University of Virginia Library

Statewide Referendum

Before this general obligation
bond issue could be enacted,
there will have to be a statewide
referendum on whether or not
to borrow the money. The state
can legally issue bonds for up to
one per cent of the total state
assessed values.

If the bond issue is approved,
the University will be the largest
single recipient of funds. Of the
$71 million requested, almost $15
million would be allocated to the
University in Charlottesville and
its related institutions.