2006 Special Session I

Budget Amendments - HB5002 (Conference Report)

CNU Alternative Finance (language only)

Item C-22.10 #1c

Item C-22.10 #1c

Christopher Newport University

Page 428, after line 25, insert:
"1. Subject to the provisions of this act, the General Assembly authorizes Christopher Newport University to enter into, continue, extend or amend written agreements with the Christopher Newport University Educational Foundation (CNUEF) or the Christopher Newport University Real Estate Foundation (CNUREF) in connection with the refinancing of certain housing and office space projects.
2. Christopher Newport University is further authorized to enter into, continue, extend or amend written agreements with CNUEF or CNUREF to support such facilities including agreements to (i) lease all or a portion of such facilities from CNUEF or 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, and (iv) 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 obligation under any documents or instruments constitution or securing bonds or other indebtedness of the University or the Commonwealth of Virginia."

(This amendment is self-explanatory.)