2005 Session

Budget Amendments - SB700 (Member Request)

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Chief Patron: Norment
Jamestown 2007

Item 255 #1s

Item 255 #1s

First Year - FY2005 Second Year - FY2006
Education: Other
Jamestown 2007 FY2005 $0 FY2006 $1,000,000 NGF

Page 230, line 24, strike "$5,522,025" and insert "$6,522,025".
Page 230, line 28, strike second instance of "$5,000,000" and insert "$6,000,000".
Page 231, line 29, strike "$5,000,000" and insert "$6,000,000".
Page 232, line 10, strike $5,000,000" and insert "$6,000,000".
Page 232, line 12, strike "one-half" and insert  "one-third".
Page 232, line 15, strike "one-half" and insert "one-third".
Page 232, line 19, strike "." and insert:
", and (iii) one-third shall be deposited to a special fund of the Virginia Tourism Authority to advertise and market the Jamestown 2007 Commemoration."
Page 232, line 20, strike "$5,000,000" and insert "$6,000,000".

(This amendment provides authority for the Secretary of Finance to issue a treasury loan in an amount not to exceed $6,000,000 to Jamestown 2007 in anticipation of 2007 commemorative events and increases appropriation authority to collect up to $6,000,000 in special dedicated revenue collected from the existing $1 fee on vehicle registrations. The amendment also revises the allocation of funds collected through the vehicle registration fee. In the current budget, one-half of the proceeds is directed to the Virginia 400th Anniversary Fund (V400) and one-half is directed to the Department of Motor Vehicles (DMV). The amendment directs one-third of the proceeds to V400, one-third to DMV, and the remaining one-third to the Virginia Tourism Authority to advertise and market the Jamestown 2007 Commemoration. The amendment further amends existing language to raise the threshold for excess proceeds. Under the current language, proceeds in excess of $5 million must be set aside for land conservation uses. This amendment increases that threshold to $6 million.)