                                 CODE OF VIRGINIA

VIRGINIA PUBLIC SCHOOL CONSTRUCTION GRANTS FUND CREATED (§ 22.1-175.2)

A. From such funds as may be appropriated for this purpose and from such gifts,
donations, grants, bequests, and other funds as may be received on its behalf,
there is hereby created in the Department of the Treasury a special nonreverting
fund known as the Virginia Public School Construction Grants Fund. The Fund
shall be established on the books of the Comptroller, and any moneys remaining
in such Fund at the end of the biennium shall not revert to the general fund but
shall remain in the Fund. Interest earned on such funds shall remain in the Fund
and be credited to it. Funds may be disbursed to any school division that is
eligible for financial assistance pursuant to the provisions of this chapter.

B. The State Treasurer shall manage the Virginia Public School Construction
Grants Fund, subject to the authority of the Board of Education to provide for
its disbursement. The Fund shall be disbursed to award grants as provided in
&#xA7; 22.1-175.4. The amount of each grant awarded to a qualifying school
division in any fiscal year shall not exceed 100 percent of the school
division&#8217;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
school buildings, and debt service payments on such school projects which have
been completed during the last ten years.
			Local governing bodies may establish a separate escrow fund for the deposit
of such funds as provided in &#xA7; 22.1-175.5.

C. The amount of such public school construction grants shall be matched by
funds of the qualifying school division based on the locality&#8217;s composite
index of ability to pay. In awarding such grants, the Board shall take into
consideration any Literary Fund loan which may have been applied for or awarded
for the same projects.

HISTORY: 1995, c. 762; 1998, Sp. Sess. I, c. 2; 1999, cc. 354, 391.