Code of Virginia - Title 22.1 Education - Section 22.1-161 Loan declared indebtedness of the county, city or town; lien on locality's funds created

§ 22.1-161. Loan declared indebtedness of the county, city or town; lien on locality's funds created

Any bonds or notes of a school board held by the Literary Fund are hereby declared to be valid and legally binding indebtedness of the county, city or combination thereof constituting the school division or of the town if the town constitutes the school division. There shall be a lien in favor of the Literary Fund on all funds and income of the county, city or town for the amount of such bonds and notes. Therefore, Literary Fund loans are considered to be general obligation debt of the governing body as defined in § 15.2-2602, and are subject to the provisions of §§ 15.2-2638 and 15.2-2659. The provisions of this section shall not be affected by the release of any memorandum of lien pursuant to subsection B of § 22.1-151.

(Code 1950, §§ 22-102, 22-115; 1956, c. 184; 1971, Ex. Sess., c. 128; 1980, c. 559; 2007, c. 121; 2008, c. 365.)

Sections:  Previous  22.1-144  22.1-145  22.1-146  22.1-147  22.1-148  22.1-149  22.1-150  22.1-151  22.1-152  22.1-153  22.1-154  22.1-158  22.1-159  22.1-160  22.1-161

Last modified: April 16, 2009