Part VI. Interest Rates
8VAC20-100-130. Composite index.
Except as modified by 8VAC20-100-150, the interest rate for a Literary Loan shall be based on the school division's Composite Index, used for distribution of State Basic Aid, in effect when the board places the project on the waiting list.
Statutory Authority
Article VIII, § 8 of the Constitution of Virginia; §§ 22.1-140 and 22.1-142 et seq. of the Code of Virginia.
Historical Notes
Derived from VR270-01-0009 § 6.1, eff. March 30, 1988; amended, Virginia Register Volume 11, Issue 10, eff. March 8, 1995.
8VAC20-100-140. Determination of interest rate.
The interest rate for a loan generally shall be determined on the basis of a composite index of the applying school division as follows:
|
|
| Per Annum Interest Rate |
| Step 1. | Composite Index between .2 and .2999 | 2.0% |
| Step 2. | Composite Index between .3 and .3999 | 3.0% |
| Step 3. | Composite Index between .4 and .4999 | 4.0% |
| Step 4. | Composite Index between .5 and .5999 | 5.0% |
| Step 5. | Composite Index between .6 and .8000 | 6.0% |
Statutory Authority
Article VIII, § 8 of the Constitution of Virginia; §§ 22.1-140 and 22.1-142 et seq. of the Code of Virginia.
Historical Notes
Derived from VR270-01-0009 § 6.2, eff. March 30, 1988; amended, Virginia Register Volume 11, Issue 10, eff. March 8, 1995.
8VAC20-100-150. Fixed rate.
The board reserves its option under § 22.1-150 of the Code of Virginia to fix the actual rate for a Literary Loan, on the date funds for the Literary Loan are approved for release, at one percentage point above or below the rate applicable on the date the application was placed on the waiting list.
Statutory Authority
Article VIII, § 8 of the Constitution of Virginia; §§ 22.1-140 and 22.1-142 et seq. of the Code of Virginia.
Historical Notes
Derived from VR270-01-0009 § 6.3, eff. March 30, 1988; amended, Virginia Register Volume 11, Issue 10, eff. March 8, 1995.