{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/23.1-1117.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/23.1-1117.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/23.1-1117.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/23.1-1117.html"}],"law_id":87467,"edition_id":1,"section_id":87467,"structure_id":14061,"section_number":"23.1-1117","catch_line":"Borrowing to purchase real estate","history":"1970, c. 609, \u00a7 23-30.02; 1981, c. 505; 2016, c. 588.","full_text":"A\n\nAny 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\n\nBonds 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\n\nAny 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\n\nAny 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\n\nAny 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.","order_by":null,"text":{"0":{"id":313110,"text":"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.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":313111,"text":"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.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":313112,"text":"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.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":313113,"text":"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.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":313114,"text":"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.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-1117\/","history_text":"

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 2 times. 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. Those modifications are as follows: in 1981, chapter 505; in 2016, chapter 588<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":185711,"object_type":"law","relational_id":87467,"identifier":"23.1-1117","token":"23.1\/III\/11\/23.1-1117","url":"\/23.1-1117\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/23.1-1117\/","token":"23.1\/III\/11\/23.1-1117","dublin_core":{"Title":"Borrowing to purchase real estate","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-1117","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Any institution<\/span> may, with the approval of the Governor and upon the affirmative vote of at least two-thirds of its board<\/span>, (i) borrow for and in the name of the institution<\/span> 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<\/span> and (ii) secure payment of such debts by a lien<\/span> on such real estate or the pledge of any endowment funds or unrestricted gifts from private sources available for the use of such institution<\/span> that are not required by law<\/span> or by previous binding contract<\/span> to be devoted to some other purpose. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Bonds<\/span> issued by an institution<\/span> 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<\/span> so issued or the proceeds from the sale or liquidation<\/span> of such real estate, funds, or gifts, and shall not constitute a general obligation of such institution<\/span>, the Commonwealth, the Governor, the members of the board<\/span>, or any person executing the bonds<\/span> so issued. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Any bonds<\/span> issued by an institution<\/span> 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<\/span>, including savings and loan associations, in the Commonwealth may properly and legally invest funds under their control. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Any bonds<\/span> issued pursuant to this section, the transfer of such bonds<\/span>, or the income from such bonds<\/span>, including any profit derived from the sale of such bonds<\/span>, is exempt from taxation by the Commonwealth or any locality or political subdivision of the Commonwealth. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Any board<\/span> resolution authorizing the issuance of bonds<\/span> pursuant to this section may contain any provision authorized by this chapter in connection with the issuance of bonds<\/span> by institutions<\/span>. Such provision shall be part of the contract<\/span> with the holders of such bonds<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBORROWING TO PURCHASE REAL ESTATE (\u00a7 23.1-1117)\n\nA. Any institution may, with the approval of the Governor and upon the\naffirmative vote of at least two-thirds of its board, (i) borrow for and in the\nname of the institution such sums as it determines necessary for the acquisition\nof improved or unimproved real estate whether such acquisition is for the\npurpose of erecting a project and (ii) secure payment of such debts by a lien on\nsuch real estate or the pledge of any endowment funds or unrestricted gifts from\nprivate sources available for the use of such institution that are not required\nby law or by previous binding contract to be devoted to some other purpose.\n\nB. Bonds issued by an institution pursuant to this section and the interest\nthereon shall be paid only from the real estate, endowment funds, or\nunrestricted gifts from private sources pledged to secure the bonds so issued or\nthe proceeds from the sale or liquidation of such real estate, funds, or gifts,\nand shall not constitute a general obligation of such institution, the\nCommonwealth, the Governor, the members of the board, or any person executing\nthe bonds so issued.\n\nC. Any bonds issued by an institution pursuant to this section are securities in\nwhich all public officers and bodies of the Commonwealth and its political\nsubdivisions, insurance companies and associations, and savings banks and\nsavings institutions, including savings and loan associations, in the\nCommonwealth may properly and legally invest funds under their control.\n\nD. Any bonds issued pursuant to this section, the transfer of such bonds, or the\nincome from such bonds, including any profit derived from the sale of such\nbonds, is exempt from taxation by the Commonwealth or any locality or political\nsubdivision of the Commonwealth.\n\nE. Any board resolution authorizing the issuance of bonds pursuant to this\nsection may contain any provision authorized by this chapter in connection with\nthe issuance of bonds by institutions. Such provision shall be part of the\ncontract with the holders of such bonds.\n\nHISTORY: 1970, c. 609, \u00a7 23-30.02; 1981, c. 505; 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}}