VA SB471 | 2022 | 1st Special Session
Note: Carry Over of previous SB471
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Passed on August 4 2022 - 100% progression
Action: 2022-08-04 - Governor: Acts of Assembly Chapter text (CHAP0020)
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Democrat 1-0)
Status: Passed on August 4 2022 - 100% progression
Action: 2022-08-04 - Governor: Acts of Assembly Chapter text (CHAP0020)
Text: Latest bill text (Chaptered) [HTML]
Summary
Literary Fund; loans; application process; maximum loan amounts; rates of interest; waiting lists. Makes several changes to the provisions relating to loans from the Literary Fund to finance the construction and renovation of public elementary and secondary school buildings in the Commonwealth. The bill requires the Board of Education (the Board) to establish an annual open application process for Literary Fund loans to occur during the period that the Board deems most suitable and 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 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 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 also 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. Literary Fund; loans; application process; maximum loan amounts; rates of interest; waiting lists. Makes several changes to the provisions relating to loans from the Literary Fund to finance the construction and renovation of public elementary and secondary school buildings in the Commonwealth. The bill requires the Board of Education (the Board) to establish an annual open application process for Literary Fund loans to occur during the period that the Board deems most suitable and 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 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 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 also 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.
Title
Literary Fund; open application process for loans, restriction upon making loans, etc.
Sponsors
Roll Calls
2022-06-17 - Senate - Senate: Conference report agreed to by Senate (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2022-06-17 - House - House: VOTE: Adoption (89-Y 0-N) (Y: 89 N: 0 NV: 0 Abs: 11) [PASS]
2022-06-01 - Senate - Senate: Senate requested second conference committee (35-Y 0-N) (Y: 35 N: 0 NV: 0 Abs: 5) [PASS]
2022-03-12 - House - House: VOTE: Adoption (95-Y 0-N) (Y: 95 N: 0 NV: 0 Abs: 5) [PASS]
2022-03-09 - Senate - Senate: Senate acceded to request (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2022-03-07 - Senate - Senate: House amendment rejected by Senate (0-Y 39-N) (Y: 0 N: 39 NV: 0 Abs: 1) [FAIL]
2022-03-03 - House - House: VOTE: Passage (96-Y 4-N) (Y: 96 N: 4 NV: 0 Abs: 0) [PASS]
2022-02-28 - House - House: Reported from Education with amendment(s) (21-Y 1-N) (Y: 21 N: 1 NV: 0 Abs: 0) [PASS]
2022-02-11 - Senate - Senate: Passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-11 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-10 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-09 - Senate - Senate: Reported from Finance and Appropriations with substitute (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2022-01-20 - Senate - Senate: Rereferred from Education and Health (12-Y 0-N) (Y: 12 N: 0 NV: 0 Abs: 0) [PASS]
2022-06-17 - House - House: VOTE: Adoption (89-Y 0-N) (Y: 89 N: 0 NV: 0 Abs: 11) [PASS]
2022-06-01 - Senate - Senate: Senate requested second conference committee (35-Y 0-N) (Y: 35 N: 0 NV: 0 Abs: 5) [PASS]
2022-03-12 - House - House: VOTE: Adoption (95-Y 0-N) (Y: 95 N: 0 NV: 0 Abs: 5) [PASS]
2022-03-09 - Senate - Senate: Senate acceded to request (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2022-03-07 - Senate - Senate: House amendment rejected by Senate (0-Y 39-N) (Y: 0 N: 39 NV: 0 Abs: 1) [FAIL]
2022-03-03 - House - House: VOTE: Passage (96-Y 4-N) (Y: 96 N: 4 NV: 0 Abs: 0) [PASS]
2022-02-28 - House - House: Reported from Education with amendment(s) (21-Y 1-N) (Y: 21 N: 1 NV: 0 Abs: 0) [PASS]
2022-02-11 - Senate - Senate: Passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-11 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-10 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-09 - Senate - Senate: Reported from Finance and Appropriations with substitute (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2022-01-20 - Senate - Senate: Rereferred from Education and Health (12-Y 0-N) (Y: 12 N: 0 NV: 0 Abs: 0) [PASS]
History
Date | Chamber | Action |
---|---|---|
2022-08-04 | Governor: Acts of Assembly Chapter text (CHAP0020) | |
2022-08-04 | Governor: of adjournment of the 2022 Special Session l) | |
2022-08-04 | Governor: Approved by Governor-Chapter 20 (effective on the 1st day of the 4th month following the month | |
2022-07-28 | Governor: Governor's Action Deadline 11:59 p.m., August 4, 2022 | |
2022-07-28 | Senate | Enrolled Bill Communicated to Governor on July 28, 2022 |
2022-07-21 | Senate | Signed by President |
2022-07-20 | House | Signed by Speaker |
2022-07-20 | Senate | Bill text as passed Senate and House (SB471ER) |
2022-07-20 | Senate | Enrolled |
2022-06-17 | Senate | Conference report agreed to by Senate (39-Y 0-N) |
2022-06-17 | House | VOTE: Adoption (89-Y 0-N) |
2022-06-17 | House | Conference report agreed to by House (89-Y 0-N) |
2022-06-17 | Senate | Conference substitute printed 22208244D-S2 |
2022-06-17 | House | Delegates: Davis, Coyner, Simonds |
2022-06-17 | House | Second conferees appointed by House |
2022-06-17 | House | House acceded to request for second conference committee |
2022-06-01 | Senate | Senators: McClellan, Pillion, Hashmi |
2022-06-01 | Senate | Second conferees appointed by Senate |
2022-06-01 | Senate | Senate requested second conference committee (35-Y 0-N) |
2022-03-12 | Senate | Continued to 2022 Sp. Sess. 1 pursuant to HJR455 |
2022-03-12 | Senate | Passed by temporarily |
2022-03-12 | House | VOTE: Adoption (95-Y 0-N) |
2022-03-12 | House | Conference report agreed to by House (95-Y 0-N) |
2022-03-12 | Conference: Amended by conference committee | |
2022-03-10 | House | Delegates: Davis, Coyner, Simonds |
2022-03-10 | House | Conferees appointed by House |
2022-03-09 | Senate | Senators: McClellan, Pillion, Hashmi |
2022-03-09 | Senate | Conferees appointed by Senate |
2022-03-09 | Senate | Senate acceded to request (39-Y 0-N) |
2022-03-08 | House | House requested conference committee |
2022-03-08 | House | House insisted on amendment |
2022-03-07 | Senate | House amendment rejected by Senate (0-Y 39-N) |
2022-03-03 | House | VOTE: Passage (96-Y 4-N) |
2022-03-03 | House | Passed House with amendment (96-Y 4-N) |
2022-03-03 | House | Engrossed by House as amended |
2022-03-03 | House | Committee on Education amendment agreed to |
2022-03-03 | House | Read third time |
2022-03-02 | House | Read second time |
2022-02-28 | House | Reported from Education with amendment(s) (21-Y 1-N) |
2022-02-22 | House | Referred to Committee on Education |
2022-02-22 | House | Read first time |
2022-02-22 | House | Placed on Calendar |
2022-02-11 | Senate | Passed Senate (40-Y 0-N) |
2022-02-11 | Senate | Constitutional reading dispensed (40-Y 0-N) |
2022-02-11 | Senate | Engrossed by Senate - committee substitute SB471S1 |
2022-02-11 | Senate | Committee substitute agreed to 22106259D-S1 |
2022-02-11 | Senate | Reading of substitute waived |
2022-02-11 | Senate | Read second time |
2022-02-10 | Senate | Constitutional reading dispensed (40-Y 0-N) |
2022-02-09 | Senate | Committee substitute printed 22106259D-S1 |
2022-02-09 | Senate | Reported from Finance and Appropriations with substitute (15-Y 0-N) |
2022-01-20 | Senate | Rereferred to Finance and Appropriations |
2022-01-20 | Senate | Rereferred from Education and Health (12-Y 0-N) |
2022-01-11 | Senate | Referred to Committee on Education and Health |
2022-01-11 | Senate | Prefiled and ordered printed; offered 01/12/22 22100789D |
Same As/Similar To
SB471 (Carry Over) 2022-03-12 - Continued to 2022 Sp. Sess. 1 pursuant to HJR455
Subjects
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
22 | 1 | 146.2 | (n/a) | See Bill Text |
22 | 1 | 147 | (n/a) | See Bill Text |
22 | 1 | 148 | (n/a) | See Bill Text |
22 | 1 | 150 | (n/a) | See Bill Text |