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1995 SESSION

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HB 2173 Public School Authority; bonds.

Introduced by: J. Paul Councill, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Public School Authority. Increases the total principal amount of the bonds which may be issued under the VPSA's moral obligation resolution from $500 million to $800 million. This bill is a recommendation of the Select Committee Studying School Construction and Renovation Funding. Virginia has two mechanisms for funding school construction, i.e., the Literary Fund and the Virginia Public School Authority. Because Literary Fund moneys have been used to fund various other education programs, the liquidity of the Literary Fund for construction loans has been reduced in recent years. Literary Fund interest rate subsidies and the moral obligation resolution of the Virginia Public School Authority have kept some funds flowing to school construction; however, statewide, school boards are facing an enormous unmet need, with the average age of school buildings in Virginia over 30 years. At this time, the total principal amount of the moral obligation bond resolution could bump up against the $500 million cap.


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