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2005 Session

Budget Amendments - HB1500 (Conference Report)

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VITA Treasury Loan Repayment (language only)

Item 463 #1c

Item 463 #1c

Technology
Virginia Information Technologies Agency

Language
Page 421, after line 17, insert:
"The Virginia Information Technologies Agency's treasury loan for start-up costs shall be reduced to actual costs incurred as of the effective date of this act and shall be interest free.  VITA shall adjust its rates without the Joint Legislative Audit and Review Commission approval for the sole purpose of immediately beginning to repay this loan, which shall occur within 24 months of the effective date of this act; however, all other such rate adjustments shall require the prior approval of the Joint Legislative Audit and Review Commission in accordance with § 2.2-803,
Code of Virginia.  Should VITA, the Department of Planning and Budget or the Governor determine that some other means exists to repay the treasury loan without incurring an increase in the rates or using direct general fund appropriations to VITA, they shall submit such a plan to the Chairmen of the Senate Finance and the House Appropriations Committees and Chairman of the Joint Legislative Audit and Review Commission for review and approval."


Explanation
(This amendment captures $6.1 million from repayment of a treasury loan to the Virginia Information Technologies Agency's treasury loan for start-up costs.)