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 Fund among the several school divisions. In providing for such equitable distribution, the Board shall impose a maximum limit of not more than $7.5 million on the amount of any loan from the Literary Fund.
Code 1950, § 22-106; 1977, c. 157; 1980, c. 559; 1988, c. 88; 1997, c. 384; 1998, c. 70.
Structure Code of Virginia
§ 22.1-142. How Fund constituted; management
§ 22.1-143. Money belonging to Fund received in treasury; accountant
§ 22.1-144. Recovery of moneys due Fund
§ 22.1-145. Investment of Fund
§ 22.1-146.1. School modernization loan interest rate subsidy payments
§ 22.1-147. (Effective until date pursuant to Va. Const., Art. IV, § 13) Distribution of funds
§ 22.1-149. Additional funds for loans
§ 22.1-150. (Effective until date pursuant to Va. Const., Art. IV, § 13) Rate of interest
§ 22.1-150. (Effective pursuant to Va. Const., Art. IV, § 13) Rate of interest
§ 22.1-152. Payment of principal and interest
§ 22.1-153. School boards authorized to borrow from Fund; form of application
§ 22.1-158. Provisions for payment
§ 22.1-160. School boards authorized to anticipate payment of loans
§ 22.1-161. Loan declared indebtedness of the county, city or town; lien on locality's funds created