Code of Virginia

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Code of Virginia
Title 22.1. Education
Chapter 10. Literary Fund

§ 22.1-150. 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.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.