State Codes and Statutes
Statutes > Virginia > Title-22-1 > Chapter-11-2 > 22-1-175-7§ 22.1-175.7. Virginia Public School Educational Technology Trust Fundcreated.
A. From such funds as may be appropriated for this purpose and from suchgifts, donations, grants, bequests, and other funds as may be received on itsbehalf, there is hereby created in the Department of the Treasury a specialnonreverting fund known as the Virginia Public School Educational TechnologyTrust Fund, hereinafter referred to as "the Fund." The Fund shall beestablished on the books of the Comptroller, and any moneys remaining in suchFund at the end of the biennium shall not revert to the general fund butshall remain in the Fund. Interest earned on such funds shall remain in theFund and be credited to it. Funds may be disbursed to any school divisionthat is eligible for financial assistance pursuant to the provisions of thischapter.
B. The State Treasurer shall manage the Virginia Public School EducationalTechnology Trust Fund, subject to the authority of the Board of Education toprovide for its disbursement. The Fund shall be disbursed to award grants asprovided in § 22.1-175.6.
C. The amount of such educational technology grants shall be matched by fundsof the qualifying school division based on the locality's composite index ofability to pay. In awarding such grants, the Board shall take intoconsideration any other state or federal grants which may have been appliedfor or awarded for the same projects. In addition, the Board shall assistlocal school divisions in applying for such grants and shall seek to ensurethat all divisions have equitable access, based on superintendent's regions,to such funds as may be available.
(1999, c. 870.)
