSION INTRODUCEDSENATE 22103969DSUBSTITUTE I22105580D SENATE BILL NO.

503 OfferedAMENDMENT IN THE NATURE OF A SUBSTITUTE (Proposed by the Senate Committee on Local Government on January 12,31, 20222022) N(Patron Prior to Substitute––Senator Lewis) A BILL to amend theand Codereenact of§§ Virginia62.1-199 byand adding62.1-203 aof sectionthe numberedCode 62.1-218.1,of relatingVirginia and to Virginiaamend Resourcesthe Authority;Code planning district commissions;

planningloans.red district62.1-218.1, commissions;relating to Virginia Resources Authority;

loans.Be it enacted by the General Assembly of Virginia:

R –––––––––– Patron––Lewis O –––––––––– D Referred to Co–––––––––– Local Government U Be it enacted by the General Assembly of Virginia:

That §§ 62.1-199 and 62.1-203 of the Code of Virginia are amended and reenacted and that the Code of Virginia is amended by adding a section numbered 62.1-218.1 as follows:

C § 62.1-218.1.62.1-199.

Definitions.

"Authority" means the Virginia Resources Authority created by this chapter.e context:

S "Board of Directors" means the Board of Directors of the Authority.

"Bonds" means any bonds, notes, debentures, interim certificates, bond, grant or revenue anticipation notes, lease and sale-leaseback transactions or any other obligations of the Authority for the payment of money.

N "Capital Reserve Fund" means the reserve fund created and established by the Authority in acc"Cost," as applied to any project financed under the provisions of this chapter, means the total of all costs incurred by the local government as reasonable and necessary for carrying out all works aTd undertakings necessary or incident to the accomplishment of any project.

It includes, without limitation, all necessary developmental, planning and feasibility studies, surveys, plans and specificationE, architectural, engineering, financial, legal or other special services, the cost of acquisition of land and any buildings and improvements thereon, including the discharge of any obligations of the sellers of demolition or removal of existing structures, construction and reconstruction, labor, materials, machinery and equipment, the reasonable costs of financing incurred by the local government in the course of the development of the project, including the cost of any credit enhancements, carrying charges incUrred before placing the project in service, interest on local obligations issued to finance the projBct to a date subsequent to the estimated date the project is to be placed in service, necessary expenses incurred in may require and the cost of other items which the Authority determines to be reasonable and necessary.ty It also includes the amount of any contribution, grant or aid which a local government may make or 36 give to any adjoining state, the District of Columbia or any department, agency or instrumentality 37 thereof to pay the costs incident and necessary to the accomplishment of any project, including, without 38 limitation, the items set forth above.

The term also includes interest and principal payments pTrsuant to 39 any installment purchase agreement.

U forms of collateral or security.urety bonds, insurance policies, letters of credit, guarantees and other "Defective drywall" means the same as that term is defined in § 36-156.1.

T "Federal facility" means any building or infrastructure used or to be used by the federal goEernment, including any building or infrastructure located on lands owned by the federal government.

"Federal government" means the United States of America, or any department, agency or ins"Former federal facility" means any federal facility formerly used by the federal government or in transition from use by the federal government to a facility all or part of which is to serve any local government.

"Local government" means any county, city, town, municipal corporation, authority, district, commission or political subdivision created by the General Assembly or pursuant to the ConstituSion and laws of the Commonwealth or any combination of any two or more of the foregoing.

5 anticipation notes, leases, credit enhancements, or any other obligations of a local government for the payment of money.

1 "Minimum capital reserve fund requirement" means, as of any particular date of computation, the amount of money designated as the minimum capital reserve fund requirement which may be established in the resolution of the Authority authorizing the issuance of, or the trust indenture securing, any outstanding issue of bonds or credit enhancement.

SB503S1 2 of 4 "Project" means (i) any water supply or wastewater treatment facility, including a facility for receiving and stabilizing septage or a soil drainage management facility, and any solid waste treatment, disposal, or management facility, recycling facility, federal facility or former federal facility, or resource recovery facility located or to be located in the Commonwealth, the District of Columbia, or any adjoining state, all or part of which facility serves or is to serve any local government, and (ii) any federal facility located or to be located in the Commonwealth, provided that both the Board of Directors of the Authority and the governing body of the local government receiving the benefit of the loan, grant, or credit enhancement from the Authority make a determination or finding to be embodied in a resolution or ordinance that the undertaking and financing of such facility is necessary for the location or retention of such facility and the related use by the federal government in the Commonwealth.

The term includes, without limitation, water supply and intake facilities;

water treatment and filtration facilities;

water storage facilities;

water distribution facilities;

sewage and wastewater (including surface and ground water) collection, treatment, and disposal facilities;

drainage facilities and projects;

solid waste treatment, disposal, or management facilities;

recycling facilities;

resource recovery facilities;

related office, administrative, storage, maintenance, and laboratory facilities;

and interests in land related thereto.

The term also includes energy conservation measures and facility technology infrastructure as defined in § 45.2-1702 and other energy objectives as defined in § 45.2-1706.1.

The term also means any heavy rail transportation facilities operated by a transportation district created under the Transportation District Act of 1964 (§ 33.2-1900 et seq.) that operates heavy rail freight service, including rolling stock, barge loading facilities, and any related marine or rail equipment.

The term also means, without limitation, the design and construction of roads, the construction of local government buildings, including administrative and operations systems and other local government equipment and infrastructure, public parking garages and other public transportation facilities, and facilities for public transportation by commuter rail.

In addition, the term means any project as defined in § 5.1-30.1, any use of short-term loan funds by planning district commissions under § 62.1-218.1 and any professional sports facility, including a major league baseball stadium as defined in § 15.2-5800, provided that the specific professional sports facility projects have been designated by the General Assembly as eligible for assistance from the Authority.

The term also means any equipment, facilities, and technology infrastructure designed to provide broadband service.

The term also means facilities supporting, related to, or otherwise used for public safety, including but not limited to law-enforcement training facilities and emergency response, fire, rescue, and police stations.

The term also means the remediation, redevelopment, and rehabilitation of property contaminated by the release of hazardous substances, hazardous wastes, solid wastes, or petroleum, where such remediation has not clearly been mandated by the United States Environmental Protection Agency, the Department of Environmental Quality, or a court pursuant to the Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C.

§ 9601 et seq.), the Resource Conservation and Recovery Act (42 U.S.C.