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1997 SESSION

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HJ 493 Constitutional amendment; Literary Fund to school construction fund.

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

SUMMARY:

Constitutional amendment (first resolution); Literary Fund. Restricts the uses of the Literary Fund to support public school construction and renovation and other public school capital projects as determined and defined by the General Assembly in general law. This amendment would prohibit transfers of Literary Fund moneys to the Virginia Retirement System for teacher retirement, but would allow the General Assembly to establish and fund interest-rate subsidies and technology initiatives or other capital construction/renovation support projects using the Literary Fund moneys. The current practice of using Literary Fund assets as collateral for the Virginia Public School Authority's bonds is confirmed because, at present, such legal authority rests primarily on court interpretations. This constitutional amendment was a recommendation of the Select Committee Studying Alternative Methods of School Construction Funding pursuant to HJR 250/SJR 131 (1994).


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