Title 22.1. Education
Chapter 10. Literary Fund
This section has more than one version with varying effective dates. Scroll down to see all versions.
§ 22.1-150. (Effective until date pursuant to Va. Const., Art. IV, § 13) Rate of interest.
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.
§ 22.1-150. (Effective pursuant to Va. Const., Art. IV, § 13) Rate of interest.
The Board, in consultation with the Department of Treasury, shall establish loan interest rates that are benchmarked to a market index on an annual basis, not to exceed two percent per year for the localities with a school division composite index of local ability-to-pay between 0.0 and 0.299. The Board shall utilize a sliding scale based on the local school division's composite index of local ability-to-pay to determine the interest rate on each such loan. 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 the maximum interest rate per year as established by the Board.
Code 1950, § 22-112; 1954, c. 476; 1958, c. 162; 1980, c. 559; 2022, Sp. Sess. I, c. 20.
