Virginia Horse Center Foundation

Item 87 #1c

Language
Page 72, line 3, strike "$404,497" and insert "$4,904,497".
Page 72, after line 7, insert:
"A.1.  The amounts provided in the first year include $4,500,000 from the general fund for the Virginia Horse Center Foundation.  On or before July 14, 2006, the Secretary of Agriculture, 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 Chairmen of the House Appropriations and Senate Finance Committees no later than July 14, 2006.  The Governor shall review the plan for approval and implementation prior to July 21, 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 $4,500,000 appropriation shall be reduced to $1,300,000 from the general fund in the first year.
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 from the general fund in the first year to the Virginia Horse Center Foundation to assist in the receipt and implementation of a loan from the U.S. Department of Agriculture. This action would eliminate future commitments of the Commonwealth to debt previously issued by the Center.)