Section 50. Application approval

Latest version.

Upon approval of a Literary Fund loan application, a Memorandum of Lien form, properly executed, and recorded in the appropriate circuit court is to be returned to the department. It is recognized that the lien is not effective until the Board of Education approves the initial release/commitment of funds against the project. Section 22.1-157 of the Code of Virginia provides that no recordation tax shall be assessable.

Historical Notes

Derived from VR270-01-0009 § 3.3, eff. March 30, 1988; amended, Volume 11, Issue 10, eff. March 8, 1995.

Statutory Authority

Article VIII, § 8 of the Constitution of Virginia; §§ 22.1-140 and 22.1-142 et seq. of the Code of Virginia.

                    
                        var val = document.getElementById('citecontent').innerHTML;
                        art.dialog.defaults.title = window.location.href;
                        art.dialog.data('cite', val);
                        art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
                        art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');