Part VIII. Release of Literary Funds
8VAC20-100-220. Unencumbered sum available.
The release of Literary Funds shall be approved by the board for an application when the Literary Fund has an unencumbered sum available that is at least equal to the amount of the application.
Statutory Authority
Article VIII, § 8 of the Constitution of Virginia; §§ 22.1-140 and 22.1-142 et seq. of the Code of Virginia.
Historical Notes
Derived from VR270-01-0009 § 8.1, eff. March 30, 1988; amended, Virginia Register Volume 11, Issue 10, eff. March 8, 1995.
8VAC20-100-230. Expenditure of other funds.
All other funds committed to a Literary Fund project shall be expended before the Literary Fund loan shall be available for disbursement to the locality for the approved project.
Statutory Authority
Article VIII, § 8 of the Constitution of Virginia; §§ 22.1-140 and 22.1-142 et seq. of the Code of Virginia.
Historical Notes
Derived from VR270-01-0009 § 8.2, eff. March 30, 1988; amended, Virginia Register Volume 11, Issue 10, eff. March 8, 1995.
8VAC20-100-240. Actual disbursements.
Actual disbursements charged to the approved Literary Fund loan shall be subject to the submission of actual invoices or other evidence of bills paid or due and payable by the locality.
Statutory Authority
Article VIII, § 8 of the Constitution of Virginia; §§ 22.1-140 and 22.1-142 et seq. of the Code of Virginia.
Historical Notes
Derived from VR270-01-0009 § 8.3, eff. March 30, 1988; amended, Virginia Register Volume 11, Issue 10, eff. March 8, 1995.
8VAC20-100-250. Award of construction contract.
Upon the award of the construction contract for an application in Priority 1 on the Waiting List, funds shall be released for the reimbursement of the design phase of architectural and engineering services for the project. Applications in Priority 2 shall be eligible for reimbursement of the design phase of architectural and engineering services only when the application has been certified to be eligible for funding by the board under 8VAC20-100-190.
Statutory Authority
Article VIII, § 8 of the Constitution of Virginia; §§ 22.1-140 and 22.1-142 et seq. of the Code of Virginia.
Historical Notes
Derived from VR270-01-0009 § 8.4, eff. March 30, 1988; amended, Virginia Register Volume 11, Issue 10, eff. March 8, 1995.
8VAC20-100-260. 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.
Statutory Authority
Article VIII, § 8 of the Constitution of Virginia; §§ 22.1-140 and 22.1-142 et seq. of the Code of Virginia.
Historical Notes
Derived from VR270-01-0009 § 8.5, eff. March 30, 1988; amended, Virginia Register Volume 11, Issue 10, eff. March 8, 1995.
8VAC20-100-270. Returning application to approved application list.
An application which has been approved for release of funds and which has not been bid within two months of the board action to release funds will be returned to the approved application list. Upon the written request by the locality for reinstatement, any application so returned shall be reinstated by the board at the bottom of the appropriate priority (8VAC20-100-170) of the waiting list. The date of the board's reinstatement on the waiting list by this section shall determine the relative order for eligibility of funding.
Statutory Authority
Article VIII, § 8 of the Constitution of Virginia; §§ 22.1-140 and 22.1-142 et seq. of the Code of Virginia.
Historical Notes
Derived from VR270-01-0009 § 8.6, eff. March 30, 1988; amended, Virginia Register Volume 11, Issue 10, eff. March 8, 1995.