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1994 SESSION

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SB 153 Virginia Public School Construction Grants Program.

Introduced by: Yvonne B. Miller | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Public School Construction Grants Program. Establishes the Virginia Public School Construction Grants Program for construction, addition, or site acquisition for public school buildings or facilities. The Program is administered by the Board of Education and is supported by a nonreverting Virginia Public School Construction Grants Fund, held by the State Treasury. Board regulations will prescribe requirements for local governing body approval of proposed construction projects and grant applications; eligibility criteria for school divisions demonstrating need based on local ability to pay for construction; eligibility criteria for school divisions demonstrating need based on population growth and the availability and pledge of local matching funds; and procedures for determining priority of awards for qualifying school divisions. Like Literary Fund loans for school construction, grants from the Program may not exceed 100 percent of the cost of the construction, addition, or site acquisition. Under current law, school construction costs may be financed through the Literary Fund or through the Virginia Public School Authority (VPSA), which can purchase general obligation local school bonds.


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