1998 Session

Budget Amendments - HB30 (Committee Approved)

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Mag Lev Research (language only)

Item 514 #4h

Item 514 #4h

Transportation, Secretary of

Page 303, after line 31, insert:
"C.  The Commonwealth Transportation Board is authorized to enter into a loan agreement with Virginia Polytechnic Institute and State University (the university) and American Maglev Technology, Inc. (AMT) in support of a magnetic levitation rail research project.  The loan shall not exceed $7,000,000 and no state funds shall be provided unless matching funds of a like amount are provided from private sources.  The agreement shall include a provision that compensates the Commonwealth for the sale or licensing of any technological innovations or other marketable ideas and processes that the research may generate.  For the purposes of this project, the university shall be exempt from the capital appropriations process and the requirements of §2.1-504.2 and 11-35, Code of Virginia.  The university shall make semi-annual reports to the Co-Chairmen of the House Appropriations and Senate Finance Committees on the progress of the project, including an account of how funds have been expended to date and the project's plans for the next six months.  The board shall notify the Co-Chairmen of the House Appropriations and Senate Finance Committees of the terms and conditions of any loan agreement at least 30 days prior to the effective date of the agreement.  In the event that the board finds that it is not feasible to enter into a loan agreement, the board shall notify the above co-chairmen of the rationale for such a finding."

(This amendment is self-explanatory.)