22.1-146 - Power of Board to make loans from fund for erection, etc., of school buildings and fueling facilities for school buses. - Virginia Statutes

§ 22.1-146. Power of Board to make loans from fund for erection, etc., ofschool buildings and fueling facilities for school buses.

The Board of Education may make loans or, subject to the approval of theGeneral Assembly, loan interest rate subsidy payments from the Literary Fundto the school boards of the several school divisions making applicationtherefor in the manner prescribed by law, authorized by the governing bodyand the school board, for the purposes of (i) erecting, altering or enlargingschool buildings in such school divisions; (ii) purchasing and installingeducational technology equipment and infrastructure; (iii) equipping schoolbuses for alternative fuel conversions and for construction of school busfueling facilities for supplying compressed natural gas or other alternativefuels; and (iv) refinancing or redemption of negotiable notes, bonds, andother evidences of indebtedness or obligations incurred by a locality onbehalf of a school division which has an application for a Literary Fund loanfor an approved school project pending before the Board of Education. For thepurpose of this section, "alternative fuels" means motor fuels other thangasoline and diesel fuel.

(Code 1950, § 22-105; 1980, c. 559; 1988, c. 88; 1991, c. 682; 1994, c. 689;1997, c. 372; 2007, c. 121.)