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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>84223</law_id><section_number>23.1-1226</section_number><catch_line>Powers; issuance of negotiable notes</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="12">Virginia College Building Authority</unit><unit label="article" level="4" order_by="1" identifier="2">Nonprofit Private Institutions of Higher Education; Projects</unit></structure><text>
						<section><p>The <span class="dictionary">Authority</span> may <span class="dictionary">issue</span> negotiable notes for any corporate purpose or renew any notes by the issuance of new notes, whether or not the notes to be renewed have matured. The <span class="dictionary">Authority</span> may <span class="dictionary">issue</span> notes partly to renew notes or to discharge other obligations then outstanding and partly for any other purpose. Such notes may be authorized, sold, executed, and delivered in the same manner as bonds. Any resolution authorizing notes or any issuance of notes by the <span class="dictionary">Authority</span> may contain any provision that the <span class="dictionary">Authority</span> may include in any resolution authorizing <span class="dictionary">revenue bonds</span> or any issuance of <span class="dictionary">revenue bonds</span> by the <span class="dictionary">Authority</span>, and the <span class="dictionary">Authority</span> may include in any note any term, covenant, or condition that it may include in any <span class="dictionary">bond</span>. All such notes are payable solely from the revenues of the <span class="dictionary">Authority</span>, subject only to any contractual rights of the holders of any of its notes or other obligations then outstanding.</p></section></text><history>1972, c. 686, &#xA7; 23-30.46; 2016, c. 588.</history><metadata></metadata></law>
