SMV - Lease Language for Danville Sci Ctr. (language only)

Item C-137.25 #1h

Language
Page 543, after line 25, insert:
"1.  The General Assembly hereby authorizes the Science Museum of Virginia and the Department of the Treasury to contract with the City of Danville, it’s agents or instrumentalities, for the financing, acquisition, construction and equipping of a science center, academic and educational laboratory facility.
2.  The Museum is authorized to enter into a lease agreement with respect to such building, subject to the written approval of the Governor and the following conditions.  Lease payments by the Commonwealth for the facility shall not exceed $400,000 annually.  Annual payments shall be sufficient to pay all debt service and administrative expenses on any bonds issued for the facility by the City of Danville, it’s agents or instrumentalities.  Such bonds shall provide amounts sufficient for the planning, acquisition, construction, and equipping of the building, including issuance costs and any reserve fund and all interest on the bonds prior to the beginning of the lease payments.  The terms and structure of such bonds shall be approved by the Treasury Board as provided in §2.1-179 (7), Code of Virginia.  The lease shall be for a term of not more that 21 years and shall provide that, upon the expiration of its term and the payment of the bonds, the building shall convey to the Commonwealth at no additional cost.
3.  It is the intent of the General Assembly to appropriate general fund revenues sufficient to pay lease payments.
4.   Prior to execution, such lease shall be subject to the reviews and approvals prescribed by §§
2.1-179 and 2.1-504.2, Code of Virginia, and §§ 4-3.03 and 4-5.09 of this act.
5.  The leased facility generally shall be composed of museum galleries, theater and exhibit spaces, and ancillary areas for operations of the Science Museum of Virginia, estimated at 34,000 square feet, more or less."