1998 Session

Budget Amendments - HB29 (Conference Report)

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Norfolk State Deficit Loan (language only)

Item 531 #46c

Item 531 #46c

Central Appropriations
Central Appropriations

Page 131, following line 9, insert:
"K.1.  The Governor is hereby authorized to approve a deficit loan for Norfolk State University to be paid from the general account in an amount not to exceed $6,500,000 for the remainder of the 1998 fiscal year. The State Comptroller is authorized to release funds to Norfolk State University based on allotments by the Department of Planning and Budget, as required to meet the institution's current financial obligations and commitments during fiscal year 1998.
2.  Prior to the release of any funds by the State Comptroller, the University must develop a plan to eliminate the existing deficit and prevent future deficits through the implementation of appropriate financial, administrative, and management actions pursuant to §4-3.02 of the Appropriation Act.  Such plan shall also include a schedule for repayment of the deficit loan, subject to approval by the Governor.
3.  By November 1, 1998, Norfolk State University shall provide a report to the Governor and the Chairmen of the House Appropriations and Senate Finance Committees on its financial condition and progress toward repayment of the deficit loan.".

(This amendment authorizes a deficit loan, not to exceed $6.5 million, for Norfolk State University.)