Bill > HF5038

This bill amends existing law to allow the city of Virginia to use its authorized local sales and use tax for additional purposes, specifically related to the conversion of the city's steam system. Previously, the tax revenue could only be used for collecting and administering the tax, and for renovating, reconstructing, expanding, and improving the Miner's Memorial recreation complex and convention center. Now, with voter approval, the city can also use these funds to cover costs associated with the steam system conversion, including street and sidewalk improvements impacted by the system, repairs or relocation of underground infrastructure like water and sewer lines, assessment and cleanup of contaminated soil, removal of old steam infrastructure, and related design and engineering costs. The bill also extends the bonding authority for these projects up to $30,000,000 and changes the tax termination date from 20 years after imposition to December 31, 2055, or when the $30,000,000 plus bond costs are collected, whichever comes first.