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 five to thirty years. The time of payment may be extended in the discretion of the Board of Education; but if the Board of Education has assigned any of the bonds, notes or other evidences of the loan to the Board of Trustees of the Virginia Retirement System under the provisions of § 51.1-124.30 and the same are held by the Board of Trustees of the Virginia Retirement System, the time of payment thereof may not be extended by the Board of Education but may be extended by the Board of Trustees of the Virginia Retirement System, in its discretion.
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