2003 Session

Budget Amendments - SB700 (Member Request)

Chief Patron: Ruff
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 $44,000,000 NGF

Page 515, after line 41, insert:
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
Fund Sources: Bond Proceeds

(This amendment provides funding to construct a new dormitory with language to allow the University to explore alternative financing arrangements for this project.)