{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/22.1-148.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/22.1-148.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/22.1-148.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/22.1-148.html"}],"law_id":56494,"edition_id":1,"section_id":56494,"structure_id":14751,"section_number":"22.1-148","catch_line":"Restrictions upon making loans; retirement of previous loans; waiting lists","history":"Code 1950, \u00a7 22-111; 1980, c. 559; 1985, c. 226; 1994, c. 689; 2007, c. 121; 2022, Sp. Sess. I, c. 20.","full_text":"A\n\nNo loan from the Literary Fund shall exceed 100 percent of the cost of the building, addition thereto, and site for which such loan is made. No loan shall be made from the Literary Fund to aid in the erection of a building or addition that costs less than $500. Whenever a loan is made from the Literary Fund for the purpose of enlarging a building, any part of the proceeds of such loan may, in the discretion of the Board, be used to retire any previous loan or loans on such building although not matured at the time of such additional loan. The Board may refuse to make any loan from the Literary Fund to any school board that is in default in the payment of any part of the principal of any previous loan from the Literary Fund or which for the two years next preceding the loan has been more than six months in default in the payment of interest due on any loan from the Literary Fund.B\n\nAny school division that has an application for a Literary Fund loan for an approved school project pending before the Board shall not be denied or delayed in obtaining such loan solely for the reason that alternative financing had been obtained to begin or complete construction on such project.C\n\nNotwithstanding the provisions of subsection B, the Board may remove any project that has been inactive for at least five years from any project waiting list that it maintains.","order_by":null,"text":{"0":{"id":206814,"text":"No loan from the Literary Fund shall exceed 100 percent of the cost of the building, addition thereto, and site for which such loan is made. No loan shall be made from the Literary Fund to aid in the erection of a building or addition that costs less than $500. Whenever a loan is made from the Literary Fund for the purpose of enlarging a building, any part of the proceeds of such loan may, in the discretion of the Board, be used to retire any previous loan or loans on such building although not matured at the time of such additional loan. The Board may refuse to make any loan from the Literary Fund to any school board that is in default in the payment of any part of the principal of any previous loan from the Literary Fund or which for the two years next preceding the loan has been more than six months in default in the payment of interest due on any loan from the Literary Fund.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":206815,"text":"Any school division that has an application for a Literary Fund loan for an approved school project pending before the Board shall not be denied or delayed in obtaining such loan solely for the reason that alternative financing had been obtained to begin or complete construction on such project.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":206816,"text":"Notwithstanding the provisions of subsection B, the Board may remove any project that has been inactive for at least five years from any project waiting list that it maintains.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/22.1-148\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 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 1980, chapter 559; in 1985, chapter 226; in 1994, chapter 689<\/a>; in 2007, chapter 121<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":181063,"object_type":"law","relational_id":56494,"identifier":"22.1-148","token":"22.1\/10\/22.1-148","url":"\/22.1-148\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/22.1-148\/","token":"22.1\/10\/22.1-148","dublin_core":{"Title":"Restrictions upon making loans; retirement of previous loans; waiting lists","Type":"Text","Format":"text\/html","Identifier":"\u00a7 22.1-148","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> No loan from the Literary Fund shall exceed 100 percent of the cost of the building, addition thereto, and site for which such loan is made. No loan shall be made from the Literary Fund to aid in the erection of a building or addition that costs less than $500. Whenever a loan is made from the Literary Fund for the purpose of enlarging a building, any part of the proceeds of such loan may, in the discretion of the Board, be used to retire any previous loan or loans on such building although not matured at the time of such additional loan. The Board may refuse to make any loan from the Literary Fund to any school board<\/span> that is in default<\/span> in the payment of any part of the principal of any previous loan from the Literary Fund or which for the two years next preceding the loan has been more than six months in default<\/span> in the payment of interest due on any loan from the Literary Fund. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Any school division that has an application for a Literary Fund loan for an approved school project pending before the Board shall not be denied or delayed in obtaining such loan solely for the reason that alternative financing had been obtained to begin or complete construction on such project. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Notwithstanding the provisions of subsection B, the Board may remove any project that has been inactive for at least five years from any project waiting list that it maintains. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRESTRICTIONS UPON MAKING LOANS; RETIREMENT OF PREVIOUS LOANS; WAITING LISTS (\u00a7\n22.1-148)\n\nA. No loan from the Literary Fund shall exceed 100 percent of the cost of the\nbuilding, addition thereto, and site for which such loan is made. No loan shall\nbe made from the Literary Fund to aid in the erection of a building or addition\nthat costs less than $500. Whenever a loan is made from the Literary Fund for\nthe purpose of enlarging a building, any part of the proceeds of such loan may,\nin the discretion of the Board, be used to retire any previous loan or loans on\nsuch building although not matured at the time of such additional loan. The\nBoard may refuse to make any loan from the Literary Fund to any school board\nthat is in default in the payment of any part of the principal of any previous\nloan from the Literary Fund or which for the two years next preceding the loan\nhas been more than six months in default in the payment of interest due on any\nloan from the Literary Fund.\n\nB. Any school division that has an application for a Literary Fund loan for an\napproved school project pending before the Board shall not be denied or delayed\nin obtaining such loan solely for the reason that alternative financing had been\nobtained to begin or complete construction on such project.\n\nC. Notwithstanding the provisions of subsection B, the Board may remove any\nproject that has been inactive for at least five years from any project waiting\nlist that it maintains.\n\nHISTORY: Code 1950, \u00a7 22-111; 1980, c. 559; 1985, c. 226; 1994, c. 689; 2007,\nc. 121; 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}}