{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/23.1-1112.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/23.1-1112.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/23.1-1112.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/23.1-1112.html"}],"law_id":78603,"edition_id":1,"section_id":78603,"structure_id":14061,"section_number":"23.1-1112","catch_line":"Bonds; interest","history":"1970, c. 609, \u00a7 23-30.03; 2016, c. 588.","full_text":"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 \u00a7 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 \u00a7 6.2-303 or 15.2-2612.","order_by":null,"text":{"0":{"id":281672,"text":"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 \u00a7 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 \u00a7 6.2-303 or 15.2-2612.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14061,"edition_id":1,"name":"Bonds and Other Obligations","identifier":"11","label":"chapter","depth":3,"order_by":1,"parent_id":14060,"metadata":{},"date_created":"2026-06-26 03:46:44","date_modified":"2026-06-26 03:46:44","permalink":{"id":185641,"object_type":"structure","relational_id":14061,"identifier":"11","token":"23.1\/III\/11","url":"\/23.1\/III\/11\/","edition_id":1,"permalink":0,"preferred":1}},{"id":14060,"edition_id":1,"name":"Management and Financing","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":13111,"metadata":{},"date_created":"2026-06-26 03:46:44","date_modified":"2026-06-26 03:46:44","permalink":{"id":185513,"object_type":"structure","relational_id":14060,"identifier":"III","token":"23.1\/III","url":"\/23.1\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13111,"edition_id":1,"name":"Institutions of Higher Education; Other Educational and Cultural Institutions","identifier":"23.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":184581,"object_type":"structure","relational_id":13111,"identifier":"23.1","token":"23.1","url":"\/23.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":55320,"structure_id":14061,"section_number":"23.1-1100","catch_line":"Definitions","url":"\/23.1-1100\/","token":"23.1\/III\/11\/23.1-1100","metadata":false},{"id":77059,"structure_id":14061,"section_number":"23.1-1101","catch_line":"Powers of institutions vested in majority of members of board; quorum","url":"\/23.1-1101\/","token":"23.1\/III\/11\/23.1-1101","metadata":false},{"id":77622,"structure_id":14061,"section_number":"23.1-1102","catch_line":"Purpose of institutions","url":"\/23.1-1102\/","token":"23.1\/III\/11\/23.1-1102","metadata":false},{"id":71395,"structure_id":14061,"section_number":"23.1-1103","catch_line":"Institutions; powers generally","url":"\/23.1-1103\/","token":"23.1\/III\/11\/23.1-1103","metadata":false},{"id":62715,"structure_id":14061,"section_number":"23.1-1104","catch_line":"Institutions; powers; projects and bonds","url":"\/23.1-1104\/","token":"23.1\/III\/11\/23.1-1104","metadata":false},{"id":62004,"structure_id":14061,"section_number":"23.1-1105","catch_line":"Institutions; powers; borrowing upon endowment and other investments","url":"\/23.1-1105\/","token":"23.1\/III\/11\/23.1-1105","metadata":false},{"id":77983,"structure_id":14061,"section_number":"23.1-1106","catch_line":"Bonds generally","url":"\/23.1-1106\/","token":"23.1\/III\/11\/23.1-1106","metadata":false},{"id":80451,"structure_id":14061,"section_number":"23.1-1107","catch_line":"Bondholders; remedies and trustees","url":"\/23.1-1107\/","token":"23.1\/III\/11\/23.1-1107","metadata":false},{"id":58952,"structure_id":14061,"section_number":"23.1-1108","catch_line":"Bonds mutilated, lost, or destroyed","url":"\/23.1-1108\/","token":"23.1\/III\/11\/23.1-1108","metadata":false},{"id":62860,"structure_id":14061,"section_number":"23.1-1109","catch_line":"Bonds and revenues; disposition","url":"\/23.1-1109\/","token":"23.1\/III\/11\/23.1-1109","metadata":false},{"id":79864,"structure_id":14061,"section_number":"23.1-1110","catch_line":"Bonds as legal investments","url":"\/23.1-1110\/","token":"23.1\/III\/11\/23.1-1110","metadata":false},{"id":61560,"structure_id":14061,"section_number":"23.1-1111","catch_line":"Bonds; prohibition against obligating Commonwealth","url":"\/23.1-1111\/","token":"23.1\/III\/11\/23.1-1111","metadata":false},{"id":78603,"structure_id":14061,"section_number":"23.1-1112","catch_line":"Bonds; interest","url":"\/23.1-1112\/","token":"23.1\/III\/11\/23.1-1112","metadata":false},{"id":70745,"structure_id":14061,"section_number":"23.1-1113","catch_line":"Bonds; surplus to be paid into state treasury","url":"\/23.1-1113\/","token":"23.1\/III\/11\/23.1-1113","metadata":false},{"id":62990,"structure_id":14061,"section_number":"23.1-1114","catch_line":"Projects; accounts to be kept by boards","url":"\/23.1-1114\/","token":"23.1\/III\/11\/23.1-1114","metadata":false},{"id":79583,"structure_id":14061,"section_number":"23.1-1115","catch_line":"Projects; exemption from taxation","url":"\/23.1-1115\/","token":"23.1\/III\/11\/23.1-1115","metadata":false},{"id":85366,"structure_id":14061,"section_number":"23.1-1116","catch_line":"Commonwealth not to limit revenues of institutions","url":"\/23.1-1116\/","token":"23.1\/III\/11\/23.1-1116","metadata":false},{"id":87467,"structure_id":14061,"section_number":"23.1-1117","catch_line":"Borrowing to purchase real estate","url":"\/23.1-1117\/","token":"23.1\/III\/11\/23.1-1117","metadata":false},{"id":86618,"structure_id":14061,"section_number":"23.1-1118","catch_line":"Discretion of Governor in granting or withholding consent or approval","url":"\/23.1-1118\/","token":"23.1\/III\/11\/23.1-1118","metadata":false},{"id":55164,"structure_id":14061,"section_number":"23.1-1119","catch_line":"Payment of interest on bonds of the Commonwealth held by public institutions of higher education and private institutions of higher education","url":"\/23.1-1119\/","token":"23.1\/III\/11\/23.1-1119","metadata":false},{"id":66554,"structure_id":14061,"section_number":"23.1-1120","catch_line":"Exchange and cancellation of consol coupon bonds of the Commonwealth","url":"\/23.1-1120\/","token":"23.1\/III\/11\/23.1-1120","metadata":false},{"id":56613,"structure_id":14061,"section_number":"23.1-1121","catch_line":"Certificates of indebtedness","url":"\/23.1-1121\/","token":"23.1\/III\/11\/23.1-1121","metadata":false},{"id":66049,"structure_id":14061,"section_number":"23.1-1122","catch_line":"Provisions of chapter to control","url":"\/23.1-1122\/","token":"23.1\/III\/11\/23.1-1122","metadata":false}],"previous_section":{"id":61560,"structure_id":14061,"section_number":"23.1-1111","catch_line":"Bonds; prohibition against obligating Commonwealth","url":"\/23.1-1111\/","token":"23.1\/III\/11\/23.1-1111","metadata":false},"next_section":{"id":70745,"structure_id":14061,"section_number":"23.1-1113","catch_line":"Bonds; surplus to be paid into state treasury","url":"\/23.1-1113\/","token":"23.1\/III\/11\/23.1-1113","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-1112\/","history_text":"<p>This law was first created in 1970. The record of its establishment is cataloged in chapter 609 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1970 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2016, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?161+ful+CHAP0588\">588<\/a>.<\/p>","references":[{"id":62004,"section_number":"23.1-1105","catch_line":"Institutions; powers; borrowing upon endowment and other investments","order_by":null,"url":"\/23.1-1105\/"},{"id":77983,"section_number":"23.1-1106","catch_line":"Bonds generally","order_by":null,"url":"\/23.1-1106\/"}],"refers_to":[{"id":75201,"section_number":"15.2-2612","catch_line":"Dating; rate of interest; maturity; denomination; place of payment","order_by":null,"url":"\/15.2-2612\/"},{"id":63345,"section_number":"6.2-303","catch_line":"Contracts for more than legal rate of interest","order_by":null,"url":"\/6.2-303\/"}],"permalink":{"id":185691,"object_type":"law","relational_id":78603,"identifier":"23.1-1112","token":"23.1\/III\/11\/23.1-1112","url":"\/23.1-1112\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/23.1-1112\/","token":"23.1\/III\/11\/23.1-1112","dublin_core":{"Title":"Bonds; interest","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-1112","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>No <span class=\"dictionary\">bond<\/span> issued by an <span class=\"dictionary\">institution<\/span> pursuant to this chapter shall (i) bear interest at an annual percentage rate exceeding the greater of the rates authorized under \u00a7&nbsp;<a class=\"law\" title=\"Contracts for more than legal rate of interest\" href=\"\/6.2-303\/\">6.2-303<\/a> or <a class=\"law\" title=\"Dating; rate of interest; maturity; denomination; place of payment\" href=\"\/15.2-2612\/\">15.2-2612<\/a> 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 \u00a7&nbsp;<a class=\"law\" title=\"Contracts for more than legal rate of interest\" href=\"\/6.2-303\/\">6.2-303<\/a> or <a class=\"law\" title=\"Dating; rate of interest; maturity; denomination; place of payment\" href=\"\/15.2-2612\/\">15.2-2612<\/a>.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nBONDS; INTEREST (\u00a7 23.1-1112)\n\nNo bond issued by an institution pursuant to this chapter shall (i) bear\ninterest at an annual percentage rate exceeding the greater of the rates\nauthorized under \u00a7 6.2-303 or 15.2-2612 or (ii) be sold at public or private\nsale such that the interest cost to maturity exceeds the greater of such annual\npercentage rates authorized under \u00a7 6.2-303 or 15.2-2612.\n\nHISTORY: 1970, c. 609, \u00a7 23-30.03; 2016, c. 588.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}