reglab/statecodes huggingface dataset:
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 11 - Bonds and Other Obligations › § 23.1-1112. Bonds; interest

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.
1970, c. 609, § 23-30.03; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 11 - Bonds and Other Obligations › § 23.1-1113. Bonds; surplus to be paid into state treasury

When any institution fully meets and discharges its bonds, interest thereon, interest on any unpaid installments of interest on its bonds, and all costs and expenses in connection with any action or proceedings by or on behalf of the bondholders and pays in full or otherwise discharges all of its liabilities incurred pursuant to this chapter, such institution shall pay into the state treasury all such sums of money it receives pursuant to the provisions of this chapter or that are derived from any project erected pursuant to this chapter as may be in its possession or control.
1933, p. 91, § 23-28; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 11 - Bonds and Other Obligations › § 23.1-1114. Projects; accounts to be kept by boards

The board of each institution shall keep and preserve complete and accurate accounts of all sums of money received and disbursed to acquire, erect, lease, operate, or maintain any project and any other existing facilities, including a complete and accurate record of all revenues derived from any source set forth in subdivision C 1 a, b, c, or d of § 23.1-1106 and all sums disbursed for the payment of the principal of or interest on or other debt service with respect to any bonds issued pursuant to this chapter. The annual portion of such revenues that are not required to discharge any obligation, liability, or debt of the institution incurred in connection with the project or other existing facilities, including the creation of reserves for such purposes, shall be paid into the state treasury as provided in § 23.1-1109.
1933, p. 89, § 23-22; 1962, c. 373; 1964, c. 635; 1984, c. 734; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 11 - Bonds and Other Obligations › § 23.1-1115. Projects; exemption from taxation

The acquisition, erection, leasing, operation, and maintenance of any project authorized by this chapter are for the benefit of the citizens of the Commonwealth, for the increase of their pleasure, knowledge, and welfare, and for the dissemination of education among them. Each institution performs a governmental function and is an incorporated institution of learning in carrying out its purposes and exercising its powers pursuant to this chapter and, so far as may be consistent with the Constitution of Virginia, is not required to pay taxes or assessments of any kind upon any project that it (i) acquires, erects, or leases and (ii) operates and maintains. Any such project is exempt from taxation and, insofar as may be permitted under the Constitution of Virginia, the bonds of such institution are exempt from taxation except for inheritance taxes.
1933, p. 91, § 23-25; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 11 - Bonds and Other Obligations › § 23.1-1116. Commonwealth not to limit revenues of institutions

The Commonwealth shall not (i) limit or alter the rights vested in any institution to establish, collect, and pledge fees, rents, and charges, including student building fees and other student fees, as provided for in subdivision C 1 a, b, c, or d of § 23.1-1106 that the institution deems necessary or convenient to produce sufficient revenues to meet the expense of maintenance and operation of such project and such other existing facilities and fulfill the terms of any agreement made with the bondholders or (ii) in any way impair the rights and remedies of such bondholders until the bonds, the interest thereon, the interest on any unpaid installments of interest on the bonds, and all costs and expenses in connection with any action or proceedings by or on behalf of such bondholders are fully met and discharged.
1933, p. 91, § 23-26; 1962, c. 373; 1964, c. 635; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 11 - Bonds and Other Obligations › § 23.1-1117. Borrowing to purchase real estate

A. Any institution may, with the approval of the Governor and upon the affirmative vote of at least two-thirds of its board, (i) borrow for and in the name of the institution such sums as it determines necessary for the acquisition of improved or unimproved real estate whether such acquisition is for the purpose of erecting a project and (ii) secure payment of such debts by a lien on such real estate or the pledge of any endowment funds or unrestricted gifts from private sources available for the use of such institution that are not required by law or by previous binding contract to be devoted to some other purpose.
B. Bonds issued by an institution pursuant to this section and the interest thereon shall be paid only from the real estate, endowment funds, or unrestricted gifts from private sources pledged to secure the bonds so issued or the proceeds from the sale or liquidation of such real estate, funds, or gifts, and shall not constitute a general obligation of such institution, the Commonwealth, the Governor, the members of the board, or any person executing the bonds so issued.
C. Any bonds issued by an institution pursuant to this section are securities in which all public officers and bodies of the Commonwealth and its political subdivisions, insurance companies and associations, and savings banks and savings institutions, including savings and loan associations, in the Commonwealth may properly and legally invest funds under their control.
D. Any bonds issued pursuant to this section, the transfer of such bonds, or the income from such bonds, including any profit derived from the sale of such bonds, is exempt from taxation by the Commonwealth or any locality or political subdivision of the Commonwealth.
E. Any board resolution authorizing the issuance of bonds pursuant to this section may contain any provision authorized by this chapter in connection with the issuance of bonds by institutions. Such provision shall be part of the contract with the holders of such bonds.
1970, c. 609, § 23-30.02; 1981, c. 505; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 11 - Bonds and Other Obligations › § 23.1-1118. Discretion of Governor in granting or withholding consent or approval

The Governor is vested with absolute discretion with respect to withholding or granting any consent or approval made pursuant to this chapter.
1933, p. 91, § 23-27; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 11 - Bonds and Other Obligations › § 23.1-1119. Payment of interest on bonds of the Commonwealth held by public institutions of higher education and private institutions of higher education

The Comptroller shall draw upon the state treasury in favor of the proper authorities of any public institution of higher education or private institution of higher education for all accrued interest, upon all obligations of the Commonwealth or the James River and Kanawha Company guaranteed by the Commonwealth that are held by or for such institution. No interest shall be paid upon any such bonds.
Code 1919, § 990, § 23-5; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 11 - Bonds and Other Obligations › § 23.1-1120. Exchange and cancellation of consol coupon bonds of the Commonwealth

The following sections of the Code of Virginia of 1919 are continued in effect:
1. Section 991, relating to the exchange of consol coupon bonds held by colleges, etc., for funded registered consol bonds; and
2. Section 992, relating to the cancellation of such bonds surrendered in exchange.
Code 1919, §§ 991, 992, § 23-6; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 11 - Bonds and Other Obligations › § 23.1-1121. Certificates of indebtedness

Chapter 489 of the Acts of Assembly of 1926, approved March 25, 1926, and codified as §§ 992(1)-992(13) of Michie Code 1942, authorizing the governing boards of certain public institutions of higher education to issue certificates of indebtedness to raise funds for dormitory construction purposes, and Chapter 61 of the Acts of Assembly of 1928, approved February 28, 1928, relating to similar certificates, are continued in effect.
§ 23-30; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 11 - Bonds and Other Obligations › § 23.1-1122. Provisions of chapter to control

Insofar as the provisions of this chapter are inconsistent with the provisions of any other general or special law or the charter or other organic law of any institution, the provisions of this chapter control.
1933, p. 92, § 23-29; 1962, c. 577; 1964, c. 90; 1997, c. 310; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 12 - Virginia College Building Authority › § 23.1-1200. (Expires pursuant to Acts 2023, cc. 756 and 778, cl. 5) Definitions; findings

A. As used in this article, unless the context requires a different meaning:
"Authority" means the Virginia College Building Authority.
"Bond" means any bond, note, or other evidences of indebtedness or obligation of the Authority pursuant to this article.
"Eligible institution" means public institutions of higher education, as that term is defined in § 23.1-100; Eastern Virginia Medical School; the Institute for Advanced Learning and Research; the New College Institute; the Roanoke Higher Education Authority; the Southern Virginia Higher Education Center; the Southwest Virginia Higher Education Center; the Virginia School for the Deaf and the Blind; and the Wilson Workforce and Rehabilitation Center.
"Equipment" means any personal property, including computer hardware and software, and any other improvements, including infrastructure improvements relating to equipment, used to support academic instruction and research at eligible institutions.
"Project" has the same meaning as set forth in § 23.1-1100.
B. Providing funds for the construction of projects at eligible institutions is or may be hindered, impeded, and delayed by the high financing costs resulting from the sale of bonds of such eligible institutions in the open market, and it is desirable that the Authority may (i) serve the purposes of eligible institutions by purchasing such bonds and financing the construction of projects at a lower cost, which facilitates such construction and (ii) issue its own revenue bonds for the purpose of paying the costs of such projects.
C. There is an urgent need to provide substantial amounts of new scientific, technical, and other equipment for academic instruction, research, and related activities at eligible institutions so that they may remain competitive in attracting high-quality faculty and obtaining research grants, and it is desirable that the Authority may finance the purchase of such equipment to provide eligible institutions with such equipment at the lowest possible cost, which facilitates the acquisition and supply of such equipment to eligible institutions and increases the purchasing power of their funds, including funds provided by tuition and fees and appropriations from the General Assembly.
1964, c. 607, § 23-30.24; 1966, c. 685; 1986, c. 597; 1996, cc. 672, 689; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 12 - Virginia College Building Authority › § 23.1-1200. (Effective pursuant to Acts 2023, cc. 756 and 778, cl. 5) Definitions; findings

A. As used in this article, unless the context requires a different meaning:
"Authority" means the Virginia College Building Authority.
"Bond" means any bond, note, or other evidences of indebtedness or obligation of the Authority pursuant to this article.
"Eligible institution" means public institutions of higher education, as that term is defined in § 23.1-100; Eastern Virginia Medical School; the Institute for Advanced Learning and Research; the New College Institute; the Roanoke Higher Education Authority; the Southern Virginia Higher Education Center; the Southwest Virginia Higher Education Center; the Virginia School for the Deaf and the Blind; and the Wilson Workforce and Rehabilitation Center.
"Equipment" means any personal property, including computer hardware and software, and any other improvements, including infrastructure improvements relating to equipment, used to support academic instruction and research at eligible institutions.
"Project" has the same meaning as set forth in § 23.1-1100.
B. Providing funds for the construction of projects at eligible institutions is or may be hindered, impeded, and delayed by the high financing costs resulting from the sale of bonds of such eligible institutions in the open market, and it is desirable that the Authority may (i) serve the purposes of eligible institutions by purchasing such bonds and financing the construction of projects at a lower cost, which facilitates such construction and (ii) issue its own revenue bonds for the purpose of paying the costs of such projects.
C. There is an urgent need to provide substantial amounts of new scientific, technical, and other equipment for academic instruction, research, and related activities at eligible institutions so that they may remain competitive in attracting high-quality faculty and obtaining research grants, and it is desirable that the Authority may finance the purchase of such equipment to provide eligible institutions with such equipment at the lowest possible cost, which facilitates the acquisition and supply of such equipment to eligible institutions and increases the purchasing power of their funds, including funds provided by tuition and fees and appropriations from the General Assembly.
1964, c. 607, § 23-30.24; 1966, c. 685; 1986, c. 597; 1996, cc. 672, 689; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 12 - Virginia College Building Authority › § 23.1-1201. Virginia College Building Authority established

A. The Virginia College Building Authority is established as a public body corporate and a political subdivision, agency, and instrumentality of the Commonwealth. The Authority is vested with the powers, rights, and duties conferred in this chapter.
B. The Authority shall consist of the State Treasurer, the State Comptroller, the Director of the Department of Planning and Budget, and the Director of the Council, all of whom shall serve ex officio, and seven additional members appointed by the Governor, subject to confirmation by the General Assembly. Each member shall serve at the pleasure of the Governor. Appointed members shall serve for a term of four years. Ex officio members shall serve terms coincident with their terms of office. Vacancies occurring other than by expiration of a term shall be filled for the unexpired term. No appointed member shall serve more than two consecutive terms.
C. The Governor shall appoint one member as chairman who shall serve a two-year term. No member is eligible to serve more than two consecutive terms as chairman. The chairman shall be the chief executive officer of the Authority and shall receive such compensation as the Governor determines. No ex officio member is eligible to serve as chairman.
D. The Authority shall elect one appointed member as vice-chairman, who shall exercise the powers of the chairman in the absence of the chairman.
E. The Authority shall elect a treasurer, a secretary, and an assistant secretary to perform the duties and functions commonly performed by such officers. All such officers, except the secretary and the assistant secretary, shall be selected from members of the Authority. The secretary and the assistant secretary may receive such compensation as the Authority provides.
F. Each appointed member of the Authority and the secretary and the assistant secretary shall execute a surety bond in such penal sum as shall be determined by the Attorney General to be (i) conditioned upon the faithful performance of the duties of his office, (ii) executed by a surety company authorized to transact business in the Commonwealth as surety, (iii) approved by the Attorney General, and (iv) filed in the office of the Secretary of the Commonwealth.
G. Six members of the Authority shall constitute a quorum for the transaction of all business of the Authority.
1964, c. 607, § 23-30.25; 1966, c. 685; 1980, c. 728; 1986, c. 597; 2011, cc. 691, 714; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 12 - Virginia College Building Authority › § 23.1-1202. Action by Authority may be authorized by resolution

The Authority may authorize any action taken by the Authority pursuant to the provisions of this article by resolution at any regular or special meeting, and each such resolution shall take effect immediately and need not be published or posted.
1964, c. 607, § 23-30.35; 1966, c. 685; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 12 - Virginia College Building Authority › § 23.1-1204. Duties; administration of assets, moneys, or obligations

The Authority shall manage and administer all assets, moneys, or obligations set aside and transferred to it by the General Assembly or eligible institutions as provided in this article.
1966, c. 685, § 23-30.26; 1996, cc. 672, 689; 2016, c. 588.
2023 Code of Virginia › Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions › Chapter 12 - Virginia College Building Authority › § 23.1-1205. Powers; purchase or sale of bonds or other obligations of eligible institutions

A. The Authority may purchase, with any funds of the Authority available for such purpose, at public or private sale and for such price and on such terms as it determines, bonds or other obligations issued by eligible institutions pursuant to Chapter 11 (§ 23.1-1100 et seq.).
B. The Authority may pledge to the payment of the interest on and the principal of any bonds of the Authority all or any part of the bonds of eligible institutions so purchased, including payments of principal and interest thereon, as such payments become due. The Authority may, subject to any such pledge, sell any such bonds so purchased and apply the proceeds of such sale (i) to purchase like bonds of other eligible institutions or (ii) for the purpose and in the manner provided by any resolution authorizing the issuance of bonds of the Authority.
1966, c. 685, § 23-30.27; 2016, c. 588.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.