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1997 SESSION

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HJ 595 Constitutional amendment; Literary Fund.

Introduced by: Raymond R. Guest, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Constitutional amendment (first resolution); Literary Fund. Increases from $80 million to $250 million the amount of principal that must be retained in the Literary Fund before moneys can be expended from the fund. A two-thirds vote of all the members of each house of the General Assembly would be required for expenditures for purposes other than capital projects. The Literary Fund was originally established in 1810 as a statutory mechanism for funding the education of poor children and was added to the Virginia Constitution in 1869. The Fund provides direct loans for new construction, building additions or renovations, interest rate subsidies for projects funded through the Virginia Public School Authority, and moneys for other school purposes, such as teacher retirement and debt service on technology equipment notes.


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