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2019 SESSION

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SB 1093 Literary Fund; school modernization.

Introduced by: Frank M. Ruff, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Literary Fund; school modernization. Requires the Board of Education to create a program in which monies from the Literary Fund would be used to subsidize interest payments by local governing bodies and school boards on certain loans from the Virginia Public School Authority for school construction and modernization. Only school divisions with a composite index of local ability-to-pay less than 0.4000 would be eligible to participate in the interest payment program. The bill limits the aggregate amount of loans for each fiscal year to an amount to be specified in the general appropriation act.

SUMMARY AS PASSED SENATE:

Literary Fund; school modernization. Requires the Board of Education to create a program in which monies from the Literary Fund would be used to subsidize interest payments by local governing bodies and school boards on certain loans from the Virginia Public School Authority and other approved sources for school construction and modernization. Only school divisions with a composite index of local ability-to-pay less than 0.4000 would be eligible to participate in the interest payment program.

SUMMARY AS INTRODUCED:

Literary Fund; School Modernization Subfund. Creates a subfund in the Literary Fund to be known as the School Modernization Subfund (the Subfund). Moneys in the Subfund would be used to subsidize interest payments by local governing bodies and school boards on certain loans from the Virginia Resources Authority and other approved sources for school construction and modernization. Only school divisions with a composite index of local ability-to-pay less than 0.4000 would be eligible to participate in the interest payment program. The Subfund would receive any revenues collected if the General Assembly authorizes the collection of sales and use tax from remote sellers and any other funds appropriated by the General Assembly.