Part III Auxiliary Balances (language only)

Item 3-4.01 #1c

Language
Page 509, at the beginning of line 3, insert "A."
Page 509, after line 6, insert:
"B.  No interest shall be credited for that portion of the fund's cash balance that represents any outstanding loans to the Treasurer of Virginia.  The provisions of this section shall not apply to the capital projects authorized under Items C-36.21 and C-36.40 of Chapter 924, 1997 Acts of Assembly."

Explanation
(This amendment clarifies that interest will not be earned on that portion of auxiliary balances equal to any outstanding treasury loans. The amendment further indicates that this policy will not apply to two projects to correct sprinklers in dormitories at Norfolk State University and Longwood College. Language in Chapter 924 indicated that these projects would be funded with interest-free treasury loans.)