Monday, September 8, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
SB715: School boards; extends length of temporary loan.
Be it enacted by the General Assembly of Virginia:
1. That § 22.1-110 of the Code of Virginia is amended and reenacted as follows:
§ 22.1-110. Temporary loans to school boards.
No school board shall borrow any money in any manner for any
purpose without express authority of law. Any loan negotiated in violation of
this section shall be void. Subject to the approval of the governing body or
bodies appropriating funds to the school board, any school board is authorized
to borrow money, when necessary, not to exceed in the aggregate one-half of the
amount produced by the school levy for the school division for the year in
which such money is so borrowed or one-half of the amount of the cash
appropriation made to such school board for the preceding year or, in school
divisions for which there is both a school levy and appropriation, one-half of
the amount of each. Such loans shall be evidenced by notes or bonds negotiable
or nonnegotiable, as the school board determines. In the case of temporary
loans in anticipation of loans from the Literary Fund, such loans shall be
repaid within two years of their dates. Other temporary loans shall be repaid
within one year of their dates. However, loans made to purchase new school
buses to replace obsolete or worn out equipment shall be repaid within not less
than five 10
years of their dates.
Additional Data
Explanation
This is the actual text of the bill — the legislation itself. Generally this is amending existing law, proposing the addition or removal of words from laws that are already on the books.
Words that are highlighted in yellow are
proposed additions, and words that are crossed out in
red are proposed removals.
The numbers with the § symbol before them are references to existing laws, and if you click on them they’ll take you to that part of the law on the state's website.