22.1-158 - Provisions for payment. - Virginia Statutes

§ 22.1-158. Provisions for payment.

The governing body of any county, city or town, if the town constitutes theschool division, in which the school board has borrowed money from theLiterary Fund shall include in its levies and appropriate to the school boarda fund sufficient to meet the liabilities of the school board on such loanfor the construction or renovation or enlarging of any school building,regardless of whether the title to the site is held by the school board, thelocal governing body or by a third party with whom the school board hasentered into a long-term lease. The governing body of any county in which theschool board thereof has borrowed money from the Literary Fund forconstruction of school facilities located in a town in such countyconstituting a separate school division shall have authority to include inits levies for such town, a levy sufficient to meet the liabilities of theschool board on such loan and shall levy a separate tax in the rest of thecounty to meet its liabilities on any contract for school facilitiesconstructed outside such town. In the event that such school board shall failto pay any installment of interest or principal promptly, upon notice inwriting to that effect from the State Treasurer, the county, city or towntreasurer shall pay to the State Treasurer any such past-due installment ofinterest or principal, out of the funds in his hands belonging to suchcounty, city or town. The failure of such governing body to provide for thepayment of such loan or the interest thereon when and as due shall be deemeda cause for removal of the members thereof from office on motion before thecircuit court having jurisdiction in such county, city or town, instituted bythe attorney for the Commonwealth of such county or city or by the AttorneyGeneral where the attorney for the Commonwealth refuses or neglects to actafter demand is made on him to proceed.

For the purposes of this section, "long-term lease" means a lease for aterm of twenty-five years or more.

(Code 1950, § 22-113; 1976, c. 334; 1980, c. 559; 1998, c. 719.)