                                 CODE OF VIRGINIA

VIRGINIA PUBLIC SCHOOL EDUCATIONAL TECHNOLOGY TRUST FUND CREATED (§ 22.1-175.7)

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 Educational Technology Trust Fund,
hereinafter referred to as &#8220;the Fund.&#8221; 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 Educational
Technology Trust 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; 22.1-175.6.

C. The amount of such educational technology 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 other state or federal grants which may have been applied for or awarded for
the same projects. In addition, the Board shall assist local school divisions in
applying for such grants and shall seek to ensure that all divisions have
equitable access, based on superintendent&#8217;s regions, to such funds as may
be available.

HISTORY: 1999, c. 870.