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2001 Session

Budget Amendments - HB1600 (Committee Approved)

TNCC Va Peninsula Workforce Center (language only)

Item 3-3.06 #1h

Item 3-3.06 #1h

General Fund Deposits
Payments for Use of Virginia Peninsula Workforce Development Center at Thomas Nelson Community College

Language
Page 575, after line 10, insert:
"§ 3-3.06 PAYMENTS FOR USE OF VIRGINIA PENINSULA WORKFORCE DEVELOPMENT CENTER AT THOMAS NELSON COMMUNITY COLLEGE
Beginning in the second year, Thomas Nelson Community College shall deposit to the general fund an amount not to exceed $210,000 each year, representing the match to be paid to the college by participating localities in the college's service area of one-third of the construction costs of the proportionate share of the space (approximately 40 percent) to be used by the college within the capital project facility authorized in Item C-104.40. of this act, and entitled Virginia Peninsula Workforce Development Center.  In addition, such amounts as may be collected by Thomas Nelson Community College from other institutions of higher education and other agencies or organizations, for the purpose of covering debt service costs, shall be deposited to the general fund.  Such matching funds shall be paid annually for a period of 20 years and shall be offset to the debt service on the bonds issued by the Virginia Public Building Authority for financing or refinancing this project."


Explanation
(This amendment is self-explanatory.)