Page 346

_ 346 Item Details($) Appropriations($) ITEM 264. First Year Second Year First Year Second Year FY2025 FY2026 FY2025 FY2026 Learning and Research $352,530 $369,228 Southern Virginia Higher Education Center $125,761 $123,167 $0 $129,861 $129,001 $0 New College Institute $45,276 $44,342 $0 $46,752 $46,442 $0 Eastern Virginia Medical School $688,516 $674,309 $0 $710,961 $706,250 $0 TOTAL $89,276,336 $88,066,431 $4,842,602 $92,186,586 $91,575,773 $4,842,602 6. Old Dominion University may be responsible for the share of debt service issued to Eastern Virginia Medical School in this item to continue the financing of equipment for the schools and divisions existing as Eastern Virginia Medical School prior to the effective date of Chapters 756 and 778, 2023 Acts of Assembly. E. Pursuant to various Payment Agreements between the Treasury Board and the Commonwealth Transportation Board, funds required to pay the debt service due on Commonwealth Transportation Board bonds shall be paid to the Trustee for the bondholders by the Treasury Board after transfer of these funds to the Treasury Board from the Commonwealth Transportation Board pursuant to Item 443, paragraph E of this act and §§ 33.2-2300, 33.2-2400, and 58.1-816.1, Code of Virginia. F. Under the authority of this act, an agency may transfer funds to the Treasury Board for use as lease, rental, or debt service payments to be used for any type of financing where the proceeds are used to acquire equipment and to finance associated costs, including but not limited to issuance and other financing costs. In the event such transfers occur, the transfers shall be deemed an appropriation to the Treasury Board for the purpose of making the lease, rental, or debt service payments described herein. G. Notwithstanding the provisions of 2.2-1156, Code of Virginia, if tax-exempt bonds were used by the Commonwealth or its authorities, boards, or institutions to finance the acquisition, construction, improvement or equipping of real property, proceeds from the subsequent sale or disposition of such property and any improvements may first be applied toward remediation options available under federal law in order to maintain the tax-exempt status of such bonds. 265. A. There is hereby appropriated to the Treasury Board a sum sufficient from the general fund to pay obligations incurred pursuant to Article X, Sections 9 (a), 9 (c), and 9 (d), of the Constitution of Virginia, as follows: 1. Section 9 (a) To meet emergencies and redeem previous debt obligations. 2. Section 9 (c) Debt for certain revenue-producing capital projects. 3. Section 9 (d) Debt for variable rate obligations secured by general fund appropriations and a payment agreement with the Treasury Board. 4. For payment of the principal of and the interest on obligations, issued in accordance with the cited Sections 9 (c) and 9 (d), in the event pledged revenues are insufficient to meet the obligation of the Commonwealth. B. There is hereby appropriated to the Treasury Board a sum sufficient to pay debt service expected at the time of issuance to be paid from subsidies under federal programs and for arbitrage rebate amounts and other penalties to the United States Government for bonds issued by the Commonwealth pursuant to Article X, Sections 9 (a), 9 (b), 9 (c), and 9 (d) (obligations secured by General Fund appropriations to Treasury Board) of the Constitution of Virginia. Total for Treasury Board $1,055,120,400 $1,043,008,147 $1,089,441,170 $1,047,160,071 Fund Sources: General $1,018,988,890 $1,006,876,637 $1,053,890,028 $1,011,608,929 Higher Education Operating $31,526,576 $31,526,576