Virginia Decodedhttps://vacode.org6823523.1-1014Covered institutions; operational authority; financial operations; financing and indebtedness2025Institutions of Higher Education; Other Educational and Cultural InstitutionsManagement and FinancingRestructured Higher Education Financial and Administrative Operations ActRestructured Financial and Administrative Authority; Covered Institutions; Management Agreements

A. Each covered institution may:

1. Borrow money and issue bonds, notes, or other obligations as provided in this article and purchase such bonds, notes, or other obligations;

2. Seek financing from, incur, or assume indebtedness to, and enter into contractual commitments with, the Virginia Public Building Authority and the Virginia College Building Authority, which authorities may borrow money and make and issue negotiable notes, bonds, notes, or other obligations to provide such financing relating to facilities or any project; and

3. Seek financing from, incur or assume indebtedness to, and enter into contractual commitments with, the Commonwealth as otherwise provided by law relating to the institution’s facilities or any project.

B. Notwithstanding the provisions of this chapter, no covered institution is exempt from any requirement or covenant contained in any outstanding bonds, notes, or other obligations.

2005, cc. 933, 945, § 23-38.107; 2016, c. 588; 2017, c. 314.