                                 CODE OF VIRGINIA

ADDITIONAL STUDENT LOAN FUNDS (§ 23.1-621)

A. Whenever an institution&#8217;s fund is inadequate to carry out fully the
purpose for which the fund was established, the governing board and chief
executive officer of such institution, with the prior written consent and
approval of the Governor, are authorized, for the purpose of providing an
additional fund, to borrow from such sources and on such terms as may be
approved by the Governor an amount not to exceed $25,000 and provide for such
extensions or renewals of such loans as may be necessary. Such additional fund
shall be used only in making loans to students as provided in this article and
for no other purpose.

B. The repayments and interest accretions to the additional fund shall be used
insofar as may be necessary to repay the indebtedness of the institution created
by the governing board and chief executive officer in establishing such
additional fund.

C. Such additional amounts may be borrowed as may be deemed necessary by the
governing board and chief executive officer of the institution, with the
Governor&#8217;s approval, but in no event shall the amount of the additional
fund, including cash, notes receivable, and all amounts borrowed and not repaid
exceed $50,000.

D. Accounts shall be kept and reports rendered for each such additional fund in
all respects as required by this article for funds created by appropriations
from the general fund of the state treasury and the Auditor of Public Accounts
shall biennially exhibit in his report the amount of the additional fund at each
institution.

HISTORY: 1978, c. 745, § 23-38.10:7; 2016, c. 588.