Required local effort for basic aid; debt service on projects in certain school divisions, sunset.

Required local effort for basic aid; debt serviceon projects in certain school divisions. Permits any local schoolboard that governs a school division (i) in which the locality isdesignated as fiscally at-risk or fiscally distressed by the AppalachianRegional Commission in the most recent fiscal year or is determinedto have above-average fiscal stress or high fiscal stress by theVirginia Commission on Local Government in its most recent "Reporton Comparative Revenue Capacity, Revenue Effort, and Fiscal Stressof Virginia Counties and Cities" and (ii) for which the composite index of local ability to pay is less than or equal to 0.2000 toexpend up to 25 percent of the required local effort for basic aidfor debt service on school building capital renovation or constructionprojects. The bill provides that in the event that the school divisionno longer meets such criteria, the local school board shall developand implement a plan to readjust expenditures of the required localeffort for basic aid over the course of no more than four fiscalyears. The bill also provides that in the event that a school division that no longer met such criteria subsequently meets the criteriaagain after developing a plan, the local school board may seek theapproval of the Superintendent of Public Instruction to amend suchplan. The bill has an expiration date of July 1, 2033.