DEPARTMENT OF EDUCATION
P.O.
SUPTS. MEMO NO. 70
March 28, 2008
INFORMATIONAL
|
TO: |
Division
Superintendents |
|
FROM: |
Billy K.
Cannaday, Jr. Superintendent
of Public Instruction |
|
SUBJECT: |
Release of
Liens Held on Behalf of the Literary Fund Prior to July 1, 2007 |
Informational
Superintendent’s Memorandum No. 130, June 29, 2007 provided information on
legislative changes made by the 2007 General Assembly (HB
2350) related to the process of requesting a loan from the Literary
Fund. One of the changes enacted by the 2007
General Assembly eliminated the need for a title search and for a lien in favor
of the Literary Fund to be placed on a public school construction or renovation
project funded by the Literary Fund.
This change applied to any loan approved and issued after July 1, 2007.
HB 769 passed
by the 2008 General Assembly and signed by the Governor, will become effective
on July 1, 2008. This legislation amends
and reenacts Sections 22.1-151 and 22.1-161 of the Code of Virginia to release all memoranda of lien held on behalf of
the Literary Fund for loans approved and issued prior to July 1, 2007. The purpose of this legislation is to ensure
that those memoranda of lien that existed prior to July 1, 2007, will be
released in accordance with the changes enacted by the 2007 General Assembly.
School
divisions wishing to have Literary Fund liens released should notify the
circuit court where the lien was recorded and request that the lien should be
marked as released based on the amended Section 22.1-151 of the Code of Virginia.
If you have
questions regarding this memorandum, please contact Christina Snellings,
Financial Services Specialist, or
BKCJr/cps