The Virginia House of Delegates followed the Senate in passing a sizeable bond package Feb. 7 that could benefit state universities throughout the Commonwealth.
"The purpose of the bonds is to provide funds for financing the costs of capital projects for the Commonwealth's institutions of higher education," states the Virginia Educational Facilities Bond Act of 2002.
The majority of the bond's funds go toward capital construction projects at state universities. The remainder will go toward museums and recreational facilities. The University would receive $98.2 million from the two-tiered plan. The entire bill package totals $1.6 billion.
Most of the funds are contingent on general obligation bonds, which voters would have to approve in a November referendum. A simple majority is required for a referendum to pass.
The general obligation bonds would allow the University to invest in projects such as a new medical research building, a new arts and sciences building and renovations of teaching labs in Gilmer and Fayerweather Hall, said Colette Sheehy, University vice-president for management and budget.
The remainder of the funds, $24.5 million, would become available by debt financing through the Virginia College Building Authority. That money would allow the University to provide for a studio art building, a new special collections building, a supplement to Clark Hall and a renovation of Cocke Hall.
"This addresses most of the University's highest priority capital projects for the next two years," Sheehy said.
All parts of the bond bill are contingent on Governor Mark R. Warner's signature. Warner has not yet stated his position on the bond bills.
"Governor Warner has previously expressed his support in principle for trying to meet capital construction needs at college campuses," Warner's Deputy Press Secretary Kevin Hall said. "He has withheld judgement on this particular package because he wants to look at the fine print."
Warner's primary concern is the budget situation and that concern limits his options, Hall said.
Warner learned yesterday that problems associated with the budget have worsened, Hall added.
The total revenue shortfall over the next three years has been revised upward from $3.2 billion to $3.8 billion, he said.
To voice student interests, members of Student Council's Legislative Affairs Committee will head to Richmond today to meet with members of the General Assembly and officials in the policy department of Warner's office.
Council representatives have two goals for today's visit, according to Mark Straub, College representative and legislative affairs committee member.
They hope to reinforce the importance of the two bond bills and encourage Warner to strongly consider them.
"If we want to invest in Virginia's future, we need to make a commitment to higher education in the state and that is something Virginia has never done in the past," Straub said.
Read More
Student Council votes to relocate Hereford orchard and basketball hoop
By Lauren Seeliger | 7 hours agoStudent Council passed a resolution Tuesday to relocate the orchard and basketball hoop of Hereford Residential College due to construction in the surrounding area.
Dean Rucker honored with Z Society’s highest honor, Pale Z Award
By Brendon Bordwine | YesterdayThe Society has a storied history of honoring University leaders with the Pale Z.
Students receive free STI testing through U.Va. Health and Wellness
By Jackie Bond | YesterdayThrough funding from Student Council, students are now able to receive free STI testing with SHW which includes tests for HIV, Syphilis, Gonorrhea, Chlamydia and Hepatitis C.
