SB 279

Abstract

Virginia Commonwealth University Health SystemAuthority; board of directors membership; powers and duties; capital projects; issuance of bonds. Provides for a number of reformsrelated to the Virginia Commonwealth University Health System Authority.The bill reduces the number of members serving on the Authority's board of directors and the number of physician-faculty members thatare required to serve on the board, requires persons who are appointedby the Speaker of the House of Delegates and the Senate Committeeon Rules to be nonlegislative citizen members, and changes the termof office for board members. Additionally, the bill amends the Authority's powers and duties to provide outside oversight of certain actionstaken or contemplated by the Authority. The Authority is requiredto notify the Governor, the Secretary of Finance, and the House Appropriations and Senate Finance and Appropriations Committees priorto seeking financing or incurring debt or entering into a contractrelated to hospital facilities and other projects. Further, the Authorityis required to conduct a comprehensive financial and risk analysis for every proposed capital project and, for capital projects exceeding$15 million, to consult with the Secretary of Finance and the Departmentof Planning and Budget on various details, in addition to notifyingthe House Appropriations and Senate Finance and Appropriations Committeesand providing specific information related to the capital project.