Virginia § 22.1-147 Application for and distribution of funds

Virginia Statutes

§ 22.1-147 — Application for and distribution of funds

Virginia § 22.1-147

Title 22.1Education

Ch. 10Literary Fund

This text of Virginia § 22.1-147 (Application for and distribution of funds) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 22.1-147 (2026).

Text

A.The Board shall establish an annual open application process for Literary Fund loans that shall occur during the period that the Board deems most suitable. The Board shall prioritize applications on the basis of the composite index of local ability-to-pay.

B.The Board shall provide for an equitable distribution of the funds loaned or provided as loan interest rate subsidy payments from the Literary Fund among the several school divisions. In providing for such equitable distribution, the Board shall impose a maximum limit of not more than $25 million on the amount of any loan from the Literary Fund. The Board shall offer a loan add-on not to exceed $5 million per loan for projects that result in school consolidation and the net reduction of at least one existing school.

Free access — add to your briefcase to read the full text and ask questions with AI

A. The Board shall establish an annual open application process for Literary Fund loans that shall occur during the period that the Board deems most suitable. The Board shall prioritize applications on the basis of the composite index of local ability-to-pay.

B. The Board shall provide for an equitable distribution of the funds loaned or provided as loan interest rate subsidy payments from the Literary Fund among the several school divisions. In providing for such equitable distribution, the Board shall impose a maximum limit of not more than $25 million on the amount of any loan from the Literary Fund. The Board shall offer a loan add-on not to exceed $5 million per loan for projects that result in school consolidation and the net reduction of at least one existing school.