{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2714.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2714.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2714.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2714.html"}],"law_id":71994,"edition_id":1,"section_id":71994,"structure_id":13232,"section_number":"2.2-2714","catch_line":"Estimated amount of prudent tax-supported debt; affordability considerations","history":"1994, c. 43, \u00a7 2.1-304.4; 1997, c. 187; 2001, c. 844.","full_text":"Before January 1 of each year, the Committee shall submit to the Governor and to the General Assembly the Committee’s estimate of tax-supported debt that prudently may be authorized for the next fiscal year, together with a report explaining the basis for the estimate. In developing its annual estimate and in preparing its annual report, the Committee shall, at a minimum, consider:\n\n1\n\nThe amount of tax-supported debt that, during the next fiscal year and annually for the following nine fiscal years (i) will be outstanding and (ii) has been authorized but not yet issued;2\n\nA projected schedule of affordable, state tax-supported debt authorizations for the next biennium. The assessment of the affordability of the projected authorizations shall include but not be limited to the considerations specified in this section;3\n\nProjected debt-service requirements during the next fiscal year and annually for the following nine fiscal years based upon (i) existing outstanding debt, (ii) previously authorized but unissued debt, and (iii) projected bond authorizations;4\n\nThe criteria that recognized bond rating agencies use to judge the quality of issues of Commonwealth bonds;5\n\nAny other factor that is relevant to (i) the ability of the Commonwealth to meet its projected debt service requirements for the next two fiscal years; (ii) the ability of the Commonwealth to support additional debt service in the upcoming biennium; (iii) the requirements of the statewide capital plan; and (iv) the interest rate to be borne by, the credit rating on, or any other factor affecting the marketability of such bonds; and6\n\nThe effect of authorizations of new tax-supported debt on each of the considerations of this section.","order_by":null,"text":{"0":{"id":259405,"text":"Before January 1 of each year, the Committee shall submit to the Governor and to the General Assembly the Committee’s estimate of tax-supported debt that prudently may be authorized for the next fiscal year, together with a report explaining the basis for the estimate. In developing its annual estimate and in preparing its annual report, the Committee shall, at a minimum, consider:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":259406,"text":"The amount of tax-supported debt that, during the next fiscal year and annually for the following nine fiscal years (i) will be outstanding and (ii) has been authorized but not yet issued;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":259407,"text":"A projected schedule of affordable, state tax-supported debt authorizations for the next biennium. The assessment of the affordability of the projected authorizations shall include but not be limited to the considerations specified in this section;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":259408,"text":"Projected debt-service requirements during the next fiscal year and annually for the following nine fiscal years based upon (i) existing outstanding debt, (ii) previously authorized but unissued debt, and (iii) projected bond authorizations;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":259409,"text":"The criteria that recognized bond rating agencies use to judge the quality of issues of Commonwealth bonds;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":259410,"text":"Any other factor that is relevant to (i) the ability of the Commonwealth to meet its projected debt service requirements for the next two fiscal years; (ii) the ability of the Commonwealth to support additional debt service in the upcoming biennium; (iii) the requirements of the statewide capital plan; and (iv) the interest rate to be borne by, the credit rating on, or any other factor affecting the marketability of such bonds; and","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":259411,"text":"The effect of authorizations of new tax-supported debt on each of the considerations of this section.","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5"}},"ancestry":[{"id":13232,"edition_id":1,"name":"Debt Capacity Advisory Committee","identifier":"5","label":"article","depth":5,"order_by":1,"parent_id":13231,"metadata":{},"date_created":"2026-06-26 03:44:29","date_modified":"2026-06-26 03:44:29","permalink":{"id":175579,"object_type":"structure","relational_id":13232,"identifier":"5","token":"2.2\/I\/D\/27\/5","url":"\/2.2\/I\/D\/27\/5\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13231,"edition_id":1,"name":"Foundations and Other Collegial Bodies","identifier":"27","label":"chapter","depth":4,"order_by":1,"parent_id":12785,"metadata":{},"date_created":"2026-06-26 03:44:29","date_modified":"2026-06-26 03:44:29","permalink":{"id":175501,"object_type":"structure","relational_id":13231,"identifier":"27","token":"2.2\/I\/D\/27","url":"\/2.2\/I\/D\/27\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12785,"edition_id":1,"name":"State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies","identifier":"D","label":"part","depth":3,"order_by":1,"parent_id":12784,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":173913,"object_type":"structure","relational_id":12785,"identifier":"D","token":"2.2\/I\/D","url":"\/2.2\/I\/D\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12784,"edition_id":1,"name":"Organization of State Government","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12749,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":171455,"object_type":"structure","relational_id":12784,"identifier":"I","token":"2.2\/I","url":"\/2.2\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12749,"edition_id":1,"name":"Administration of Government","identifier":"2.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":171453,"object_type":"structure","relational_id":12749,"identifier":"2.2","token":"2.2","url":"\/2.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":79829,"structure_id":13232,"section_number":"2.2-2712","catch_line":"Debt Capacity Advisory Committee; membership; terms; chairman; compensation; staff","url":"\/2.2-2712\/","token":"2.2\/I\/D\/27\/5\/2.2-2712","metadata":false},{"id":54236,"structure_id":13232,"section_number":"2.2-2713","catch_line":"Powers and duties of the Committee","url":"\/2.2-2713\/","token":"2.2\/I\/D\/27\/5\/2.2-2713","metadata":false},{"id":71994,"structure_id":13232,"section_number":"2.2-2714","catch_line":"Estimated amount of prudent tax-supported debt; affordability considerations","url":"\/2.2-2714\/","token":"2.2\/I\/D\/27\/5\/2.2-2714","metadata":false}],"previous_section":{"id":54236,"structure_id":13232,"section_number":"2.2-2713","catch_line":"Powers and duties of the Committee","url":"\/2.2-2713\/","token":"2.2\/I\/D\/27\/5\/2.2-2713","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2714\/","history_text":"

This law was first created in 1994. The record of its establishment is cataloged in chapter 43<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1997, chapter 187<\/a>; in 2001, chapter 844<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":175589,"object_type":"law","relational_id":71994,"identifier":"2.2-2714","token":"2.2\/I\/D\/27\/5\/2.2-2714","url":"\/2.2-2714\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-2714\/","token":"2.2\/I\/D\/27\/5\/2.2-2714","dublin_core":{"Title":"Estimated amount of prudent tax-supported debt; affordability considerations","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2714","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Before January 1 of each year, the Committee shall submit to the Governor and to the General Assembly the Committee’s estimate of tax-supported debt that prudently may be authorized for the next fiscal year, together with a report explaining the basis for the estimate. In developing its annual estimate and in preparing its annual report, the Committee shall, at a minimum, consider:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The amount of tax-supported debt that, during the next fiscal year and annually for the following nine fiscal years (i) will be outstanding and (ii) has been authorized but not yet issued; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A projected schedule of affordable, state tax-supported debt authorizations for the next biennium. The assessment of the affordability of the projected authorizations shall include but not be limited to the considerations specified in this section; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Projected debt-service requirements during the next fiscal year and annually for the following nine fiscal years based upon (i) existing outstanding debt, (ii) previously authorized but unissued debt, and (iii) projected bond<\/span> authorizations; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The criteria that recognized bond<\/span> rating agencies use to judge<\/span> the quality of issues<\/span> of Commonwealth bonds<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Any other factor that is relevant to (i) the ability of the Commonwealth to meet its projected debt service requirements for the next two fiscal years; (ii) the ability of the Commonwealth to support additional debt service in the upcoming biennium; (iii) the requirements of the statewide capital plan; and (iv) the interest rate to be borne by, the credit rating on, or any other factor affecting the marketability of such bonds<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> The effect of authorizations of new tax-supported debt on each of the considerations of this section. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nESTIMATED AMOUNT OF PRUDENT TAX-SUPPORTED DEBT; AFFORDABILITY CONSIDERATIONS (\u00a7\n2.2-2714)\n\nBefore January 1 of each year, the Committee shall submit to the Governor and to\nthe General Assembly the Committee’s estimate of tax-supported debt that\nprudently may be authorized for the next fiscal year, together with a report\nexplaining the basis for the estimate. In developing its annual estimate and in\npreparing its annual report, the Committee shall, at a minimum, consider:\n\n1. The amount of tax-supported debt that, during the next fiscal year and\nannually for the following nine fiscal years (i) will be outstanding and (ii)\nhas been authorized but not yet issued;\n\n2. A projected schedule of affordable, state tax-supported debt authorizations\nfor the next biennium. The assessment of the affordability of the projected\nauthorizations shall include but not be limited to the considerations specified\nin this section;\n\n3. Projected debt-service requirements during the next fiscal year and annually\nfor the following nine fiscal years based upon (i) existing outstanding debt,\n(ii) previously authorized but unissued debt, and (iii) projected bond\nauthorizations;\n\n4. The criteria that recognized bond rating agencies use to judge the quality of\nissues of Commonwealth bonds;\n\n5. Any other factor that is relevant to (i) the ability of the Commonwealth to\nmeet its projected debt service requirements for the next two fiscal years; (ii)\nthe ability of the Commonwealth to support additional debt service in the\nupcoming biennium; (iii) the requirements of the statewide capital plan; and\n(iv) the interest rate to be borne by, the credit rating on, or any other factor\naffecting the marketability of such bonds; and\n\n6. The effect of authorizations of new tax-supported debt on each of the\nconsiderations of this section.\n\nHISTORY: 1994, c. 43, \u00a7 2.1-304.4; 1997, c. 187; 2001, c. 844.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}