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 than two per centum per annum and not more than six per centum per annum, payable annually. Every loan made under the provisions of this chapter by selling the bonds, notes or other evidences of debt of school boards for investment of the trust funds of the Virginia Retirement System shall bear interest at a rate not to exceed six per centum per year.
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