CHAPTER 460

An Act to amend and reenact § 22-107.1 of the Code of Virginia, relating
to loans for the construction of school buildings on certain property.

[S 283]
Approved March 31, 1960

Be it enacted by the General Assembly of Virginia:

1. That § 22-107.1 of the Code of Virginia be amended and reenacted
as follows: ;

§ 22-107.1. Notwithstanding any other provision of this chapter,
any school board is authorized to borrow, and the State Board of Educa-
tion is authorized to lend, moneys belonging to the Literary Fund, for the
construction of school buildings on leased property; provided that any
such loan has been made on the same tract involved heretofore, and pro-
vided further that such lease is for a term of not less than ninety-nine
years. No such loan shall be made in any such case unless the lease con-
tains the privilege of renewing the same for an additional period of ninety-
nine years and unless the property is held in fee simple by trustees for
educational purposes.

In addition, notwithstanding any other provision of this chapter, the
State Board of Education is authorized to lend and the school board of
a city may borrow moneys belonging to the Literary Fund for the pur-
pose of constructing a school building or addition thereto on real estate
in such city held in fee simple by trustees for educational purposes and
on which real estate there stands a building used for public school pur-
poses in such city for not less than thirty years, provided such trustees
contract with such school board that such real estate will not be sold
while the building or addition constructed with such loan stands on such
real estate.
All of the provisions of this chapter shall apply mutatis mutandis
to loans made under the provisions of this section, except that § 22-108
and the first sentence of § 22-114 shall not be applicable to loans made
pursuant to the authority granted by the second paragraph of this section.
2. An emergency exists and this act is in force from its passage.