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2006 Session

Budget Amendments - SB29 (Member Request)

Chief Patron: Williams
CNU - Lease Authority

Item C-11.30 #1s

Item C-11.30 #1s

First Year - FY2005 Second Year - FY2006
Education: Higher Education
Christopher Newport University FY2005 $0 FY2006 $1,200,000 GF

Language
Page 179, following line 16, insert:
" A. Subject to Section 4-4.01 x of this Act, the General Assembly authorizes Christopher Newport University to continue written agreements with the Christopher Newport University Real Estate Foundation (CNUREF) in connection with the financing of certain housing and office space projects.
2. Christopher Newport University is further authorized to continue written agreements with CNUREF to support such facilities; including agreements to (i) lease all or a portion of such facilities from CNUREF, (ii) include such facilities in the University's building inventory, (iii) manage the operation and maintenance of the facilities, including collection of any rental fees from University students in connection with the use of such facilities; (iv) and otherwise support the activities at such facilities 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 of the Commonwealth of Virginia."

              
"C-11.30 Lease Authority
 
 



Explanation
(This amendment authorizes Christopher Newport University to continue written agreements with the Christopher Newport University Real Estate Foundation.)