A. As used in this article, unless the context requires a different meaning: “Authority” means the Virginia College Building Authority. “Bond” means any bond, note, or other evidences of indebtedness or obligation of the Authority pursuant to this article. “Eligible institution” means public institutions of higher education, as that term is defined in § 23.1-100, the Institute for Advanced Learning and Research, the New College Institute, the Roanoke Higher Education Authority, the Southern Virginia Higher Education Center, the Southwest Virginia Higher Education Center, the Virginia School for the Deaf and the Blind, and the Wilson Workforce and Rehabilitation Center. “Equipment” means any personal property, including computer hardware and software, and any other improvements, including infrastructure improvements relating to equipment, used to support academic instruction and research at eligible institutions. “Project” has the same meaning as set forth in § 23.1-1100.
B. Providing funds for the construction of projects at eligible institutions is or may be hindered, impeded, and delayed by the high financing costs resulting from the sale of bonds of such eligible institutions in the open market, and it is desirable that the Authority may (i) serve the purposes of eligible institutions by purchasing such bonds and financing the construction of projects at a lower cost, which facilitates such construction and (ii) issue its own revenue bonds for the purpose of paying the costs of such projects.
C. There is an urgent need to provide substantial amounts of new scientific, technical, and other equipment for academic instruction, research, and related activities at eligible institutions so that they may remain competitive in attracting high-quality faculty and obtaining research grants, and it is desirable that the Authority may finance the purchase of such equipment to provide eligible institutions with such equipment at the lowest possible cost, which facilitates the acquisition and supply of such equipment to eligible institutions and increases the purchasing power of their funds, including funds provided by tuition and fees and appropriations from the General Assembly.