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2003 SESSION

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HB 2801 VA Public School Authority; School Construction Grant Act of 2003.

Introduced by: James M. Scott | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Public School Authority; School Construction Grant Act of 2003. Authorizes the Virginia Public School Authority to issue bonds to fund grants to localities in the total amount of $950 million to pay the costs of school construction, school renovation, and other school infrastructure projects. The schedule for the issuance of the bonds and the payment of the debt service on them shall be as provided in the general appropriation act. The $950 million in grants shall be distributed to localities according to the following formula (i) one-half based on the proportion of sales and use tax revenue generated in each locality; and (ii) the remaining one-half based on a set per pupil amount, based on the latest actual adjusted average daily membership, and adjusted by the locality's composite index of ability to pay. In implementing this bill, the Virginia Public School Authority shall not incur more than a total of $250 million in debt in any fiscal year.


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