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2005 Session

Budget Bill - HB1500 (Chapter 951)

Virginia Military Institute

Item C-119.15

Item C-119.15

First Year - FY2005Second Year - FY2006
New Construction: Construct North Post Leadership and Athletic Facilities (17162)$0$13,600,000
Fund Sources: 
Higher Education OperatingFY2005 $0FY2006 $13,600,000

The Virginia Military Institute may acquire or construct this project in accordance with any one of the following financing options:


1.  Construct this project using private funds from one or more of its alumni agencies;


2.  Construct this project using 9(d) revenue bonds issued through the Virginia College Building Authority; 


3.  Construct this project in accordance with the provisions of the Public-Private Education Facilities and Infrastructure Act of 2002 (PPEA); or


4.  Select one of its alumni agencies to design, construct, and finance the project and lease the facility to VMI in a lease/lease-back structure.