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2005 Session

Budget Amendments - HB1500 (Committee Approved)

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Revise language for research/office building capital project. (language only)

Item C-52.50 #1h

Item C-52.50 #1h

Education: Higher Education
Old Dominion University

Language
Page 504, line 9, before "Old", insert "1."
Page 504, line 10, after "lease", insert "or other written agreements".
Page 504, line 10, strike "the Old Dominion University Real" and insert:
"a public or private entity".
Page 504, line 11, strike "Estate Foundation (ODUREF)".
Page 504, line 11, after "development", insert:
", design, construction and financing".
Page 504, after line 22, insert:
"2. Old Dominion University, with approval from the Governor, is further authorized to enter into written agreements with a public or private entity to support such a research/office building; the support may include agreements to (i) manage the operation and maintenance of the facility, including collection of rental fees, and (ii) otherwise support the research/office 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."


Explanation
(This amendment provides Old Dominion University the authority to enter into written agreements necessary to manage its research/office building capital project.)