                                 CODE OF VIRGINIA

DEFINITIONS (§ 23.1-1220)

As used in this article, unless the context requires a different meaning:
		&#8220;Authority&#8221; means the Virginia College Building Authority
established in § 23.1-1200.
		&#8220;Bonds&#8221; or &#8220;revenue bonds&#8221; means revenue bonds of the
Authority issued under the provisions of this article, including revenue
refunding bonds, notes, and other obligations that may be secured by a mortgage,
the full faith and credit, or any other lawfully pledged security of a
participating institution.
		&#8220;Costs&#8221; means (i) all or any part of the cost of construction,
acquisition, alteration, enlargement, reconstruction, and remodeling of a
project, including all lands, structures, real or personal property, rights,
rights-of-way, air rights, franchises, easements, and interests acquired or used
in connection with a project; (ii) the cost of demolishing or removing any
building or structure on land acquired in connection with a project, including
the cost of acquiring any lands to which such building or structure may be
moved, the cost of all machinery and equipment, financing charges, interest
prior to, during, and for a period after completion of such construction and
acquisition, provisions for reserves for principal and interest, and provisions
for extensions, enlargements, additions, replacements, renovations, and
improvements; (iii) the cost of architectural, engineering, financial, and legal
services, plans, specifications, studies, surveys, and estimates of cost and
revenues; (iv) administrative expenses; (v) expenses necessary or incident to
determining the feasibility or practicability of constructing the project; and
(vi) such other expenses as may be necessary or incident to constructing and
acquiring the project, financing such construction, acquiring the project, and
placing the project in operation.
		&#8220;Participating institution&#8221; means any (i) organization that is
exempt from federal income taxation pursuant to § 501(c)(3) of the Internal
Revenue Code and that is owned or controlled by a public institution of higher
education or whose purpose is to support or otherwise benefit a public
institution of higher education or (ii) nonprofit private institution of higher
education in the Commonwealth whose primary purpose is to provide collegiate or
graduate education and not to provide religious training or theological
education that (a)(1) finances and constructs or (2) acquires a project or (b)
refunds or refinances obligations, a mortgage, or advances as provided in this
article.
		&#8220;Project&#8221; means a structure suitable for use as a dormitory or
other multi-unit housing facility for students, faculty, officers, or employees,
a dining hall, student union, administration building, academic building,
library, laboratory, research facility, classroom, athletics facility, health
care facility, maintenance, storage or utility facility, any related structure
or facility, or any other structure or facility required or useful for
instructing students, conducting research, or operating an institution of higher
education, including parking facilities and other facilities or structures
essential or convenient for the orderly conduct of such institution of higher
education. &#8220;Project&#8221; includes landscaping, site preparation,
furniture, equipment and machinery, and other similar items necessary or
convenient for the intended use of a particular facility or structure.
&#8220;Project&#8221; does not include books, fuel, supplies, or other items
whose costs are customarily deemed to result in a current operating charge, any
facility used for sectarian instruction or as a place of religious worship, or
any facility used primarily in connection with any part of the program of a
school or department of divinity for any religious denomination.

HISTORY: 1972, c. 686, § 23-30.41; 1973, c. 205; 2016, cc. 532, 588, 658.