The Board may sell such bonds in such manner and for such price as it may determine to be for the best interests of the Commonwealth, but no such sale shall be made at a price so low as to require the payment of interest on the money received therefor at more than the maximum annual percentage rate approved by the Commonwealth Treasury Board with respect to such obligations in accordance with § 2.2-2416.

Terms Used In Virginia Code 33.2-1713

  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • Board: means the Commonwealth Transportation Board, or if the Commonwealth Transportation Board is abolished, any board, commission, or officer succeeding to the principal functions thereof or upon whom the powers given by this chapter to the Board shall be given by law. See Virginia Code 33.2-1700

All bonds issued pursuant to the authority of this chapter are hereby made securities in which all public officers and bodies of the Commonwealth and all political subdivisions thereof; all insurance companies and associations, all national banks and trust companies, and all savings institutions, including savings and loan associations, in the Commonwealth; and all executors, administrators, trustees, and other fiduciaries, both individual or corporate, may properly and legally invest funds within their control.

Code 1950, § 33-240; 1952, c. 485; 1958, c. 485; 1970, c. 322, § 33.1-280; 2000, cc. 1019, 1044; 2011, cc. 830, 868; 2014, c. 805.

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