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 Literary Fund, executed or signed by the mayor or the chairman of the governing body and the chairman of the school board and attested by the clerk thereof. Evidence of debt taken for such loans shall be deposited with the State Treasurer and kept by him.
B. Upon the request of a locality, any memorandum of lien held on behalf of the Literary Fund prior to July 1, 2007, and deposited with the State Treasurer or recorded in the appropriate circuit court shall be marked as released. The release of such lien shall in no way affect the obligations of the locality under the loan.
Code 1950, § 22-112; 1954, c. 476; 1958, c. 162; 1980, c. 559; 2007, c. 121; 2008, c. 365.
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