{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/23.1-2418.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/23.1-2418.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/23.1-2418.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/23.1-2418.html"}],"law_id":84438,"edition_id":1,"section_id":84438,"structure_id":13799,"section_number":"23.1-2418","catch_line":"Power to issue bonds","history":"1996, cc. 905, 1046, \u00a7 23-50.16:25; 2016, c. 588.","full_text":"A\n\nThe Authority may issue bonds for any of its purposes, including (i) financing or refinancing all or any part of its programs or general operations; (ii) costs of any project, including the hospital facilities, whether or not owned by the Authority; or (iii) to refund bonds or other obligations issued by or on behalf of the Authority, the University, or otherwise, including bonds or obligations not then subject to redemption. The Authority may guarantee, assume, or otherwise agree to pay, in whole or in part, indebtedness issued by the University or any other party resulting in the acquisition or construction of facilities for the benefit of the Authority or the refinancing of such indebtedness.B\n\nNotwithstanding Article 1 (§ 2.2-1800 et seq.) of Chapter 18 of Title 2.2, bonds may be issued under the provisions of this chapter without (i) obtaining the consent of any commission, board, bureau, political subdivision, or agency of the Commonwealth or (ii) any proceedings, conditions, or things other than those proceedings, conditions, or things that are specifically required by this chapter; however, each debt offering shall be submitted to the State Treasurer sufficiently prior to the sale of such offering to allow the State Treasurer to undertake a review for the sole purposes of determining (a) whether the offering may constitute tax-supported debt of the Commonwealth and (b) the potential impact of the offering on the debt capacity of the Commonwealth. After such review, the State Treasurer shall determine if the offering constitutes tax-supported debt of the Commonwealth and the potential impact of the offering on the debt capacity of the Commonwealth. If the State Treasurer determines that the debt offering may constitute tax-supported debt of the Commonwealth or may have an adverse impact on the debt capacity of the Commonwealth, then the debt offering shall be submitted to the Treasury Board for review and approval of the terms and structure of the offering in a manner consistent with § 2.2-2416.C\n\nThe Authority may issue bonds payable as to principal and interest from any of the following sources: (i) its revenues generally; (ii) income and revenues derived from the operation, sale, or lease of a particular project or projects, whether or not they are financed or refinanced from the proceeds of such bonds; (iii) funds realized from the enforcement of security interests or other liens or obligations securing such bonds; (iv) proceeds from the sale of bonds; (v) payments under letters of credit, policies of municipal bond insurance, guarantees, or other credit enhancements; (vi) any reserve or sinking funds created to secure such payment; (vii) accounts receivable of the Authority; or (viii) other available funds of the Authority.D\n\nAny bonds may be guaranteed by or secured by a pledge of any grant, contribution, or appropriation from a participating political subdivision, the University, the Commonwealth or any political subdivision, agency, or instrumentality of the Commonwealth or from any federal agency or any unit, private corporation, partnership, association, or individual.","order_by":null,"text":{"0":{"id":302664,"text":"The Authority may issue bonds for any of its purposes, including (i) financing or refinancing all or any part of its programs or general operations; (ii) costs of any project, including the hospital facilities, whether or not owned by the Authority; or (iii) to refund bonds or other obligations issued by or on behalf of the Authority, the University, or otherwise, including bonds or obligations not then subject to redemption. The Authority may guarantee, assume, or otherwise agree to pay, in whole or in part, indebtedness issued by the University or any other party resulting in the acquisition or construction of facilities for the benefit of the Authority or the refinancing of such indebtedness.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":302665,"text":"Notwithstanding Article 1 (§ 2.2-1800 et seq.) of Chapter 18 of Title 2.2, bonds may be issued under the provisions of this chapter without (i) obtaining the consent of any commission, board, bureau, political subdivision, or agency of the Commonwealth or (ii) any proceedings, conditions, or things other than those proceedings, conditions, or things that are specifically required by this chapter; however, each debt offering shall be submitted to the State Treasurer sufficiently prior to the sale of such offering to allow the State Treasurer to undertake a review for the sole purposes of determining (a) whether the offering may constitute tax-supported debt of the Commonwealth and (b) the potential impact of the offering on the debt capacity of the Commonwealth. After such review, the State Treasurer shall determine if the offering constitutes tax-supported debt of the Commonwealth and the potential impact of the offering on the debt capacity of the Commonwealth. If the State Treasurer determines that the debt offering may constitute tax-supported debt of the Commonwealth or may have an adverse impact on the debt capacity of the Commonwealth, then the debt offering shall be submitted to the Treasury Board for review and approval of the terms and structure of the offering in a manner consistent with § 2.2-2416.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":302666,"text":"The Authority may issue bonds payable as to principal and interest from any of the following sources: (i) its revenues generally; (ii) income and revenues derived from the operation, sale, or lease of a particular project or projects, whether or not they are financed or refinanced from the proceeds of such bonds; (iii) funds realized from the enforcement of security interests or other liens or obligations securing such bonds; (iv) proceeds from the sale of bonds; (v) payments under letters of credit, policies of municipal bond insurance, guarantees, or other credit enhancements; (vi) any reserve or sinking funds created to secure such payment; (vii) accounts receivable of the Authority; or (viii) other available funds of the Authority.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":302667,"text":"Any bonds may be guaranteed by or secured by a pledge of any grant, contribution, or appropriation from a participating political subdivision, the University, the Commonwealth or any political subdivision, agency, or instrumentality of the Commonwealth or from any federal agency or any unit, private corporation, partnership, association, or individual.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":13799,"edition_id":1,"name":"Virginia Commonwealth University Health System Authority","identifier":"24","label":"chapter","depth":3,"order_by":1,"parent_id":13798,"metadata":{},"date_created":"2026-06-26 03:45:54","date_modified":"2026-06-26 03:45:54","permalink":{"id":186325,"object_type":"structure","relational_id":13799,"identifier":"24","token":"23.1\/IV\/24","url":"\/23.1\/IV\/24\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13798,"edition_id":1,"name":"Public Institutions of Higher Education","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":13111,"metadata":{},"date_created":"2026-06-26 03:45:54","date_modified":"2026-06-26 03:45:54","permalink":{"id":185925,"object_type":"structure","relational_id":13798,"identifier":"IV","token":"23.1\/IV","url":"\/23.1\/IV\/","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":65528,"structure_id":13799,"section_number":"23.1-2400","catch_line":"Definitions","url":"\/23.1-2400\/","token":"23.1\/IV\/24\/23.1-2400","metadata":false},{"id":87275,"structure_id":13799,"section_number":"23.1-2401","catch_line":"Authority established; powers, purposes, and duties","url":"\/23.1-2401\/","token":"23.1\/IV\/24\/23.1-2401","metadata":false},{"id":83861,"structure_id":13799,"section_number":"23.1-2402","catch_line":"Board of directors; membership; meetings; officers; employees","url":"\/23.1-2402\/","token":"23.1\/IV\/24\/23.1-2402","metadata":false},{"id":65699,"structure_id":13799,"section_number":"23.1-2403","catch_line":"Chief executive officer of the Authority","url":"\/23.1-2403\/","token":"23.1\/IV\/24\/23.1-2403","metadata":false},{"id":84554,"structure_id":13799,"section_number":"23.1-2404","catch_line":"Powers of the Authority","url":"\/23.1-2404\/","token":"23.1\/IV\/24\/23.1-2404","metadata":false},{"id":79075,"structure_id":13799,"section_number":"23.1-2405","catch_line":"Additional powers of the Authority; operation of projects","url":"\/23.1-2405\/","token":"23.1\/IV\/24\/23.1-2405","metadata":false},{"id":76209,"structure_id":13799,"section_number":"23.1-2406","catch_line":"Additional powers of the Authority; police","url":"\/23.1-2406\/","token":"23.1\/IV\/24\/23.1-2406","metadata":false},{"id":70929,"structure_id":13799,"section_number":"23.1-2407","catch_line":"Public purpose","url":"\/23.1-2407\/","token":"23.1\/IV\/24\/23.1-2407","metadata":false},{"id":69160,"structure_id":13799,"section_number":"23.1-2408","catch_line":"Moneys of the Authority","url":"\/23.1-2408\/","token":"23.1\/IV\/24\/23.1-2408","metadata":false},{"id":72231,"structure_id":13799,"section_number":"23.1-2409","catch_line":"Grants and loans from localities","url":"\/23.1-2409\/","token":"23.1\/IV\/24\/23.1-2409","metadata":false},{"id":84421,"structure_id":13799,"section_number":"23.1-2410","catch_line":"Audit","url":"\/23.1-2410\/","token":"23.1\/IV\/24\/23.1-2410","metadata":false},{"id":81759,"structure_id":13799,"section_number":"23.1-2411","catch_line":"Exemption from taxation","url":"\/23.1-2411\/","token":"23.1\/IV\/24\/23.1-2411","metadata":false},{"id":64806,"structure_id":13799,"section_number":"23.1-2412","catch_line":"Transfer of existing hospital facilities","url":"\/23.1-2412\/","token":"23.1\/IV\/24\/23.1-2412","metadata":false},{"id":67264,"structure_id":13799,"section_number":"23.1-2413","catch_line":"Capital projects","url":"\/23.1-2413\/","token":"23.1\/IV\/24\/23.1-2413","metadata":false},{"id":82926,"structure_id":13799,"section_number":"23.1-2414","catch_line":"Leases of property","url":"\/23.1-2414\/","token":"23.1\/IV\/24\/23.1-2414","metadata":false},{"id":79842,"structure_id":13799,"section_number":"23.1-2415","catch_line":"Employees of the Authority","url":"\/23.1-2415\/","token":"23.1\/IV\/24\/23.1-2415","metadata":false},{"id":54806,"structure_id":13799,"section_number":"23.1-2416","catch_line":"Retirement benefits for employees of the Authority","url":"\/23.1-2416\/","token":"23.1\/IV\/24\/23.1-2416","metadata":false},{"id":63807,"structure_id":13799,"section_number":"23.1-2417","catch_line":"Insurance for employees of the Authority","url":"\/23.1-2417\/","token":"23.1\/IV\/24\/23.1-2417","metadata":false},{"id":84438,"structure_id":13799,"section_number":"23.1-2418","catch_line":"Power to issue bonds","url":"\/23.1-2418\/","token":"23.1\/IV\/24\/23.1-2418","metadata":false},{"id":81901,"structure_id":13799,"section_number":"23.1-2419","catch_line":"Liability on bonds","url":"\/23.1-2419\/","token":"23.1\/IV\/24\/23.1-2419","metadata":false},{"id":79367,"structure_id":13799,"section_number":"23.1-2420","catch_line":"Form of bonds","url":"\/23.1-2420\/","token":"23.1\/IV\/24\/23.1-2420","metadata":false},{"id":55443,"structure_id":13799,"section_number":"23.1-2421","catch_line":"Trust indentures and mortgages; security for the bonds","url":"\/23.1-2421\/","token":"23.1\/IV\/24\/23.1-2421","metadata":false},{"id":62976,"structure_id":13799,"section_number":"23.1-2422","catch_line":"Remedies of obligees of Authority","url":"\/23.1-2422\/","token":"23.1\/IV\/24\/23.1-2422","metadata":false},{"id":83360,"structure_id":13799,"section_number":"23.1-2423","catch_line":"Bonds to be legal investments","url":"\/23.1-2423\/","token":"23.1\/IV\/24\/23.1-2423","metadata":false},{"id":82595,"structure_id":13799,"section_number":"23.1-2424","catch_line":"Existing bonds","url":"\/23.1-2424\/","token":"23.1\/IV\/24\/23.1-2424","metadata":false},{"id":76552,"structure_id":13799,"section_number":"23.1-2425","catch_line":"Confidential and public information","url":"\/23.1-2425\/","token":"23.1\/IV\/24\/23.1-2425","metadata":false},{"id":61120,"structure_id":13799,"section_number":"23.1-2426","catch_line":"Chapter liberally construed","url":"\/23.1-2426\/","token":"23.1\/IV\/24\/23.1-2426","metadata":false},{"id":73772,"structure_id":13799,"section_number":"23.1-2427","catch_line":"Exemptions","url":"\/23.1-2427\/","token":"23.1\/IV\/24\/23.1-2427","metadata":false},{"id":58579,"structure_id":13799,"section_number":"23.1-2428","catch_line":"Assets of Authority; reversion to University","url":"\/23.1-2428\/","token":"23.1\/IV\/24\/23.1-2428","metadata":false}],"previous_section":{"id":63807,"structure_id":13799,"section_number":"23.1-2417","catch_line":"Insurance for employees of the Authority","url":"\/23.1-2417\/","token":"23.1\/IV\/24\/23.1-2417","metadata":false},"next_section":{"id":81901,"structure_id":13799,"section_number":"23.1-2419","catch_line":"Liability on bonds","url":"\/23.1-2419\/","token":"23.1\/IV\/24\/23.1-2419","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-2418\/","history_text":"

This law was first created in 1996. The record of its establishment is cataloged in chapters 905<\/a> and 1046<\/a> 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. 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":81901,"section_number":"23.1-2419","catch_line":"Liability on bonds","order_by":null,"url":"\/23.1-2419\/"}],"refers_to":[{"id":75522,"section_number":"2.2-1800","catch_line":"Department of the Treasury; State Treasurer","order_by":null,"url":"\/2.2-1800\/"}],"permalink":{"id":186399,"object_type":"law","relational_id":84438,"identifier":"23.1-2418","token":"23.1\/IV\/24\/23.1-2418","url":"\/23.1-2418\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/23.1-2418\/","token":"23.1\/IV\/24\/23.1-2418","dublin_core":{"Title":"Power to issue bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-2418","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Authority<\/span> may issue<\/span> bonds<\/span><\/span> for any of its purposes, including (i) financing or refinancing all or any part of its programs or general operations; (ii) costs<\/span> of any project<\/span>, including the hospital facilities<\/span>, whether or not owned by the Authority<\/span>; or (iii) to refund bonds<\/span><\/span> or other obligations issued by or on behalf of the Authority<\/span>, the University<\/span>, or otherwise, including bonds<\/span><\/span> or obligations not then subject to redemption<\/span>. The Authority<\/span> may guarantee, assume, or otherwise agree to pay, in whole or in part, indebtedness issued by the University<\/span> or any other party<\/span> resulting in the acquisition or construction of facilities for the benefit of the Authority<\/span> or the refinancing of such indebtedness. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Notwithstanding Article 1 (§ 2.2-1800<\/a> et seq.) of Chapter 18 of Title 2.2, bonds<\/span><\/span> may be issued under the provisions of this chapter without (i) obtaining the consent of any commission, board<\/span>, bureau, political subdivision, or agency of the Commonwealth or (ii) any proceedings, conditions, or things other than those proceedings, conditions, or things that are specifically required by this chapter; however, each debt offering shall be submitted to the State Treasurer sufficiently prior to the sale of such offering to allow the State Treasurer to undertake a review for the sole purposes of determining (a) whether the offering may constitute tax-supported debt of the Commonwealth and (b) the potential impact of the offering on the debt capacity of the Commonwealth. After such review, the State Treasurer shall determine if the offering constitutes tax-supported debt of the Commonwealth and the potential impact of the offering on the debt capacity of the Commonwealth. If the State Treasurer determines that the debt offering may constitute tax-supported debt of the Commonwealth or may have an adverse impact on the debt capacity of the Commonwealth, then the debt offering shall be submitted to the Treasury Board<\/span> for review and approval of the terms and structure of the offering in a manner consistent with § 2.2-2416<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Authority<\/span> may issue<\/span> bonds<\/span><\/span> payable as to principal and interest from any of the following sources: (i) its revenues generally; (ii) income and revenues derived from the operation, sale, or lease of a particular project<\/span> or projects<\/span>, whether or not they are financed or refinanced from the proceeds of such bonds<\/span><\/span>; (iii) funds realized from the enforcement of security interests or other liens<\/span> or obligations securing such bonds<\/span><\/span>; (iv) proceeds from the sale of bonds<\/span><\/span>; (v) payments under letters of credit, policies of municipal bond<\/span> insurance, guarantees, or other credit enhancements; (vi) any reserve or sinking funds created to secure such payment; (vii) accounts receivable of the Authority<\/span>; or (viii) other available funds of the Authority<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Any bonds<\/span><\/span> may be guaranteed by or secured by a pledge of any grant, contribution, or appropriation from a participating political subdivision, the University<\/span>, the Commonwealth or any political subdivision, agency, or instrumentality of the Commonwealth or from any federal agency or any unit, private corporation, partnership, association, or individual. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWER TO ISSUE BONDS (\u00a7 23.1-2418)\n\nA. The Authority may issue bonds for any of its purposes, including (i)\nfinancing or refinancing all or any part of its programs or general operations;\n(ii) costs of any project, including the hospital facilities, whether or not\nowned by the Authority; or (iii) to refund bonds or other obligations issued by\nor on behalf of the Authority, the University, or otherwise, including bonds or\nobligations not then subject to redemption. The Authority may guarantee, assume,\nor otherwise agree to pay, in whole or in part, indebtedness issued by the\nUniversity or any other party resulting in the acquisition or construction of\nfacilities for the benefit of the Authority or the refinancing of such\nindebtedness.\n\nB. Notwithstanding Article 1 (§ 2.2-1800 et seq.) of Chapter 18 of Title\n2.2, bonds may be issued under the provisions of this chapter without (i)\nobtaining the consent of any commission, board, bureau, political subdivision,\nor agency of the Commonwealth or (ii) any proceedings, conditions, or things\nother than those proceedings, conditions, or things that are specifically\nrequired by this chapter; however, each debt offering shall be submitted to the\nState Treasurer sufficiently prior to the sale of such offering to allow the\nState Treasurer to undertake a review for the sole purposes of determining (a)\nwhether the offering may constitute tax-supported debt of the Commonwealth and\n(b) the potential impact of the offering on the debt capacity of the\nCommonwealth. After such review, the State Treasurer shall determine if the\noffering constitutes tax-supported debt of the Commonwealth and the potential\nimpact of the offering on the debt capacity of the Commonwealth. If the State\nTreasurer determines that the debt offering may constitute tax-supported debt of\nthe Commonwealth or may have an adverse impact on the debt capacity of the\nCommonwealth, then the debt offering shall be submitted to the Treasury Board\nfor review and approval of the terms and structure of the offering in a manner\nconsistent with § 2.2-2416.\n\nC. The Authority may issue bonds payable as to principal and interest from any\nof the following sources: (i) its revenues generally; (ii) income and revenues\nderived from the operation, sale, or lease of a particular project or projects,\nwhether or not they are financed or refinanced from the proceeds of such bonds;\n(iii) funds realized from the enforcement of security interests or other liens\nor obligations securing such bonds; (iv) proceeds from the sale of bonds; (v)\npayments under letters of credit, policies of municipal bond insurance,\nguarantees, or other credit enhancements; (vi) any reserve or sinking funds\ncreated to secure such payment; (vii) accounts receivable of the Authority; or\n(viii) other available funds of the Authority.\n\nD. Any bonds may be guaranteed by or secured by a pledge of any grant,\ncontribution, or appropriation from a participating political subdivision, the\nUniversity, the Commonwealth or any political subdivision, agency, or\ninstrumentality of the Commonwealth or from any federal agency or any unit,\nprivate corporation, partnership, association, or individual.\n\nHISTORY: 1996, cc. 905, 1046, \u00a7 23-50.16:25; 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}}