                                 CODE OF VIRGINIA

POWER TO ISSUE BONDS (§ 23.1-2418)

A. The Authority may issue bonds for any of its purposes, including (i)
financing or refinancing all or any part of its programs or general operations;
(ii) costs of any project, including the hospital facilities, whether or not
owned by the Authority; or (iii) to refund bonds or other obligations issued by
or on behalf of the Authority, the University, or otherwise, including bonds or
obligations not then subject to redemption. The Authority may guarantee, assume,
or otherwise agree to pay, in whole or in part, indebtedness issued by the
University or any other party resulting in the acquisition or construction of
facilities for the benefit of the Authority or the refinancing of such
indebtedness.

B. Notwithstanding Article 1 (&#xA7; 2.2-1800 et seq.) of Chapter 18 of Title
2.2, bonds may be issued under the provisions of this chapter without (i)
obtaining the consent of any commission, board, bureau, political subdivision,
or agency of the Commonwealth or (ii) any proceedings, conditions, or things
other than those proceedings, conditions, or things that are specifically
required by this chapter; however, each debt offering shall be submitted to the
State Treasurer sufficiently prior to the sale of such offering to allow the
State Treasurer to undertake a review for the sole purposes of determining (a)
whether the offering may constitute tax-supported debt of the Commonwealth and
(b) the potential impact of the offering on the debt capacity of the
Commonwealth. After such review, the State Treasurer shall determine if the
offering constitutes tax-supported debt of the Commonwealth and the potential
impact of the offering on the debt capacity of the Commonwealth. If the State
Treasurer determines that the debt offering may constitute tax-supported debt of
the Commonwealth or may have an adverse impact on the debt capacity of the
Commonwealth, then the debt offering shall be submitted to the Treasury Board
for review and approval of the terms and structure of the offering in a manner
consistent with &#xA7; 2.2-2416.

C. The Authority may issue bonds payable as to principal and interest from any
of the following sources: (i) its revenues generally; (ii) income and revenues
derived from the operation, sale, or lease of a particular project or projects,
whether or not they are financed or refinanced from the proceeds of such bonds;
(iii) funds realized from the enforcement of security interests or other liens
or obligations securing such bonds; (iv) proceeds from the sale of bonds; (v)
payments under letters of credit, policies of municipal bond insurance,
guarantees, or other credit enhancements; (vi) any reserve or sinking funds
created to secure such payment; (vii) accounts receivable of the Authority; or
(viii) other available funds of the Authority.

D. Any bonds may be guaranteed by or secured by a pledge of any grant,
contribution, or appropriation from a participating political subdivision, the
University, the Commonwealth or any political subdivision, agency, or
instrumentality of the Commonwealth or from any federal agency or any unit,
private corporation, partnership, association, or individual.

HISTORY: 1996, cc. 905, 1046, § 23-50.16:25; 2016, c. 588.