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_ 601 Item Details($) Appropriations($) ITEM 450. First Year Second Year First Year Second Year FY2025 FY2026 FY2025 FY2026 4. It is hereby acknowledged that, in accordance with § 62.1-140, Code of Virginia, the Virginia Port Authority issued Commonwealth Port Fund Revenue Refunding Bonds on April 26, 2023, in the amount of $52,675,000 to refund all of the Commonwealth Port Fund bonds originally issued on July 26, 2018. Debt service on bonds referenced in this paragraph is estimated to be $2,500,000 the first year and $2,500,000 the second year, and all or a portion of such bonds may be refunded by the Authority pursuant to § 62.1-140, Code of Virginia. 5. In the event revenues of the Commonwealth Port Fund are insufficient to provide for the debt service on the Virginia Port Authority Commonwealth Port Fund Revenue Bonds authorized by paragraphs A1, A2, A3, and A4; or any bonds payable from the revenues of the Commonwealth Port Fund, there is hereby appropriated a sum sufficient first from the legally available moneys in the Transportation Trust Fund and then from the general fund to provide for this debt service. Total debt service on the bonds referenced in paragraphs A1, A2, A3, and A4 is estimated at $25,500,000 the first year and $25,500,000 the second year. 6. Notwithstanding § 62.1-140, Code of Virginia, the aggregate principal amount of Commonwealth Port Fund bonds, and including any other long-term commitment that utilizes the Commonwealth Port Fund, shall not exceed $440,000,000. B.1. It is hereby acknowledged that, in accordance with § 62.1-140, Code of Virginia, the Virginia Port Authority on November 17, 2016, issued Port Facilities Revenue Refunding bonds in the amounts of $143,965,000, $99,230,000 and $37,335,000 for the purposes of defeasing and refunding special fund debt previously authorized. The debt service on these bonds, estimated to be $17,600,000 the first year and $17,600,000 the second year, will be paid from special funds, and all or a portion of such bonds may be refunded by the authority pursuant to § 62.1-140, Code of Virginia, or defeased or retired by the Authority from available funds authorized in this item. 2. It is hereby acknowledged that, in accordance with § 62.1-140, Code of Virginia, the Virginia Port Authority may issue additional bonds, in an amount up to $105,500,000 for purposes of expanding port terminal capacity (capital outlay project 407-17956). All or a portion of such bonds may be refunded by the authority pursuant to § 62.1-140, Code of Virginia. The debt service on these bonds, estimated to be $8,500,000 the first year and $8,500,000 the second year, will be paid from special funds. 3. It is hereby acknowledged that, in accordance with § 62.1-140, Code of Virginia, the Virginia Port Authority has purchased, through a purchase agreement (master equipment lease program), terminal operating equipment at a total estimated cost of $91,000,000. Total debt service referenced in this paragraph (including any interim financing issued in anticipation of such program), is estimated at $8,500,000 the first year and $8,500,000 the second year from special funds, and such lease purchases may be refunded by the Authority, or defeased or retired by the Authority from available funds authorized in this item. 4. It is hereby acknowledged that, in accordance with § 62.1-140, Code of Virginia, the Virginia Port Authority may issue short-term debt on a revolving basis as interim or anticipation financing in order to cover costs of planning, design, and construction pending the receipt of bond, master equipment lease program, or other loan proceeds authorized in an amount not to exceed the authorized amount for the projects. In the aggregate, the short-term debt shall not exceed $200,000,000$350,000,000 at any point in time and all or a portion of such debt may be refunded by the Authority pursuant to § 62.1-140, Code of Virginia. The debt service, including associated fees, on the short-term debt may be paid, as recommended by the authority and approved by the Board, from the bond or master equipment lease proceeds, special funds, or other revenues or proceeds. 5. It is hereby acknowledged that, in accordance with § 62.1-140, Code of Virginia, the Virginia Port Authority may issue additional bonds, in an amount up to $350,000,000 for purposes of ensuring operational and investment control, and setting the fixed price option for a privately owned marine terminal in Portsmouth at the end of the lease term in 2065 (Item C-39.10). All or a portion of such bonds may be refunded by the Authority pursuant to § 62.1-140, Code of Virginia, or defeased or retired by the Authority from available funds authorized in this Item. The debt service on these bonds, estimated to be