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1999 SESSION

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SB 1049 Public School Construction Grants Program.

Introduced by: William T. Bolling | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Virginia Public School Construction Grants Program. Authorizes local governing bodies to establish separate escrow accounts for the deposit of the school construction grants, with certain restrictions. This provision allows the governing body of the locality to which a grant is awarded to authorize the local treasurer or fiscal officer, by ordinance or resolution, to create the separate account and, upon approval of the ordinance or resolution, the treasurer must place the grant awards into the account. The funds must be used for the purposes authorized under the Virginia Public School Construction Grants Program, which may include technology infrastructure, and must be appropriated by the local governing body. If a locality establishes such an escrow fund and designates any portion of the funds to pay debt service for any general obligation of the locality held by the Virginia Public School Authority or any Literary Fund loan, the localities must obtain an opinion of bond counsel that designation of funds to pay debt service on such obligations does not adversely impact the tax-exempt status of the obligations. Deposit and investment restrictions applying to public funds must be observed. School boards are not authorized to hold and invest the funds in their own names or to expend the funds without an appropriation from the governing body. This bill is similar to HB 2591.


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