{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/22.1-147.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/22.1-147.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/22.1-147.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/22.1-147.html"}],"law_id":63686,"edition_id":1,"section_id":63686,"structure_id":14751,"section_number":"22.1-147","catch_line":"Application for and distribution of funds","history":"Code 1950, \u00a7 22-106; 1977, c. 157; 1980, c. 559; 1988, c. 88; 1997, c. 384; 1998, c. 70; 2022, Sp. Sess. I, c. 20.","full_text":"A\n\nThe 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\n\nThe 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.","order_by":null,"text":{"0":{"id":231974,"text":"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.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":231975,"text":"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.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/22.1-147\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 5 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1977, chapter 157; in 1980, chapter 559; in 1988, chapter 88; in 1997, chapter 384<\/a>; in 1998, chapter 70<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":181059,"object_type":"law","relational_id":63686,"identifier":"22.1-147","token":"22.1\/10\/22.1-147","url":"\/22.1-147\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/22.1-147\/","token":"22.1\/10\/22.1-147","dublin_core":{"Title":"Application for and distribution of funds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 22.1-147","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Board<\/span> shall establish an annual open application process for Literary Fund loans that shall occur during the period that the Board<\/span> deems most suitable. The Board<\/span> shall prioritize applications on the basis of the composite index of local ability-to-pay. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Board<\/span> shall provide for an equitable distribution<\/span> 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<\/span>, the Board<\/span> shall impose a maximum limit of not more than $25 million on the amount of any loan from the Literary Fund. The Board<\/span> shall offer a loan add-on not to exceed $5 million per loan for projects that result in school consolidation<\/span> and the net reduction of at least one existing school. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAPPLICATION FOR AND DISTRIBUTION OF FUNDS (\u00a7 22.1-147)\n\nA. The Board shall establish an annual open application process for Literary\nFund loans that shall occur during the period that the Board deems most\nsuitable. The Board shall prioritize applications on the basis of the composite\nindex of local ability-to-pay.\n\nB. The Board shall provide for an equitable distribution of the funds loaned or\nprovided as loan interest rate subsidy payments from the Literary Fund among the\nseveral school divisions. In providing for such equitable distribution, the\nBoard shall impose a maximum limit of not more than $25 million on the amount of\nany loan from the Literary Fund. The Board shall offer a loan add-on not to\nexceed $5 million per loan for projects that result in school consolidation and\nthe net reduction of at least one existing school.\n\nHISTORY: Code 1950, \u00a7 22-106; 1977, c. 157; 1980, c. 559; 1988, c. 88; 1997, c.\n384; 1998, c. 70; 2022, Sp. Sess. I, c. 20.","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}}