                                 CODE OF VIRGINIA

PAYMENT OF PRINCIPAL AND INTEREST (§ 22.1-152)

Payments of interest and principal shall be made to the State Treasurer. A loan
from the Literary Fund shall be repayable in annual installments from five to
thirty years. The time of payment may be extended in the discretion of the Board
of Education; but if the Board of Education has assigned any of the bonds, notes
or other evidences of the loan to the Board of Trustees of the Virginia
Retirement System under the provisions of § 51.1-124.30 and the same are held
by the Board of Trustees of the Virginia Retirement System, the time of payment
thereof may not be extended by the Board of Education but may be extended by the
Board of Trustees of the Virginia Retirement System, in its discretion.

HISTORY: Code 1950, § 22-112; 1954, c. 476; 1958, c. 162; 1980, c. 559.