Section 260. Conditions

After the submission to the Superintendent of Public Instruction of a copy of the plans and specifications with a letter of approval by the division superintendent, accompanied with a statement by an architect or professional engineer licensed by the Virginia Board for Architects, Professional Engineers, Land Surveyors and Landscape Architects that such plans and specifications are, to the best of his knowledge and belief, in compliance with the regulations of the Board of Education and the Virginia Uniform Statewide Building Code, the locality may proceed with a Literary Fund project and still qualify for reimbursement from the Literary Fund under the following conditions:

1. A formal declaration is made by the governing body of intent to reimburse itself for prior expenditures paid for out of its general fund or to refinance debt that was used to pay or to reimburse itself for prior expenditures.

2. Short term financing, or advances from other fund balances and current operating funds, is used for that portion of the project to be financed by a Literary Fund loan (§ 22.1-148 B of the Code of Virginia) which shall be subject to the restrictions found in § 22.1-110 of the Code of Virginia; or permanent financing such as bond funds authorized through locally approved referenda, by local charter, the Virginia Public School Authority, or other funding mechanisms are used for the Literary Fund portion of the project, and the literary funds can be used for the refinancing or redemption of such negotiable notes, bonds, or other evidences of indebtedness or obligations.

Historical Notes

Derived from VR270-01-0009 § 8.5, eff. March 30, 1988; amended, Volume 11, Issue 10, eff. March 8, 1995.

Statutory Authority

Article VIII, § 8 of the Constitution of Virginia; §§ 22.1-140 and 22.1-142 et seq. of the Code of Virginia.