If passed, the bill would allocate $1.2 billion to Virginia's colleges and universities for building construction and renovation.
The plan would allow Virginia legislators to immediately allot an initial $170 million for projects at colleges and universities across the state.
The remaining $845.9 million for which the proposal calls would require approval by voters in November before it could be appropriated.
Virginia Sen. John H. Chichester, the chairman of the Senate Finance Committee, and Virginia Delegate Vincent F. Callahan Jr., the chairman of the House of Delegates Appropriations Committee, announced the proposal Jan. 7.
Callahan said Virginia has neglected to maintain its university infrastructure, creating a potential problem for the expected influx of new students during the next 10 years.
"In the next four or five years we will have 10,000 additional students than what we have now," he said. "These are in-state people. By 2010 and 2011 there will be 30,000 more."
Betsy Daley, a legislative analyst with the Senate Finance Committee, said the funds would first cover maintenance issues and then capital projects, such as medical research centers, to keep the schools competitive.
Callahan said the State Council of Higher Education for Virginia, the coordinating board for colleges, will determine which colleges receive the money. "Each college has their own plan," he said.
The new proposal would require Virginia officials to follow a six-year capital plan to be reviewed every two years. The new legislation would also require the governor to annually allocate 2 percent of the state's general fund revenue, or about $250 million, to construction projects at state agencies.
