22.1-151 - Evidence of loan. - Virginia Statutes

§ 22.1-151. Evidence of loan.

A. A loan from the Literary Fund shall be evidenced by bonds or notes payableto the Commonwealth of Virginia for the benefit of the Literary Fund,executed or signed by the mayor or the chairman of the governing body and thechairman of the school board and attested by the clerk thereof. Evidence ofdebt taken for such loans shall be deposited with the State Treasurer andkept by him.

B. Upon the request of a locality, any memorandum of lien held on behalf ofthe Literary Fund prior to July 1, 2007, and deposited with the StateTreasurer or recorded in the appropriate circuit court shall be marked asreleased. The release of such lien shall in no way affect the obligations ofthe locality under the loan.

(Code 1950, § 22-112; 1954, c. 476; 1958, c. 162; 1980, c. 559; 2007, c. 121;2008, c. 365.)