Mag Lev Option A (language only)

Item 514 #5c

Language
Page 303, after line 36, insert:
"C.  The Secretary of Transportation is authorized to negotiate a lawful memorandum of understanding agreement with Virginia Polytechnic Institute and State University and the proponents of magnetic levitation technology that could result in a financing agreement for a magnetic levitation research demonstration project at the University.  Any allocation or loan of state transportation funds by the Commonwealth Transportation Board for a demonstration project shall not exceed $7,000,000, and shall require an equal amount of private matching funds.  Any memorandum of understanding would require approval by the Board, and require that funds advanced for the demonstration project would be restored to the Commonwealth out of the proceeds of future magnetic levitation projects which utilize the demonstrated technology, in accordance with terms agreeable to the parties.  The agreement would also include provisions relating to intellectual property and the terms of compensation for the sale of any technological innovations that the demonstration project may generate.  For the purposes of this project, the university would be exempt from the capital appropriations process and the requirements of §2.1-504.2 and §11-35, Code of Virginia.  The University would make semi-annual reports to the 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 would notify the Chairmen of the House Appropriations and Senate Finance Committees of the terms and conditions of any agreement at least 30 days prior to the effective date of the agreement."

Explanation
(This amendment provides policy guidance regarding the funding and development of a magnetic levitation rail research project.)