Summary as introduced:
Virginia Public School Authority; School Construction Grant Act of 2003. Authorizes the Virginia Public School Authority to issue bonds to fund grants to local school divisions in the total amount of $1 billion to pay the costs of school construction, school renovation, and other school infrastructure projects. The schedule for the issuance of the bonds and the payment of the debt service on them shall be as provided in the general appropriation act. One-half of the grants ($500 million) shall be distributed to each school division in an equal amount of $3,676,471. The remaining one-half shall be distributed to each local school division on a set per pupil amount based on each school division's actual September 30, 2002, fall membership data as a proportion of total actual September 30, 2002, fall membership data for all school divisions. In implementing this bill, the Virginia Public School Authority shall not incur more than a total of $250 million in debt in any fiscal year.
01/08/03 Senate: Presented & ordered printed, prefiled 01/07/03 039004518 pdf | impact statement
01/08/03 Senate: Presented & ordered printed, prefiled 01/07/03 039004518
01/08/03 Senate: Referred to Committee on Finance
02/04/03 Senate: Left in Finance