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2000 SESSION

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HB 963 Educational Excellence Trust Fund Program.

Introduced by: Thomas M. Jackson, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Educational Excellence Trust Fund Program. Establishes the Educational Excellence Trust Fund Program in place of the Virginia Public School Construction Grants Program and revises the Literary Fund loan provisions, the Virginia Public School Authority ("VPSA"), and the lottery to provide a mechanism for funding and distributing funds to local school boards for the construction of public school buildings. For fiscal years beginning on and after July 1, 2001, the bill requires deposit of 100 percent of state lottery revenues into the Educational Excellence Trust Fund ("Fund") with $200,000 to be distributed annually to each school division, and all remaining amounts to be distributed pro rata to each school division according to average daily student membership adjusted by the locality's composite index of ability to pay. The funds shall be used by the school divisions for school construction, additions, infrastructure, site acquisition for public school buildings and facilities, renovations, technology, and other expenditures related to modernizing classroom equipment. The bill broadens VPSA's responsibilities to include administrative, financial, and bonding authority for the Fund. The bill authorizes the Board of Education to issue Literary Fund loans to fund part or all of the costs for constructing, renovating, retrofitting, enlarging, or modernizing school buildings.


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