                                 CODE OF VIRGINIA

PAYMENT ON BONDS; PLEDGE OF REVENUES (§ 23.1-1210)

To provide funds for the repayment of bonds issued by the Authority to (i)
purchase any eligible institution&#8217;s bonds or (ii) provide funds to pay all
or part of the cost of any project or any portion of a project, each eligible
institution may agree to pledge and transfer to the Authority all or part of the
eligible institution&#8217;s revenues derived from any source mentioned in
subdivision C 1 a, b, c, or d of § 23.1-1106. Any agreement relating to such
transfer may contain other provisions that the Authority and eligible
institution deem reasonable and proper and are not in violation of law. No such
agreement shall constitute a debt of the Commonwealth or a pledge of the full
faith and credit of the Commonwealth. Neither the full faith and credit of the
Commonwealth nor the taxing power of the Commonwealth or any political
subdivision of the Commonwealth shall be pledged to the payment of the principal
of and interest on bonds so secured by such agreement. Prior to execution, any
such agreement shall be approved by the Secretary of Finance and the Secretary
of Education.

HISTORY: 1996, cc. 672, 689, § 23-30.29:2; 2016, c. 588.