2009 Session

Budget Amendments - SB850 (Committee Approved)

ODU: President's Residence (language only)

Item C-50.30 #1s

Item C-50.30 #1s

Education: Higher Education
Old Dominion University

Page 558, following line 26, insert:
"Old Dominion University is hereby granted authority to convey the current President's Residence to the Old Dominion Real Estate Foundation in order to reconstruct this facility. Authority is also granted to construct this project with alternative financing, which may include an agreement with the Old Dominion University Real Estate Foundation for the design, construction and financing of the project, and to enter into a capital lease or lease for the project that may qualify as a capital lease. Old Dominion shall identify any component of the project that qualifies as a capital lease, and shall report such lease to the Department of Accounts and the Department of Planning and Budget.  Any such capital lease shall be exempt from the requirements of §4-3.03(b)2 of the Appropriations Act."

(This amendment authorizes Old Dominion University to transfer the president's residence to the ODU Real Estate Foundation for renovation, and to lease back such facility.)