2000 Session

Budget Amendments - SB30 (Committee Approved)

View Budget Item
View Budget Item amendments

Mag Lev (language only)

Item 506 #7s

Item 506 #7s

Transportation, Secretary of

Page 347, after line 37, insert:
"5.  The Secretary of Transportation is authorized to negotiate a lawful memorandum of understanding agreement with proponents of magnetic levitation technology, Old Dominion University, and any other necessary parties, including a local government or a local transportation authority, that could result in a financing agreement for a magnetic levitation research demonstration project which will be placed into passenger/revenue service 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 shall require approval by the Board, and shall require that the funds advanced for the demonstration project 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.  For the purposes of this project, Old Dominion University and any public bodies which are parties to the agreement will be exempt from the capital appropriations process and the requirements of §2.1-504.2, Code of Virginia, and from state and local procurement requirements.  The agreement shall provide for 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 spending plans for the next six months.  The Secretary will notify the chairs of the House Appropriations and Senate Finance Committees of the terms and conditions of any agreement at least 30 days prior to the signing of any agreement.  The University shall not be liable for repayment of any loan or allocation.  Should the loan agreement not be fully negotiated by August 1, 2000, the Secretary shall advise the chairs of the House Appropriations and Senate Finance Committees in writing of the history of the negotiations and the reasons for the failure of agreement."

(This amendment authorizes the Secretary of Transportation to negotiate a memorandum of understanding with proponents of mag lev technology, ODU, and others for a mag lev research demonstration project at ODU.)