To provide funds for the repayment of bonds issued by the Authority to (i) purchase any eligible institution's bonds or (ii) provide funds to pay all or part of the cost of any project or any portion of a project, each eligible institution may agree to pledge and transfer to the Authority all or part of the eligible institution's revenues derived from any source mentioned in subdivision C 1 a, b, c, or d of § 23.1-1106. Any agreement relating to such transfer may contain other provisions that the Authority and eligible institution deem reasonable and proper and are not in violation of law. No such agreement shall constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth. Neither the full faith and credit of the Commonwealth nor the taxing power of the Commonwealth or any political subdivision of the Commonwealth shall be pledged to the payment of the principal of and interest on bonds so secured by such agreement. Prior to execution, any such agreement shall be approved by the Secretary of Finance and the Secretary of Education.
1996, cc. 672, 689, § 23-30.29:2; 2016, c. 588.
Structure Code of Virginia
Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions
Chapter 12 - Virginia College Building Authority
§ 23.1-1200. Definitions; findings
§ 23.1-1201. Virginia College Building Authority established
§ 23.1-1202. Action by Authority may be authorized by resolution
§ 23.1-1203. Powers of Authority generally
§ 23.1-1204. Duties; administration of assets, moneys, or obligations
§ 23.1-1205. Powers; purchase or sale of bonds or other obligations of eligible institutions
§ 23.1-1206. Powers; acquisition or disposition of equipment
§ 23.1-1207. Powers; bonds of Authority generally
§ 23.1-1208. Security for bonds
§ 23.1-1209. Reserve fund; limitations
§ 23.1-1210. Payment on bonds; pledge of revenues
§ 23.1-1211. Default on payments
§ 23.1-1212. Investment of funds
§ 23.1-1213. Enforcement of rights and duties by bondholder or trustee under trust indenture
§ 23.1-1214. Exemption of bonds from taxation
§ 23.1-1215. Bonds made lawful investments
§ 23.1-1216. Annual report; examination of records, books, and accounts
§ 23.1-1219. Jurisdiction of suits against Authority; service of process
§ 23.1-1221. Declaration of policy and purpose
§ 23.1-1222. Expenses of administering article
§ 23.1-1223. Powers and duties of Authority
§ 23.1-1224. Duties; conveyance of title to projects
§ 23.1-1225. Powers; acquisition of property
§ 23.1-1226. Powers; issuance of negotiable notes
§ 23.1-1227. Powers; issuance of revenue bonds
§ 23.1-1228. Powers; security for revenue bonds
§ 23.1-1229. Powers and duties; rates, rents, fees and charges; sinking fund
§ 23.1-1230. Powers; issuance of refunding revenue bonds
§ 23.1-1231. Revenue bonds not obligations of Commonwealth or political subdivision
§ 23.1-1232. Moneys received deemed trust funds
§ 23.1-1233. Remedies of bondholders or holders of other obligations
§ 23.1-1234. Exemption from taxation
§ 23.1-1235. Bonds as legal investments
§ 23.1-1236. Nature of article