The Board shall issue guidelines for the administration of the Program as it may deem necessary and appropriate. The guidelines shall include, but shall not be limited to, (i) provisions which address approval by the local governing body of the construction, addition, or site acquisition for which grant moneys are sought, (ii) the application for a grant from the Fund, (iii) the implementation of the procedure for disbursing grants to school divisions as provided in § 22.1-175.4, and (iv) recognition of the authority of local governing bodies to establish a separate escrow fund for the deposit of such funds as provided in § 22.1-175.5.

Terms Used In Virginia Code 22.1-175.3

  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • local governing body: means the board of supervisors of a county, council of a city, or council of a town, responsible for appropriating funds for such locality, as the context may require. See Virginia Code 22.1-1

1995, c. 762; 1998, Sp. Sess. I, c. 2; 1999, cc. 354, 391.

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