On January 1 and July 1 of each year or at such other times as requested by the Authority, there shall be set aside and transferred from the Literary Fund to the Virginia Public School Authority for public school purposes all notes bearing fixed maturity dates and representing amounts loaned by the Literary Fund to local school boards pursuant to Chapter 10 (§ 22.1-142 et seq.) of this title, to be held and administered by the Virginia Public School Authority as provided by law. The Board of Education, the State Treasurer and the State Comptroller are hereby authorized and directed to take all necessary steps to accomplish such transfer.
Code 1950, § 22-29.15; 1962, c. 195; 1971, Ex. Sess., cc. 127, 241; 1980, c. 559; 1988, c. 259.
Structure Code of Virginia
Chapter 11 - Virginia Public School Authority
§ 22.1-163. Authority created; public body corporate and agency of Commonwealth
§ 22.1-165. Management and administration of moneys, etc., transferred from Literary Fund
§ 22.1-166. Purchase and sale of local school bonds
§ 22.1-166.1. Loans to local school boards
§ 22.1-166.2. Grants to local school boards
§ 22.1-167. Issuance of bonds of Authority
§ 22.1-167.1. Refunding issues; pass-through of savings realized
§ 22.1-167.2. Security for payment; appropriations
§ 22.1-168. Security for payment and bonds; provisions of trust indenture or resolution of Board
§ 22.1-168.1. Reserve fund; limitations
§ 22.1-169. Investment of funds
§ 22.1-170. Repayments to Literary Fund
§ 22.1-171. Powers of Authority enumerated
§ 22.1-172. Bonds exempt from taxation
§ 22.1-173. Bonds legal investments
§ 22.1-174. Jurisdiction of suits against Authority; service of process