A. The purpose of this program is to defray costs of establishing, administering, and implementing an ongoing program for the acquisition and replacement of instructional and research equipment to be leased or sold to state-supported institutions of higher education in accordance with the provisions of Chapter 597, Acts of Assembly of 1986, and Item 343.1, Chapter 723, Acts of Assembly of 1987.

B.1. Pursuant to the provisions of Chapter 597, Acts of Assembly of 1986 the State Council of Higher Education shall develop procedures through which institutions of higher education apply for allocations of equipment made available under the program, and shall develop guidelines and recommendations for the apportionment of such equipment to each state-supported institution of higher education.

2. Approval by the Governor or his designee of allocations of equipment made through this program shall be made to only those institutions that (1) are in full compliance with the directives of the State Comptroller regarding equipment inventories, (2) have fully implemented the Fixed Assets Accounting and Control System, and (3) have entered into leases approved by the Governor or his designee as required by Chapter 597, Acts of Assembly of 1986. The State Comptroller shall certify such compliance and implementation to the Governor or his designee.

3. Pursuant to the provisions of Chapter 597, Acts of Assembly of 1986, the Authority shall acquire equipment for educational institutions according to terms and conditions as approved through the Commonwealth's budget and appropriation process. Each institution shall make available such additional detail on specific equipment to be purchased as may be requested by the Governor or the General Assembly. If emergency acquisitions are necessary when the General Assembly is not in session, the Governor may approve such acquisitions. The Governor shall report his approval of such acquisitions to the Chairmen of the House Appropriations and Senate Finance Committees.

4. Since 1987, funding has been provided through the Higher Education Equipment Trust Fund to Virginia's colleges and universities to address deficiencies in eleven academic disciplines, including obsolete equipment. These disciplines, for which deficiency studies have been completed, use approximately 80 percent of the equipment.

5. Amounts for lease payments shall be provided pursuant to Item 529 of this act.

C.1. Allocations of $25,000,000 will be made the first year and $25,000,000 the second year of the 1996-98 biennium to support the Governor's Education Technology initiative. Item 529 of this act includes $1,139,175 to support lease payments in the second year of the biennium to implement the Governor's Education Technology initiative. The amounts, by institition, will be determined upon approval of institutional technology plans.

2. Transfer of the appropriation in Item 529 of this act to the Virginia College Building Authority shall be subject to the approval of the Secretary of Finance. An allocation of $50,000,000 made in 1994-96 biennium brings the total amount of equipment acquired through the program to at least $215,690,000. Payments to support existing leases the first year will be $17,649,104 and $15,831,546 the second year. Allocations and lease payments, by institution, are as follows:

Authority: Chapter 597, Acts of Assembly of 1986.