                                 CODE OF VIRGINIA

COMMONWEALTH TAX-SUPPORTED DEBT AUTHORIZATIONS AND TREATMENT OF NET ORIGINAL
ISSUE PREMIUM (§ 2.2-5002.1)

A. As used in this section, unless the context requires a different meaning:
			&#8220;De minimis amount&#8221; means an amount not to exceed two percent of
the principal amount of tax-supported debt to be issued or incurred as part of
the same series or issue;
			&#8220;Net original issue premium&#8221; means the amount in excess of the
principal amount of an issue or series of tax-supported debt to be paid by the
initial purchaser or purchasers at original issuance or incurrence, less (i) the
accrued interest, if any, on such tax-supported debt and (ii) any discount or
discounts received by the initial purchaser or purchasers on any maturities or
portions of such tax-supported debt; and
			&#8220;Tax-supported debt&#8221; means, collectively, bonds, notes or other
obligations constituting tax-supported debt within the meaning of &#xA7;
2.2-4903 issued or incurred on or after July 1, 2012.

B. Notwithstanding any provision to the contrary contained in any general or
special law of the Commonwealth, each state agency, institution, board, or
authority that has been authorized to issue or incur or have outstanding
tax-supported debt at one time or from time to time up to a specific principal
amount or aggregate principal amount, shall in determining compliance with such
authorization treat as principal the amount of any net original issue premium in
excess of a de minimis amount received from the issuance or incurrence of such
tax-supported debt.

C. The provisions of this section shall not apply to refunding tax-supported
debt, which, to the extent otherwise authorized by law, may be issued or
incurred with or without original issue premium in a principal amount up to the
amount necessary to pay at maturity or redeem the tax-supported debt to be
refunded and pay all issuance costs and other financing expenses of the
refunding.

D. The Treasury Board shall have the power to establish guidelines to carry out
the intent of this section.

HISTORY: 2012, c. 324.