dcrodriguez/Code-of-Virginia huggingface dataset:
Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1209. Reserve fund; limitations.
A. If the Authority deems it proper to create a reserve fund from its bond proceeds or other funds to support an issuance of bonds in accordance with the provisions of this section, all moneys held in such reserve fund, except as otherwise provided in this section, shall be pledged solely for the payment of the principal of and interest on the bonds secured in whole or in part by such a fund. The Authority may transfer income or interest earned on, or increment to, any reserve fund to its other funds or accounts if such transfer does not reduce the amount of the reserve fund below its minimum requirement.

B. To ensure further the maintenance of reserve funds established in accordance with the provisions of this section, the chairman of the Authority shall annually, on or before November 15, make and deliver to the Governor and the Secretary of Finance a certificate stating the sum, if any, required to restore each reserve fund to its minimum requirement. The Governor shall submit to the presiding officer of each house of the General Assembly printed copies of a budget including the sum, if any, required to restore each reserve fund to its minimum requirement. Such submission shall be made at the time the Governor presents his budget and budget bill to the General Assembly pursuant to §§ 2.2-1508 and 2.2-1509. Any sum that may be appropriated by the General Assembly for any restoration and paid to the Authority shall be deposited by the Authority in the applicable reserve fund. All sums paid to the Authority pursuant to this section shall constitute and be accounted for as advances by the Commonwealth to the Authority and, subject to the rights of the holders of any bonds of the Authority, shall be repaid to the Commonwealth without interest from available revenues of the Authority in excess of the amounts required for payment of bonds or other obligations of the Authority, maintenance of reserve funds, and operating expenses.

C. The Authority shall not at any time issue bonds secured in whole or in part by any reserve fund referred to in subsection A if, upon the issuance of the bonds, the amount in the reserve fund will be less than its minimum requirement unless the Authority, at the time of the issuance of the bonds, deposits in the fund an amount that, together with the amount then in the fund, will not be less than the fund's minimum reserve requirement.

D. The total principal amount of bonds outstanding at any one time, secured by a reserve fund in accordance with the provisions of this section, shall not exceed the sum of $300 million without the prior approval of the General Assembly.

E. Nothing in this section shall be construed as limiting the power of the Authority to issue bonds (i) not secured by a reserve fund or (ii) secured by a reserve fund not described in this section.

1996, cc. 672, 689, § 23-30.29:1; 2016, c. 588.
Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1210. Payment on bonds; pledge of revenues.
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.
Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1211. Default on payments.
A. Whenever it appears to the Governor from an affidavit filed with him by the paying agent for the bonds issued by the Authority that an eligible institution has defaulted on the payment of the principal of or premium, if any, or interest on its bonds pursuant to this article, the Governor shall immediately make a summary investigation into the facts set forth in the affidavit. If it is established to the satisfaction of the Governor that the eligible institution is in default in the payment of the principal of or premium, if any, or interest on its bonds, the Governor immediately shall make an order directing the State Comptroller to make payment immediately to the owners or paying agent of the bonds in default on behalf of the eligible institution from any appropriation available to the eligible institution in the amount due and remaining unpaid by the eligible institution on its bonds.

B. Any payment so made by the State Comptroller to the owners or paying agent of the bonds in default shall be credited as if made directly by the eligible institution and charged by the State Comptroller against the appropriations of the eligible institution. The owners or paying agent of the bonds in default at the time of payment shall deliver to the State Comptroller, in a form satisfactory to the State Comptroller, a receipt for payment of the principal, premium, or interest satisfied by the payment. The State Comptroller shall report each payment made to the governing board of the defaulting eligible institution under the provisions of this section.

C. The Governor shall direct the State Comptroller to (i) charge against the appropriations available to any eligible institution that has defaulted on its bonds pursuant to this section all future payments of principal of and interest on the eligible institution's bonds when due and payable and (ii) make such payments to the owners or paying agent of the bonds on behalf of the eligible institution to ensure that no future default will occur on such bonds. The charge and payment shall be made upon receipt of documentation that the State Comptroller deems to be satisfactory evidence of the claim. The owners or paying agent of the bonds at the time of each payment shall deliver to the State Comptroller, in a form satisfactory to the State Comptroller, a receipt for payment of the principal or interest satisfied by the payment.

D. Nothing in this section shall be construed to create any obligation on the part of the State Comptroller or the Commonwealth to make any payment on behalf of the defaulting eligible institution other than from funds appropriated to the defaulting eligible institution.

1996, cc. 672, 689, § 23-30.29:3; 2016, c. 588; 2017, c. 314.
Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1212. Investment of funds.
Any moneys or funds held by the Authority or the trustee under any trust indenture under the provisions of this article may be invested and reinvested in securities that are legal investments under the laws of the Commonwealth for moneys or funds held by fiduciaries.

1966, c. 685, § 23-30.30; 2016, c. 588.

Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1213. Enforcement of rights and duties by bondholder or trustee under trust indenture.
Any (i) holder of bonds issued under the provisions of this article or any of the coupons appertaining to such bonds and (ii) trustee under any trust indenture may, either at law or in equity, by suit, action, mandamus, or other proceeding, (a) protect and enforce any and all rights under the laws of the Commonwealth, the trust indenture, or the resolution authorizing the issuance of such bonds and (b) enforce and compel the performance of all duties required by this article or such trust indenture or resolution to be performed by the Authority or by any officer of the Authority, except to the extent that such rights are restricted by the trust indenture or the resolution authorizing the issuance of such bonds.

1964, c. 607, § 23-30.32; 1966, c. 685; 2016, c. 588.

Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1214. Exemption of bonds from taxation.
The bonds issued by the Authority under the provisions of this article, the transfer of such bonds, and the income from such bonds, including any profit made on the sale of such bonds, is exempt from taxation by the Commonwealth and any locality or political subdivision of the Commonwealth.

1964, c. 607, § 23-30.33; 1966, c. 685; 2016, c. 588.

Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1215. Bonds made lawful investments.
All bonds issued by the Authority under the provisions of this article are securities (i) in which all public officers and bodies of the Commonwealth and its localities and political subdivisions and all insurance companies and associations, savings banks and savings institutions, including savings and loan associations, commercial banks and trust companies, beneficial and benevolent associations, administrators, guardians, executors, trustees, and other fiduciaries in the Commonwealth may properly and legally invest funds under their control and (ii) that may properly and legally be deposited with and received by any state officer or officer of a locality or any agency or political subdivision of the Commonwealth for any purpose for which the deposit of bonds or obligations is authorized by law.

1964, c. 607, § 23-30.34; 1966, c. 685; 2016, c. 588.
Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1216. Annual report; examination of records, books, and accounts.
A. The Authority shall submit to the Governor and General Assembly an annual report of the interim activity and work of the Authority on or before November 1 of each year. Such report shall be submitted as a report document as provided in the procedures of the Division of Legislative Automated Systems for the processing of legislative documents and reports and shall be posted on the General Assembly's website. Such report shall contain, at a minimum, the annual financial statements of the Authority for the year ending the preceding June 30.

B. The records, books, and accounts of the Authority are subject to examination and inspection by duly authorized representatives of the General Assembly and any bondholder at any reasonable time, provided that such examination and inspection do not unduly interrupt or interfere with the business of the Authority.

1964, c. 607, § 23-30.36; 1966, c. 685; 1984, c. 734; 1985, c. 146; 2004, c. 650; 2016, c. 588.

Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1217. Annual audit.
The Auditor of Public Accounts or his legally authorized representatives shall annually audit the accounts of the Authority, and the cost of such audit shall be borne by the Authority.

1987, c. 74, § 23-30.36:1; 2016, c. 588.

Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1218. Article liberally construed; powers of Authority not subject to supervision by certain entities.
A. This article, being necessary for the welfare of the Commonwealth and its inhabitants, shall be liberally construed to effect the purpose of this article.

B. Except as otherwise expressly provided in this article, none of the powers granted to the Authority under the provisions of this article are subject to the supervision or regulation or require the approval or consent of (i) any locality or political subdivision of the Commonwealth or (ii) any commission, board, bureau, official, or agency of (a) any such locality or political subdivision or (b) the Commonwealth.

1964, c. 607, § 23-30.37; 1966, c. 685; 2015, c. 709; 2016, c. 588.

Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1219. Jurisdiction of suits against Authority; service of process.
The Circuit Court of the City of Richmond has exclusive jurisdiction over any suit brought in the Commonwealth against the Authority, and process in such suit shall be served either on the State Comptroller or on the chairman of the Authority.

1964, c. 607, § 23-30.38; 1966, c. 685; 2016, c. 588.
Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1221. Declaration of policy and purpose.
A. For the benefit of the people of the Commonwealth, the increase of their commerce, welfare, and prosperity, and the improvement of their health and living conditions, it is essential that (i) this and future generations of youth be given the fullest opportunity to learn and develop their intellectual and mental capacities and (ii) participating institutions be provided with appropriate additional means to assist such youth in achieving the required levels of learning and development of their intellectual and mental capacities.

B. The purpose of this article is to provide a measure of assistance and an alternative method to enable participating institutions to provide the facilities and structures that are sorely needed to accomplish the purposes of this article, all to the public benefit and good, to the extent and manner provided in this article.

1972, c. 686, § 23-30.39; 2016, c. 588.

Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1222. Expenses of administering article.
All expenses incurred in carrying out the provisions of this article shall be payable solely from funds provided under the provisions of this article, and no liability or obligation shall be incurred by the Authority pursuant to this article beyond the extent to which moneys have been provided under the provisions of this article.

1972, c. 686, § 23-30.43; 2016, c. 588.
Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1224. Duties; conveyance of title to projects.
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.

Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1225. Powers; acquisition of property.
The Authority may, directly or through a participating institution as its agent, acquire by (i) purchase solely from funds provided under the provisions of this article, (ii) gift, or (iii) devise, such lands, structures, property, real or personal, rights, rights-of-way, air rights, franchises, easements, and other interests in lands, including lands lying under water and riparian rights, that are located within the Commonwealth as it may deem necessary or convenient for the acquisition, construction, or operation of a project, upon such terms and at such prices as it deems reasonable and can be agreed upon between it and the owner of the property and take title to the property in the name of the Authority or any participating institution as its agent.

1972, c. 686, § 23-30.44; 2016, c. 588; 2017, c. 314.
Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1226. Powers; issuance of negotiable notes.
The Authority may issue negotiable notes for any corporate purpose or renew any notes by the issuance of new notes, whether or not the notes to be renewed have matured. The Authority may issue notes partly to renew notes or to discharge other obligations then outstanding and partly for any other purpose. Such notes may be authorized, sold, executed, and delivered in the same manner as bonds. Any resolution authorizing notes or any issuance of notes by the Authority may contain any provision that the Authority may include in any resolution authorizing revenue bonds or any issuance of revenue bonds by the Authority, and the Authority may include in any note any term, covenant, or condition that it may include in any bond. All such notes are payable solely from the revenues of the Authority, subject only to any contractual rights of the holders of any of its notes or other obligations then outstanding.

1972, c. 686, § 23-30.46; 2016, c. 588.
Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1228. Powers; security for revenue bonds.
A. The Authority may secure any revenue bonds issued under the provisions of this article by a trust agreement between the Authority and a corporate trustee that may be any trust company or bank having the powers of a trust company within or outside the Commonwealth. Such trust agreement or the resolution providing for the issuance of such revenue bonds may (i) pledge or assign the revenues to be received or proceeds of any contract pledged, (ii) convey or mortgage the project or any portion of the project, or (iii) contain provisions for protecting and enforcing the rights and remedies of the bondholders that the Authority deems reasonable and proper and are not in violation of law, including provisions that may be included in any resolution of the Authority authorizing revenue bonds pursuant to this article.

B. Any bank or trust company incorporated under the laws of the Commonwealth that may act as depository of the proceeds of bonds, revenues, or other moneys may furnish such indemnifying bonds or pledge such securities as may be required by the Authority.

C. Any such trust agreement may set forth the rights and remedies of the bondholders and the trustee and restrict the individual right of action by bondholders.

D. Any such trust agreement or resolution may contain such other provisions as the Authority deems reasonable and proper for the security of the bondholders.

E. All expenses incurred in carrying out the provisions of such trust agreement or resolution may be treated as a part of the cost of the operation of a project.

1972, c. 686, § 23-30.48; 2016, c. 588.
Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1230. Powers; issuance of refunding revenue bonds.
A. The Authority may provide for the issuance of revenue bonds to (i) refund any of its outstanding revenue bonds, including the payment of any redemption premium thereon and any interest accrued or to accrue on the earliest or any subsequent date of redemption, purchase, or maturity of such revenue bonds or (ii) pay all or any part of the cost of constructing and acquiring additions, improvements, extensions, or enlargements of a project or any portion of a project.

B. The Authority may (i) apply the proceeds of any revenue bonds issued to refund outstanding revenue bonds to purchase, retire at maturity, or redeem such outstanding revenue bonds either on their earliest or any subsequent redemption date, upon their purchase, or at their maturity and (ii) place the proceeds of revenue bonds issued to refund outstanding revenue bonds in escrow pending such application to be applied to such purchase, retirement, or redemption on the date that it determines.

C. The Authority may invest and reinvest proceeds placed in escrow pursuant to subsection B in direct obligations of the United States, certificates of deposit, or time deposits secured by direct obligations of the United States that mature at such time as is appropriate to ensure the prompt payment of principal, interest, and any redemption premium of the outstanding revenue bonds to be so refunded, pending the purchase, retirement at maturity, or redemption of such outstanding revenue bonds. The Authority may apply interest, income, and any profits earned or realized on any such investment to pay the outstanding revenue bonds to be so refunded. After the terms of the escrow have been fully satisfied and carried out, any balance of such proceeds and any interest, income, and profits earned or realized on the investments on such proceeds may be returned to the Authority for its lawful use.

D. The Authority may invest or reinvest the portion of the proceeds of any revenue bonds issued to pay all or any part of the cost of constructing and acquiring additions, improvements, extensions, or enlargements of a project in direct obligations of the United States or certificates of deposit or time deposits secured by direct obligations of the United States that mature not later than the time when such proceeds are needed to pay all or any part of such cost. The Authority may apply any interest, income, and profits earned or realized on such investment to the payment of all or any part of such cost or use such interest, income, and profits in any lawful manner.

E. All refunding revenue bonds issued pursuant to this section are subject to the provisions of this article in the same manner and to the same extent as other revenue bonds issued pursuant to this article.

1972, c. 686, § 23-30.54; 2016, c. 588.
Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1231. Revenue bonds not obligations of Commonwealth or political subdivision.
Revenue bonds issued under the provisions of this article (i) do not constitute a debt, liability, or pledge of the faith and credit of the Commonwealth or any political subdivision of the Commonwealth and (ii) are payable solely from the funds provided from revenues as set forth in this article. Each such revenue bond shall state on its face that (a) neither the Commonwealth nor the Authority is obligated to pay such revenue bonds or the interest thereon except from revenues of the project or the portion of the project for which they are issued and (b) neither the faith and credit nor the taxing power of the Commonwealth or any political subdivision of the Commonwealth is pledged to the payment of the principal of or the interest on such bonds. The issuance of revenue bonds under the provisions of this article shall not directly, indirectly, or contingently obligate the Commonwealth or any political subdivision of the Commonwealth to levy or pledge any form of taxation for such bonds or make any appropriation for their payment.

1972, c. 686, § 23-30.49; 2016, c. 588.

Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1232. Moneys received deemed trust funds.
All moneys that the Authority receives pursuant to this article, whether as proceeds from the sale of bonds or as revenues, are trust funds to be held and applied solely as provided in this article. Any officer with whom, or any bank or trust company with which, such moneys are deposited shall act as trustee of such moneys and shall hold and apply the same for the purposes of this article, the resolution authorizing the bonds of any issue, or the trust agreement securing such bonds.

1972, c. 686, § 23-30.51; 2016, c. 588.
Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1233. Remedies of bondholders or holders of other obligations.
Any (i) holder of revenue bonds, notes, bond anticipation notes, other notes, or other obligations of the Authority issued under the provisions of this article or any of the coupons appertaining to any such obligation and (ii) trustee under any trust agreement, except to the extent that such rights are restricted by any resolution authorizing the issuance of, or any such trust agreement securing, such bonds or other obligations, may, either at law or in equity, by suit, action, mandamus, or other proceedings, (a) protect and enforce all rights under the laws of the Commonwealth or such resolution or trust agreement and (b) enforce and compel the performance of all duties required by this article or by such resolution or trust agreement to be performed by the Authority or any officer, employee, or agent of the Authority, including the fixing, charging, and collecting of the rates, rents, fees, and charges authorized by this article and required by the provisions of such resolution or trust agreement to be fixed, charged, and collected.

1972, c. 686, § 23-30.52; 2016, c. 588.

Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1234. Exemption from taxation.
Neither the Authority nor its agent are required to pay any taxes or assessments upon or with respect to a project, any property acquired or used by the Authority or its agent under the provisions of this article, or the income from any such project or property. Any bonds issued under the provisions of this article, the transfer of such bonds, and the income from such bonds, including any profit made on the sale of such bonds, are exempt from taxation of any kind by the Commonwealth and the localities and other political subdivisions of the Commonwealth.

1972, c. 686, § 23-30.53; 2016, c. 588.

Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1235. Bonds as legal investments.
Bonds issued by the Authority under the provisions of this article are securities (i) in which all public officers and bodies of the Commonwealth and its political subdivisions, insurance companies, trust companies, banking associations, investment companies, executors, administrators, trustees, and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them and (ii) that may properly and legally be deposited with and received by any officer of the Commonwealth or any of its localities or any agency or political subdivision of the Commonwealth for any lawful purpose.

1972, c. 686, § 23-30.55; 2016, c. 588.
Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1236. Nature of article.
This article is supplemental and additional to powers conferred by other laws, but the issuance of revenue bonds and revenue refunding bonds under the provisions of this article need not comply with the requirements of any other law applicable to the issuance of bonds. Except as otherwise expressly provided in this article, no power granted to the Authority under the provisions of this article is subject to the supervision or regulation of or requires the approval or consent of the Commonwealth, any locality or political subdivision of the Commonwealth, or any department, division, commission, board, body, bureau, official, or agency of any such locality or political subdivision.

1972, c. 686, § 23-30.56; 2016, c. 588.

Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1237. Article liberally construed.
This article, being necessary for the welfare of the Commonwealth and its inhabitants, shall be liberally construed to effect the purposes of this article.

1972, c. 686, § 23-30.57; 2016, c. 588.

Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12 (Virginia College Building Authority)
§ 23.1-1238. Article controls inconsistent laws.
To the extent that the provisions of this article are inconsistent with the provisions of any general statute or special act or parts thereof, the provisions of this article control.

1972, c. 686, § 23-30.58; 1973, c. 205; 2015, c. 709; 2016, c. 588.
Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12.1 (Tech Talent Investment Program)
§ 23.1-1239. Definitions.
As used in this chapter, unless the context requires a different meaning:

"Designated reviewers" means the Secretaries of Education and Finance, the director of the Department of Planning and Budget, the Executive Director of the Council, the president of the Virginia Economic Development Partnership, and the staff directors of the House Committee on Appropriations and the Senate Committee on Finance and Appropriations, or their designees.

"Eligible degree" means a new bachelor's or master's degree, or a certificate issued by a baccalaureate public institution of higher education in association with a bachelor's degree, in the field of computer science, computer engineering, or other closely related fields of study, or that otherwise aligns with traded-sector, technology-focused growth opportunities identified by the Virginia Economic Development Partnership Authority.

"Fund" means the Tech Talent Investment Fund.

"Grant" means a grant paid from the Tech Talent Investment Fund.

"Memorandum of understanding" means the negotiated instrument entered into by a qualified institution and the Commonwealth, regardless of whether the terms of the memorandum of understanding are encompassed or included within any other institutional partnership or performance agreement required by law. A memorandum of understanding shall contain criteria for eligible degrees, eligible expenses, and degree production goals for a period ending in 2039.

"New bachelor's and master's degrees" means the awarding of eligible degrees produced by a qualified institution to meet the degree production goals set forth in a qualified institution's memorandum of understanding.

"Qualified institution" means (i) any associate-degree-granting public institution of higher education, as defined in § 23.1-100, that has a transfer plan that culminates in an eligible degree and (ii) any baccalaureate public institution of higher education, as defined in § 23.1-100.

2019, cc. 638, 639; 2025, c. 144.
Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12.1 (Tech Talent Investment Program)
§ 23.1-1240. Tech Talent Investment Fund created.
A. There is hereby created in the state treasury a special nonreverting fund to be known as the Tech Talent Investment Fund. The Fund shall be established on the books of the Comptroller. All funds appropriated for the Fund shall be paid into the state treasury and credited to the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Moneys in the Fund shall be used solely to fund grants approved pursuant to the provisions of this chapter. Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller.

B. Moneys in the Fund shall be used to support the efforts of qualified institutions to increase by fiscal year 2039 the number of new eligible degrees by at least 25,000 more degrees than the number of such degrees awarded in 2018 and to improve the readiness of graduates to be employed in technology-related fields and fields that align with traded-sector growth opportunities identified by the Virginia Economic Development Partnership. Funds from the Fund may be used to support admissions and advising programs designed to convey labor market information to students to guide decisions to enroll in eligible degree programs and academic programs and to fund facility construction, renovation, and enhancement and equipment purchases related to the initiative to increase the number of eligible degrees awarded.

2019, cc. 638, 639.
Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12.1 (Tech Talent Investment Program)
§ 23.1-1243. Annual report.
The Secretary of Finance, in consultation with the other designated reviewers, shall submit a report by December 1 of each year to the Chairmen of the House Committee on Appropriations and the Senate Committee on Finance and Appropriations. Such report shall provide an update as to the progress of each qualified institution in meeting the goals set forth in its memorandum of understanding and the aggregate amount of grants awarded to the qualified institution pursuant to this chapter.

2019, cc. 638, 639.
Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 12.2 (
Advanced Manufacturing Talent Investment Fund.
)
§ 23.1-1244. 
Advanced Manufacturing Talent Investment Fund.
A.

There is hereby created in the state treasury a special nonreverting fund to be known as the Advanced Manufacturing Talent Investment Fund. The Fund shall be established on the books of the Comptroller. All funds appropriated for the Fund shall be paid into the state treasury and credited to the Fund. Interest earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. Moneys in the Fund shall be used solely as set forth in subsection B. Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller.

B.

The General Assembly establishes a long-term goal of supporting the efforts to increase the number of new eligible credentials. Moneys in the Fund shall be used to support this effort and to improve the readiness of graduates to be employed in advanced manufacturing fields and fields that align with advanced manufacturing growth opportunities identified by the Virginia Economic Development Partnership. Funds from the Fund may be used as directed by the appropriation act.

2022, cc. 499, 500.
Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 13 (Governing Boards of Public Institutions of Higher Education)
§ 23.1-1301.1. Repealed.
Repealed by Acts 2020, c. 490, cl. 2.
Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 13 (Governing Boards of Public Institutions of Higher Education)
§ 23.1-1304.1. Governing boards; additional duties; policy; acceptance of terms and conditions associated with donations, gifts, and other private philanthropic support.
The governing board of each public institution of higher education shall establish a policy for the acceptance of terms and conditions associated with any donation, gift, or other private philanthropic support. Each such policy shall include an administrative process for reviewing, accepting, and documenting terms and conditions associated with (i) gifts that direct academic decision-making and (ii) gifts of $1,000,000 or more that impose a new obligation on the institution of higher education, excluding gifts for scholarships or other financial aid. Each public institution of higher education shall retain documentation of such terms and conditions in compliance with the Virginia Public Records Act (§ 42.1-76 et seq.) and such documentation shall be subject to the provisions of the Virginia Freedom of Information Act (§ 2.2-3700 et seq.).

2020, c. 691.

Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 13 (Governing Boards of Public Institutions of Higher Education)
§ 23.1-1305. Governing boards; student accounts; collections.
No governing board shall refer a student account to collections for nonpayment before such referral is required by the provisions of § 2.2-4806. This section shall not apply to public institutions of higher education that have entered into management agreements with the Commonwealth pursuant to the Restructured Higher Education Financial and Administrative Operations Act (§ 23.1-1000 et seq.).

1970, c. 197, § 23-9.2:3; 1985, c. 520; 1987, c. 109; 1992, c. 630; 1997, c. 827; 1998, cc. 39, 362, 483, 784; 2001, cc. 664, 673; 2005, c. 818; 2006, c. 121; 2008, cc. 441, 495; 2012, cc. 448, 658, 716; 2016, c. 588; 2017, c. 314.
Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 13 (Governing Boards of Public Institutions of Higher Education)
§ 23.1-1306. Governing board executive committee; duties.
The executive committee of the governing board of each public institution of higher education shall (i) organize the working processes of the board; (ii) recommend best practices for board governance; (iii) develop and recommend to the board a statement of governance setting out the board's role; (iv) periodically review the board's bylaws and recommend amendments; (v) provide advice to the board on committee structure, appointments, and meetings; (vi) develop an orientation and continuing education process for board members that includes training on the Virginia Freedom of Information Act (§ 2.2-3700 et seq.); (vii) create, monitor, oversee, and review compliance with a code of ethics for board members; and (viii) develop a set of qualifications and competencies for membership on the board for approval by the board and recommendation to the Governor.

2013, c. 577, § 23-2.04; 2016, c. 588.

Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 13 (Governing Boards of Public Institutions of Higher Education)
§ 23.1-1307. Governing boards; expenses of members.
Members of the governing board of each public institution of higher education shall be reimbursed for all reasonable and necessary expenses incurred in the performance of their duties. Funding for the expenses of the members shall be provided by the institution.

Code 1919, §§ 814, 864, 988, §§ 23-3, 23-79, 23-122; 1924, p. 143; 1970, c. 98; 2016, c. 588.
Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 13 (Governing Boards of Public Institutions of Higher Education)
§ 23.1-1310. Boards of visitors; baccalaureate public institutions of higher education; property of predecessor institutions.
All real estate and personal property standing in the name of any predecessor institution of a baccalaureate public institution of higher education shall be transferred to, known and taken as standing in the name of, and controlled by the board of visitors of such public institution of higher education. All such real estate and personal property is the property of the Commonwealth.

Code 1919, § 936; 1960, c. 180, § 23-40; 1962, cc. 69, 610, § 23-49.13; 1964, cc. 50, 70, 97, 159, §§ 23-155.3, 23-164.2, 23-165.3, 23-184; 1966, c. 18; 1968, c. 532, § 23-174.3; 1972, cc. 550, 861, §§ 23-91.25, 23-91.35; 1974, c. 317; 1976, c. 21, § 23-49.24; 1977, cc. 168, 296, 319; 1992, c. 103; 1979, cc. 136, 145, 146, 147, 294; 2002, cc. 158, 257; 2004, cc. 176, 195; 2016, c. 588.
Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 14 (CHRISTOPHER NEWPORT UNIVERSITY)
§ 23.1-1400. Corporate name; name of the University.
A. The board of visitors of Christopher Newport University (the board) is a corporation under the name and style of "The Rector and Visitors of Christopher Newport University" and has, in addition to its other powers, all the corporate powers given to corporations by the provisions of Title 13.1 except those powers that are confined to corporations created pursuant to Title 13.1. The board shall at all times be under the control of the General Assembly.

B. The institution shall be known as Christopher Newport University (the University).

1976, c. 21, § 23-49.23; 1992, c. 103; 2016, c. 588.

Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 14 (CHRISTOPHER NEWPORT UNIVERSITY)
§ 23.1-1401. Membership.
The board shall consist of 14 members appointed by the Governor, of whom at least six shall be alumni of the University.

1976, c. 21, § 23-49.25; 1978, c. 376; 1992, c. 103; 1995, c. 40; 2014, cc. 190, 597; 2016, c. 588.

Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 14 (CHRISTOPHER NEWPORT UNIVERSITY)
§ 23.1-1402. Meetings; officers; committees.
A. The board shall meet at the University at least once a year and at such other times as it determines. Special meetings of the board may be called by the rector or any three members. The secretary shall provide notice of any special meeting to each member.

B. Seven members shall constitute a quorum.

C. The board shall elect from its membership a rector to preside at its meetings, a vice-rector to preside at its meetings in the absence of the rector, and a secretary to preside at its meetings in the absence of the rector and vice-rector.

D. The board may appoint a pro tempore officer to preside at its meetings in the absence of the rector, vice-rector, and secretary.

E. Vacancies in the offices of rector, vice-rector, and secretary may be filled by the board for the unexpired term.

F. The board may appoint an executive committee for the transaction of business in the recess of the board, to serve for a period of one year or until the next regular annual meeting.

1976, c. 21, § 23-49.28; 1978, c. 376; 1990, c. 106; 1992, c. 103; 2016, c. 588; 2025, cc. 50, 62.

Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 14 (CHRISTOPHER NEWPORT UNIVERSITY)
§ 23.1-1403. Powers and duties.
A. The board shall appoint all teachers and fix their salaries, provide for the employment of other personnel as required, and generally direct the affairs of the University.

B. The board may confer degrees and, subject to the provisions of § 23.1-203, approve new academic programs and discontinue academic programs offered by the University.

1976, c. 21, §§ 23-49.28, 23-49.30, 23-49.31; 1978, c. 376; 1990, c. 106; 1992, c. 103; 2016, c. 588.
Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 15 (GEORGE MASON UNIVERSITY)
§ 23.1-1500. Corporate name; name of the University.
A. The board of visitors of George Mason University (the board) is a corporation under the name and style of "The Rector and Visitors of George Mason University" and has, in addition to its other powers, all the corporate powers given to corporations by the provisions of Title 13.1 except those powers that are confined to corporations created pursuant to Title 13.1. The board shall at all times be under the control of the General Assembly.

B. The institution shall be known as George Mason University (the University).

1972, c. 550, § 23-91.24; 2016, c. 588.

Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 15 (GEORGE MASON UNIVERSITY)
§ 23.1-1501. Membership.
A. The board shall consist of 16 members appointed by the Governor. At least one member appointed each year shall be an alumnus of the University.

B. The alumni association of the University and the board may submit to the Governor a list of at least three nominees for each vacancy on the board, whether the vacancy occurs by expiration of a term or otherwise. The Governor may appoint a member from the list of nominees.

1972, c. 550, §§ 23-91.26, 3-91.27; 1977, c. 670; 2016, c. 588.

Code of Virginia — Title 23.1 (Institutions of Higher Education; Other Educational and Cultural Institutions), Chapter 15 (GEORGE MASON UNIVERSITY)
§ 23.1-1502. Meetings; officers; committees.
A. The board shall meet at the University once a year and at such other times as it determines. Special meetings of the board may be called by the rector or any three members. The secretary shall provide notice of any special meeting to each member.

B. Eight members shall constitute a quorum.

C. Every other year, the board shall appoint from its membership a rector to preside at its meetings, a vice-rector to preside at its meetings in the absence of the rector, and a secretary to preside at its meetings in the absence of the rector and vice-rector.

D. The board may appoint a pro tempore officer to preside at its meetings in the absence of the rector, vice-rector, and secretary.

E. Vacancies in the offices of rector, vice-rector, and secretary may be filled by the board for the unexpired term.

F. At every regular annual meeting of the board, the board may appoint an executive committee for the transaction of business in the recess of the board, consisting of at least three and not more than five members, to serve for a period of one year or until the next regular annual meeting.

1972, c. 550, § 23-91.29; 2016, c. 588.