{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/22.1-146.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/22.1-146.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/22.1-146.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/22.1-146.1.html"}],"law_id":75337,"edition_id":1,"section_id":75337,"structure_id":14751,"section_number":"22.1-146.1","catch_line":"School modernization loan interest rate subsidy payments","history":"2019, c. 807.","full_text":"A\n\nThe Board of Education shall establish a program to subsidize interest payments on certain loans made by the Virginia Public School Authority to local governing bodies and school boards for the design and construction of new school buildings and facilities or the modernization and maintenance of existing school buildings and facilities as follows:1\n\nFor school divisions with a composite index of local ability-to-pay that is greater than 0.2500 but less than 0.4000 at the time an application to the program is made, the Board may subsidize up to 50 percent of the interest due on such loan; or2\n\nFor school divisions with a composite index of local ability-to-pay that is 0.2500 or less at the time an application to the program is made, the Board may subsidize up to 100 percent of the interest rate on such loan.B\n\nThe aggregate amount of subsidies provided pursuant to this section shall not exceed the allocation specified in the general appropriation act for each fiscal year.C\n\nFor each loan, the annual subsidy amount shall not include both:1\n\nInterest or other loan-related costs related to any part of the loan that exceed $7.5 million in loan value; and2\n\nInterest on any part of the loan that exceeds the rate that the local governing body or school board would have obtained for such loan under the provisions of §§ 22.1-146 and 22.1-150.","order_by":null,"text":{"0":{"id":270442,"text":"The Board of Education shall establish a program to subsidize interest payments on certain loans made by the Virginia Public School Authority to local governing bodies and school boards for the design and construction of new school buildings and facilities or the modernization and maintenance of existing school buildings and facilities as follows:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":270443,"text":"For school divisions with a composite index of local ability-to-pay that is greater than 0.2500 but less than 0.4000 at the time an application to the program is made, the Board may subsidize up to 50 percent of the interest due on such loan; or","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":270444,"text":"For school divisions with a composite index of local ability-to-pay that is 0.2500 or less at the time an application to the program is made, the Board may subsidize up to 100 percent of the interest rate on such loan.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":270445,"text":"The aggregate amount of subsidies provided pursuant to this section shall not exceed the allocation specified in the general appropriation act for each fiscal year.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2","next_prefix":"C"},"4":{"id":270446,"text":"For each loan, the annual subsidy amount shall not include both:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C1"},"5":{"id":270447,"text":"Interest or other loan-related costs related to any part of the loan that exceed $7.5 million in loan value; and","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"6":{"id":270448,"text":"Interest on any part of the loan that exceeds the rate that the local governing body or school board would have obtained for such loan under the provisions of §§ 22.1-146 and 22.1-150.","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1"}},"ancestry":[{"id":14751,"edition_id":1,"name":"Literary Fund","identifier":"10","label":"chapter","depth":2,"order_by":1,"parent_id":12823,"metadata":{},"date_created":"2026-06-26 03:49:43","date_modified":"2026-06-26 03:49:43","permalink":{"id":181033,"object_type":"structure","relational_id":14751,"identifier":"10","token":"22.1\/10","url":"\/22.1\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12823,"edition_id":1,"name":"Education","identifier":"22.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:55","date_modified":"2026-06-26 03:43:55","permalink":{"id":180949,"object_type":"structure","relational_id":12823,"identifier":"22.1","token":"22.1","url":"\/22.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":57272,"structure_id":14751,"section_number":"22.1-142","catch_line":"How Fund constituted; management","url":"\/22.1-142\/","token":"22.1\/10\/22.1-142","metadata":false},{"id":79935,"structure_id":14751,"section_number":"22.1-143","catch_line":"Money belonging to Fund received in treasury; accountant","url":"\/22.1-143\/","token":"22.1\/10\/22.1-143","metadata":false},{"id":73717,"structure_id":14751,"section_number":"22.1-144","catch_line":"Recovery of moneys due Fund","url":"\/22.1-144\/","token":"22.1\/10\/22.1-144","metadata":false},{"id":76672,"structure_id":14751,"section_number":"22.1-145","catch_line":"Investment of Fund","url":"\/22.1-145\/","token":"22.1\/10\/22.1-145","metadata":false},{"id":75590,"structure_id":14751,"section_number":"22.1-146","catch_line":"Power of Board to make loans from fund for erection, etc., of school buildings and fueling facilities for school buses","url":"\/22.1-146\/","token":"22.1\/10\/22.1-146","metadata":false},{"id":75337,"structure_id":14751,"section_number":"22.1-146.1","catch_line":"School modernization loan interest rate subsidy payments","url":"\/22.1-146.1\/","token":"22.1\/10\/22.1-146.1","metadata":false},{"id":63686,"structure_id":14751,"section_number":"22.1-147","catch_line":"Application for and distribution of funds","url":"\/22.1-147\/","token":"22.1\/10\/22.1-147","metadata":false},{"id":56494,"structure_id":14751,"section_number":"22.1-148","catch_line":"Restrictions upon making loans; retirement of previous loans; waiting lists","url":"\/22.1-148\/","token":"22.1\/10\/22.1-148","metadata":false},{"id":86924,"structure_id":14751,"section_number":"22.1-149","catch_line":"Additional funds for loans","url":"\/22.1-149\/","token":"22.1\/10\/22.1-149","metadata":false},{"id":74838,"structure_id":14751,"section_number":"22.1-150","catch_line":"Rate of interest","url":"\/22.1-150\/","token":"22.1\/10\/22.1-150","metadata":false},{"id":60513,"structure_id":14751,"section_number":"22.1-151","catch_line":"Evidence of loan","url":"\/22.1-151\/","token":"22.1\/10\/22.1-151","metadata":false},{"id":68977,"structure_id":14751,"section_number":"22.1-152","catch_line":"Payment of principal and interest","url":"\/22.1-152\/","token":"22.1\/10\/22.1-152","metadata":false},{"id":67623,"structure_id":14751,"section_number":"22.1-153","catch_line":"School boards authorized to borrow from Fund; form of application","url":"\/22.1-153\/","token":"22.1\/10\/22.1-153","metadata":false},{"id":69002,"structure_id":14751,"section_number":"22.1-154","catch_line":"Repealed","url":"\/22.1-154\/","token":"22.1\/10\/22.1-154","metadata":false},{"id":85355,"structure_id":14751,"section_number":"22.1-158","catch_line":"Provisions for payment","url":"\/22.1-158\/","token":"22.1\/10\/22.1-158","metadata":false},{"id":57381,"structure_id":14751,"section_number":"22.1-159","catch_line":"Loans for construction of school facilities to serve portions of counties; levy of taxes for purpose of repaying such loans","url":"\/22.1-159\/","token":"22.1\/10\/22.1-159","metadata":false},{"id":81446,"structure_id":14751,"section_number":"22.1-160","catch_line":"School boards authorized to anticipate payment of loans","url":"\/22.1-160\/","token":"22.1\/10\/22.1-160","metadata":false},{"id":57015,"structure_id":14751,"section_number":"22.1-161","catch_line":"Loan declared indebtedness of the county, city or town; lien on locality's funds created","url":"\/22.1-161\/","token":"22.1\/10\/22.1-161","metadata":false}],"previous_section":{"id":75590,"structure_id":14751,"section_number":"22.1-146","catch_line":"Power of Board to make loans from fund for erection, etc., of school buildings and fueling facilities for school buses","url":"\/22.1-146\/","token":"22.1\/10\/22.1-146","metadata":false},"next_section":{"id":63686,"structure_id":14751,"section_number":"22.1-147","catch_line":"Application for and distribution of funds","url":"\/22.1-147\/","token":"22.1\/10\/22.1-147","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/22.1-146.1\/","history_text":"

This law was first created in 2019. The record of its establishment is cataloged in chapter 807<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":[{"id":75590,"section_number":"22.1-146","catch_line":"Power of Board to make loans from fund for erection, etc., of school buildings and fueling facilities for school buses","order_by":null,"url":"\/22.1-146\/"},{"id":74838,"section_number":"22.1-150","catch_line":"Rate of interest","order_by":null,"url":"\/22.1-150\/"}],"permalink":{"id":181055,"object_type":"law","relational_id":75337,"identifier":"22.1-146.1","token":"22.1\/10\/22.1-146.1","url":"\/22.1-146.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/22.1-146.1\/","token":"22.1\/10\/22.1-146.1","dublin_core":{"Title":"School modernization loan interest rate subsidy payments","Type":"Text","Format":"text\/html","Identifier":"\u00a7 22.1-146.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Board<\/span> of Education shall establish a program to subsidize interest payments on certain loans made by the Virginia Public School Authority to local governing bodies and school boards<\/span> for the design and construction of new school buildings and facilities or the modernization and maintenance of existing school buildings and facilities as follows: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> For school divisions with a composite index of local ability-to-pay that is greater than 0.2500 but less than 0.4000 at the time an application to the program is made, the Board<\/span> may subsidize up to 50 percent of the interest due on such loan; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> For school divisions with a composite index of local ability-to-pay that is 0.2500 or less at the time an application to the program is made, the Board<\/span> may subsidize up to 100 percent of the interest rate on such loan. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The aggregate amount of subsidies provided pursuant to this section shall not exceed the allocation specified in the general appropriation act for each fiscal year. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> For each loan, the annual subsidy amount shall not include both: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Interest or other loan-related costs related to any part of the loan that exceed $7.5 million in loan value; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Interest on any part of the loan that exceeds the rate that the local governing body<\/span> or school board<\/span> would have obtained for such loan under the provisions of §§ 22.1-146<\/a> and 22.1-150<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSCHOOL MODERNIZATION LOAN INTEREST RATE SUBSIDY PAYMENTS (\u00a7 22.1-146.1)\n\nA. The Board of Education shall establish a program to subsidize interest\npayments on certain loans made by the Virginia Public School Authority to local\ngoverning bodies and school boards for the design and construction of new school\nbuildings and facilities or the modernization and maintenance of existing school\nbuildings and facilities as follows:\n\n 1. For school divisions with a composite index of local ability-to-pay that is\n greater than 0.2500 but less than 0.4000 at the time an application to the\n program is made, the Board may subsidize up to 50 percent of the interest due\n on such loan; or\n\n 2. For school divisions with a composite index of local ability-to-pay that is\n 0.2500 or less at the time an application to the program is made, the Board\n may subsidize up to 100 percent of the interest rate on such loan.\n\nB. The aggregate amount of subsidies provided pursuant to this section shall not\nexceed the allocation specified in the general appropriation act for each fiscal\nyear.\n\nC. For each loan, the annual subsidy amount shall not include both:\n\n 1. Interest or other loan-related costs related to any part of the loan that\n exceed $7.5 million in loan value; and\n\n 2. Interest on any part of the loan that exceeds the rate that the local\n governing body or school board would have obtained for such loan under the\n provisions of §§ 22.1-146 and 22.1-150.\n\nHISTORY: 2019, c. 807.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}