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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>85366</law_id><section_number>23.1-1116</section_number><catch_line>Commonwealth not to limit revenues of institutions</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>23.1-2212</reference><reference>23.1-2309</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>The Commonwealth shall not (i) limit or alter the rights vested in any <span class="dictionary">institution</span> to establish, collect, and pledge fees, rents, and charges, including student building fees and other student fees, as provided for in subdivision C 1 a, b, c, or d of &#xA7;&#xA0;<a class="law" title="Bonds generally" href="/23.1-1106/">23.1-1106</a> that the <span class="dictionary">institution</span> deems necessary or convenient to produce sufficient revenues to meet the expense of maintenance and operation of such <span class="dictionary">project</span> and such other existing facilities and fulfill the terms of any agreement made with the bondholders or (ii) in any way impair the rights and remedies of such bondholders until the <span class="dictionary">bonds</span>, the interest thereon, the interest on any unpaid installments of interest on the <span class="dictionary">bonds</span>, and all costs and expenses in connection with any action or proceedings by or on behalf of such bondholders are fully met and discharged.</p></section></text><history>1933, p. 91, &#xA7; 23-26; 1962, c. 373; 1964, c. 635; 2016, c. 588.</history><metadata></metadata></law>
