SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
1994 SESSION
SB 376 Literary Fund.
Introduced by: Mark L. Earley | all patrons ... notes | add to my profiles
SUMMARY:
Literary Fund. Allows the Board of Education to make Literary Fund loans for the purpose of refinancing or redeeming debt incurred by a locality on behalf of a school division that has an application for a Literary Fund loan for an approved school project pending before the Board of Education. The measure also directs that school divisions having an application for a Literary Fund loan for an approved school project pending before the Board of Education shall not be denied or delayed in obtaining such loan solely for the reason that alternative financing had been obtained to begin or complete construction on such project. Pursuant to § 22.1-147, the Board of Education must equitably distribute Literary Fund moneys among the school divisions and may cap loan amounts at $5 million.
Localities considering alternative financing must balance potentially higher interest rates and other considerations, such as time consumed by any referenda that might be required for the issuance of general obligation bonds, with the need to complete project construction on a potentially accelerated schedule. Because Literary Fund loans may not exceed 100% of the cost of the construction, addition, or site acquisition, localities seeking reimbursement from the Fund would assume any costs that may be associated with obtaining alternative financing, such as bond counsel fees and other issuance costs for general obligation bonds.
Under current law, school construction costs may be financed through the Virginia Public School Authority (VPSA), which can purchase general obligation local school bonds through funds set aside to it from the Literary Fund and other appropriated funds, or through the Literary Fund. Literary Fund loans may finance the construction, alteration, or enlargement of school buildings, the equipping of school buses for alternative fuel conversions, and the construction of school bus alternative fuel facilities.
As of December, 1993, the first priority waiting list for Literary Fund loans included a total of 56 projects totaling $98.7 million; an additional 21 projects, totaling $33.1 million, had also been approved for Literary Fund loans. Pursuant to the Governor's proposed budget (SB 30), a reduced transfer to the teacher retirement fund should provide $75 million for Literary Fund loans and subsidies. Should favorable interest rates continue, it is anticipated that $135 to $140 million will be available for projects on the current waiting list.
FULL TEXT
- 01/25/94 Senate: Presented and ordered printed pdf
- 02/10/94 Senate: Printed as engrossed LD0204649 (SB376E) pdf
- 03/18/94 Senate: Bill text as passed Senate and House (SB376ER) pdf
- 04/18/94 Governor: Acts of Assembly Chapter text (CHAP0689) pdf
AMENDMENTS
HISTORY
- 01/25/94 Senate: Presented and ordered printed
- 01/25/94 Senate: Referred to Committee on Finance
- 02/08/94 Senate: Reported from Finance with amendment (15-Y 0-N)
- 02/09/94 Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/09/94 Senate: VOTE: (39-Y 0-N)
- 02/10/94 Senate: Read second time
- 02/10/94 Senate: Reading of amendment waived
- 02/10/94 Senate: Committee amendment agreed to
- 02/10/94 Senate: Engrossed by Senate as amended
- 02/10/94 Senate: Printed as engrossed LD0204649 (SB376E)
- 02/10/94 Senate: Constitutional reading dispensed (38-Y 0-N)
- 02/10/94 Senate: VOTE: CONST. READING DISPENSED (38-Y 0-N)
- 02/10/94 Senate: Passed Senate (38-Y 0-N)
- 02/10/94 Senate: VOTE: PASSAGE (38-Y 0-N)
- 02/10/94 Senate: Communicated to House
- 02/11/94 House: Placed on Calendar
- 02/12/94 House: Read first time
- 02/12/94 House: Referred to Committee on Appropriations
- 03/03/94 House: Reported from Appropriations (21-Y 0-N)
- 03/04/94 House: Read second time
- 03/07/94 House: Read third time
- 03/07/94 House: Passed House (Block Vote) (98-Y 0-N)
- 03/07/94 House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
- 03/18/94 Senate: Bill text as passed Senate and House (SB376ER)
- 03/28/94 Senate: Enrolled
- 03/28/94 House: Signed by Speaker
- 03/29/94 Senate: Signed by President
- 04/10/94 Governor: Approved by Governor-Chapter 689 (effective 7/1/94)
- 04/18/94 Governor: Acts of Assembly Chapter text (CHAP0689)