2006 Code of Virginia § 22.1-175.2 - Virginia Public School Construction Grants Fund created
22.1-175.2. Virginia Public School Construction Grants Fund created.
A. From such funds as may be appropriated for this purpose and from suchgifts, donations, grants, bequests, and other funds as may be received on itsbehalf, there is hereby created in the Department of the Treasury a specialnonreverting fund known as the Virginia Public School Construction GrantsFund. The Fund shall be established on the books of the Comptroller, and anymoneys remaining in such Fund at the end of the biennium shall not revert tothe general fund but shall remain in the Fund. Interest earned on such fundsshall remain in the Fund and be credited to it. Funds may be disbursed to anyschool division that is eligible for financial assistance pursuant to theprovisions of this chapter.
B. The State Treasurer shall manage the Virginia Public School ConstructionGrants Fund, subject to the authority of the Board of Education to providefor its disbursement. The Fund shall be disbursed to award grants as providedin 22.1-175.4. The amount of each grant awarded to a qualifying schooldivision in any fiscal year shall not exceed 100 percent of the schooldivision's aggregate annual expenditures for school construction, additions,infrastructure, site acquisition for public school buildings and facilities,renovations, including the costs of retrofitting or enlarging public schoolbuildings, and debt service payments on such school projects which have beencompleted during the last ten years.
Local governing bodies may establish a separate escrow fund for the depositof such funds as provided in 22.1-175.5.
C. The amount of such public school construction grants shall be matched byfunds of the qualifying school division based on the locality's compositeindex of ability to pay. In awarding such grants, the Board shall take intoconsideration any Literary Fund loan which may have been applied for orawarded for the same projects.
(1995, c. 762; 1998, Sp. Sess. I, c. 2; 1999, cc. 354, 391.)
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