2004 Special Session I

Budget Amendments - HB5001 (Conference Report)

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UVA - Repair Reserve Lang (language only)

Item 213 #10c

Item 213 #10c

Education: Higher Education
University of Virginia

Page 164, line 55, strike "Such" and insert "Annual contributions to such".
Page 164, line 56, strike "two" and insert "three".
Page 164, line 58, after "revenues", insert:
"for which such reserves are established".
Page 165, after line 9, insert:
"4. On a monthly basis, the Comptroller of Virginia shall credit to the special reserve account fund detail for such reserve funds, the imputed interest earned by the investment of such reserve balances on deposit with the State Treasurer."

(This amendment clarifies authority given to the University in the introduced budget to create a reserve fund for capital repairs by directing that the interest earnings shall revert to the Commonwealth.)