2003 Session

Budget Amendments - SB700 (Committee Approved)

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Revise financial feasibility reporting for 9d projects (language only)

Item 4-4.01 #3s

Item 4-4.01 #3s

Capital Projects

Page 588, line 12, strike "and"
Page 588, line 13, after Committees, strike "." and insert ", and the State Council of Higher Education for Virginia if the project is requested by an institution of higher education."
Page 588, strike lines 14 through 19, and insert:
"Institutions shall also prepare and submit copies of financial feasibility studies to the State Council of Higher Education for Virginia for 9(d) obligations where debt service is expected to be paid from project revenues or revenues of the institution by August 15 of each year.  The State Council of Higher Education shall identify the impact of all projects requested by the institutions of higher education, and described in §4-4.01 i.1. above, on the current and projected cost to students in institutions of higher education and the impact of the project on the institution's need for student financial assistance.  The State Council of Higher Education for Virginia  shall report such information to the Secretary of Finance and the Chairmen of the House Appropriations and Senate Finance Committees no later than October 1 of each year."

(This amendment reinstates the requirement that institutions of higher education perform financial feasibility studies on projects financed with 9(d) debt. Language amendments proposed by the Governor would eliminate this requirement. This amendment also changes the reporting dates to comply with the new capital improvement planning process set out in Chapter 839, 2002 Acts of Assembly.)