<?xml version="1.0"?>
<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>61560</law_id><section_number>23.1-1111</section_number><catch_line>Bonds; prohibition against obligating Commonwealth</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="23.1">Institutions of Higher Education; Other Educational and Cultural Institutions</unit><unit label="subtitle" level="2" order_by="1" identifier="III">Management and Financing</unit><unit label="chapter" level="3" order_by="1" identifier="11">Bonds and Other Obligations</unit></structure><text>
						<section><p>The <span class="dictionary">bonds</span> and other obligations of an <span class="dictionary">institution</span> are not a debt of the Commonwealth, do not create or constitute any indebtedness or obligation of the Commonwealth, legal, moral, or otherwise, and are not payable out of any funds other than those of the <span class="dictionary">institution</span>. Nothing in this chapter shall be construed to authorize any <span class="dictionary">institution</span> to incur any indebtedness on behalf of the Commonwealth or in any way to obligate the Commonwealth.</p></section></text><history>1933, p. 91, &#xA7; 23-24; 2016, c. 588.</history><metadata></metadata></law>
