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 from which to make additional loans, the Board is authorized to sell the bonds, notes or other evidences of debt of the school boards for which such loans are approved for investment of the trust funds of the Virginia Retirement System in such amount as may be approved by the Board of Trustees of the Virginia Retirement System in accordance with the provisions of § 51.1-124.30, in order to make such additional loans.
Code 1950, § 22-112; 1954, c. 476; 1958, c. 162; 1980, c. 559.
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