Authority: Title 2.2, Chapter 2, § 2.2-208 Code of Virginia.

A. The Secretary of Education is hereby authorized to make allocations of the portion of the tax-exempt private activity bond limitation amount to be allocated annually to the Commonwealth of Virginia pursuant to the Economic Growth and Tax Relief Reconciliation Act of 2001 (PL 107-16)(Section 142(k)(5) of the Internal Revenue Code of 1986, as amended) for the development of education facilities using public-private partnerships, and to provide for carryovers of any unused limitation amount. In making such allocations, the Secretary is directed to give priority to public-private partnership proposals that will serve as demonstration projects concerning the leveraging of private sector contributions and resources, the achievement of economies or efficiencies associated with private sector innovation, and other benefits that are or may be derived from public-private partnerships in contrast to more traditional approaches to public school construction and renovation. The Secretary is directed to report annually not later than August 31 to the Chairs of the Senate Finance and Appropriations and House Appropriations Committees regarding any guidelines implemented and any allocations made pursuant to this paragraph.

B. For the funds identified for reallocation in each of the higher education institutions' educational and general programs, each respective institution shall report the amounts and the specific purposes for which they were used in its six-year academic plans finalized in the fall of 2024 and the fall of 2025.

C. The Secretary of Education shall convene a stakeholder work group, consisting of at least one national expert, researcher, school board representative, educator, business leader, parent, and other stakeholders the Secretary deems appropriate to make recommendations in the form of a publicly available report posted on the Administration's website and addressed and sent to the Chairs of the House Committee on Education and the Senate Committee on Education and Health no later than October 1, 2024, on i) the regional, comparative, and differentiated pay analysis and definition that competitive compensation should vary across the Commonwealth to reflect differences in regional markets, role types, competitive degree opportunities, and teacher responsibilities as identified in the Competitive Teacher Pay Report from the work group required by Chapter 725, 2023 Acts of Assembly; ii) how teacher pay impacts student achievement; and iii) the criteria, implementation plan, and best practices of a teacher compensation model that includes student outcomes and meets recommendations identified in the Competitive Teacher Pay Report from the Chapter 725, 2023 Acts of Assembly, work group that a differentiated model is clear, fair, and reliable.