If a bond package in the General Assembly gains legislative approval, Virginia voters then will decide whether to float over $90 million in bonds for University capital construction projects.
A series of bills proposing $1.6 billion worth of seven-year bonds has passed both the House and Senate finance committees in Richmond.
The package of bills calls for $1.2 billion of the bond revenue to go toward higher education capital projects. University projects would receive $92.8 million of that total. The rest of the $1.6 billion not set aside for education capital would go toward parks and recreation facilities. Most of the bonds, including the money earmarked for the University, would be subject to approval by voters in November.
The bond revenue would allow the University to build the long-planned studio arts building and new Special Collections library, two projects which were "frozen" by former Republican Gov. James S. Gilmore III because of the state budgetary shortfall, said Nancy Rivers, the University director of state governmental relations.
The University also would be able to take on projects listed on the six-year wish list it submitted to the General Assembly. These include renovating Clark, Cocke, Fayerweather and Gilmer Halls and constructing buildings for medical research and materials science as well as nanotechnology.
The bond proposal "certainly meets a lot of our high-priority projects," Rivers said.
The legislature probably will pass the bond issue, said Larry J. Sabato, professor of government and foreign affairs.
Democratic Gov. Mark R. Warner has not given his opinion on the bond package.
"My guess is that he will sign it," Sabato said. However, "a serious and major campaign has to be run to get the voters to approve it in November."
The bond issue might not be the only question on the November referendum ballot.
Warner has expressed his support for a statewide referendum on whether to raise the sales tax and devote the revenue to education.
He also continues to promote one of the major planks in his campaign platform, a referendum in Northern Virginia on whether to raise the sales tax to pay for transportation improvements.
The practice of holding referenda "is politicians not wanting to vote for any tax increase, so they say, 'Let the people decide,'" Sabato said. "It's direct democracy, when we have a representative democracy."
Politicians also turned to bond issues to raise money during the last recession in Virginia, under former Democratic Gov. Douglas Wilder, he said.
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