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Page 12 · column 4 of 5 · from the scan, no model involved
AMENDMENT—from page 1
eral Assembly from authorizing by _ general law the school board 'of any county, with the approval of the governing body of such county, from contracting to borrow money from the Virginia Supplemental Retirement System, or any successor thereto, for the purpose of school construction, without having first submitted the question to' the qualified voters of such county.”
If this amendment is approved by the voters at the election on Tuesday, November 2, any county in Virginia will have an additional source from which to borrow money for school building construction. At the present time there are but two plans by which a school board may secure funds for the erection of school buildings. One is by means of a school bond election and the other is by borrowing from the State Literary Fund. If this amendment is passedTa third source will be available, namely, borrowing from the Virginia. Supplemental Retirement System Fund.
The same restrictions surrounding the borrowing of money from the Literary Fund will operate in borrowing from the Virginia Sup—piemen tal Retirement System Fund. This means that the governing body of a county, the Board of Supervisors, will have to approve any request of the school board to borrow funds for building construction from this new. source. ~ The sole purpose of this amendment is to provide a new and additional ^source of revenue for school building construction. At present, the State Literary Fund ' is exhausted and applications totalling many millions of dollars have been received and approved by the State Board of Education. Before these approved applications, and such new applications as are being received daily, can become con
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