                                 CODE OF VIRGINIA

SHORT TITLE; DEFINITION (§ 2.2-2260)

A. This article may be cited as Virginia Public Building Authority Act of 1981.

B. As used in this article, unless the context requires a different meaning:
			&#8220;Construction&#8221; or &#8220;to construct&#8221; means acquisition
and construction, all in such manner as may be deemed desirable.
			&#8220;Cost&#8221; means as applied to a project financed under the
provisions of this article, the sum total of all costs reasonable and necessary
for carrying out all works and undertakings necessary or incident to accomplish
a project, including, but not limited to the cost of all necessary
developmental, planning and feasibility studies, surveys, plans and
specifications, 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 vendor of such land,
buildings or improvements, site preparation and development including demolition
or removal of existing structures, construction, and reconstruction, furnishing
of a project, the reasonable cost of financing incurred in the course of the
development of a project, carrying charges during construction to the occupancy
date, interest on bonds issued to finance a project to a date subsequent to the
estimated date of completion of a project, necessary expenses incurred in
connection with the initial occupancy of a project, the cost of reimbursing the
Central Capital Planning Fund, established under &#xA7; 2.2-1520, for payments
made for pre-planning or detailed planning of all projects that have been
approved for construction by the General Assembly, the funding of such funds and
accounts as the Authority determines to be reasonable and necessary and the cost
of such other items as the Authority determines to be reasonable and necessary.
			&#8220;Fixtures&#8221; and &#8220;furnishings&#8221; means any fixtures,
leasehold improvements, equipment, office furniture and furnishings whatsoever
necessary or desirable for the use and occupancy of such project, and the terms
&#8220;to furnish&#8221; and &#8220;furnishing&#8221; means the acquisition and
installation of such fixtures, equipment and furnishings.
			&#8220;Improvement&#8221; or &#8220;to improve&#8221; means extension,
enlargement, improvement, and renovation, all in such manner as may be deemed
desirable.
			&#8220;Major Employment and Investment project&#8221; or &#8220;MEI
project&#8221; means a high-impact regional economic development project in
which a private entity is expected to make a capital investment in real and
tangible personal property exceeding $250 million and create more than 400 new
full-time jobs, and is expected to have a substantial direct and indirect
economic impact on surrounding communities.
			&#8220;Personal property&#8221; means all items of equipment, fixtures, and
furnishings, including items affixed to real property.
			&#8220;Project&#8221; means any structure, facility, personal property or
undertaking that the Authority is authorized to finance, refinance, construct,
improve, furnish, equip, maintain, acquire, or operate under the provisions of
this article.

HISTORY: 1981, c. 569, §§ 2.1-234.10, 2.1-234.11; 1992, c. 878; 1994, c. 823;
1996, c. 835; 1998, cc. 498, 504; 2000, cc. 67, 279; 2001, c. 844; 2008, Sp.
Sess. I, cc. 1, 2; 2009, cc. 246, 311.