Literary Fund; open application process for loans, restriction upon making loans, etc.
It became law on Aug 4, 2022.
- Stage
- Became law
- Started in
- Senate
- Sponsors
- 4
- Latest action
- Aug 4, 2022
What it does
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…
Where it stands
This bill passed and is now law.
Introduced (Done)
Committee (Done)
Floor (Done)
Law (Done)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
In the news
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Where it goes next
Once a bill is decided, the questions are about what is done with it in Virginia.