22.1-212.2:2 - Educational technology foundations and public school foundations
§ 22.1-212.2:2. Educational technology foundations and public schoolfoundations.
A. As used in this section:
"Educational technology" means any software, hardware, or other equipmentor infrastructure or technical assistance or instruction in the use of suchsoftware, hardware or other equipment or infrastructure which may be requiredto implement a local school board's approved plan for educational technology,the Family Involvement in Technology program pursuant to § 22.1-212.2:3, orthe Board of Education's comprehensive technology plan for Virginia describedin § 22.1-253.13:6.
"Educational technology foundation" means a nonstock, nonprofitcorporation, established for the express purpose of implementing apublic/private partnership to expand access to and improve the quality ofeducational technology in a school division.
"Public school foundation" means a nonstock, nonprofit corporation,established for the express purpose of implementing a public/privatepartnership to implement public school improvement projects approved by thelocal school board.
"Public school improvement project" means any project designed to achievean educational purpose that may be identified in Title 22.1.
B. Any school board may establish educational technology and public schoolfoundations. Such foundations may be established directly by the school boardor by the school board and other organizations or persons, on behalf of theschool board by a third party, or through a contract with a corporation asdefined in this section. Such foundations may be established as a cooperativeregional effort by two or more school boards.
C. Upon establishing or contracting with such nonstock, nonprofitcorporation, whether or not other organizations, school boards or persons areinvolved, a school board shall:
1. Review and approve the articles of incorporation and bylaws;
2. Establish a system of accounting to protect public funds;
3. Establish agreement that, upon dissolution of such corporation, any assetsremaining after payment of just debts shall be transferred to and become theproperty of the school board or, if a regional effort, the procedure by whichthe property may be divided among the school boards;
4. Require, in any instance in which the school board advances, contributesor loans funds to the corporation, that such contract shall provide for theposting of a bond with surety by the officers of such corporation conditionedto protect the rights of the school board;
5. Establish terms for the allocation of any profits or revenues between theschool board and the corporation; and
6. Take such other steps as may be necessary to comply with applicable law.
D. A school board may (i) advance, contribute or loan funds to suchfoundations and (ii) establish an escrow fund for the purpose of fundingvarious educational technology projects, in the case of an educationaltechnology foundation, or public school improvement projects approved by thelocal school board, in the case of a public school foundation.
E. A school board that makes purchases through its public school foundationor purchases educational technology through its educational technologyfoundation, either as may be established pursuant to this section shall beexempt from the provisions of the Virginia Public Procurement Act (§ 2.2-4300et seq.), as provided in subsection E of § 2.2-4300, except, relative to suchpurchases, the school board shall comply with the provisions of § 2.2-4311and §§ 2.2-4367 through 2.2-4377.
(1997, c. 863; 1999, cc. 456, 735; 2005, cc. 331, 450.)