Virginia Senate Bill 471 (Prior Session Legislation)

---

Spectrum: Partisan Bill (Democrat 1-0)
Status: Engrossed on February 11 2022 - 50% progression, died in chamber
Action: 2022-03-12 - Continued to 2022 Sp. Sess. 1 pursuant to HJR455
Text: Latest bill text (Comm Sub) [HTML]

Literary Fund; loans; application process; maximum loan amounts; rates of interest; closing costs; waiting lists. Requires the Board of Education (the Board) to establish an annual open application process for Literary Fund loans to finance the construction and renovation of public elementary and secondary school buildings in the Commonwealth to occur during the period that the Board deems most suitable and requires the Board 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 further 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 requires the Board 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 requires the Board to establish a competitive program for the award of up to $25,000 to a school division that receives a Literary Fund loan for the purpose of subsidizing all or a portion of the closing costs for such loan. In addition, the bill 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. As introduced, this bill is a recommendation of the Commission on School Construction and Modernization. Literary Fund; loans; application process; maximum loan amounts; rates of interest; closing costs; waiting lists. Requires the Board of Education (the Board) to establish an annual open application process for Literary Fund loans to finance the construction and renovation of public elementary and secondary school buildings in the Commonwealth to occur during the period that the Board deems most suitable and requires the Board 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 further 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 requires the Board 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 requires the Board to establish a competitive program for the award of up to $25,000 to a school division that receives a Literary Fund loan for the purpose of subsidizing all or a portion of the closing costs for such loan. In addition, the bill 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. As introduced, this bill is a recommendation of the Commission on School Construction and Modernization.

Literary Fund; open application process for loans, maximum loan amounts, etc., rates of interest.

Sen. Jennifer McClellan [D]

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]

Date	Chamber	Action
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

SB471 (Carry Over) 2022-03-12 - Continued to 2022 Sp. Sess. 1 pursuant to HJR455

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

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?221+sum+SB471
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+SB471+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+SB471S1+hil
Amendment	https://committees.lis.virginia.gov/pdfs/drafts/22106259D.pdf
Amendment	https://lis.virginia.gov/cgi-bin/legp604.exe?221+amd+SB471AH
Amendment	https://lis.virginia.gov/cgi-bin/legp604.exe?221+amd+SB471AHE
Amendment	https://lis.virginia.gov/cgi-bin/legp604.exe?221+amd+SB471AC
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?221+oth+SB471F122+PDF
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?221+oth+SB471FS1122+PDF
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+S04V0009+SB0471
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+S05V0169+SB0471
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+SV0317SB0471+SB0471
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+SV0354SB0471+SB0471
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+SV0355SB0471+SB0471
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+H09V0179+SB0471
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+HV1430+SB0471
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+SV0812SB0471+SB0471
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+SV0984SB0471+SB0471
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+HV1821+SB0471