2002 Session

Budget Amendments - HB29 (Committee Approved)

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Literary Funds for Teacher Retirement

Item 142 #1h

Item 142 #1h

First Year - FY2001 Second Year - FY2002
Education: Elementary and Secondary
Direct Aid To Public Education FY2001 $0 FY2002 ($53,000,000) GF
FY2001 $0 FY2002 $53,000,000 NGF

Page 120, after line 21, insert:
"5.  Literary Fund Payments
Appropriations for contributions in Paragraphs 2 and 3 above include payments from funds derived from the principal of the Literary Fund in accordance with Article VIII, Section 8, of the Constitution of Virginia.  The amounts set aside from the Literary Fund for these purposes are approximately $53,000,000 the second year."

(This amendment uses additional Literary Fund moneys to offset the general fund support of teacher retirement. These funds are available because several school divisions decided not to use these low-interest loans to finance their school construction activities.)