                                 CODE OF VIRGINIA

POWERS AND DUTIES OF THE COMMITTEE (§ 2.2-2713)

The Committee shall have the power and duty to:

1. Annually review the size and condition of the Commonwealth&#8217;s
tax-supported debt and submit to the Governor and to the General Assembly an
estimate of the maximum amount of new tax-supported debt that prudently may be
authorized for the next biennium. The estimate shall be advisory and in no way
bind the Governor or the General Assembly;

2. Annually review the amount and condition of bonds, notes, and other security
obligations of the Commonwealth&#8217;s agencies, institutions, boards, and
authorities, for which the (i) Commonwealth has a contingent or limited
liability or (ii) General Assembly is permitted to replenish reserve funds if
deficiencies occur, and submit to the Governor and the General Assembly an
annual report with the Committee&#8217;s recommendation to ensure the prudent
use of such obligations. Such review shall be submitted on or before January 1
of each year; and

3. Conduct ongoing reviews of the amount and condition of bonds, notes, and
other security obligations of the Commonwealth&#8217;s agencies, institutions,
boards, and authorities not secured by the full faith and credit of the
Commonwealth or for which the General Assembly is not permitted to replenish
reserve funds, and when appropriate, shall recommend limits on such additional
obligations to the Governor and to the General Assembly.

HISTORY: 1994, c. 43, § 2.1-304.3; 1997, c. 187; 2001, c. 844.