Virginia

Decision instrument

Section 9(b) bonds need a vote of the people. New 9(b) debt stops at 1.15 times average income-tax and sales-tax revenue.

What public act authorizes the borrowing, and where is the purpose and the first-year cost written down? Constitution, Article X, Section 9. The vote is a majority at the election. The debt has to mature within the useful life of the project, or 30 years, whichever is shorter. The 1.15 test uses the average of those two taxes for the three fiscal years before the debt is authorized, as certified by the Auditor of Public Accounts. A separate cap says new authorizations, added to amounts already approved or waiting for a vote, may not exceed 25% of that same 1.15 figure over the current year and the three years before it. Section 9(c) is a different instrument. It finances a project that is supposed to produce revenue. The full faith and credit is pledged, but the people do not vote, and the debt is not inside the 9(b) limit. The Governor has to certify that the expected net revenue will cover it. The report says the 9(b) bonds now outstanding were authorized by the citizens through bond referenda. It prints an unused issuance margin of $32.134 billion for 9(b) bonds and $31.286 billion for 9(c) bonds. Those margins are not added.

Debt statement

No Annual Debt Statement of the New Jersey kind.

What yearly filing states gross debt, deductions, and how close the issuer is to its limit? State debt is in the annual report for the year ended June 30, 2025, in the debt schedules and the management discussion. County dollar rows are not attached.

Debt limit

A city or a town stops at 10% of the assessed value of its real estate. A county needs a vote of the qualified voters.

What cap binds a county or a city, and is the state's own ceiling a different rule? Constitution, Article VII, Section 10. The city limit uses the last assessment. Left out of that 10% are notes against this year’s revenue that mature within one year, certain voter-approved bonds for a water system or another project that produces revenue, bonds paid only from such a project, and some payments to a regional project. A county does not use that 10% unless the voters have chosen to be treated as a city. Otherwise the General Assembly must authorize the debt, and the qualified voters must approve it. A refunding does not need that vote. Neither does a school bond sold to the Literary Fund, the retirement system, or another state agency named by law.

Conflict rule

A personal interest includes owning more than 3% of a business, or income, pay, or property of more than $5,000.

Which ethics statute covers local officers, what counts as an interest, and who is left out? Code § 2.2-3101 and § 2.2-3112. Any one of those is enough. Income and pay are measured annually, including what may reasonably be expected. A personal liability on behalf of a business is an interest if it exceeds 3% of the business’s assets. Immediate family is a spouse, and a dependent who lives in the same household. If the transaction applies only to that business, the officer has to disclose the interest, not vote, and stay out of the discussion. A member of a group of three or more people who are all affected may still take part after a written declaration. So may an officer whose interest is only the same interest the public generally has.

Geography

Ninety-five counties. Thirty-eight independent cities are not inside those counties.

What is the county-equivalent, and which cities, schools, and authorities must not be pasted onto that row? Census county codes. The independent cities are separate governments. They are not listed here as counties. County seats are not in the debt schedule, so they are not filled in. Dollar rows stay blank.

Primary money record

Primary-government general obligation bonds, net of premium: $79.443 million, as of June 30, 2025.

Which audited report is the state's own number, and as of what date? Debt schedules, in thousands. Section 9(b) public-facilities bonds are $76,525 net. The series still outstanding add to $71,960 of principal, and unamortized premium on them is $4,565. Section 9(c) parking bonds of the primary government are $2,918 net. There is no Section 9(a) debt outstanding. The report’s unused margin for 9(a) is $10.064 billion. The only debt backed by the full faith and credit of the Commonwealth is general-obligation debt. These amounts are net of premium and discount.

Who pays the coupon

The report’s next-year general-obligation payment is $106.340 million of principal and $35.810 million of interest. That payment is not only the $79.443 million.

Which fund, tax, or rate is actually pledged — not which new store might show up later? The debt-service schedule for sections 9(a), 9(b), and 9(c) together. The year ending June 30, 2026, totals $142.150 million. The schedule’s principal column, through 2052, adds to $940.010 million, and the premium on that schedule is $61.253 million. Together that is the $1.001 billion of all general-obligation debt, including the universities. It is not a bill for the primary government’s $79.443 million alone. Section 9(c) is payable first from the project. The full faith and credit is behind it.

Other obligors

University Section 9(c) bonds: $921.820 million. Section 9(d) bonds of the primary government: $6.133 billion. Do not add either to the $79.443 million.

Which authorities and districts borrow beside the state and must not be added to its total? Debt schedules, in thousands, net of premium and discount. Higher-education institution bonds are general obligations, and they are recorded at the universities. They are the rest of the $1,001,263 of general-obligation debt: $79,443 plus $921,820. Section 9(d) is not a general obligation. Primary-government 9(d) bonds are $6,133,112, of which transportation is $2,487,593 and the Virginia Public Building Authority is $3,645,519. The schedule’s tax-supported total of $22.848 billion also includes pensions, retiree health, leases, and compensated absences. It is not a bond total. Moral-obligation debt, which is not tax-supported, is $919.227 million. The Commonwealth has not pledged taxes to fill a reserve shortfall. It has, in some cases, pledged to consider doing so.

Book-entry wall

Cede & Co., at the Depository Trust Company.

Who is the registered owner on ordinary public paper? Series-level confirmation still waits on that official statement. Beneficial owners stay unnamed.