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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>78603</law_id><section_number>23.1-1112</section_number><catch_line>Bonds; interest</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>23.1-1105</reference><reference>23.1-1106</reference></referred_to_by><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>No <span class="dictionary">bond</span> issued by an <span class="dictionary">institution</span> pursuant to this chapter shall (i) bear interest at an annual percentage rate exceeding the greater of the rates authorized under &#xA7;&#xA0;<a class="law" title="Contracts for more than legal rate of interest" href="/6.2-303/">6.2-303</a> or <a class="law" title="Dating; rate of interest; maturity; denomination; place of payment" href="/15.2-2612/">15.2-2612</a> or (ii) be sold at public or private sale such that the interest cost to maturity exceeds the greater of such annual percentage rates authorized under &#xA7;&#xA0;<a class="law" title="Contracts for more than legal rate of interest" href="/6.2-303/">6.2-303</a> or <a class="law" title="Dating; rate of interest; maturity; denomination; place of payment" href="/15.2-2612/">15.2-2612</a>.</p></section></text><history>1970, c. 609, &#xA7; 23-30.03; 2016, c. 588.</history><metadata></metadata></law>
