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2020 SESSION

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HB 1633 Education, Board of; school modernization loan interest rate subsidy payments, eligibility.

Introduced by: James E. Edmunds, II | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Board of Education; school modernization loan interest rate subsidy payments; eligibility. Requires the Board of Education to establish a program to use Literary Fund proceeds to subsidize interest payments on certain loans made by the Virginia Public School Authority to local governing bodies and school boards for the design and construction of new school buildings and facilities or the modernization and maintenance of existing school buildings and facilities as follows: for school divisions in localities determined to have above-average or high fiscal stress by the Commission on Local Government in its most recent version of such report, the Board shall subsidize up to 100 percent of the interest due on such loan. Under current law, eligibility for such interest rate subsidy payment is based on the local composite index of ability to pay.


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