DEPARTMENT OF
EDUCATION
P.O.
SUPTS. MEMO
NO. 130
June 29, 2007
INFORMATIONAL
|
TO: |
Division
Superintendents |
|
FROM: |
Billy K. Cannaday, Jr. Superintendent of Public Instruction |
|
SUBJECT: |
Update
to the Literary Fund Loan Program |
Legislation
enacted at the 2007 General Assembly (Chapter 121, 2007 Acts of Assembly) made
certain revisions to sections of the Code
of Virginia pertaining to the Literary Fund. Accordingly, the Literary Fund loan
application form must also change. These
changes to the Literary Fund are effective July 1, 2007, and are provided as Attachment A to this memorandum.
The following is a
brief summary of the statutory changes in Chapter 121 that affect the Literary
Fund application:
Sections
22.1-154 through 22.1-157 of the Code of Virginia are repealed, which
eliminates the need for a title search and for a lien in favor of the Literary
Fund to be placed on the building.
Language
has been stricken pertaining to a judgment by the Board of Education of whether
the payment of the requested Literary Fund loan with interest would entail too
heavy a charge upon the revenues of the locality. Therefore, the Statement of
the County or City Treasurer has been removed from the new application.
The local governing body is now required to
authorize a Literary Fund loan as part of a school divisions original
application process and again when the loan funds are ready to be
disbursed.
New
Literary Fund Application
At
its April 27, 2007 meeting, the Board of Education delegated authority to the
Superintendent of Public Instruction to make changes to the Literary Fund loan
application.
The
revised application, which now is in an Excel format, can be completed online by
accessing the Literary Fund website on or after July 1, 2007:
The
Literary Fund loan application process has also been streamlined. Certain sections from the old Literary Fund
application form that are no longer needed by the Department have been
eliminated, including:
Current loans from the Literary Fund and their
amounts (item 3. on old form)
Acreage of the construction site (item 5. on old form)
Description of why the proposed building is
desirable (item 7. on old form)
Total indebtedness of the County-City (item 8. on old form)
Survey title and date (item 11. on old form)
Attorneys Certificate of Title and subsequent
Certificate of the Court Form (no
longer required)
Statement of the County or City Treasurer Form (no longer required)
Please
note that as of July 1, 2007, the old Literary Fund loan application form will
no longer be accepted. All applications
must be submitted using the Excel application template described above.
New Literary Fund
website Address
In order for school
divisions to have a point of reference for all matters relating to the Literary
Fund, an updated and expanded Literary Fund website will be available on July
1, 2007.
http://www.doe.virginia.gov/VDOE/Finance/Budget/literary_fund/.
The site contains
links that will aid school divisions when applying for Literary Fund
loans. The site includes:
Current
First Priority Waiting List
Current
Second Priority Waiting List
Current
Approved Application List
Literary
Fund application package
Literary
Fund application checklist
Code of
Chapter
121 legislation
Literary
Fund regulations
Literary
Fund process flowchart
Qualifying
uses of Literary Fund loans
School
Construction Options in
Some Frequently
Asked Questions
If you have
questions about the Literary Fund application or website, please contact
Christina (Tina) Snellings at Christina.Snellings@doe.virginia.gov
or contact the Budget Office at (804) 225-2025.
BKCJr/cps
Attachments
http://www.doe.virginia.gov/administrators/superintendents_memos/2007/inf130a.pdf