The interest rate for a loan generally shall be determined on the basis of a composite index of the applying school division as follows:
Per Annum Interest Rate | ||
Step 1. | Composite Index between .2 and .2999 | 2.0% |
Step 2. | Composite Index between .3 and .3999 | 3.0% |
Step 3. | Composite Index between .4 and .4999 | 4.0% |
Step 4. | Composite Index between .5 and .5999 | 5.0% |
Step 5. | Composite Index between .6 and .8000 | 6.0% |
8 Va. Admin. Code § 20-100-140
Statutory Authority
Article VIII, §8 of the Constitution of Virginia; §§ 22.1-140 and 22.1-142 et seq. of the Code of Virginia.