Chief Patron: Hanger
Co-Patron(s): Bell, Edwards, Hawkins, Potts, Quayle, Reynolds, Ruff, Wagner
VA Horse Center
Item 87 #1s
Item 87 #1s | First Year - FY2007 | Second Year - FY2008 | |
| Agriculture And Forestry |
| Agriculture and Forestry, Secretary of | FY2007 $4,500,000 | FY2008 $0 | GF |
Language
Page 72, line 3, strike "$404,497" and insert "$4,904,497".
Page 72, after line 7, insert:
"A.1. This appropriation includes $4,500,000 the first year from the general fund for the Virginia Horse Center Foundation. On or before July 1, 2006, the Secretary, in coordination with the Secretary of Finance, shall develop a plan to implement the requirements of any loan received by the Virginia Horse Center Foundation from the United States Department of Agriculture. Such plan shall include provisions assuring the continued operation of the Virginia Horse Center as set forth by the General Assembly in its establishment of the Virginia Horse Center in 1985 as a "statewide center devoted to the staging of equine events and activities [that] will significantly enhance this important segment of Virginia's state character by providing a showplace for state, national and international horse competitions as well as a marketplace for horse promotion and sales." In developing the plan, the Secretaries shall solicit the input of the current members of the Virginia Equine Center Foundation and the reconstituted Virginia Horse Center Foundation.
2. Such plan shall be submitted to the Chairman of the Senate Finance Committee and the Chairman of the House Appropriations Committee no later than July 1, 2006. The Governor shall review the plan for approval and implementation prior to August 1, 2006. Implementation of the plan shall be in a timely fashion consistent with any requirements of the United States Department of Agriculture loan.
3. If such plan is not approved by the Governor or is not implemented, the appropriation shall be reduced to $1,300,000 the first year from the general fund for FY 2007.
4. The Virginia Equine Center Foundation is authorized to convey its property, as may be necessary to fulfill the requirements of any loan agreement with the United States Department of Agriculture, consistent with the plan developed by the Secretaries of Agriculture and Forestry, and Finance and approved by the Governor."
Explanation
(This amendment provides $4.5 million GF and language authorizing the transfer of the Commonwealth's interests in the Virginia Horse Center in order to qualify the facility for a federal loan to service the facility's outstanding debt.)