Virginia Public School Construction Grants Program. Establishes the Virginia Public School Construction Grants Program for construction, addition, or site acquisition for public school buildings or facilities. The Program is administered by the Board of Education and is supported by a nonreverting Virginia Public School Construction Grants Fund, held by the State Treasury. Board regulations will prescribe requirements for local governing body approval of proposed construction projects and grant applications; eligibility criteria for school divisions demonstrating need based on local ability to pay for construction; eligibility criteria for school divisions demonstrating need based on population growth and the availability and pledge of local matching funds; and procedures for determining priority of awards for qualifying school divisions. Like Literary Fund loans for school construction, grants from the Program may not exceed 100 percent of the cost of the construction, addition, or site acquisition.
Title to school property rests with local school boards pursuant to § 22.1-125. Under current law, school construction costs may be financed through the Literary Fund or through the Virginia Public School Authority (VPSA), which can purchase general obligation local school bonds. Literary Fund loans may finance the construction, alteration, or enlargement of school buildings, the equipping of school buses for alternative fuel conversions, and the construction of school bus alternative fuel facilities. As of December, 1993, the first priority waiting list for Literary Fund loans included a total of 56 projects totaling $98.7 million; an additional 21 projects, totaling $33.1 million, had also been approved for Literary Fund loans. Pursuant to the Governor's proposed budget (SB 30), a reduced transfer to the teacher retirement fund should provide $75 million for Literary Fund loans and subsidies. Should favorable interest rates continue, it is anticipated that $135 to $140 million will be available for projects on the current waiting list.
Nearly all states provide grants or loans for school construction or maintenance. Funding mechanisms may include full state support, equalization grants, flat grants, building authorities and bond banks, and state loans. According to the National Conference of State Legislatures, 28 states provide some form of grant-in-aid to school divisions for school construction and maintenance. This measure was carried over by the House Education Committee.Full text:
01/25/94 House: Presented and ordered printed pdf
01/25/94 House: Presented and ordered printed
01/25/94 House: Referred to Committee on Education
02/04/94 House: Continued to 1995 in Education (22-Y 0-N)
12/20/94 House: No action taken by Education by voice vote