Literary Fund; creates School Modernization Subfund. (SB1093)

Introduced By

Sen. Frank Ruff (R-Clarksville) with support from co-patron Del. Kaye Kory (D-Falls Church)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Literary Fund; School Modernization Subfund. Creates a subfund in the Literary Fund to be known as the School Modernization Subfund (the Subfund). Moneys in the Subfund would be used to subsidize interest payments by local governing bodies and school boards on certain loans from the Virginia Resources Authority and other approved sources for school construction and modernization. Only school divisions with a composite index of local-ability-to-pay less than 0.4000 would be eligible to participate in the interest payment program. The Subfund would receive any revenues collected if the General Assembly authorizes the collection of sales and use tax from remote sellers and any other funds appropriated by the General Assembly. Amends § 3.2-6509, § 3.2-6512, § 3.2-6514, § 3.2-6515, § 3.2-6519, § 59.1-200, of the Code of Virginia. Read the Bill »

Status

01/16/2019: Awaiting a Vote in the Finance Committee

History

DateAction
12/19/2018Prefiled and ordered printed; offered 01/09/19 19103371D
12/19/2018Referred to Committee on Agriculture, Conservation and Natural Resources
01/16/2019Presented and ordered printed 19103774D
01/16/2019Referred to Committee on Finance
01/16/2019Introduced bill reprinted 19103774D

Hearing Scheduled

This bill is scheduled to be heard in the Senate Agriculture, Conservation and Natural Resources committee on 01/18/2019. It meets on Thursday, 1/2 hour after adjournment—Senate Room B.

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