Virginia Statutes
§ 22.1-150 — Rate of interest
Virginia § 22.1-150
This text of Virginia § 22.1-150 (Rate of interest) 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. § 22.1-150 (2026).
Text
The Board, in consultation with the Department of Treasury, shall establish loan interest rates that are benchmarked to a market index on an annual basis, not to exceed two percent per year for the localities with a school division composite index of local ability-to-pay between 0.0 and 0.299. The Board shall utilize a sliding scale based on the local school division's composite index of local ability-to-pay to determine the interest rate on each such loan. Every loan made under the provisions of this chapter by selling the bonds, notes, or other evidences of debt of school boards for investment of the trust funds of the Virginia Retirement System shall bear interest at a rate not to exceed the maximum interest rate per year as established by the Board.
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Legislative History
Code 1950, § 22-112; 1954, c. 476; 1958, c. 162; 1980, c. 559; 2022, Sp. Sess. I, c. 20.
Nearby Sections
15
§ 22.1-10
President§ 22.1-101
Repealed§ 22.1-103
Uniform county levy in lieu of district levies; request by school board; petition for referendum§ 22.1-104
Same; order for referendum; notice§ 22.1-108
Money derived from forest reserve§ 22.1-109
Federal funds apportioned to school divisions containing lands leased for flood control purposes§ 22.1-11
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Bluebook (online)
Virginia § 22.1-150, Counsel Stack Legal Research, https://law.counselstack.com/statute/va/22.1/22.1-150.