Code of Virginia - Title 22.1 Education - Chapter 10 Literary Fund

22.1-142 How Fund constituted; management
There shall be set apart as a permanent and perpetual fund, to be known as the "Literary Fund," the present Literary Fund of the Commonwealth, ...

22.1-143 Money belonging to Fund received in treasury; accountant
All moneys belonging to the Literary Fund shall be paid into the State Treasury to the credit of the Literary Fund and shall be used ...

22.1-144 Recovery of moneys due Fund
Any funds which ought to be paid into the State Treasury to the credit of the Literary Fund shall, unless otherwise provided, be recoverable with ...

22.1-145 Investment of Fund
The Board of Education shall invest the Literary Fund in securities that are legal investments under the laws of the Commonwealth for public funds. The ...

22.1-146 Power of Board to make loans from fund for erection, etc., of school buildings and fueling faciliti...
The Board of Education may make loans or, subject to the approval of the General Assembly, loan interest rate subsidy payments from the Literary Fund ...

22.1-147 Distribution of funds
The Board of Education shall provide for an equitable distribution of the funds loaned or provided as loan interest rate subsidy payments from the Literary ...

22.1-148 Restrictions upon making loans; retirement of previous loans
A. No loan from the Literary Fund shall exceed 100% of the cost of the building, addition thereto, and site on account of which such ...

22.1-149 Additional funds for loans
When loans have been approved by the Board from time to time in such amounts that no sufficient balance is left in the Literary Fund ...

22.1-150 Rate of interest
The Board of Education is authorized in its discretion to fix the interest rate on all loans made from the Literary Fund at not less ...

22.1-151 Evidence of loan
A. A loan from the Literary Fund shall be evidenced by bonds or notes payable to the Commonwealth of Virginia for the benefit of the ...

22.1-152 Payment of principal and interest
Payments of interest and principal shall be made to the State Treasurer. A loan from the Literary Fund shall be repayable in annual installments from ...

22.1-153 School boards authorized to borrow from Fund; form of application
The school boards of the several school divisions are authorized to borrow money belonging to the Literary Fund, and any school board desiring to borrow ...

22.1-154 through 22.1-157
Repealed by Acts 2007, c. 121, cl. 2. ...

22.1-158 Provisions for payment
The governing body of any county, city or town, if the town constitutes the school division, in which the school board has borrowed money from ...

22.1-159 Loans for construction of school facilities to serve portions of counties; levy of taxes for purpos...
Notwithstanding any other provision of law to the contrary, the school board of any school division composed of part or all of a county, with ...

22.1-160 School boards authorized to anticipate payment of loans
Any school board which is indebted for any money borrowed from the Literary Fund may anticipate the payment of the principal amount of any such ...

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 ...