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2000 SESSION

002708800
HOUSE BILL NO. 1450
Offered January 24, 2000
A BILL to amend the Code of Virginia by adding a section numbered 22.1-209.1:11, relating to the Virginia Banking-at-School Partnership Demonstration Program.
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Patrons-- Jones, D.C., Baskerville, Robinson and Spruill; Senators: Maxwell and Miller, Y.B.
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Referred to Committee on Education
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Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 22.1-209.1:11 as follows:

§ 22.1-209.1:11. Virginia Banking-at-School Partnership Demonstration Program created; Department of Education to administer program.

A. With such funds as may be appropriated for this purpose and any gifts, donations, grants, bequests, and other funds that may be obtained, the Board of Education shall establish the Virginia Banking-at-School Demonstration Program (the "Program") to provide practical learning experiences to allow students to apply money management and personal finance skills; to assist students in understanding the American economic system, banking, finance, and investments; to explore entrepreneurship; and to explore and apply mathematical concepts used in the world of business and finance in a realistic setting.

B. On and after July 1, 2000, the Program shall consist of no more than five demonstration projects located in regions throughout the Commonwealth to provide equitable geographical distribution of such projects. Grants for all such projects shall be awarded on a competitive basis to applicants responding to requests for proposals, giving priority to applicant school divisions in high-poverty areas of the Commonwealth or to applicant school divisions with high concentrations of at-risk and disadvantaged students. The Department of Education shall administer the Program.

C. Upon appropriation of funds for the purposes of this section, the Department of Education shall issue a request for proposals for projects to demonstrate the Program's concepts and objectives. The first such grants shall be awarded by December 1, 2001. Applications for grants shall include the following components:

1. A partnership with a financial institution that is licensed to conduct banking, investment, and other financial business in the Commonwealth in which the financial institution agrees to sponsor, fund, and establish a branch bank for the students of the school, which shall be operated and administered by the students. The financial institution shall agree to train students desiring to participate in the program on how to operate and administer the bank and how to provide customer service, including, but not limited to, assisting students in understanding banking laws, replicating the roles of bank officials and employees, and providing full-service banking. The financial institution shall also agree to train teachers and administrators in banking laws, procedures and processes to provide effective on-site supervision.

2. An agreement executed with a two-year or four-year institution of higher education to provide rigorous supplemental academic programs for students who demonstrate a potential or a desire to attend college or who express interest in pursuing business and financial careers; mentors for participating students; and related coursework that teachers may apply toward the credits required for license renewal.

3. A procedure for obtaining participation in or support for the project by the student's parent.

4. A plan for integrating relevant concepts of the Standards of Learning for Mathematics, Science, English, and Social Studies, including, but not limited to, the American economic system; the world of high finance, business structures, industry, and investments; and opportunities for students to transfer knowledge and skills to practical applications of operating and administering a bank.

5. An agreement with relevant federal and state agencies that promote and assist small business development and entrepreneurship. The plan shall also include an introduction to and subsequent instruction concerning entrepreneurship, the benefits and advantages of such ventures, and the role and contribution of these businesses to the economy.

6. A plan for community outreach to build support among business and banking industry for the Program, and to promote community partnerships, joint ventures and linkages between schools and institutions of higher education.

7. A plan for soliciting and piloting creative and noteworthy ideas of students, teachers, and banking representatives participating in the Program.

8. A component for evaluating program needs and effectiveness.

D. For the purposes of this section, "high-poverty area" means areas of the Commonwealth having concentrations of residents with incomes at or below 150 percent of the federal poverty level.

E. For the purposes of this section, "at-risk and disadvantaged students" means students having socioeconomic or cultural risk factors that research indicates may negatively influence academic achievement or educational success.

F. The Board shall require submission of interim evaluation reports of each demonstration project biannually and shall compile and analyze the reports and other program materials to identify ways in which the Program may be enhanced, expanded, and improved. The Board shall report the effectiveness of the Program, the individual projects and their components annually to the Governor and the General Assembly, beginning on January 1, 2002.

2. That the provisions of this act shall expire on July 1, 2005.