22.1-147 - Distribution of funds. - Virginia Statutes

§ 22.1-147. Distribution of funds.

The Board of Education shall provide for an equitable distribution of thefunds loaned or provided as loan interest rate subsidy payments from theLiterary Fund among the several school divisions. In providing for suchequitable distribution, the Board shall impose a maximum limit of not morethan $7.5 million on the amount of any loan from the Literary Fund.

(Code 1950, § 22-106; 1977, c. 157; 1980, c. 559; 1988, c. 88; 1997, c. 384;1998, c. 70.)