{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/23.1-1206.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/23.1-1206.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/23.1-1206.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/23.1-1206.html"}],"law_id":71767,"edition_id":1,"section_id":71767,"structure_id":15508,"section_number":"23.1-1206","catch_line":"Powers; acquisition or disposition of equipment","history":"1986, c. 597, \u00a7 23-30.27:1; 2016, c. 588.","full_text":"A\n\nThe Authority may (i) acquire equipment or any interest in equipment by purchase, exchange, gift, lease, or otherwise; (ii) sell, exchange, donate, convey, lease, and dispose of such equipment or any portion of or interest in such equipment, including security interests in such equipment; and (iii) retain or receive security interests in such equipment.B\n\nNotwithstanding any other provision of law to the contrary, eligible institutions may grant security interests in or other liens on equipment held or acquired by the eligible institution under any lease or agreement of sale with the Authority.C\n\nThe Authority may acquire equipment with any funds of the Authority available for such purpose. Acquisition and disposition of equipment may be at public or private sale and for such price and on such terms as the Authority determines, provided that the Authority finances the acquisition of equipment for sale to eligible institutions only pursuant to standards and procedures approved through the Commonwealth’s budget and appropriation process. The budget document shall present any lease payments and the corresponding total value of equipment to be acquired by each eligible institution. Each eligible institution shall make available such additional detail on specific equipment to be purchased as may be requested by the Governor or the General Assembly. If emergency acquisitions and leases are necessary when the General Assembly is not in session, the Governor may approve such acquisitions and leases. Prior to such acquisitions and leases, the Governor shall submit such proposed acquisitions and leases to the House Committee on Appropriations and the Senate Committee on Finance and Appropriations for their review and approval.D\n\nThe Authority may establish and maintain such accounts as it deems appropriate to provide funds for acquisition of equipment on a continuing basis. The Authority may deposit in such accounts such funds as it deems appropriate, including the proceeds of any Authority bonds issued to finance the purchase of equipment and payments made to the Authority under equipment lease or sale agreements with eligible institutions or other entities. Any moneys held in such accounts may be (i) used to secure payment of principal of and interest on any Authority bonds, whether issued to finance the purchase of equipment, issued to pay administrative costs of the authority, or incurred in connection with the purchase, lease, or sale of equipment, or (ii) transferred by the Authority to be used in connection with any other program of the Authority. No funds of the Authority derived from the equipment program authorized under this section may be used in connection with the issuance or securing of indebtedness for the benefit of private institutions of higher education pursuant to Article 2 (§ 23.1-1220 et seq.).E\n\nThe Authority may (i) determine and charge rent or determine sale prices for equipment that it leases or sells to eligible institutions and terminate such lease or sale agreements upon the failure of an eligible institution to comply with any obligations contained in such agreements or (ii) include in such lease agreements options for the eligible institution to renew the lease or purchase any or all of the leased equipment and provisions for the Authority to repossess and sell equipment leased or sold upon any default under the lease or sale agreement.","order_by":null,"text":{"0":{"id":258560,"text":"The Authority may (i) acquire equipment or any interest in equipment by purchase, exchange, gift, lease, or otherwise; (ii) sell, exchange, donate, convey, lease, and dispose of such equipment or any portion of or interest in such equipment, including security interests in such equipment; and (iii) retain or receive security interests in such equipment.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":258561,"text":"Notwithstanding any other provision of law to the contrary, eligible institutions may grant security interests in or other liens on equipment held or acquired by the eligible institution under any lease or agreement of sale with the Authority.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":258562,"text":"The Authority may acquire equipment with any funds of the Authority available for such purpose. Acquisition and disposition of equipment may be at public or private sale and for such price and on such terms as the Authority determines, provided that the Authority finances the acquisition of equipment for sale to eligible institutions only pursuant to standards and procedures approved through the Commonwealth’s budget and appropriation process. The budget document shall present any lease payments and the corresponding total value of equipment to be acquired by each eligible institution. Each eligible institution shall make available such additional detail on specific equipment to be purchased as may be requested by the Governor or the General Assembly. If emergency acquisitions and leases are necessary when the General Assembly is not in session, the Governor may approve such acquisitions and leases. Prior to such acquisitions and leases, the Governor shall submit such proposed acquisitions and leases to the House Committee on Appropriations and the Senate Committee on Finance and Appropriations for their review and approval.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":258563,"text":"The Authority may establish and maintain such accounts as it deems appropriate to provide funds for acquisition of equipment on a continuing basis. The Authority may deposit in such accounts such funds as it deems appropriate, including the proceeds of any Authority bonds issued to finance the purchase of equipment and payments made to the Authority under equipment lease or sale agreements with eligible institutions or other entities. Any moneys held in such accounts may be (i) used to secure payment of principal of and interest on any Authority bonds, whether issued to finance the purchase of equipment, issued to pay administrative costs of the authority, or incurred in connection with the purchase, lease, or sale of equipment, or (ii) transferred by the Authority to be used in connection with any other program of the Authority. No funds of the Authority derived from the equipment program authorized under this section may be used in connection with the issuance or securing of indebtedness for the benefit of private institutions of higher education pursuant to Article 2 (§ 23.1-1220 et seq.).","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":258564,"text":"The Authority may (i) determine and charge rent or determine sale prices for equipment that it leases or sells to eligible institutions and terminate such lease or sale agreements upon the failure of an eligible institution to comply with any obligations contained in such agreements or (ii) include in such lease agreements options for the eligible institution to renew the lease or purchase any or all of the leased equipment and provisions for the Authority to repossess and sell equipment leased or sold upon any default under the lease or sale agreement.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-1206\/","history_text":"

This law was first created in 1986. The record of its establishment is cataloged in chapter 597 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 1986 \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\/"},{"id":67521,"section_number":"23.1-1208","catch_line":"Security for bonds","order_by":null,"url":"\/23.1-1208\/"}],"refers_to":[{"id":73805,"section_number":"23.1-1220","catch_line":"Definitions","order_by":null,"url":"\/23.1-1220\/"}],"permalink":{"id":185763,"object_type":"law","relational_id":71767,"identifier":"23.1-1206","token":"23.1\/III\/12\/1\/23.1-1206","url":"\/23.1-1206\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/23.1-1206\/","token":"23.1\/III\/12\/1\/23.1-1206","dublin_core":{"Title":"Powers; acquisition or disposition of equipment","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-1206","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Authority may (i) acquire equipment or any interest in equipment by purchase, exchange, gift, lease, or otherwise; (ii) sell, exchange, donate, convey, lease, and dispose of such equipment or any portion of or interest in such equipment, including security interests in such equipment; and (iii) retain or receive security interests in such equipment. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Notwithstanding any other provision of law<\/span> to the contrary, eligible institutions may grant security interests in or other liens<\/span> on equipment held or acquired by the eligible institution under any lease or agreement of sale with the Authority. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Authority may acquire equipment with any funds of the Authority available for such purpose. Acquisition and disposition<\/span> of equipment may be at public or private sale and for such price and on such terms as the Authority determines, provided that the Authority finances the acquisition of equipment for sale to eligible institutions only pursuant to standards and procedures approved through the Commonwealth’s budget and appropriation process. The budget document shall present any lease payments and the corresponding total value of equipment to be acquired by each eligible institution. Each eligible institution shall make available such additional detail on specific equipment to be purchased as may be requested by the Governor or the General Assembly. If emergency acquisitions and leases are necessary when the General Assembly is not in session, the Governor may approve such acquisitions and leases. Prior to such acquisitions and leases, the Governor shall submit such proposed acquisitions and leases to the House Committee on Appropriations and the Senate Committee on Finance and Appropriations for their review and approval. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The Authority may establish and maintain such accounts as it deems appropriate to provide funds for acquisition of equipment on a continuing basis. The Authority may deposit in such accounts such funds as it deems appropriate, including the proceeds of any Authority bonds<\/span> issued to finance the purchase of equipment and payments made to the Authority under equipment lease or sale agreements with eligible institutions or other entities. Any moneys held in such accounts may be (i) used to secure payment of principal of and interest on any Authority bonds<\/span>, whether issued to finance the purchase of equipment, issued to pay administrative costs of the authority, or incurred in connection with the purchase, lease, or sale of equipment, or (ii) transferred by the Authority to be used in connection with any other program of the Authority. No funds of the Authority derived from the equipment program authorized under this section may be used in connection with the issuance or securing of indebtedness for the benefit of private institutions of higher education pursuant to Article 2 (§ 23.1-1220<\/a> et seq.). <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> The Authority may (i) determine and charge rent or determine sale prices for equipment that it leases or sells to eligible institutions and terminate such lease or sale agreements upon the failure of an eligible institution to comply with any obligations contained in such agreements or (ii) include in such lease agreements options for the eligible institution to renew the lease or purchase any or all of the leased equipment and provisions for the Authority to repossess and sell equipment leased or sold upon any default<\/span> under the lease or sale agreement. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS; ACQUISITION OR DISPOSITION OF EQUIPMENT (\u00a7 23.1-1206)\n\nA. The Authority may (i) acquire equipment or any interest in equipment by\npurchase, exchange, gift, lease, or otherwise; (ii) sell, exchange, donate,\nconvey, lease, and dispose of such equipment or any portion of or interest in\nsuch equipment, including security interests in such equipment; and (iii) retain\nor receive security interests in such equipment.\n\nB. Notwithstanding any other provision of law to the contrary, eligible\ninstitutions may grant security interests in or other liens on equipment held or\nacquired by the eligible institution under any lease or agreement of sale with\nthe Authority.\n\nC. The Authority may acquire equipment with any funds of the Authority available\nfor such purpose. Acquisition and disposition of equipment may be at public or\nprivate sale and for such price and on such terms as the Authority determines,\nprovided that the Authority finances the acquisition of equipment for sale to\neligible institutions only pursuant to standards and procedures approved through\nthe Commonwealth’s budget and appropriation process. The budget document\nshall present any lease payments and the corresponding total value of equipment\nto be acquired by each eligible institution. Each eligible institution shall\nmake available such additional detail on specific equipment to be purchased as\nmay be requested by the Governor or the General Assembly. If emergency\nacquisitions and leases are necessary when the General Assembly is not in\nsession, the Governor may approve such acquisitions and leases. Prior to such\nacquisitions and leases, the Governor shall submit such proposed acquisitions\nand leases to the House Committee on Appropriations and the Senate Committee on\nFinance and Appropriations for their review and approval.\n\nD. The Authority may establish and maintain such accounts as it deems\nappropriate to provide funds for acquisition of equipment on a continuing basis.\nThe Authority may deposit in such accounts such funds as it deems appropriate,\nincluding the proceeds of any Authority bonds issued to finance the purchase of\nequipment and payments made to the Authority under equipment lease or sale\nagreements with eligible institutions or other entities. Any moneys held in such\naccounts may be (i) used to secure payment of principal of and interest on any\nAuthority bonds, whether issued to finance the purchase of equipment, issued to\npay administrative costs of the authority, or incurred in connection with the\npurchase, lease, or sale of equipment, or (ii) transferred by the Authority to\nbe used in connection with any other program of the Authority. No funds of the\nAuthority derived from the equipment program authorized under this section may\nbe used in connection with the issuance or securing of indebtedness for the\nbenefit of private institutions of higher education pursuant to Article 2\n(§ 23.1-1220 et seq.).\n\nE. The Authority may (i) determine and charge rent or determine sale prices for\nequipment that it leases or sells to eligible institutions and terminate such\nlease or sale agreements upon the failure of an eligible institution to comply\nwith any obligations contained in such agreements or (ii) include in such lease\nagreements options for the eligible institution to renew the lease or purchase\nany or all of the leased equipment and provisions for the Authority to repossess\nand sell equipment leased or sold upon any default under the lease or sale\nagreement.\n\nHISTORY: 1986, c. 597, \u00a7 23-30.27:1; 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}}