                                 CODE OF VIRGINIA

POWER OF BOARD TO MAKE LOANS FROM FUND FOR ERECTION, ETC., OF SCHOOL BUILDINGS
AND FUELING FACILITIES FOR SCHOOL BUSES (§ 22.1-146)

The Board of Education may make loans or, subject to the approval of the General
Assembly, loan interest rate subsidy payments from the Literary Fund to the
school boards of the several school divisions making application therefor in the
manner prescribed by law, authorized by the governing body and the school board,
for the purposes of (i) erecting, altering or enlarging school buildings in such
school divisions; (ii) purchasing and installing educational technology
equipment and infrastructure; (iii) equipping school buses for alternative fuel
conversions and for construction of school bus fueling facilities for supplying
compressed natural gas or other alternative fuels; and (iv) refinancing or
redemption of negotiable notes, bonds, and other evidences of indebtedness or
obligations incurred by a locality on behalf of a school division which has an
application for a Literary Fund loan for an approved school project pending
before the Board of Education. For the purpose of this section,
&#8220;alternative fuels&#8221; means motor fuels other than gasoline and diesel
fuel.

HISTORY: Code 1950, § 22-105; 1980, c. 559; 1988, c. 88; 1991, c. 682; 1994, c.
689; 1997, c. 372; 2007, c. 121.