2003 Session

Budget Amendments - SB700 (Committee Approved)

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Decentralize lease authority for higher education institutions (language only)

Item 4-5.08 #5s

Item 4-5.08 #5s

Special Conditions and Restrictions on Expenditures
Delegation of Authority

Page 597, delete lines 36 and 37, insert:
"c.1. The provisions of §4-5.08 c, of Chapter 912 of the Virginia Acts of Assembly of 1996 pertaining to pilot programs for real property leases in selected institutions of higher education, including Old Dominion University, are hereby continued and expanded to include approval of income leases.
2. The University of Virginia and Virginia Polytechnic Institute and State University shall be delegated authority for capital leases on a pilot basis, subject to the review and approval of the State Treasury Board and to the authorization by the General Assembly."

(This amendment is part of a package to delegate additional authority to institutions of higher education for handling administrative functions on campus. The amendment expands the existing decentralization pilot program for real estate leases to include income leases and establishes a pilot program for capital leases with the University of Virginia and Virginia Tech.)