                                 CODE OF VIRGINIA

DUTIES; CONVEYANCE OF TITLE TO PROJECTS (§ 23.1-1224)

When (i)(a) the principal of and interest on revenue bonds of the Authority
issued to finance the cost of a project for any participating institutions,
including any revenue refunding bonds issued to refund and refinance such
revenue bonds, have been fully paid and retired or (b) adequate provision has
been made to fully pay and retire such bonds; (ii) all other conditions of the
resolution or trust agreement authorizing and securing the same have been
satisfied; and (iii) the lien of such resolution or trust agreement has been
released in accordance with the provisions of such resolution or trust
agreement, the Authority shall convey title to such project to such
participating institution free and clear of all liens and encumbrances if title
to such project is not yet vested in such participating institution.

HISTORY: 1972, c. 686, § 23-30.45; 2016, c. 588.