The bonds and other obligations of an institution are not a debt of the Commonwealth, do not create or constitute any indebtedness or obligation of the Commonwealth, legal, moral, or otherwise, and are not payable out of any funds other than those of the institution. Nothing in this chapter shall be construed to authorize any institution to incur any indebtedness on behalf of the Commonwealth or in any way to obligate the Commonwealth.
1933, p. 91, § 23-24; 2016, c. 588.
Structure Code of Virginia
Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions
Chapter 11 - Bonds and Other Obligations
§ 23.1-1101. Powers of institutions vested in majority of members of board; quorum
§ 23.1-1102. Purpose of institutions
§ 23.1-1103. Institutions; powers generally
§ 23.1-1104. Institutions; powers; projects and bonds
§ 23.1-1105. Institutions; powers; borrowing upon endowment and other investments
§ 23.1-1107. Bondholders; remedies and trustees
§ 23.1-1108. Bonds mutilated, lost, or destroyed
§ 23.1-1109. Bonds and revenues; disposition
§ 23.1-1110. Bonds as legal investments
§ 23.1-1111. Bonds; prohibition against obligating Commonwealth
§ 23.1-1113. Bonds; surplus to be paid into state treasury
§ 23.1-1114. Projects; accounts to be kept by boards
§ 23.1-1115. Projects; exemption from taxation
§ 23.1-1116. Commonwealth not to limit revenues of institutions
§ 23.1-1117. Borrowing to purchase real estate
§ 23.1-1118. Discretion of Governor in granting or withholding consent or approval
§ 23.1-1120. Exchange and cancellation of consol coupon bonds of the Commonwealth