republic-os/legislation/us/states/va/2025/sb-1121.md

---
type: "Bill"
title: "Commonwealth of Virginia Higher Educational Institutions Bond Act of 2025; created."
description: "An Act to authorize the issuance of bonds, in an amount up to $206,085,243 plus financing costs, pursuant to Article X, Section 9 (c) of the Constitution of Virginia, for paying costs of acquiring, constructing, and equipping revenue-producing capital projects at institutions of higher learning of the Commonwealth; to authorize the Treasury Board, by and with the consent of the Governor, to fix the details of such bonds, to provide for the sale of such bonds, and to issue notes to borrow money in anticipation of the issuance of the bonds; to provide for the pledge of the net revenues of such capital projects and the full faith, credit and taxing power of the Commonwealth for the payment of such bonds; to provide that the interest income on such bonds and notes shall be exempt from all taxation by the Commonwealth and any political subdivision thereof; emergency."
jurisdiction: "us/states/va"
legislature: "Virginia General Assembly"
session: "2025"
identifier: "SB 1121"
citation: "Virginia SB 1121 (2025)"
classification: ["bill"]
subjects: []
status: "enacted"
primary_sponsors: ["L. Louise Lucas"]
version_count: 3
action_count: 27
vote_count: 6
first_action: "2025-01-07"
last_action: "2025-03-18"
source: "openstates"
source_identifier: "ocd-bill/5450336f-8863-4962-9d1f-d60899b0ad06"
source_url: "https://lis.virginia.gov/bill-details/20251/SB1121"
source_hash: "a401ba98bf322f5baf31d7e540892c319f6c9d6a13516b3e26a1bcd4edc7eec6"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-va"]
---

# Virginia SB 1121 (2025) — Commonwealth of Virginia Higher Educational Institutions Bond Act of 2025; created.

An Act to authorize the issuance of bonds, in an amount up to $206,085,243 plus financing costs, pursuant to Article X, Section 9 (c) of the Constitution of Virginia, for paying costs of acquiring, constructing, and equipping revenue-producing capital projects at institutions of higher learning of the Commonwealth; to authorize the Treasury Board, by and with the consent of the Governor, to fix the details of such bonds, to provide for the sale of such bonds, and to issue notes to borrow money in anticipation of the issuance of the bonds; to provide for the pledge of the net revenues of such capital projects and the full faith, credit and taxing power of the Commonwealth for the payment of such bonds; to provide that the interest income on such bonds and notes shall be exempt from all taxation by the Commonwealth and any political subdivision thereof; emergency.

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **Introduced** (filed) — [source](https://lis.blob.core.windows.net/files/1017863.PDF)
2. **Chaptered** (committee substitute) — [source](https://lis.blob.core.windows.net/files/1071054.PDF)
3. **Enrolled** (enrolled) — [source](https://lis.blob.core.windows.net/files/1049707.PDF)

## Votes

- Reported from Appropriations (22-Y 0-N) — **22–0** (pass) · lower
- Reported from Finance and Appropriations (13-Y 0-N) — **13–0** (pass) · upper
- Read third time and passed Senate (40-Y 0-N) — **40–0** (pass) · upper
- Constitutional reading dispensed (on 1st reading) (39-Y 0-N) — **39–0** (pass) · upper
- Constitutional reading dispensed (on 3rd reading) (95-Y 0-N) — **95–0** (pass) · lower
- Passed House (93-Y 4-N) — **93–4** (pass) · lower

## Sponsors

- L. Louise Lucas — primary (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2025-01-07** Prefiled and ordered printed with emergency clause; Offered 01-08-2025 25100775D `filing, introduction`
- **2025-01-07** Referred to Committee on Finance and Appropriations `referral-committee`
- **2025-01-15** Reported from Finance and Appropriations (13-Y 0-N) `committee-passage`
- **2025-01-16** Rules suspended
- **2025-01-16** Constitutional reading dispensed (on 1st reading) (39-Y 0-N)
- **2025-01-16** Passed by for the day
- **2025-01-17** Read second time `reading-2`
- **2025-01-17** Engrossed by Senate
- **2025-01-20** Read third time and passed Senate (40-Y 0-N) `passage, reading-3`
- **2025-02-05** Placed on Calendar
- **2025-02-05** Read first time `reading-1`
- **2025-02-05** Referred to Committee on Appropriations `referral-committee`
- **2025-02-06** Assigned Approps sub: General Government and Capital Outlay `referral-committee`
- **2025-02-10** Reported from Appropriations (22-Y 0-N) `committee-passage`
- **2025-02-12** Moved from Uncontested Calendar to Regular Calendar
- **2025-02-12** Read second time `reading-2`
- **2025-02-12** Constitutional reading dispensed (on 3rd reading) (95-Y 0-N)
- **2025-02-12** Passed House (93-Y 4-N) `passage`
- **2025-02-17** Enrolled `enrolled`
- **2025-02-17** Bill text as passed Senate and House (SB1121ER) `passage`
- **2025-02-17** Fiscal Impact Statement from Department of Planning and Budget (SB1121)
- **2025-02-17** Signed by Speaker `passage`
- **2025-02-20** Signed by President `passage`
- **2025-02-20** Enrolled Bill Communicated to Governor on February 20, 2025 `enrolled`
- **2025-02-20** Governor's Action Deadline 11:59 p.m., March 24, 2025 `executive-receipt`
- **2025-03-18** Approved by Governor-Chapter 44 (Effective 03/18/25) `executive-signature`
- **2025-03-18** Acts of Assembly Chapter text (CHAP0044)

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/5450336f-8863-4962-9d1f-d60899b0ad06`. Confidence: reported (aggregated from official Virginia legislature records).