{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/23.1-1223.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/23.1-1223.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/23.1-1223.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/23.1-1223.html"}],"law_id":84443,"edition_id":1,"section_id":84443,"structure_id":14346,"section_number":"23.1-1223","catch_line":"Powers and duties of Authority","history":"1972, c. 686, \u00a7 23-30.42; 2016, cc. 532, 588, 658.","full_text":"A\n\nThe Authority shall assist participating institutions in the acquisition, construction, financing, and refinancing of projects.B\n\nThe Authority may:1\n\nDetermine the location and character of any project to be financed under the provisions of this article;2\n\nConstruct, reconstruct, remodel, maintain, manage, enlarge, alter, add to, repair, operate, lease, as lessee or lessor, and regulate any project to be financed under the provisions of this article;3\n\nEnter into contracts for any purpose set forth in subdivision 2;4\n\nEnter into contracts for the management and operation of any project;5\n\nIssue bonds, bond anticipation notes, and other obligations of the Authority for any of its corporate purposes and fund or refund such bonds, bond anticipation notes, or other obligations as provided in this article;6\n\nFix, revise, charge, and collect rates, rents, fees, and charges for the use of and for the services furnished by a project or any portion of a project;7\n\nContract with any person, partnership, association, corporation, or other entity to fix, revise, charge, and collect rates, rents, fees, and charges pursuant to subdivision 9;8\n\nDesignate a participating institution as its agent to take actions pursuant to subdivisions 1 through 4, 6, and 7;9\n\nEstablish regulations for the use of a project or any portion of a project or designate a participating institution as its agent to establish regulations for the use of a project in which such institution is participating;10\n\nEmploy consulting engineers, architects, attorneys, accountants, construction and financial experts, superintendents, managers, and such other employees and agents as it deems necessary and determine their compensation;11\n\nReceive and accept from any public agency loans or grants for or in aid of the construction of a project or any portion of a project;12\n\nReceive and accept from any source loans, grants, aid, or contributions of money, property, labor, or other things of value to be held, used, and applied only for the purposes for which such loans, grants, aid, and contributions are made;13\n\nMortgage any project and the site of any project for the benefit of the holders of revenue bonds issued to finance such project;14\n\nMake loans to any participating institution for the cost of a project in accordance with an agreement between the Authority and such institution, but no such loan shall exceed the total cost of the project as determined by such institution and approved by the Authority;15\n\nMake loans to participating institutions to refund outstanding obligations, mortgages, or advances issued, made, or given by such participating institutions for the cost of a project;16\n\nCharge to and equitably apportion among participating institutions its administrative costs and expenses incurred in the exercise of the powers and duties conferred by this article; and17\n\nDo all things necessary or convenient to carry out the purposes of this article.C\n\nIn carrying out the purposes of this article, the Authority may undertake a joint project for two or more participating institutions, and all other provisions of this article shall apply to and for the benefit of the Authority and the institutions of higher education participating in such joint project.","order_by":null,"text":{"0":{"id":302677,"text":"The Authority shall assist participating institutions in the acquisition, construction, financing, and refinancing of projects.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":302678,"text":"The Authority may:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":302679,"text":"Determine the location and character of any project to be financed under the provisions of this article;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":302680,"text":"Construct, reconstruct, remodel, maintain, manage, enlarge, alter, add to, repair, operate, lease, as lessee or lessor, and regulate any project to be financed under the provisions of this article;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":302681,"text":"Enter into contracts for any purpose set forth in subdivision 2;","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"5":{"id":302682,"text":"Enter into contracts for the management and operation of any project;","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3","next_prefix":"B5"},"6":{"id":302683,"text":"Issue bonds, bond anticipation notes, and other obligations of the Authority for any of its corporate purposes and fund or refund such bonds, bond anticipation notes, or other obligations as provided in this article;","type":"section","prefixes":["B","5"],"prefix":"5","entire_prefix":"B5","prefix_anchor":"B5","level":2,"prior_prefix":"B4","next_prefix":"B6"},"7":{"id":302684,"text":"Fix, revise, charge, and collect rates, rents, fees, and charges for the use of and for the services furnished by a project or any portion of a project;","type":"section","prefixes":["B","6"],"prefix":"6","entire_prefix":"B6","prefix_anchor":"B6","level":2,"prior_prefix":"B5","next_prefix":"B7"},"8":{"id":302685,"text":"Contract with any person, partnership, association, corporation, or other entity to fix, revise, charge, and collect rates, rents, fees, and charges pursuant to subdivision 9;","type":"section","prefixes":["B","7"],"prefix":"7","entire_prefix":"B7","prefix_anchor":"B7","level":2,"prior_prefix":"B6","next_prefix":"B8"},"9":{"id":302686,"text":"Designate a participating institution as its agent to take actions pursuant to subdivisions 1 through 4, 6, and 7;","type":"section","prefixes":["B","8"],"prefix":"8","entire_prefix":"B8","prefix_anchor":"B8","level":2,"prior_prefix":"B7","next_prefix":"B9"},"10":{"id":302687,"text":"Establish regulations for the use of a project or any portion of a project or designate a participating institution as its agent to establish regulations for the use of a project in which such institution is participating;","type":"section","prefixes":["B","9"],"prefix":"9","entire_prefix":"B9","prefix_anchor":"B9","level":2,"prior_prefix":"B8","next_prefix":"B10"},"11":{"id":302688,"text":"Employ consulting engineers, architects, attorneys, accountants, construction and financial experts, superintendents, managers, and such other employees and agents as it deems necessary and determine their compensation;","type":"section","prefixes":["B","10"],"prefix":"10","entire_prefix":"B10","prefix_anchor":"B10","level":2,"prior_prefix":"B9","next_prefix":"B11"},"12":{"id":302689,"text":"Receive and accept from any public agency loans or grants for or in aid of the construction of a project or any portion of a project;","type":"section","prefixes":["B","11"],"prefix":"11","entire_prefix":"B11","prefix_anchor":"B11","level":2,"prior_prefix":"B10","next_prefix":"B12"},"13":{"id":302690,"text":"Receive and accept from any source loans, grants, aid, or contributions of money, property, labor, or other things of value to be held, used, and applied only for the purposes for which such loans, grants, aid, and contributions are made;","type":"section","prefixes":["B","12"],"prefix":"12","entire_prefix":"B12","prefix_anchor":"B12","level":2,"prior_prefix":"B11","next_prefix":"B13"},"14":{"id":302691,"text":"Mortgage any project and the site of any project for the benefit of the holders of revenue bonds issued to finance such project;","type":"section","prefixes":["B","13"],"prefix":"13","entire_prefix":"B13","prefix_anchor":"B13","level":2,"prior_prefix":"B12","next_prefix":"B14"},"15":{"id":302692,"text":"Make loans to any participating institution for the cost of a project in accordance with an agreement between the Authority and such institution, but no such loan shall exceed the total cost of the project as determined by such institution and approved by the Authority;","type":"section","prefixes":["B","14"],"prefix":"14","entire_prefix":"B14","prefix_anchor":"B14","level":2,"prior_prefix":"B13","next_prefix":"B15"},"16":{"id":302693,"text":"Make loans to participating institutions to refund outstanding obligations, mortgages, or advances issued, made, or given by such participating institutions for the cost of a project;","type":"section","prefixes":["B","15"],"prefix":"15","entire_prefix":"B15","prefix_anchor":"B15","level":2,"prior_prefix":"B14","next_prefix":"B16"},"17":{"id":302694,"text":"Charge to and equitably apportion among participating institutions its administrative costs and expenses incurred in the exercise of the powers and duties conferred by this article; and","type":"section","prefixes":["B","16"],"prefix":"16","entire_prefix":"B16","prefix_anchor":"B16","level":2,"prior_prefix":"B15","next_prefix":"B17"},"18":{"id":302695,"text":"Do all things necessary or convenient to carry out the purposes of this article.","type":"section","prefixes":["B","17"],"prefix":"17","entire_prefix":"B17","prefix_anchor":"B17","level":2,"prior_prefix":"B16","next_prefix":"C"},"19":{"id":302696,"text":"In carrying out the purposes of this article, the Authority may undertake a joint project for two or more participating institutions, and all other provisions of this article shall apply to and for the benefit of the Authority and the institutions of higher education participating in such joint project.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B17"}},"ancestry":[{"id":14346,"edition_id":1,"name":"Nonprofit Private Institutions of Higher Education; Projects","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":14345,"metadata":{},"date_created":"2026-06-26 03:47:49","date_modified":"2026-06-26 03:47:49","permalink":{"id":185819,"object_type":"structure","relational_id":14346,"identifier":"2","token":"23.1\/III\/12\/2","url":"\/23.1\/III\/12\/2\/","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":73805,"structure_id":14346,"section_number":"23.1-1220","catch_line":"Definitions","url":"\/23.1-1220\/","token":"23.1\/III\/12\/2\/23.1-1220","metadata":false},{"id":83471,"structure_id":14346,"section_number":"23.1-1221","catch_line":"Declaration of policy and purpose","url":"\/23.1-1221\/","token":"23.1\/III\/12\/2\/23.1-1221","metadata":false},{"id":59362,"structure_id":14346,"section_number":"23.1-1222","catch_line":"Expenses of administering article","url":"\/23.1-1222\/","token":"23.1\/III\/12\/2\/23.1-1222","metadata":false},{"id":84443,"structure_id":14346,"section_number":"23.1-1223","catch_line":"Powers and duties of Authority","url":"\/23.1-1223\/","token":"23.1\/III\/12\/2\/23.1-1223","metadata":false},{"id":66894,"structure_id":14346,"section_number":"23.1-1224","catch_line":"Duties; conveyance of title to projects","url":"\/23.1-1224\/","token":"23.1\/III\/12\/2\/23.1-1224","metadata":false},{"id":76829,"structure_id":14346,"section_number":"23.1-1225","catch_line":"Powers; acquisition of property","url":"\/23.1-1225\/","token":"23.1\/III\/12\/2\/23.1-1225","metadata":false},{"id":84223,"structure_id":14346,"section_number":"23.1-1226","catch_line":"Powers; issuance of negotiable notes","url":"\/23.1-1226\/","token":"23.1\/III\/12\/2\/23.1-1226","metadata":false},{"id":59092,"structure_id":14346,"section_number":"23.1-1227","catch_line":"Powers; issuance of revenue bonds","url":"\/23.1-1227\/","token":"23.1\/III\/12\/2\/23.1-1227","metadata":false},{"id":60865,"structure_id":14346,"section_number":"23.1-1228","catch_line":"Powers; security for revenue bonds","url":"\/23.1-1228\/","token":"23.1\/III\/12\/2\/23.1-1228","metadata":false},{"id":61490,"structure_id":14346,"section_number":"23.1-1229","catch_line":"Powers and duties; rates, rents, fees and charges; sinking fund","url":"\/23.1-1229\/","token":"23.1\/III\/12\/2\/23.1-1229","metadata":false},{"id":70880,"structure_id":14346,"section_number":"23.1-1230","catch_line":"Powers; issuance of refunding revenue bonds","url":"\/23.1-1230\/","token":"23.1\/III\/12\/2\/23.1-1230","metadata":false},{"id":55658,"structure_id":14346,"section_number":"23.1-1231","catch_line":"Revenue bonds not obligations of Commonwealth or political subdivision","url":"\/23.1-1231\/","token":"23.1\/III\/12\/2\/23.1-1231","metadata":false},{"id":77411,"structure_id":14346,"section_number":"23.1-1232","catch_line":"Moneys received deemed trust funds","url":"\/23.1-1232\/","token":"23.1\/III\/12\/2\/23.1-1232","metadata":false},{"id":85842,"structure_id":14346,"section_number":"23.1-1233","catch_line":"Remedies of bondholders or holders of other obligations","url":"\/23.1-1233\/","token":"23.1\/III\/12\/2\/23.1-1233","metadata":false},{"id":59718,"structure_id":14346,"section_number":"23.1-1234","catch_line":"Exemption from taxation","url":"\/23.1-1234\/","token":"23.1\/III\/12\/2\/23.1-1234","metadata":false},{"id":73156,"structure_id":14346,"section_number":"23.1-1235","catch_line":"Bonds as legal investments","url":"\/23.1-1235\/","token":"23.1\/III\/12\/2\/23.1-1235","metadata":false},{"id":78104,"structure_id":14346,"section_number":"23.1-1236","catch_line":"Nature of article","url":"\/23.1-1236\/","token":"23.1\/III\/12\/2\/23.1-1236","metadata":false},{"id":70543,"structure_id":14346,"section_number":"23.1-1237","catch_line":"Article liberally construed","url":"\/23.1-1237\/","token":"23.1\/III\/12\/2\/23.1-1237","metadata":false},{"id":60580,"structure_id":14346,"section_number":"23.1-1238","catch_line":"Article controls inconsistent laws","url":"\/23.1-1238\/","token":"23.1\/III\/12\/2\/23.1-1238","metadata":false}],"previous_section":{"id":59362,"structure_id":14346,"section_number":"23.1-1222","catch_line":"Expenses of administering article","url":"\/23.1-1222\/","token":"23.1\/III\/12\/2\/23.1-1222","metadata":false},"next_section":{"id":66894,"structure_id":14346,"section_number":"23.1-1224","catch_line":"Duties; conveyance of title to projects","url":"\/23.1-1224\/","token":"23.1\/III\/12\/2\/23.1-1224","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-1223\/","history_text":"<p>This law was first created in 1972. The record of its establishment is cataloged in chapter 686 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 1972 \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, chapters <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?161+ful+CHAP0532\">532<\/a>, <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?161+ful+CHAP0588\">588<\/a>, and <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?161+ful+CHAP0658\">658<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":185833,"object_type":"law","relational_id":84443,"identifier":"23.1-1223","token":"23.1\/III\/12\/2\/23.1-1223","url":"\/23.1-1223\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/23.1-1223\/","token":"23.1\/III\/12\/2\/23.1-1223","dublin_core":{"Title":"Powers and duties of Authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-1223","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> The <span class=\"dictionary\">Authority<\/span> shall assist <span class=\"dictionary\">participating institutions<\/span> in the acquisition, construction, financing, and refinancing of <span class=\"dictionary\">projects<\/span>. <a id=\"paragraph-302677\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-1223\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> The <span class=\"dictionary\">Authority<\/span> may: <a id=\"paragraph-302678\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-1223\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B1\" class=\"indent-1\"><p><span class=\"prefix-number\">1.<\/span> Determine the location and character of any <span class=\"dictionary\">project<\/span> to be financed under the provisions of this article; <a id=\"paragraph-302679\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-1223\/#B1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B2\" class=\"indent-1\"><p><span class=\"prefix-number\">2.<\/span> Construct, reconstruct, remodel, maintain, manage, enlarge, alter, add to, repair, operate, lease, as lessee or lessor, and regulate any <span class=\"dictionary\">project<\/span> to be financed under the provisions of this article; <a id=\"paragraph-302680\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-1223\/#B2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B3\" class=\"indent-1\"><p><span class=\"prefix-number\">3.<\/span> Enter into <span class=\"dictionary\">contracts<\/span> for any purpose set forth in subdivision 2; <a id=\"paragraph-302681\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-1223\/#B3\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B4\" class=\"indent-1\"><p><span class=\"prefix-number\">4.<\/span> Enter into <span class=\"dictionary\">contracts<\/span> for the management and operation of any <span class=\"dictionary\">project<\/span>; <a id=\"paragraph-302682\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-1223\/#B4\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B5\" class=\"indent-1\"><p><span class=\"prefix-number\">5.<\/span> <span class=\"dictionary\">Issue<\/span> <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span>, <span class=\"dictionary\">bond<\/span> anticipation notes, and other obligations of the <span class=\"dictionary\">Authority<\/span> for any of its corporate purposes and fund or refund such <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span>, <span class=\"dictionary\">bond<\/span> anticipation notes, or other obligations as provided in this article; <a id=\"paragraph-302683\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-1223\/#B5\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B6\" class=\"indent-1\"><p><span class=\"prefix-number\">6.<\/span> Fix, revise, charge, and collect rates, rents, fees, and charges for the use of and for the services furnished by a <span class=\"dictionary\">project<\/span> or any portion of a <span class=\"dictionary\">project<\/span>; <a id=\"paragraph-302684\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-1223\/#B6\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B7\" class=\"indent-1\"><p><span class=\"prefix-number\">7.<\/span> <span class=\"dictionary\">Contract<\/span> with any person, partnership, association, corporation, or other entity to fix, revise, charge, and collect rates, rents, fees, and charges pursuant to subdivision 9; <a id=\"paragraph-302685\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-1223\/#B7\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B8\" class=\"indent-1\"><p><span class=\"prefix-number\">8.<\/span> Designate a <span class=\"dictionary\">participating institution<\/span> as its agent to take actions pursuant to subdivisions 1 through 4, 6, and 7; <a id=\"paragraph-302686\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-1223\/#B8\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B9\" class=\"indent-1\"><p><span class=\"prefix-number\">9.<\/span> Establish regulations for the use of a <span class=\"dictionary\">project<\/span> or any portion of a <span class=\"dictionary\">project<\/span> or designate a <span class=\"dictionary\">participating institution<\/span> as its agent to establish regulations for the use of a <span class=\"dictionary\">project<\/span> in which such institution is participating; <a id=\"paragraph-302687\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-1223\/#B9\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B10\" class=\"indent-1\"><p><span class=\"prefix-number\">10.<\/span> Employ consulting engineers, architects, attorneys, accountants, construction and financial experts, superintendents, managers, and such other employees and agents as it deems necessary and determine their compensation; <a id=\"paragraph-302688\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-1223\/#B10\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B11\" class=\"indent-1\"><p><span class=\"prefix-number\">11.<\/span> Receive and accept from any public agency loans or grants for or in aid of the construction of a <span class=\"dictionary\">project<\/span> or any portion of a <span class=\"dictionary\">project<\/span>; <a id=\"paragraph-302689\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-1223\/#B11\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B12\" class=\"indent-1\"><p><span class=\"prefix-number\">12.<\/span> Receive and accept from any source loans, grants, aid, or contributions of money, property, labor, or other things of value to be held, used, and applied only for the purposes for which such loans, grants, aid, and contributions are made; <a id=\"paragraph-302690\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-1223\/#B12\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B13\" class=\"indent-1\"><p><span class=\"prefix-number\">13.<\/span> Mortgage any <span class=\"dictionary\">project<\/span> and the site of any <span class=\"dictionary\">project<\/span> for the benefit of the holders of <span class=\"dictionary\">revenue bonds<\/span> issued to finance such <span class=\"dictionary\">project<\/span>; <a id=\"paragraph-302691\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-1223\/#B13\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B14\" class=\"indent-1\"><p><span class=\"prefix-number\">14.<\/span> Make loans to any <span class=\"dictionary\">participating institution<\/span> for the cost of a <span class=\"dictionary\">project<\/span> in accordance with an agreement between the <span class=\"dictionary\">Authority<\/span> and such institution, but no such loan shall exceed the total cost of the <span class=\"dictionary\">project<\/span> as determined by such institution and approved by the <span class=\"dictionary\">Authority<\/span>; <a id=\"paragraph-302692\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-1223\/#B14\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B15\" class=\"indent-1\"><p><span class=\"prefix-number\">15.<\/span> Make loans to <span class=\"dictionary\">participating institutions<\/span> to refund outstanding obligations, mortgages, or advances issued, made, or given by such <span class=\"dictionary\">participating institutions<\/span> for the cost of a <span class=\"dictionary\">project<\/span>; <a id=\"paragraph-302693\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-1223\/#B15\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B16\" class=\"indent-1\"><p><span class=\"prefix-number\">16.<\/span> Charge to and equitably apportion among <span class=\"dictionary\">participating institutions<\/span> its administrative <span class=\"dictionary\">costs<\/span> and expenses incurred in the exercise of the powers and duties conferred by this article; and <a id=\"paragraph-302694\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-1223\/#B16\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B17\" class=\"indent-1\"><p><span class=\"prefix-number\">17.<\/span> Do all things necessary or convenient to carry out the purposes of this article. <a id=\"paragraph-302695\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-1223\/#B17\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"C\"><p><span class=\"prefix-number\">C.<\/span> In carrying out the purposes of this article, the <span class=\"dictionary\">Authority<\/span> may undertake a joint <span class=\"dictionary\">project<\/span> for two or more <span class=\"dictionary\">participating institutions<\/span>, and all other provisions of this article shall apply to and for the benefit of the <span class=\"dictionary\">Authority<\/span> and the institutions of higher education participating in such joint <span class=\"dictionary\">project<\/span>. <a id=\"paragraph-302696\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/23.1-1223\/#C\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nPOWERS AND DUTIES OF AUTHORITY (\u00a7 23.1-1223)\n\nA. The Authority shall assist participating institutions in the acquisition,\nconstruction, financing, and refinancing of projects.\n\nB. The Authority may:\n\n   1. Determine the location and character of any project to be financed under\n   the provisions of this article;\n\n   2. Construct, reconstruct, remodel, maintain, manage, enlarge, alter, add to,\n   repair, operate, lease, as lessee or lessor, and regulate any project to be\n   financed under the provisions of this article;\n\n   3. Enter into contracts for any purpose set forth in subdivision 2;\n\n   4. Enter into contracts for the management and operation of any project;\n\n   5. Issue bonds, bond anticipation notes, and other obligations of the\n   Authority for any of its corporate purposes and fund or refund such bonds,\n   bond anticipation notes, or other obligations as provided in this article;\n\n   6. Fix, revise, charge, and collect rates, rents, fees, and charges for the\n   use of and for the services furnished by a project or any portion of a\n   project;\n\n   7. Contract with any person, partnership, association, corporation, or other\n   entity to fix, revise, charge, and collect rates, rents, fees, and charges\n   pursuant to subdivision 9;\n\n   8. Designate a participating institution as its agent to take actions pursuant\n   to subdivisions 1 through 4, 6, and 7;\n\n   9. Establish regulations for the use of a project or any portion of a project\n   or designate a participating institution as its agent to establish regulations\n   for the use of a project in which such institution is participating;\n\n   10. Employ consulting engineers, architects, attorneys, accountants,\n   construction and financial experts, superintendents, managers, and such other\n   employees and agents as it deems necessary and determine their compensation;\n\n   11. Receive and accept from any public agency loans or grants for or in aid of\n   the construction of a project or any portion of a project;\n\n   12. Receive and accept from any source loans, grants, aid, or contributions of\n   money, property, labor, or other things of value to be held, used, and applied\n   only for the purposes for which such loans, grants, aid, and contributions are\n   made;\n\n   13. Mortgage any project and the site of any project for the benefit of the\n   holders of revenue bonds issued to finance such project;\n\n   14. Make loans to any participating institution for the cost of a project in\n   accordance with an agreement between the Authority and such institution, but\n   no such loan shall exceed the total cost of the project as determined by such\n   institution and approved by the Authority;\n\n   15. Make loans to participating institutions to refund outstanding\n   obligations, mortgages, or advances issued, made, or given by such\n   participating institutions for the cost of a project;\n\n   16. Charge to and equitably apportion among participating institutions its\n   administrative costs and expenses incurred in the exercise of the powers and\n   duties conferred by this article; and\n\n   17. Do all things necessary or convenient to carry out the purposes of this\n   article.\n\nC. In carrying out the purposes of this article, the Authority may undertake a\njoint project for two or more participating institutions, and all other\nprovisions of this article shall apply to and for the benefit of the Authority\nand the institutions of higher education participating in such joint project.\n\nHISTORY: 1972, c. 686, \u00a7 23-30.42; 2016, cc. 532, 588, 658.","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}}