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1997 SESSION
977519168Patrons-- Councill, Bennett, Bloxom, Christian, Connally, Cooper, Diamonstein, Dillard, Griffith, Hamilton, Heilig, Landes, O'Brien, Puller, Tata, Thomas, Van Landingham, Van Yahres and Wagner; Senators: Barry, Earley and Holland
RESOLVED by the House of Delegates, the Senate concurring, a majority of the members elected to each house agreeing, That the following amendment to the Constitution of Virginia be, and the same hereby is, proposed and referred to the General Assembly at its first regular session held after the next general election of members of the House of Delegates for its concurrence in conformity with the provisions of Section 1 of Article XII of the Constitution of Virginia, namely:
Amend Section 8 of Article VIII of the Constitution of Virginia as follows:
Section 8. The [ Literary Virginia School Construction
] Fund.
The General Assembly shall set apart as a permanent and perpetual school fund
the present [ Literary Virginia School Construction ]
Fund; the proceeds of all public lands donated by Congress for free public
school purposes, of all escheated property, of all waste and unappropriated
lands, of all property accruing to the Commonwealth by forfeiture except as
hereinafter provided, of all fines collected for offenses committed against the
Commonwealth, and of the annual interest on the [ Literary
Virginia School Construction ] Fund; and such other sums as the
General Assembly may appropriate. But so long as the principal of the
Fund totals as much as eighty million dollars, the General Assembly may set
aside all or any part of additional moneys received into its principal for
public school purposes, including the teachers retirement fund. The
Fund shall be used exclusively to support public school construction and
renovation and other public school capital projects as determined and defined
by the General Assembly in general law. [ The name of this fund
shall be the Virginia School Construction Fund. ]
The General Assembly may provide by general law an exemption from this section for the proceeds from the sale of all property seized and forfeited to the Commonwealth for a violation of the criminal laws of this Commonwealth proscribing the manufacture, sale or distribution of a controlled substance or marijuana. Such proceeds shall be paid into the state treasury and shall be distributed by law for the purpose of promoting law enforcement.
The [ Literary Virginia School Construction ] Fund
shall be held and administered by the Board of Education in such manner as may
be provided by law. The General Assembly may authorize the Board to borrow
other funds against assets of the [ Literary Virginia School
Construction ] Fund as collateral, such borrowing not to involve the
full faith and credit of the Commonwealth. The General Assembly may also,
by general law, authorize the Virginia Public School Authority to borrow for
public school capital projects and to pledge such assets of the [
Literary Virginia School
Construction ] Fund to such obligations as may be determined in
such law.
The principal of the Fund shall include assets of the Fund in other funds or authorities which are repayable to the Fund.