{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/23.1-1205.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/23.1-1205.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/23.1-1205.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/23.1-1205.html"}],"law_id":73472,"edition_id":1,"section_id":73472,"structure_id":15508,"section_number":"23.1-1205","catch_line":"Powers; purchase or sale of bonds or other obligations of eligible institutions","history":"1966, c. 685, \u00a7 23-30.27; 2016, c. 588.","full_text":"A\n\nThe 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\n\nThe 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.","order_by":null,"text":{"0":{"id":264376,"text":"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.).","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":264377,"text":"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.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":15508,"edition_id":1,"name":"General Provisions; Powers and Duties","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":14345,"metadata":{},"date_created":"2026-06-26 03:55:39","date_modified":"2026-06-26 03:55:39","permalink":{"id":185737,"object_type":"structure","relational_id":15508,"identifier":"1","token":"23.1\/III\/12\/1","url":"\/23.1\/III\/12\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":14345,"edition_id":1,"name":"Virginia College Building Authority","identifier":"12","label":"chapter","depth":3,"order_by":1,"parent_id":14060,"metadata":{},"date_created":"2026-06-26 03:47:49","date_modified":"2026-06-26 03:47:49","permalink":{"id":185735,"object_type":"structure","relational_id":14345,"identifier":"12","token":"23.1\/III\/12","url":"\/23.1\/III\/12\/","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":84904,"structure_id":15508,"section_number":"23.1-1200","catch_line":"Definitions; findings","url":"\/23.1-1200\/","token":"23.1\/III\/12\/1\/23.1-1200","metadata":false},{"id":72257,"structure_id":15508,"section_number":"23.1-1201","catch_line":"Virginia College Building Authority established","url":"\/23.1-1201\/","token":"23.1\/III\/12\/1\/23.1-1201","metadata":false},{"id":83905,"structure_id":15508,"section_number":"23.1-1202","catch_line":"Action by Authority may be authorized by resolution","url":"\/23.1-1202\/","token":"23.1\/III\/12\/1\/23.1-1202","metadata":false},{"id":77677,"structure_id":15508,"section_number":"23.1-1203","catch_line":"Powers of Authority generally","url":"\/23.1-1203\/","token":"23.1\/III\/12\/1\/23.1-1203","metadata":false},{"id":86522,"structure_id":15508,"section_number":"23.1-1204","catch_line":"Duties; administration of assets, moneys, or obligations","url":"\/23.1-1204\/","token":"23.1\/III\/12\/1\/23.1-1204","metadata":false},{"id":73472,"structure_id":15508,"section_number":"23.1-1205","catch_line":"Powers; purchase or sale of bonds or other obligations of eligible institutions","url":"\/23.1-1205\/","token":"23.1\/III\/12\/1\/23.1-1205","metadata":false},{"id":71767,"structure_id":15508,"section_number":"23.1-1206","catch_line":"Powers; acquisition or disposition of equipment","url":"\/23.1-1206\/","token":"23.1\/III\/12\/1\/23.1-1206","metadata":false},{"id":71770,"structure_id":15508,"section_number":"23.1-1207","catch_line":"Powers; bonds of Authority generally","url":"\/23.1-1207\/","token":"23.1\/III\/12\/1\/23.1-1207","metadata":false},{"id":67521,"structure_id":15508,"section_number":"23.1-1208","catch_line":"Security for bonds","url":"\/23.1-1208\/","token":"23.1\/III\/12\/1\/23.1-1208","metadata":false},{"id":69367,"structure_id":15508,"section_number":"23.1-1209","catch_line":"Reserve fund; limitations","url":"\/23.1-1209\/","token":"23.1\/III\/12\/1\/23.1-1209","metadata":false},{"id":80005,"structure_id":15508,"section_number":"23.1-1210","catch_line":"Payment on bonds; pledge of revenues","url":"\/23.1-1210\/","token":"23.1\/III\/12\/1\/23.1-1210","metadata":false},{"id":83226,"structure_id":15508,"section_number":"23.1-1211","catch_line":"Default on payments","url":"\/23.1-1211\/","token":"23.1\/III\/12\/1\/23.1-1211","metadata":false},{"id":81001,"structure_id":15508,"section_number":"23.1-1212","catch_line":"Investment of funds","url":"\/23.1-1212\/","token":"23.1\/III\/12\/1\/23.1-1212","metadata":false},{"id":80486,"structure_id":15508,"section_number":"23.1-1213","catch_line":"Enforcement of rights and duties by bondholder or trustee under trust indenture","url":"\/23.1-1213\/","token":"23.1\/III\/12\/1\/23.1-1213","metadata":false},{"id":67372,"structure_id":15508,"section_number":"23.1-1214","catch_line":"Exemption of bonds from taxation","url":"\/23.1-1214\/","token":"23.1\/III\/12\/1\/23.1-1214","metadata":false},{"id":86127,"structure_id":15508,"section_number":"23.1-1215","catch_line":"Bonds made lawful investments","url":"\/23.1-1215\/","token":"23.1\/III\/12\/1\/23.1-1215","metadata":false},{"id":86824,"structure_id":15508,"section_number":"23.1-1216","catch_line":"Annual report; examination of records, books, and accounts","url":"\/23.1-1216\/","token":"23.1\/III\/12\/1\/23.1-1216","metadata":false},{"id":69836,"structure_id":15508,"section_number":"23.1-1217","catch_line":"Annual audit","url":"\/23.1-1217\/","token":"23.1\/III\/12\/1\/23.1-1217","metadata":false},{"id":83690,"structure_id":15508,"section_number":"23.1-1218","catch_line":"Article liberally construed; powers of Authority not subject to supervision by certain entities","url":"\/23.1-1218\/","token":"23.1\/III\/12\/1\/23.1-1218","metadata":false},{"id":59107,"structure_id":15508,"section_number":"23.1-1219","catch_line":"Jurisdiction of suits against Authority; service of process","url":"\/23.1-1219\/","token":"23.1\/III\/12\/1\/23.1-1219","metadata":false}],"previous_section":{"id":86522,"structure_id":15508,"section_number":"23.1-1204","catch_line":"Duties; administration of assets, moneys, or obligations","url":"\/23.1-1204\/","token":"23.1\/III\/12\/1\/23.1-1204","metadata":false},"next_section":{"id":71767,"structure_id":15508,"section_number":"23.1-1206","catch_line":"Powers; acquisition or disposition of equipment","url":"\/23.1-1206\/","token":"23.1\/III\/12\/1\/23.1-1206","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-1205\/","history_text":"

This law was first created in 1966. The record of its establishment is cataloged in chapter 685 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 1966 \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 588<\/a>.<\/p>","references":[{"id":71770,"section_number":"23.1-1207","catch_line":"Powers; bonds of Authority generally","order_by":null,"url":"\/23.1-1207\/"}],"refers_to":[{"id":55320,"section_number":"23.1-1100","catch_line":"Definitions","order_by":null,"url":"\/23.1-1100\/"}],"permalink":{"id":185759,"object_type":"law","relational_id":73472,"identifier":"23.1-1205","token":"23.1\/III\/12\/1\/23.1-1205","url":"\/23.1-1205\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/23.1-1205\/","token":"23.1\/III\/12\/1\/23.1-1205","dublin_core":{"Title":"Powers; purchase or sale of bonds or other obligations of eligible institutions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-1205","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> 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<\/span> or other obligations issued by eligible institutions pursuant to Chapter 11 (§ 23.1-1100<\/a> et seq.). <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Authority may pledge to the payment of the interest on and the principal of any bonds<\/span> of the Authority all or any part of the bonds<\/span> 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<\/span> so purchased and apply the proceeds of such sale (i) to purchase like bonds<\/span> of other eligible institutions or (ii) for the purpose and in the manner provided by any resolution authorizing the issuance of bonds<\/span> of the Authority. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS; PURCHASE OR SALE OF BONDS OR OTHER OBLIGATIONS OF ELIGIBLE INSTITUTIONS\n(\u00a7 23.1-1205)\n\nA. The Authority may purchase, with any funds of the Authority available for\nsuch purpose, at public or private sale and for such price and on such terms as\nit determines, bonds or other obligations issued by eligible institutions\npursuant to Chapter 11 (§ 23.1-1100 et seq.).\n\nB. The Authority may pledge to the payment of the interest on and the principal\nof any bonds of the Authority all or any part of the bonds of eligible\ninstitutions so purchased, including payments of principal and interest thereon,\nas such payments become due. The Authority may, subject to any such pledge, sell\nany such bonds so purchased and apply the proceeds of such sale (i) to purchase\nlike bonds of other eligible institutions or (ii) for the purpose and in the\nmanner provided by any resolution authorizing the issuance of bonds of the\nAuthority.\n\nHISTORY: 1966, c. 685, \u00a7 23-30.27; 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}}