CODE OF VIRGINIA

EVIDENCE OF LOAN (§ 22.1-151)

A. A loan from the Literary Fund shall be evidenced by bonds or notes payable to
the Commonwealth of Virginia for the benefit of the Literary Fund, executed or
signed by the mayor or the chairman of the governing body and the chairman of
the school board and attested by the clerk thereof. Evidence of debt taken for
such loans shall be deposited with the State Treasurer and kept by him.

B. Upon the request of a locality, any memorandum of lien held on behalf of the
Literary Fund prior to July 1, 2007, and deposited with the State Treasurer or
recorded in the appropriate circuit court shall be marked as released. The
release of such lien shall in no way affect the obligations of the locality
under the loan.

HISTORY: Code 1950, § 22-112; 1954, c. 476; 1958, c. 162; 1980, c. 559; 2007,
c. 121; 2008, c. 365.