2006 Code of Virginia § 22.1-146 - Power of Board to make loans from fund for erection, etc., of school buildings and fueling faciliti...

22.1-146. Power of Board to make loans from fund for erection, etc., ofschool buildings and fueling facilities for school buses.

The Board of Education may make loans or, subject to the approval of theGeneral Assembly, loan interest rate subsidy payments from the Literary Fundto the school boards of the several school divisions making applicationtherefor in the manner prescribed by law for the purposes of (i) erecting,altering or enlarging school buildings in such school divisions; (ii)purchasing and installing educational technology equipment andinfrastructure; (iii) equipping school buses for alternative fuel conversionsand for construction of school bus fueling facilities for supplyingcompressed natural gas or other alternative fuels; and (iv) refinancing orredemption of negotiable notes, bonds, and other evidences of indebtedness orobligations incurred by a locality on behalf of a school division which hasan application for a Literary Fund loan for an approved school projectpending before the Board of Education. For the purpose of this section,"alternative fuels" means motor fuels other than gasoline and diesel fuel.

(Code 1950, 22-105; 1980, c. 559; 1988, c. 88; 1991, c. 682; 1994, c. 689;1997, c. 372.)