When (i)(a) the principal of and interest on revenue bonds of the Authority issued to finance the cost of a project for any participating institutions, including any revenue refunding bonds issued to refund and refinance such revenue bonds, have been fully paid and retired or (b) adequate provision has been made to fully pay and retire such bonds; (ii) all other conditions of the resolution or trust agreement authorizing and securing the same have been satisfied; and (iii) the lien of such resolution or trust agreement has been released in accordance with the provisions of such resolution or trust agreement, the Authority shall convey title to such project to such participating institution free and clear of all liens and encumbrances if title to such project is not yet vested in such participating institution.
1972, c. 686, § 23-30.45; 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