                                 CODE OF VIRGINIA

COVERED INSTITUTIONS; OPERATIONAL AUTHORITY; FINANCIAL OPERATIONS; FINANCING AND
INDEBTEDNESS (§ 23.1-1014)

A. Each covered institution may:

   1. Borrow money and issue bonds, notes, or other obligations as provided in
   this article and purchase such bonds, notes, or other obligations;

   2. Seek financing from, incur, or assume indebtedness to, and enter into
   contractual commitments with, the Virginia Public Building Authority and the
   Virginia College Building Authority, which authorities may borrow money and
   make and issue negotiable notes, bonds, notes, or other obligations to provide
   such financing relating to facilities or any project; and

   3. Seek financing from, incur or assume indebtedness to, and enter into
   contractual commitments with, the Commonwealth as otherwise provided by law
   relating to the institution&#8217;s facilities or any project.

B. Notwithstanding the provisions of this chapter, no covered institution is
exempt from any requirement or covenant contained in any outstanding bonds,
notes, or other obligations.

HISTORY: 2005, cc. 933, 945, § 23-38.107; 2016, c. 588; 2017, c. 314.