Va. Code § 22.1-150
Rate of interest
Virginia · Code of Virginia Title 22.1 — Education · Status: effective
Cite this
- Citation
- Va. Code § 22.1-150, Rate of interest, Virginia, version 1 as recorded 2026-09-27, yourstate.us, https://yourstate.us/provision/1408366
- Permanent ID
ys:prov:1408366@1- SHA-256
198eb824260b545db5ca86cb1385103e4db77cf4a3b916e6cd37621e15be5a32
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
The Board, in consultation with the Department of Treasury, shall establish loan interest rates that are benchmarked to a market index on an annual basis, not to exceed two percent per year for the localities with a school division composite index of local ability-to-pay between 0.0 and 0.299. The Board shall utilize a sliding scale based on the local school division's composite index of local ability-to-pay to determine the interest rate on each such loan. Every loan made under the provisions of this chapter by selling the bonds, notes, or other evidences of debt of school boards for investment of the trust funds of the Virginia Retirement System shall bear interest at a rate not to exceed the maximum interest rate per year as established by the Board.