Fabio
177 lines
13 KiB
Markdown
177 lines
13 KiB
Markdown
---
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type: "Bill"
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title: "Literary Fund; open application process for loans, restriction upon making loans, etc."
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description: "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."
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jurisdiction: "us/states/va"
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legislature: "Virginia General Assembly"
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session: "2022"
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identifier: "SB 471"
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citation: "Virginia SB 471 (2022)"
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classification: ["bill"]
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subjects: []
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status: "enacted"
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primary_sponsors: ["Jennifer L. McClellan"]
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version_count: 5
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action_count: 91
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vote_count: 23
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first_action: "2022-01-11"
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last_action: "2022-08-04"
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source: "openstates"
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source_identifier: "ocd-bill/f1c3c960-519b-4315-8270-058a5b17e116"
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source_url: "https://lis.virginia.gov/cgi-bin/legp604.exe?221+sum+SB471"
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source_hash: "6f828f6d5b67608ed300f8b600dadeb8f771cbbb42897e9ce791e6664e37ed3d"
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vintage: "2026-07-01"
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source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
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retrieved_at: "2026-07-06"
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confidence: "reported"
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tags: ["legislation", "bill", "us-va"]
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---
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# Virginia SB 471 (2022) — Literary Fund; open application process for loans, restriction upon making loans, etc.
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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.
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## Version chain
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The bill's text revisions, in order — the diff chain from filing to enrollment.
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1. **CHAP0020** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+CHAP0020)
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2. **Conference substitute printed 22208244D-S2** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+SB471S2)
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3. **SB471** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+SB471)
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4. **SB471ER** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+SB471ER)
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5. **SB471S1** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+SB471S1)
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## Votes
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- Constitutional reading dispensed (40-Y 0-N) — **0–0** (fail) · upper
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- Reported from Education with amendment(s) (21-Y 1-N) — **0–0** (fail) · lower
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- VOTE: Passage (96-Y 4-N) — **95–4** (pass) · lower
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- Conference report agreed to by Senate (39-Y 0-N) — **40–0** (pass) · upper
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- Rereferred from Education and Health (12-Y 0-N) — **0–0** (fail) · upper
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- Constitutional reading dispensed (40-Y 0-N) — **0–0** (fail) · upper
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- Reported from Education with amendment(s) (21-Y 1-N) — **21–1** (pass) · lower
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- Senate acceded to request (39-Y 0-N) — **39–0** (pass) · upper
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- Rereferred from Education and Health (12-Y 0-N) — **12–0** (pass) · upper
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- Constitutional reading dispensed (40-Y 0-N) — **40–0** (pass) · upper
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- Passed Senate (40-Y 0-N) — **40–0** (pass) · upper
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- House amendment rejected by Senate (0-Y 39-N) — **0–0** (fail) · upper
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- VOTE: Adoption (89-Y 0-N) — **96–3** (pass) · lower
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- VOTE: Adoption (95-Y 0-N) — **0–0** (fail) · lower
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- Senate acceded to request (39-Y 0-N) — **0–0** (fail) · upper
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- Senate requested second conference committee (35-Y 0-N) — **38–0** (pass) · upper
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- Passed Senate (40-Y 0-N) — **0–0** (fail) · upper
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- Reported from Finance and Appropriations with substitute (15-Y 0-N) — **15–0** (pass) · upper
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- VOTE: Passage (96-Y 4-N) — **0–0** (fail) · lower
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- Constitutional reading dispensed (40-Y 0-N) — **40–0** (pass) · upper
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- House amendment rejected by Senate (0-Y 39-N) — **0–39** (fail) · upper
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- Reported from Finance and Appropriations with substitute (15-Y 0-N) — **0–0** (fail) · upper
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- VOTE: Adoption (95-Y 0-N) — **94–0** (pass) · lower
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## Sponsors
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- Jennifer L. McClellan — primary (person)
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- Betsy B. Carr — cosponsor (person)
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- Jeffrey M. Bourne — cosponsor (person)
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- Shelly A. Simonds — cosponsor (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2022-01-11** Prefiled and ordered printed; offered 01/12/22 22100789D `introduction`
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- **2022-01-11** Referred to Committee on Education and Health `referral-committee`
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- **2022-01-18** Impact statement from DPB (SB471)
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- **2022-01-20** Rereferred from Education and Health (12-Y 0-N)
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- **2022-01-20** Rereferred to Finance and Appropriations `referral-committee`
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- **2022-02-08** Senate subcommittee amendments and substitutes offered
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- **2022-02-09** Senate committee, floor amendments and substitutes offered
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- **2022-02-09** Reported from Finance and Appropriations with substitute (15-Y 0-N) `committee-passage`
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- **2022-02-09** Committee substitute printed 22106259D-S1 `substitution`
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- **2022-02-10** Impact statement from DPB (SB471S1)
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- **2022-02-10** Constitutional reading dispensed (40-Y 0-N)
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- **2022-02-11** Read second time `reading-2`
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- **2022-02-11** Reading of substitute waived
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- **2022-02-11** Committee substitute agreed to 22106259D-S1
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- **2022-02-11** Engrossed by Senate - committee substitute SB471S1
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- **2022-02-11** Constitutional reading dispensed (40-Y 0-N)
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- **2022-02-11** Passed Senate (40-Y 0-N) `passage`
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- **2022-02-22** Placed on Calendar
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- **2022-02-22** Read first time `reading-1`
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- **2022-02-22** Referred to Committee on Education `referral-committee`
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- **2022-02-28** Reported from Education with amendment(s) (21-Y 1-N) `committee-passage`
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- **2022-03-02** Read second time `reading-2`
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- **2022-03-03** Read third time `reading-3`
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- **2022-03-03** Committee on Education amendment agreed to
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- **2022-03-03** Engrossed by House as amended
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- **2022-03-03** Passed House with amendment (96-Y 4-N) `passage`
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- **2022-03-03** VOTE: Passage (96-Y 4-N)
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- **2022-03-07** House amendment rejected by Senate (0-Y 39-N)
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- **2022-03-08** House insisted on amendment
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- **2022-03-08** House requested conference committee
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- **2022-03-09** Senate acceded to request (39-Y 0-N)
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- **2022-03-09** Conferees appointed by Senate
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- **2022-03-10** Conferees appointed by House
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- **2022-03-12** Amended by conference committee
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- **2022-03-12** Conference report agreed to by House (95-Y 0-N)
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- **2022-03-12** VOTE: Adoption (95-Y 0-N)
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- **2022-03-12** Passed by temporarily
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- **2022-03-12** Continued to 2022 Sp. Sess. 1 pursuant to HJR455
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- **2022-06-01** Senate requested second conference committee (35-Y 0-N)
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- **2022-06-01** Second conferees appointed by Senate
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- **2022-06-17** House acceded to request for second conference committee
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- **2022-06-17** Second conferees appointed by House
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- **2022-06-17** Conference substitute printed 22208244D-S2
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- **2022-06-17** Conference report agreed to by House (89-Y 0-N)
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- **2022-06-17** VOTE: Adoption (89-Y 0-N)
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- **2022-06-17** Conference report agreed to by Senate (39-Y 0-N)
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- **2022-07-20** Enrolled
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- **2022-07-20** Signed by Speaker
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- **2022-07-21** Signed by President
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- **2022-07-28** Enrolled Bill Communicated to Governor on July 28, 2022
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- **2022-07-28** Governor's Action Deadline 11:59 p.m., August 4, 2022
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- **2022-08-04** Approved by Governor-Chapter 20 (effective on the 1st day of the 4th month following the month `executive-signature`
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- **2022-08-04** of adjournment of the 2022 Special Session l)
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- **2022-01-11** Prefiled and ordered printed; offered 01/12/22 22100789D `introduction`
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- **2022-01-11** Referred to Committee on Education and Health `referral-committee`
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- **2022-01-18** Impact statement from DPB (SB471)
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- **2022-01-20** Rereferred from Education and Health (12-Y 0-N)
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- **2022-01-20** Rereferred to Finance and Appropriations `referral-committee`
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- **2022-02-08** Senate subcommittee amendments and substitutes offered
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- **2022-02-09** Senate committee, floor amendments and substitutes offered
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- **2022-02-09** Reported from Finance and Appropriations with substitute (15-Y 0-N) `committee-passage`
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- **2022-02-09** Committee substitute printed 22106259D-S1 `substitution`
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- **2022-02-10** Impact statement from DPB (SB471S1)
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- **2022-02-10** Constitutional reading dispensed (40-Y 0-N)
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- **2022-02-11** Read second time `reading-2`
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- **2022-02-11** Reading of substitute waived
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- **2022-02-11** Committee substitute agreed to 22106259D-S1
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- **2022-02-11** Engrossed by Senate - committee substitute SB471S1
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- **2022-02-11** Constitutional reading dispensed (40-Y 0-N)
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- **2022-02-11** Passed Senate (40-Y 0-N) `passage`
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- **2022-02-22** Placed on Calendar
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- **2022-02-22** Read first time `reading-1`
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- **2022-02-22** Referred to Committee on Education `referral-committee`
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- **2022-02-28** Reported from Education with amendment(s) (21-Y 1-N) `committee-passage`
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- **2022-03-02** Read second time `reading-2`
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- **2022-03-03** Read third time `reading-3`
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- **2022-03-03** Committee on Education amendment agreed to
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- **2022-03-03** Engrossed by House as amended
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- **2022-03-03** Passed House with amendment (96-Y 4-N) `passage`
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- **2022-03-03** VOTE: Passage (96-Y 4-N)
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- **2022-03-07** House amendment rejected by Senate (0-Y 39-N)
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- **2022-03-08** House insisted on amendment
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- **2022-03-08** House requested conference committee
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- **2022-03-09** Senate acceded to request (39-Y 0-N)
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- **2022-03-09** Conferees appointed by Senate
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- **2022-03-10** Conferees appointed by House
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- **2022-03-12** Amended by conference committee
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- **2022-03-12** Conference report agreed to by House (95-Y 0-N)
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- **2022-03-12** VOTE: Adoption (95-Y 0-N)
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- **2022-03-12** Passed by temporarily
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- **2022-03-12** Continued to 2022 Sp. Sess. 1 pursuant to HJR455
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## Source
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OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/f1c3c960-519b-4315-8270-058a5b17e116`. Confidence: reported (aggregated from official Virginia legislature records).
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