Virginia SB 658: Literary Fund; application for loans by regional and joint schools.

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Bill Tracking - 2018 session > Legislation 

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2018 SESSION

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18104316D

SENATE BILL NO. 658 

Offered January 10, 2018 

Prefiled January 10, 2018 

A BILL to amend and reenact � 22.1-153 of the Code of 
 Virginia, relating to the Literary Fund; application for loans by regional and 
 joint schools. 
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Patron-- Wagner 

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Referred to Committee on Education and Health 

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Be it enacted by the General Assembly of Virginia:

1. That � 22.1-153 of the Code of Virginia is amended and 
 reenacted as follows:

� 22.1-153. School boards authorized to borrow from Fund; form 
 of application.

The school boards of the several school divisions are 
 authorized to borrow money belonging to the Literary Fund, and any school board 
 desiring to borrow from the Fund shall make written application to the Board of 
 Education for such loan on a form to be prescribed by the Board. In the case of a regional or joint school, the 
 school boards of the school divisions participating in such school may jointly 
 apply to borrow money for the benefit of the regional or joint school.

The Board shall not disburse any proceeds of any approved loan 
 prior to its receipt of the concurrent approval of the governing body at the 
 time of initial disbursement and an acceptable opinion of bond counsel obtained 
 by the governing body as to the validity of the loan.