22.1-150 - Rate of interest. - Virginia Statutes

§ 22.1-150. Rate of interest.

The Board of Education is authorized in its discretion to fix the interestrate on all loans made from the Literary Fund at not less than two per centumper annum and not more than six per centum per annum, payable annually. Everyloan made under the provisions of this chapter by selling the bonds, notes orother evidences of debt of school boards for investment of the trust funds ofthe Virginia Retirement System shall bear interest at a rate not to exceedsix per centum per year.

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