Authority: Title 2.1 2.2, Chapter 32 11, Articles 3 and 6, Code of Virginia.

A. The amounts for Surplus and Excess Property Management-Federal and for Surplus Transfer or Sale - State shall be paid solely from revenues derived from charges for services. The estimated subprogram cost for Surplus and Excess Property Management-Federal is $1,009,013 the first year and $1,009,013 the second year. The estimated cost for Surplus Transfer or Sale-State is $773,897 the first year and $773,897 the second year.

B. The Department of Accounts may shall provide a treasury loan of up to $3,000,000 to the Department of General Services to pay for the costs of developing and implementing a statewide electronic procurement system that has been approved by the Secretary of Technology or his designee. Such loan shall bear interest at a rate equal to the general fund composite investment rate and shall be repaid in equal annual installments over a period of five years beginning two years after the start of project implementation in fiscal year 2002. Repayments of this loan will be financed either by fees charged assessed to state agencies and institutions of higher education using the electronic procurement system or fees levied upon vendors conducting business with the Commonwealth electronically. Prior to requesting a treasury loan, the Department of General Services shall explore other financing strategies during development of this project and, in consultation with the Department of Planning and Budget, shall select the most viable option for developing and implementing the project. The General Assembly strongly encourages all state agencies and institutions of higher education to participate in the statewide electronic procurement system authorized in this Item.