22.1-167.3 - Bonds or notes issued for the purpose of making grants; security for payment; appropriations.

§ 22.1-167.3. Bonds or notes issued for the purpose of making grants;security for payment; appropriations.

A. The Authority is authorized to pledge to the bonds or notes of theAuthority (i) authorized under the provisions of a resolution adoptedsubsequent to June 30, 2000, for the purpose described in § 22.1-166.2, (ii)issued subsequent to June 30, 2000, and (iii) not benefiting from theprovisions of either clause (iii) or (iv) of § 22.1-168, or § 22.1-168.1, inaddition to other sources available for such purpose, any funds in thegeneral fund of the Commonwealth appropriated for such purpose.

B. The Governor's budget bill presented each year to the General Assemblypursuant to § 2.2-1509 shall include an appropriation to the Authority of asum sufficient from the general fund of the Commonwealth to cure anyshortfall in pledged primary revenues on any debt service payment date on thebonds or notes of the Authority described by this section. A shortfall inpledged primary revenues shall exist when the available moneys in theLiterary Fund as of such date are less than the amount required to pay thedebt service due on such bonds or notes on such date. For purposes of thissubsection "available moneys in the Literary Fund" means moneys remainingafter the payment, or provision for payment, of debt service on bonds ornotes like those described in this section and payable from the LiteraryFund, but issued prior to July 1, 2000.

C. On or before September 30 of each year, the Authority shall submit to theGovernor and the chairmen of the House Appropriations Committee, HouseFinance Committee and the Senate Finance Committee a report as of the end ofthe prior fiscal year detailing the total amount of the Authority'soutstanding bonds and notes secured by an appropriation of a sum sufficientfrom the general fund of the Commonwealth as described in subsection B. Thereport shall also describe any instances where any such appropriation hasbeen used.

(2001, cc. 431, 456.)