Amend the bill, as and if amended, page 2, by striking lines 19 - 34 and inserting:
/ a rate of $8,000,000 per year beginning in Fiscal Year 2016-17, $2,000,000 in Fiscal Year 2017-18, and $2,000,000 in Fiscal Year 2018-19 provided that the university has met the following benchmarks:
(1) For Fiscal Year 2016-17 the university must have attained accreditation status from the Southern Association of Colleges and Schools (SACS); and
(2) For each subsequent fiscal year until the loan is fully forgiven the university must:
(a) maintain such accreditation status;
(b) attain an increase in net financial position as demonstrated by the university's published audited financial statements beginning with Fiscal Year 2016-17 after such adjustments for pension and other liabilities as recommended by the accounting consultant and SACS, until such time as the university has achieved and can maintain a balanced budget and positive net financial position; and
(c) achieve a one percent growth in full-time student enrollment above the prior academic year enrollment. /
Amend the bill further, as and if amended, page 2, by striking lines 37 - 38 and inserting:
/ and Technical Schools Subcommittee and the Senate Finance Committee that includes, but is not limited to, /
Amend the bill further, as and if amended, page 3, by striking lines 15 - 17 and inserting:
/ annually.
SECTION 3. The university board is authorized to reprogram appropriations contained in H. 5001, R __, Act __ of 2016, the Fiscal Year 2016-17 Appropriations Act, if the reprogrammed appropriations are directly related to attaining accredidation status from the Southern Association of Colleges and Schools (SACS), including, but not limited to, improving the university's "Unrestricted Net Assets Exclusive of Plant and Plant Related Debt" (UNAEP). The university board may not reprogram funds pursuant to this SECTION for any other purpose. As soon as practicable after making a determination that funds must be reprogrammed, the university board must notify the Chairman of the Senate Finance Committee, the Chairman of the House Ways and Means Committee, the Executive Budget Office, and the State Fiscal Accountability Authority that appropriations will be reprogrammed, the specific purposes for the reprogramming, and the specific appropriations that will be reprogrammed. /
Amend the bill further, as and if amended, page 4, by striking SECTION 6 and inserting:
/ SECTION 6. This joint resolution takes effect July 2, 2016. /
Renumber sections to conform.
Amend title to conform.