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1997 SESSION
SB 1179 Distribution of lottery proceeds; Lottery School Construction Fund.
Introduced by: Emmett W. Hanger, Jr. | all patrons ... notes | add to my profiles
SUMMARY:
Distribution of lottery proceeds; Lottery School Construction Fund. Establishes the Lottery School Construction Fund, a special fund to be used for financing capital needs at schools and state institutions of higher education. Lottery proceeds shall be deposited in this fund starting at 10 percent of the lottery proceeds in fiscal year 1998-1999, and increasing by 10 percent each following year until all of the proceeds are distributed to localities. Seventy-five percent of the moneys deposited in the fund shall be distributed to localities to be used for school construction and renovation, including debt service. This money shall be distributed among localities in the same proportions that state aid is presently being distributed to school boards for education programs meeting the Standards of Quality. The remaining 25 percent shall be used for capital projects at state colleges and universities as provided in the appropriations act. Currently, lottery proceeds are appropriated for the purpose of public education in the Commonwealth.
FULL TEXT
HISTORY
- 01/20/97 Senate: Presented & ordered printed 973757666
- 01/20/97 Senate: Referred to Committee on Finance
- 02/04/97 Senate: Left in Finance