Pers. Prop. Tax Relief/Fin. Ass. for School Facilities

Item 554 #9c

Language
Page 329, line 49, strike "$100,000,000" and insert "$222,418,146".
Page 329, line 49, strike "$160,000,000" and insert "$310,596,642".
Page 329, line 49, strike "Personal Property Tax Relief Program" and insert "Personal Property Tax Relief Program and Financial Assistance for Public School Facilities".
Page 329, strike lines 52 through 54 and insert:
"A.  Included in this item is $213,218,146 from the general fund in the first year and $301,396,642 from the general fund in the second year to be used to implement a program which provides equitable tax relief from the personal property tax on vehicles, and a program which provides financial assistance for school construction, additions, renovations, including the costs of retrofitting or enlarging public school buildings, infrastructure and site acquisition for such public school buildings and facilities or debt service payments, or a portion thereof, pursuant to such legislation as may be adopted by the 1998 or subsequent sessions of the General Assembly.
B.  The appropriation provided above shall be allocated in amounts such that the program as may be adopted by the General Assembly to provide equitable tax relief from the personal property tax on vehicles shall not exceed $447,200,000 in the 1998-2000 biennium, excluding the cost of administration, and the program as may be adopted by the General Assembly to support school construction, renovation, and related purposes shall not exceed $110,000,000 in the 1998-2000 biennium.
C.  In addition to the amounts specified in paragraph A, and in order to supplement the general fund appropriation provided, the Governor shall transfer an amount estimated at $9,200,000 each year which represents unclaimed lottery prizes which are transferred from the Literary Fund to the general fund pursuant to §3-1.01 of this Act, to be used solely and exclusively to support a program of school construction, additions, renovations, including the costs of retrofitting or enlarging public school buildings, infrastructure and site acquisition for such public school buildings and facilities or debt service payments, or a portion thereof.
D.  The amount provided in this item shall be further supplemented by the first $29,200,000 in additional general fund revenue collected above the official estimates contained in this Act or by unallotting agency general fund appropriations in this Act based on projected savings.  The Governor shall identify the sources of additional revenue or agency savings, up to the total of $29,200,000 to be used to fully fund a program of school construction, additions, renovations, including the costs of retrofitting or enlarging public school buildings, infrastructure and site acquisition for such public school buildings and facilities or debt service payments, or a portion thereof.  In the 1998-2000 biennium, up to $9,000,000 of this total may be transferred from the Literary Fund.
1.  On or before April 13, 1998, the Governor shall consult with the Budget Conferees on the part of the House of Delegates and the Budget Conferees on the part of the Senate in the development of a plan for supplementing the appropriation provided above by $29,200,000.  Such plan shall not include a proposal for the allocation of funds.
2.  Prior to the reconvened session, the Budget Conferees of each house shall work on such amendments to the budget and such legislation as shall be necessary to implement a program which provides equitable tax relief from the personal property tax on vehicles, and a program which provides support for school construction, renovation, and related purposes, including the allocation of funds for such program.  Their work shall form the basis of amendments to the budget or legislation to be considered by the General Assembly during the reconvened session on April 22, 1998, or at such special session as the Governor may call to implement the two purposes of this item.
E.  The funding provided above shall be used solely and exclusively for the purposes stated herein, notwithstanding any act of law to the contrary."
Page 330, strike lines 1 and 2.

Explanation
(This amendment is self-explanatory.)