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2002 SESSION

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HB 648 Higher Education Renovation Trust Fund created.

Introduced by: Allen W. Dudley | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Colleges and universities; renovations and improvements. Creates the Higher Education Renovation Trust Fund to fund capital renovation projects at colleges and universities upon the approval of the Secretary of Education and the Secretary of Finance and modifies the conditions under which the Virginia College Building Authority (VCBA) may undertake projects. The bill (i) permits the VCBA to undertake a project at an institution of higher education if the General Assembly has allocated funds to the institution for renovation or improvement projects and the project to be undertaken is within the limits and conditions of such allocation and (ii) requires the prior approval of the institution's board of visitors before the project may be undertaken by the VCBA, only if bonds issued by the VCBA to finance the project are secured by a note or other obligation of the institution. Under current law, the VCBA (a) may undertake a project only when specifically authorized by the General Assembly to do so, and (b) must receive the prior approval of the institution's board of visitors prior to undertaking any project.


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