1998 Session

Budget Amendments - SB30 (Committee Approved)

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Semiconductor Manufacturing Endowment

Item 94 #14s

Item 94 #14s

First Year - FY1999 Second Year - FY2000
Commerce And Trade
Virginia Economic Development Partnership FY1999 ($6,000,000) FY2000 $2,000,000 GF

Page 65, line 43, strike "$42,264,583" and insert "$36,264,583".
Page 65, line 43, strike "$33,511,664" and insert "$35,511,664".
Page 67, line 29, strike $8,000,000" and insert "$2,000,000".
Page 67, line 30 before "from", insert:  "and $2,000,000 the second year".
Page 67, line 31, insert after ".", "The Virginia Economic Development Partnership shall report to the Chairmen of the Senate Finance and House Appropriations Committees by November 4, 1998, on the purposes and future plans of the Endowment; the costs in managing the Endowment; the amount of private and public dollars leveraged by the Endowment; the number of professors recruited to Virginia's institutions of higher education or chairs endowed; the number, types, and results of projects funded by the Endowment; the number of students participating in classes or projects funded by the Endowment; and the relationship between the Endowment and the Virginia Microelectronics Consortium."

(This amendment reduces the general fund contribution to the Virginia Semiconductor Educational Endowment from $8.0 million to $4.0 million in the 1998-2000 biennium. The amendment conforms with the commitments and payment schedule agreed upon by the state and the semiconductor manufacturers in 1996. The remaining $4.0 million to capitalize the Endowment will be appropriated in the 2000-2002 biennium. The amendment also directs the Virginia Economic Development Partnership to report on the expenditures and accomplishments of the Endowment to the General Assembly.)