22.1-153 - School boards authorized to borrow from Fund; form of application. - Virginia Statutes

§ 22.1-153. School boards authorized to borrow from Fund; form of application.

The school boards of the several school divisions are authorized to borrowmoney belonging to the Literary Fund, and any school board desiring to borrowfrom the Fund shall make written application to the Board of Education forsuch loan on a form to be prescribed by the Board.

The Board shall not disburse any proceeds of any approved loan prior to itsreceipt of the concurrent approval of the governing body at the time ofinitial disbursement and an acceptable opinion of bond counsel obtained bythe governing body as to the validity of the loan.

(Code 1950, § 22-107; 1980, c. 559; 2007, c. 121.)