Literary Fund; open application process for loans, maximum loan amounts, etc., rates of interest. (SB471)

Introduced By

Sen. Jennifer McClellan (D-Richmond) with support from co-patrons Del. Jeff Bourne (D-Richmond), and Del. Shelly Simonds (D-Newport News)

Progress

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

Description

Literary Fund; loans; application process; maximum loan amounts; rates of interest; closing costs; waiting lists. Requires the Board of Education (the Board) to establish an annual open application process for Literary Fund loans to finance the construction and renovation of public elementary and secondary school buildings in the Commonwealth to occur during the period that the Board deems most suitable and requires the Board to prioritize applications on the basis of the composite index of local ability-to-pay. The bill increases from $7.5 million to $25 million the maximum Literary Fund loan amount and requires the Board to offer a loan add-on not to exceed $5 million per loan for projects that result in school consolidation and the net reduction of at least one existing school. The bill further requires the Board, in consultation with the Department of Treasury, to establish loan interest rates that are benchmarked to a market index on an annual basis, not to exceed two percent per year for the localities with a school division composite index of local ability-to-pay between 0.0 and 0.299 and requires the Board to utilize a sliding scale based on the local school division's composite index of local ability-to-pay to determine the interest rate on each such loan. Under current law, such rates are required to be set between two and six percent per year. The bill requires the Board to establish a competitive program for the award of up to $25,000 to a school division that receives a Literary Fund loan for the purpose of subsidizing all or a portion of the closing costs for such loan. In addition, the bill permits the Board to remove any project that has been inactive for at least five years from any Literary Fund loan project waiting list that it maintains. As introduced, this bill is a recommendation of the Commission on School Construction and Modernization. Read the Bill »

Status

03/03/2022: Passed the House

History

DateAction
01/11/2022Prefiled and ordered printed; offered 01/12/22 22100789D
01/11/2022Referred to Committee on Education and Health
01/18/2022Impact statement from DPB (SB471)
01/20/2022Rereferred from Education and Health (12-Y 0-N) (see vote tally)
01/20/2022Rereferred to Finance and Appropriations
02/08/2022Senate subcommittee amendments and substitutes offered
02/09/2022Senate committee, floor amendments and substitutes offered
02/09/2022Reported from Finance and Appropriations with substitute (15-Y 0-N) (see vote tally)
02/09/2022Committee substitute printed 22106259D-S1
02/10/2022Impact statement from DPB (SB471S1)
02/10/2022Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/11/2022Read second time
02/11/2022Reading of substitute waived
02/11/2022Committee substitute agreed to 22106259D-S1
02/11/2022Engrossed by Senate - committee substitute SB471S1
02/11/2022Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/11/2022Passed Senate (40-Y 0-N) (see vote tally)
02/22/2022Placed on Calendar
02/22/2022Read first time
02/22/2022Referred to Committee on Education
02/28/2022Reported from Education with amendment(s) (21-Y 1-N) (see vote tally)
03/02/2022Read second time
03/03/2022Read third time
03/03/2022Committee on Education amendment agreed to
03/03/2022Engrossed by House as amended
03/03/2022Passed House with amendment (96-Y 4-N)
03/03/2022VOTE: Passage (96-Y 4-N) (see vote tally)
03/07/2022House amendment rejected by Senate (0-Y 39-N) (see vote tally)
03/08/2022House insisted on amendment
03/08/2022House requested conference committee
03/09/2022Senate acceded to request (39-Y 0-N) (see vote tally)
03/09/2022Conferees appointed by Senate
03/09/2022Senators: McClellan, Pillion, Hashmi
03/10/2022Conferees appointed by House
03/10/2022Delegates: Davis, Coyner, Simonds
03/12/2022Continued to 2022 Sp. Sess. pursuant to HJR 455
03/12/2022C Amended by conference committee
03/12/2022Conference report agreed to by House (95-Y 0-N)
03/12/2022VOTE: Adoption (95-Y 0-N) (see vote tally)
03/12/2022Passed by temporarily
03/12/2022Continued to 2022 Sp. Sess. 1 pursuant to HJR455

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