BRADENTON, Fla. – Virginia is working behind the scenes on a plan to ask lawmakers for approval of up to $3.5 billion of bonds for capital needs, including transportation projects.
Gov. Terry McAuliffe, speaking on the importance of the muni market, announced the state's financing strategy at the Nov. 10 annual meeting of the Securities Industry and Financial Markets Association in Washington, D.C.
The plan apparently was not widely known in his own state, according to the Richmond Times-Dispatch.
"I think there has been some misinterpretation of what the governor said," McAuliffe spokesman Brian Coy told the paper. "He has not finalized his proposals for the upcoming budget and legislative session."
Legislative budget leaders told the paper that the announcement was premature as they are waiting to receive the latest revenue estimates.
The revenue estimates will be used by the governor to finalize his budget proposal, which will be released in mid-December.
Lawmakers reportedly are discussing the need to finance various capital projects, including some for higher education, health facilities, parks, and specific road projects.
Meetings have taken place to evaluate the potential size of a bond with estimates more in the $2 billion range, according to House and Senate budget chairmen.
"I don't think anyone wants to borrow more money than we need," Senate Finance Co-Chairman Walter A. Stosch, R-Henrico, told the Times-Dispatch. "The needs have yet to be evaluated completely."
The General Assembly's annual session begins Jan. 13 and runs through March 12.
