                                 CODE OF VIRGINIA

PUBLIC HEARINGS; NOTICE; REPORTS (§ 15.2-5942)

A. At least 30 days before (i) acquiring or entering into a lease involving a
Facility Site and (ii) entering into a construction contract for a Facility, the
Authority shall submit to the General Assembly a detailed written report and
findings of the Authority on the proposed acquisition, lease, or contract. The
report and findings shall include a detailed plan of the method of funding and
the economic benefits of the proposal.

B. The State Treasurer shall be provided with copies of (i) all documents
relating to the proposed issuance of any bonds pursuant to &#xA7; 15.2-5943 and
(ii) all documents relating to a proposed acquisition, lease, or contract
described in subsection A. Such copies shall be provided sufficiently in advance
of such bond issuance or acquisition, lease, or contract to conduct such reviews
as the State Treasurer deems necessary. Such reviews shall be completed within
60 days after the date that the Treasurer is provided such documents. In the
event that the Commonwealth is an obligated person determined to be material to
an evaluation of the offering for which financial information will be included
or referenced in the offering document in accordance with Securities and
Exchange Commission Rule 15c 2-12 under the federal Securities Exchange Act of
1934, or in the event that in the opinion of the State Treasurer, with the
concurrence of the Debt Capacity Advisory Committee established under Article 5
(&#xA7; 2.2-2712 et seq.) of Chapter 27 of Title 2.2, such bond issue or
contractual obligation will be considered tax-supported debt of the Commonwealth
or have an adverse impact on the debt capacity or the credit ratings of the
Commonwealth, such bond issue or contractual obligation must be authorized by
the General Assembly. Within 60 days of receiving the documents described in
this subsection, the Treasurer shall deliver a written opinion to the Authority
and participating localities regarding whether the bond issue or contractual
obligation will be considered tax-supported debt of the Commonwealth or have an
adverse impact on the debt capacity or the credit ratings of the Commonwealth.

HISTORY: 2020, cc. 538, 539.