1998 Session

Budget Amendments - SB29 (Committee Approved)

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School Construction Funding - Interest Rate Subsidy) (language only)

Item 531 #20s

Item 531 #20s

Central Appropriations
Central Appropriations

Page 131, after line 9, insert:
"K.  In addition to the amounts provided in Chapter 924, Acts of Assembly (1997), through the Interest Rate Subsidy Program provided in Item 152, the Virginia Public School Authority shall provide an interest rate subsidy program in the Spring of 1998 for projects that are on the Board of Education's First Priority Waiting List.  The cost of the subsidy in the Spring of 1998 shall not exceed $10.0 million including the subsidy payments and related issuance costs."

(This amendment provides for a second Interest Rate Subsidy program for school construction in the second year. The $10.0 million subsidy program will provide approximately $50 million more in school construction funding than if the funds were used for direct loans.)