22.1-152 - Payment of principal and interest. - Virginia Statutes

§ 22.1-152. Payment of principal and interest.

Payments of interest and principal shall be made to the State Treasurer. Aloan from the Literary Fund shall be repayable in annual installments fromfive to thirty years. The time of payment may be extended in the discretionof the Board of Education; but if the Board of Education has assigned any ofthe bonds, notes or other evidences of the loan to the Board of Trustees ofthe Virginia Retirement System under the provisions of § 51.1-124.30 and thesame are held by the Board of Trustees of the Virginia Retirement System, thetime of payment thereof may not be extended by the Board of Education but maybe extended by the Board of Trustees of the Virginia Retirement System, inits discretion.

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