VSU Off Campus Student Housing NGF

Item C-82 #1c

Language
Page 395, line 16, after "C-82" insert:
"Acquisition:  Off-Campus Student Housing......................$500,000
  Fund Sources:  Higher Education Operating.....................$500,000".
Page 395 line 16,  before “To enable” insert "1".
Page 395, after line 38 insert:
“2.  From such auxiliary funds as it may have at its disposal, or may receive for this purpose by way of gift, the University is further authorized to purchase that certain tract of land consisting of approximately fifteen acres located in the northeast quadrant of the intersection of Hickory and Woodpecker Roads in the Matoaca Magisterial District of Chesterfield County, Virginia, and thereupon enter into a ground lease of the said tract with its related foundation for a term not in excess of fifty years as the site of the aforesaid off-campus student apartments.  Use of the said tract for the purpose herein stated shall be deemed to be a purpose consistent with the general mission and auxiliary enterprises of the University within the meaning of § 2.2-1155(B), Code of Virginia.
3. In aid of the above said student housing project, Virginia State University is hereby authorized to advance non-appropriated local and other discretionary funds at the University’s disposal to a University related foundation in such amounts and under such terms as the University deems appropriate for the purpose of funding pre-construction and other costs related to the said project and the financing thereof prior to bond issue.”

Explanation
(This amendment provides nongeneral funds and language authorizing acquisition of a piece of property for off-campus student housing.)