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2003 Session

Budget Amendments - SB700 (Committee Approved)

Longwood - Dormitory Project

Item C-25.05 #1s

Item C-25.05 #1s

First Year - FY2003 Second Year - FY2004
Education: Higher Education
Longwood University FY2003 $0 FY2004 $25,000,000 NGF

Language
Page 515, after line 41, insert:
"1. Subject to §4-4.01x, the General Assembly authorizes Longwood University to enter into a written agreement or agreements with the Longwood University Real Estate Foundation (LUREF) to support student housing projects.
2. Longwood University is further authorized to enter into written agreements with LUREF to support such student housing facilities, which support may include agreement to (i) include the student housing facilities in the university's student housing inventory; (ii) manage the operation and maintenance of the facilities, including collection of rental fees as if those students occupied university-owned housing; (iii) assign students to the facilities in preference to other university-owned facilities; (iv) restrict construction of competing student housing projects; (v) seek to obtain police power over the student housing as provided by law; and (vi) otherwise support the student housing facilities consistent with law, provided that the university shall not be required to take any action that would constitute a breach of the university's obligations under any documents or other instruments constituting or securing bonds or other indebtedness of the university or the Commonwealth of Virginia."

                             
"C-25.05 Student Housing
 
$25,000,000
 
Fund Sources: Higher Education Operating
 
$25,000,000"
 



Explanation
(This amendment provides authority to pursue alternative financing agreements for dormitory facilities along with nongeneral fund authority to support a project agreed to under such an arrangement. Financing arrangements would be paid through student room fees associated with the facilities.)