March 10, 2014
According to officials, state colleges and universities will need room to educate 30,000 more Virginia students within the next few years.
Even though we're already suffering from budget problems, Attorney General Jerry Kilgore says we need this extra space. He also says we're locking in low interest rates now, but the bonds will be given out over the next five to eight years on a schedule the state can afford.
"Come January the general assembly will agree upon a schedule on a pay back number we can make without raising taxes," said Kilgore.
Voters will decide on more than $900-million in education bond money on Nov. 5. Nearly $100-million will go to James Madison University.
Even if the bonds are not passed, the General Assembly can vote to issue them anyway, but at a higher interest rate.