Virginia Code 23.1-1112: Bonds; interest
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No bond issued by an institution pursuant to this chapter shall (i) bear interest at an annual percentage rate exceeding the greater of the rates authorized under § 6.2-303 or 15.2-2612 or (ii) be sold at public or private sale such that the interest cost to maturity exceeds the greater of such annual percentage rates authorized under § 6.2-303 or 15.2-2612.
Terms Used In Virginia Code 23.1-1112
- 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
- Bond: means any bond, note, or other evidence of indebtedness or obligation of an institution issued by an institution pursuant to this chapter. See Virginia Code 23.1-1100
- Institution: means each public institution of higher education, as that term is defined in § Virginia Code 23.1-1100
1970, c. 609, § 23-30.03; 2016, c. 588.