                                 CODE OF VIRGINIA

SCHOOL CONSTRUCTION FUND AND PROGRAM (§ 22.1-140.1)

A. For the purpose of this section:
			&#8220;Local school division&#8221; includes joint or regional schools
established pursuant to &#xA7; 22.1-26.
			&#8220;Public school buildings and facilities&#8221; or &#8220;public school
buildings&#8221; includes any building or facility used for career and technical
education programs provided at any regional comprehensive school established
pursuant to &#xA7; 22.1-26.

B. There is hereby created in the state treasury a special nonreverting fund to
be known as the School Construction Fund. The Fund shall be established on the
books of the Comptroller. All funds appropriated for such purpose, including
funds appropriated pursuant to subdivision B 5 of &#xA7; 58.1-4125, and any
gifts, donations, grants, bequests, and other funds received on its behalf shall
be paid into the state treasury and credited to the Fund. Interest earned on
moneys in the Fund shall remain in the Fund and be credited to it. Any moneys
remaining in the Fund, including interest thereon, at the end of each fiscal
year shall not revert to the general fund but shall remain in the Fund. Moneys
in the Fund shall be used solely for the purposes of awarding grants pursuant to
the School Construction Program established in subsection C. Expenditures and
disbursements from the Fund shall be made by the State Treasurer on warrants
issued by the Comptroller upon written request signed by the president of the
Board.

C. There is hereby established the School Construction Program (the Program) for
the purpose of awarding grants from the Fund to local school boards to fund the
construction of new public school buildings or the renovation or expansion of
existing public school buildings and facilities in the local school division.
The Program shall be administered by the Board in accordance with criteria and
other requirements set forth in the general appropriation act.

HISTORY: 2022, Sp. Sess. I, cc. 8, 9; 2024, cc. 388, 389.