2004 Special Session I

Budget Amendments - HB5001 (Conference Report)

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Authorizes a Treasury Loan for Virginia Partners in Procurement (language only)

Item 78 #1c

Item 78 #1c

General Services, Department of

Page 57, after line 19, insert:
"D.  The Department of Accounts shall provide a treasury loan of up to $5,000,000 to the Department of General Services to support the department's expansion and overview of the statewide Virginia Partners in Procurement (VaPP) spend management program.  The purpose of this program is to create savings for the Commonwealth's agencies and institutions by encouraging collaboration between agencies and institutions in areas where there exists overlap in purchasing.  This treasury loan shall bear interest at a rate equal to the general fund composite investment rate and shall be repaid no later than June 30, 2008.  Funding for the repayment of this loan will be from rebates or surcharges collected from and/or fees added to the statewide spend management contracts.  The General Assembly strongly encourages all state agencies and institutions of higher education to participate in the statewide spend management program authorized in this item."

(This amendment authorizes the issuance of a $5.0 million treasury loan to the Department of General Services to support the further implementation of the department's statewide spend management program. Although similar language is contained in the recently adopted Caboose Bill, the Auditor of Public Accounts recommended this language also be included in this act.)