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1997 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 22.1-146 of the Code of Virginia is amended and reenacted as follows:
§ 22.1-146. Power of Board to make loans from fund for erection, etc., of school buildings and fueling facilities for school buses.
The Board of Education is authorized to may make loans
or, subject to the approval of the General Assembly, loan interest rate subsidy
payments from the Literary Fund to the school boards of the several school
divisions making application therefor in the manner prescribed by law for the
purpose of (i) of erecting, altering or enlarging school
buildings in such school divisions; (ii) for purchasing and
installing educational technology equipment and
infrastructure; (iii) for equipping school buses for alternative fuel
conversions and for construction of school bus fueling facilities for supplying
compressed natural gas or other alternative fuels; and (iii)
(iv) for the refinancing or redemption of negotiable notes, bonds, and
other evidences of indebtedness or obligations incurred by a locality on behalf
of a school division which has an application for a Literary Fund loan for an
approved school project pending before the Board of Education. For the purpose
of this section, "alternative fuels" means motor fuels other than gasoline and
diesel fuel.