HB 2173 Public School Authority; bonds.
J. Paul Councill, Jr. | all patrons    ...    notes
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Summary:
Virginia Public School Authority. Increases the total principal amount of the bonds which may be issued under the VPSA's moral obligation resolution from $500 million to $800 million. This bill is a recommendation of the Select Committee Studying School Construction and Renovation Funding. Virginia has two mechanisms for funding school construction, i.e., the Literary Fund and the Virginia Public School Authority. Because Literary Fund moneys have been used to fund various other education programs, the liquidity of the Literary Fund for construction loans has been reduced in recent years. Literary Fund interest rate subsidies and the moral obligation resolution of the Virginia Public School Authority have kept some funds flowing to school construction; however, statewide, school boards are facing an enormous unmet need, with the average age of school buildings in Virginia over 30 years. At this time, the total principal amount of the moral obligation bond resolution could bump up against the $500 million cap.

Full text:
01/23/95  House: Presented & ordered printed LD5816168  pdf
02/14/95  House: Bill text as passed House and Senate (HB2173ER)  pdf
03/17/95  Governor: Acts of Assembly Chapter text (CHAP0233)  pdf

Status:
01/23/95  House: Presented & ordered printed LD5816168
01/23/95  House: Referred to Committee on Education
01/27/95  House: Reported from Education (16-Y 2-N)
01/27/95  House: Referred to Committee on Appropriations
01/31/95  House: Reported from Appropriations (18-Y 0-N)
02/01/95  House: Read first time
02/02/95  House: Read second time and engrossed
02/03/95  House: Read third time and passed House (Block Vote) (100-Y 0-N)
02/03/95  House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
02/03/95  House: Communicated to Senate
02/06/95  Senate: Read first time
02/06/95  Senate: Referred to Committee on Education and Health
02/09/95  Senate: Reported from Education and Health (14-Y 0-N)
02/10/95  Senate: Constitutional reading dispensed (40-Y 0-N)
02/10/95  Senate: VOTE: CONST. READING DISPENSED (40-Y 0-N)
02/13/95  Senate: Read third time
02/13/95  Senate: Passed Senate (40-Y 0-N)
02/13/95  Senate: VOTE: PASSAGE (40-Y 0-N)
02/14/95  House: Bill text as passed House and Senate (HB2173ER)
02/20/95  House: Enrolled
02/20/95  House: Signed by Speaker
02/21/95  Senate: Signed by President
03/14/95  Governor: Approved by Governor-Chapter 233 (effective 7/1/95)
03/17/95  Governor: Acts of Assembly Chapter text (CHAP0233)