§ 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 22.1-161Last modified: April 16, 2009