Virginia Bond Question 1 (2002)

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Virginia Bond Question 1, also known as the Educational Facilities Act, was on the 2002 election ballot in Virginia. It passed, with 72.7% of voters in favor.

Text of measure

The language that appeared on the ballot:

On April 18, 2002, the Governor signed into law Senate Bill No. 31/House Bill No. 99, the Commonwealth of Virginia Educational Facilities Bond Act of 2002 (or "the Act"). Virginia law requires a majority of voters in a statewide referendum to vote in favor of the Act before it can become effective.

The purpose of the Act is to allow the Commonwealth to sell bonds to raise funds to pay for capital projects at state-supported colleges, universities, museums and other educational facilities. The Constitution of Virginia in Section 9(b) of Article X provides that the General Assembly may authorize the creation of debt to pay for capital projects. If this Act is approved, the Commonwealth may issue Commonwealth of Virginia General Obligation Bonds and sell the bonds to raise funds to pay for specific capital projects. The capital projects contemplated in the Act have an estimated useful life of more than twenty-five years and include, but are not limited to, capital projects for the renovation of instructional facilities, construction of new academic space, construction of new research space, upgrades to heating and cooling systems, and improvements for handicapped accessibility. The total amount of bonds the Commonwealth could issue pursuant to the Act is no more than $900,488,645 (nine hundred million, four hundred eighty-eight thousand, six hundred forty-five dollars), and no bond may be outstanding for more than twenty-five years. The Act and related laws govern the details regarding the creation, issuance and repayment of the bonds, as well as the use of the funds generated by the sale of the bonds. The educational institutions that would receive funds pursuant to the Act are:

- Christopher Newport University

- The College of William and Mary

- George Mason University

- James Madison University

- Longwood College

- Mary Washington College

- Norfolk State University

- Old Dominion University

- Radford University

- University of Virginia

- University of Virginia's College at Wise

- Virginia Commonwealth University

- Virginia Military Institute

- Virginia Polytechnic Institute and State University

- Virginia State University

- Richard Bland College

- Virginia Community College System

- Virginia Institute of Marine Science

- Virginia Cooperative Extension/Virginia Agriculture Experiment Station

- Southwest Virginia Higher Education Center

- Jamestown-Yorktown Foundation

- Science Museum of Virginia

- Virginia Museum of Fine Arts

- Frontier Culture Museum

See also

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