VCU Loan to Biotech Auth (language only)

Item 189 #1c

Language
Page 155, after line 18, insert:
"Virginia Commonwealth University is hereby authorized to use any unrestricted nongeneral funds in this appropriation to provide short-term loans to the Virginia Biotechnology Research Park Authority.  Any such loan shall be used solely to make payments to contractors for work actually performed in advance of payments to the Virginia Biotechnology Research Park Authority from the federal Economic Development Administration for such expenses.  Each loan shall be executed in writing and shall be repaid within the same state fiscal year in which the loan was issued."

Explanation
(This amendment would permit Virginia Commonwealth University to use unrestricted nongeneral funds directly under the control of its governing board in its appropriation for the Auxiliary Enterprises program to make cash flow loans to the Virginia Biotechnology Research Park Authority. The Authority currently is not receiving reimbursements from the federal Economic Development Administration until 90 to 120 days after the completion of work by contractors. The Authority is paying the contractors within 30 days, resulting in a cash flow problem.)