{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/23.1-705.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/23.1-705.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/23.1-705.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/23.1-705.html"}],"law_id":77185,"edition_id":1,"section_id":77185,"structure_id":13113,"section_number":"23.1-705","catch_line":"Board actions not a debt of Commonwealth","history":"1994, c. 661, \u00a7 23-38.78; 1998, c. 373; 2000, cc. 382, 400; 2016, c. 588.","full_text":"A\n\nAs used in this section, “current obligations of the Plan” means amounts required for the payment of contract benefits or other obligations of the Plan, the maintenance of the Plan, and operating expenses for the current biennium.B\n\nNo act or undertaking of the board is a debt or a pledge of the full faith and credit of the Commonwealth or any political subdivision of the Commonwealth, and all such acts and undertakings are payable solely from the Plan.C\n\nNotwithstanding the provisions of subsection B, in order to ensure that the Plan is able to meet its current obligations, the Governor shall include in the budget bills submitted pursuant to § 2.2-1509 a sum sufficient appropriation for the purpose of ensuring that the Plan can meet the current obligations of the Plan. Any sums appropriated by the General Assembly for such purpose shall be deposited into the Fund. All amounts paid into the Fund pursuant to this subsection shall constitute and be accounted for as advances by the Commonwealth to the Plan and, subject to the rights of the Plan’s contract holders, shall be repaid to the Commonwealth without interest from available operating revenue of the Plan in excess of amounts required for the payment of current obligations of the Plan.","order_by":null,"text":{"0":{"id":276876,"text":"As used in this section, “current obligations of the Plan” means amounts required for the payment of contract benefits or other obligations of the Plan, the maintenance of the Plan, and operating expenses for the current biennium.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":276877,"text":"No act or undertaking of the board is a debt or a pledge of the full faith and credit of the Commonwealth or any political subdivision of the Commonwealth, and all such acts and undertakings are payable solely from the Plan.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":276878,"text":"Notwithstanding the provisions of subsection B, in order to ensure that the Plan is able to meet its current obligations, the Governor shall include in the budget bills submitted pursuant to § 2.2-1509 a sum sufficient appropriation for the purpose of ensuring that the Plan can meet the current obligations of the Plan. Any sums appropriated by the General Assembly for such purpose shall be deposited into the Fund. All amounts paid into the Fund pursuant to this subsection shall constitute and be accounted for as advances by the Commonwealth to the Plan and, subject to the rights of the Plan’s contract holders, shall be repaid to the Commonwealth without interest from available operating revenue of the Plan in excess of amounts required for the payment of current obligations of the Plan.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":13113,"edition_id":1,"name":"Commonwealth Savers Plan and Able Savings Trust Accounts","identifier":"7","label":"chapter","depth":3,"order_by":1,"parent_id":13112,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":185235,"object_type":"structure","relational_id":13113,"identifier":"7","token":"23.1\/II\/7","url":"\/23.1\/II\/7\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13112,"edition_id":1,"name":"Students and Campus","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":13111,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":184847,"object_type":"structure","relational_id":13112,"identifier":"II","token":"23.1\/II","url":"\/23.1\/II\/","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":66160,"structure_id":13113,"section_number":"23.1-700","catch_line":"Definitions","url":"\/23.1-700\/","token":"23.1\/II\/7\/23.1-700","metadata":false},{"id":78668,"structure_id":13113,"section_number":"23.1-701","catch_line":"Plan established; moneys; governing board","url":"\/23.1-701\/","token":"23.1\/II\/7\/23.1-701","metadata":false},{"id":64579,"structure_id":13113,"section_number":"23.1-702","catch_line":"Advisory committees to the board; membership; terms; qualifications; duties","url":"\/23.1-702\/","token":"23.1\/II\/7\/23.1-702","metadata":false},{"id":86791,"structure_id":13113,"section_number":"23.1-703","catch_line":"Chief executive officer of the Plan","url":"\/23.1-703\/","token":"23.1\/II\/7\/23.1-703","metadata":false},{"id":86977,"structure_id":13113,"section_number":"23.1-704","catch_line":"Powers and duties of the board","url":"\/23.1-704\/","token":"23.1\/II\/7\/23.1-704","metadata":false},{"id":77185,"structure_id":13113,"section_number":"23.1-705","catch_line":"Board actions not a debt of Commonwealth","url":"\/23.1-705\/","token":"23.1\/II\/7\/23.1-705","metadata":false},{"id":72372,"structure_id":13113,"section_number":"23.1-706","catch_line":"Standard of care; investment and administration of the Plan","url":"\/23.1-706\/","token":"23.1\/II\/7\/23.1-706","metadata":false},{"id":57132,"structure_id":13113,"section_number":"23.1-707","catch_line":"Prepaid tuition contracts and college and ABLE savings trust agreements","url":"\/23.1-707\/","token":"23.1\/II\/7\/23.1-707","metadata":false},{"id":54148,"structure_id":13113,"section_number":"23.1-707.1","catch_line":"Prepaid tuition contracts; pricing reserves; limitations","url":"\/23.1-707.1\/","token":"23.1\/II\/7\/23.1-707.1","metadata":false},{"id":62682,"structure_id":13113,"section_number":"23.1-708","catch_line":"Assets of the Plan exempt from taxation","url":"\/23.1-708\/","token":"23.1\/II\/7\/23.1-708","metadata":false},{"id":77258,"structure_id":13113,"section_number":"23.1-709","catch_line":"Annual report","url":"\/23.1-709\/","token":"23.1\/II\/7\/23.1-709","metadata":false},{"id":74025,"structure_id":13113,"section_number":"23.1-710","catch_line":"Forms and audit of accounts and records","url":"\/23.1-710\/","token":"23.1\/II\/7\/23.1-710","metadata":false},{"id":82160,"structure_id":13113,"section_number":"23.1-711","catch_line":"Admission to institutions not guaranteed; coverage limitations","url":"\/23.1-711\/","token":"23.1\/II\/7\/23.1-711","metadata":false},{"id":72325,"structure_id":13113,"section_number":"23.1-712","catch_line":"Payroll deductions","url":"\/23.1-712\/","token":"23.1\/II\/7\/23.1-712","metadata":false},{"id":84958,"structure_id":13113,"section_number":"23.1-713","catch_line":"Liberal construction of chapter","url":"\/23.1-713\/","token":"23.1\/II\/7\/23.1-713","metadata":false}],"previous_section":{"id":86977,"structure_id":13113,"section_number":"23.1-704","catch_line":"Powers and duties of the board","url":"\/23.1-704\/","token":"23.1\/II\/7\/23.1-704","metadata":false},"next_section":{"id":72372,"structure_id":13113,"section_number":"23.1-706","catch_line":"Standard of care; investment and administration of the Plan","url":"\/23.1-706\/","token":"23.1\/II\/7\/23.1-706","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-705\/","history_text":"

This law was first created in 1994. The record of its establishment is cataloged in chapter 661<\/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 3 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 1998, chapter 373<\/a>; in 2000, chapters 382<\/a> and 400<\/a>; in 2016, chapter 588<\/a>.<\/p>","references":false,"refers_to":[{"id":59447,"section_number":"2.2-1509","catch_line":"Budget Bill","order_by":null,"url":"\/2.2-1509\/"}],"permalink":{"id":185257,"object_type":"law","relational_id":77185,"identifier":"23.1-705","token":"23.1\/II\/7\/23.1-705","url":"\/23.1-705\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/23.1-705\/","token":"23.1\/II\/7\/23.1-705","dublin_core":{"Title":"Board actions not a debt of Commonwealth","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-705","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> As used in this section, “current obligations of the Plan<\/span>” means amounts required for the payment of contract<\/span> benefits or other obligations of the Plan, the maintenance of the Plan, and operating expenses for the current biennium. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> No act or undertaking of the board<\/span> is a debt or a pledge of the full faith and credit of the Commonwealth or any political subdivision of the Commonwealth, and all such acts and undertakings are payable solely from the Plan. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Notwithstanding the provisions of subsection B, in order<\/span> to ensure that the Plan is able to meet its current obligations, the Governor shall include in the budget bills submitted pursuant to § 2.2-1509<\/a> a sum sufficient appropriation for the purpose of ensuring that the Plan can meet the current obligations of the Plan<\/span>. Any sums appropriated by the General Assembly for such purpose shall be deposited into the Fund. All amounts paid into the Fund pursuant to this subsection shall constitute and be accounted for as advances by the Commonwealth to the Plan and, subject to the rights of the Plan’s contract<\/span> holders, shall be repaid to the Commonwealth without interest from available operating revenue of the Plan in excess of amounts required for the payment of current obligations of the Plan<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBOARD ACTIONS NOT A DEBT OF COMMONWEALTH (\u00a7 23.1-705)\n\nA. As used in this section, “current obligations of the Plan” means\namounts required for the payment of contract benefits or other obligations of\nthe Plan, the maintenance of the Plan, and operating expenses for the current\nbiennium.\n\nB. No act or undertaking of the board is a debt or a pledge of the full faith\nand credit of the Commonwealth or any political subdivision of the Commonwealth,\nand all such acts and undertakings are payable solely from the Plan.\n\nC. Notwithstanding the provisions of subsection B, in order to ensure that the\nPlan is able to meet its current obligations, the Governor shall include in the\nbudget bills submitted pursuant to § 2.2-1509 a sum sufficient\nappropriation for the purpose of ensuring that the Plan can meet the current\nobligations of the Plan. Any sums appropriated by the General Assembly for such\npurpose shall be deposited into the Fund. All amounts paid into the Fund\npursuant to this subsection shall constitute and be accounted for as advances by\nthe Commonwealth to the Plan and, subject to the rights of the Plan’s\ncontract holders, shall be repaid to the Commonwealth without interest from\navailable operating revenue of the Plan in excess of amounts required for the\npayment of current obligations of the Plan.\n\nHISTORY: 1994, c. 661, \u00a7 23-38.78; 1998, c. 373; 2000, cc. 382, 400; 2016, c.\n588.","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}}