22.1-149 - Additional funds for loans. - Virginia Statutes

§ 22.1-149. Additional funds for loans.

When loans have been approved by the Board from time to time in such amountsthat no sufficient balance is left in the Literary Fund from which to makeadditional loans, the Board is authorized to sell the bonds, notes or otherevidences of debt of the school boards for which such loans are approved forinvestment of the trust funds of the Virginia Retirement System in suchamount as may be approved by the Board of Trustees of the Virginia RetirementSystem in accordance with the provisions of § 51.1-124.30, in order to makesuch additional loans.

(Code 1950, § 22-112; 1954, c. 476; 1958, c. 162; 1980, c. 559.)