2014 Special Session I

Budget Amendments - HB5002 (Floor Approved)

Advanced Manufacturing (language only)

Item 250.50 #1h

Item 250.50 #1h

Education: Higher Education
Virginia Economic Development Partnership

Page 200, after line 32, insert:
A. 1. The Treasurer shall advance a loan of $25,000,000 to the Virginia Economic Development Partnership (VEDP) for the development of an Advanced Manufacturing Apprentice Academy Center as well as four Regional Centers of Excellence. These funds shall be advanced to the Virginia Economic Development Partnership in the form of a short-term Treasury Loan, with no interest, and shall be matched with like amounts from both federal grants and local or other grants.
This loan may be repaid in whole or in part, without interest, at any time from a general fund appropriation, Virginia Public Building Authority bonds, Virginia College Building Authority Bonds or such other sources as may be available.

3. The VEDP shall report annually to the Chairmen of the House Appropriations and Senate Finance Committees on allocations of this loan for the items noted in paragraph A. 1."

(This amendment provides for a Treasury loan as matching funds in anticipation of federal funds for the development of an apprentice academy and four regional centers of excellence.)