1996 Session

Budget Bill - HB30 (Chapter 912)

Debt Bonds 9(D)

Item C-7.10

Item C-7.10

First Year - FY1997Second Year - FY1998
21st Century College Trust Fund (15867)$123,375,000$81,500,000
Fund Sources:  

A. The General Assembly hereby authorizes the following capital projects, which may be supported in whole, or in part, through bonds of the Virginia College Building Authority, pursuant to § 23-15 et seq., Code of Virginia, and any amendments thereto by the 1996, or subsequent sessions, of the General Assembly. The projects provided for in this item may generally be referred to as the 21st Century College Trust Fund.

Project State Share Other Total

General Obligation Bond Supplements

ODU Oceanography

$1,200,000 $1,200,000
JMU CISAT Equipment & Foundation $2,500,000 $2,500,000
CVC Library $1,200,000 $1,200,000
CVC Zehmer Education Center $1,570,000 $1,570,000

George Mason University

Prince William Institute, Phase II

$15,900,000 $1,800,000 $17,700,000

James Madison University

College of Integrated Science & Technology, Phase II Infrastructure

$12,225,000 $12,225,000

Mary Washington College

Stafford Campus

$8,000,000 $8,000,000

Old Dominion University

TeleTechNet Center

$12,200,000 $12,200,000
Virginia Beach Campus Center $14,900,000 $14,900,000

Radford University

Waldron College of Health Sciences Facility

$7,500,000 $7,500,000

Virginia Community College System

Information Technology Infrastructure

$3,000,000 $3,000,000
Mechanical, Heat Pump, Roof Repairs $6,920,000 $6,920,000
Midlothian Campus, Phase I, John Tyler $9,300,000 $9,300,000
Western Campus, Phase II, J. Sargeant Reynolds $4,500,000 $4,500,000
Humanities Building Supplement, Piedmont Virginia $1,600,000 $289,500 $1,889,500
Economic Development Centers (2), Southside Virginia $3,400,000 $68,500 $3,468,500
Campus Wide Renovations, Danville $2,200,000 $2,200,000
Learning Resource Center, Wytheville $3,442,000 $3,442,000
Franklin Renovations, P.D. Camp $1,894,000 $1,894,000
Instructional Support Building, Thomas Nelson $7,400,000 $367,000 $7,767,000
Campus Renovations, D.S. Lancaster $1,300,000 $1,300,000
Loudoun Campus, Phase II, Northern Virginia $5,900,000 $5,900,000
Fauquier Campus, Phase I, Lord Fairfax $7,196,000 $7,196,000

University of Virginia

Health Sciences Library Basement Renovation & Addition

$5,500,000 $5,500,000
Chemistry Building Chillers $1,500,000 $1,500,000

Virginia Polytechnic Institute & State University

Advanced Communications Center

$10,000,000 $14,450,000 $24,450,000

Virginia Commonwealth University

Engineering School Clean Room

$11,000,000 $11,000,000

Christopher Newport University

Ferguson Renovations, Phase I & II

$2,400,000 $2,400,000
Performing Arts Center $5,000,000 $10,000,000 $15,000,000

Longwood College

Hiner Renovation

$4,318,000 $4,318,000

Norfolk State University

Maintenance Building Renovation/Addition

$1,700,000 $1,700,000

Virginia State University

Vawter Hall Renovation

$1,235,000 $1,235,000
Total $163,000,000 $41,875,000 $204,875,000

B. It shall be the duty of the Governor, through the Secretary of Finance, the State Treasurer, and the affected and related state agencies and institutions, to implement the provisions of this item in a manner consistent with prudent debt management principles and practices, over a period of time, to assure the highest credit worthiness and bond ratings which may reasonably be available, to further the purposes of this item.

C. Debt service on the state share portion of the projects contained in this item shall be provided from appropriations to the Treasury Board, which are contained in Item 287 of this act. Debt service on the other portion of the projects provided for herein shall be paid to the Virginia College Building Authority, from Higher Education Operating and Trust and Agency appropriations to the agencies and institutions.

D. The General Assembly further declares and directs that, notwithstanding any other provision of law to the contrary, 50 percent of the proceeds from the sale of surplus real property pursuant to §2.1-504, Code of Virginia, et seq., which pertain to the general fund, and which were under the control of an institution of higher education prior to the sale, shall be deposited in a special fund set up on the books of the Comptroller, which shall be known as the Higher Education Capital Projects Fund. Such sums shall be held in reserve, and may be used, upon appropriation, to pay debt service on bonds for the 21st Century College Trust Fund.