Code of Virginia § 22.1-147. Application for and distribution of funds.

159 words·~1 min read·/va/title-22-1/chapter-10/22-1-147

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A. The Board shall establish an annual open application process for Literary Fund loans that shall occur during the period that the Board deems most suitable. The Board shall prioritize applications on the basis of the composite index of local ability-to-pay.

B. The Board shall provide for an equitable distribution of the funds loaned or provided as loan interest rate subsidy payments from the Literary Fund among the several school divisions. In providing for such equitable distribution, the Board shall impose a maximum limit of not more than $25 million on the amount of any loan from the Literary Fund. The Board shall offer a loan add-on not to exceed $5 million per loan for projects that result in school consolidation and the net reduction of at least one existing school.

Code 1950, § 22-106; 1977, c. 157; 1980, c. 559; 1988, c. 88; 1997, c. 384 ; 1998, c. 70 ; 2022, Sp. Sess. I, c. 20 .