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1998 SESSION

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SJ 67 Constitutional amendment; Literary Fund.

Introduced by: Stephen D. Newman | all patrons    ...    notes | add to my profiles

SUMMARY:

Constitutional amendment (first resolution); Literary Fund. Increases the sources of revenue of the Literary Fund and dedicates the new revenues to matching grants awarded in accordance with the requirements of the Virginia Public School Construction Grants Program and Fund. Beginning in the year of approval of the amendment, one percent of any lottery revenues collected by the Commonwealth will be deposited to the Literary Fund; thereafter, this amount will be increased by one percent each year until a maximum of 10 percent of any lottery revenues will be required to be deposited into the Literary Fund. The funds so deposited will be transferred annually to the Virginia Public School Construction Grants Fund and will be distributed as matching grants in accordance with the provisions of the Virginia Public School Construction Grants Program and Fund as established in general law.


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