It is hereby found, determined and declared that the providing of funds forthe construction of projects of capital improvement at educationalinstitutions within this Commonwealth is or may be hindered, impeded anddelayed by the high financing costs resulting from the sale of bonds of sucheducational institutions in the open market, and it is desirable that a stateagency be created as hereinafter provided, authorized either (i) to purchasesuch bonds in order to serve educational institution purposes by financingthe construction of projects of capital improvement at less cost, therebyfacilitating such construction or (ii) to issue its own revenue bonds forpurposes of paying for the costs of such projects.
It is hereby further found, determined and declared that there is an urgentneed to provide substantial amounts of new scientific, technical and otherequipment for teaching, research and related activities at such educationalinstitutions so that they may remain competitive in attracting high-qualityfaculty and obtaining research grants, and it is desirable that a stateagency be empowered, as hereinafter provided, to purchase such equipment forlease or sale to such educational institutions in order to provide them withsuch equipment at the lowest possible cost, thereby facilitating theacquisition and supply of such equipment to educational institutions andincreasing the purchasing power of their funds, including funds provided bytuition and fees and by appropriations from the General Assembly.
As used in this chapter, the following words and terms shall have thefollowing meanings unless the context shall otherwise indicate:
"Authority" means the Virginia College Building Authority created by §23-30.25, or, if said Authority shall be abolished, the board, body,commission, department or officer succeeding to the principal functionsthereof or to whom the powers given by this chapter to the Authority shall begiven by law.
"Bonds" means bonds, notes or other evidences of indebtedness or otherobligations of the Authority pursuant to this chapter.
"Educational institution" means those institutions enumerated in § 23-14,area career and technical schools established under Chapter 16 (§ 23-214 etseq.) of this title, and all other schools owned and operated by theCommonwealth in which a college education is taught for less than four years.
"Equipment" means any personal property, including, but without limitation,computer hardware and software and any other improvements of all types,including infrastructure improvements related to equipment, to be used tosupport academic instruction and research, at educational institutions.
"Project" has the same meaning as it is defined in § 23-15.
(1964, c. 607; 1966, c. 685; 1986, c. 597; 1996, cc. 672, 689.)
It is hereby found, determined and declared that the providing of funds forthe construction of projects of capital improvement at educationalinstitutions within this Commonwealth is or may be hindered, impeded anddelayed by the high financing costs resulting from the sale of bonds of sucheducational institutions in the open market, and it is desirable that a stateagency be created as hereinafter provided, authorized either (i) to purchasesuch bonds in order to serve educational institution purposes by financingthe construction of projects of capital improvement at less cost, therebyfacilitating such construction or (ii) to issue its own revenue bonds forpurposes of paying for the costs of such projects.
It is hereby further found, determined and declared that there is an urgentneed to provide substantial amounts of new scientific, technical and otherequipment for teaching, research and related activities at such educationalinstitutions so that they may remain competitive in attracting high-qualityfaculty and obtaining research grants, and it is desirable that a stateagency be empowered, as hereinafter provided, to purchase such equipment forlease or sale to such educational institutions in order to provide them withsuch equipment at the lowest possible cost, thereby facilitating theacquisition and supply of such equipment to educational institutions andincreasing the purchasing power of their funds, including funds provided bytuition and fees and by appropriations from the General Assembly.
As used in this chapter, the following words and terms shall have thefollowing meanings unless the context shall otherwise indicate:
"Authority" means the Virginia College Building Authority created by §23-30.25, or, if said Authority shall be abolished, the board, body,commission, department or officer succeeding to the principal functionsthereof or to whom the powers given by this chapter to the Authority shall begiven by law.
"Bonds" means bonds, notes or other evidences of indebtedness or otherobligations of the Authority pursuant to this chapter.
"Educational institution" means those institutions enumerated in § 23-14,area career and technical schools established under Chapter 16 (§ 23-214 etseq.) of this title, and all other schools owned and operated by theCommonwealth in which a college education is taught for less than four years.
"Equipment" means any personal property, including, but without limitation,computer hardware and software and any other improvements of all types,including infrastructure improvements related to equipment, to be used tosupport academic instruction and research, at educational institutions.
"Project" has the same meaning as it is defined in § 23-15.
(1964, c. 607; 1966, c. 685; 1986, c. 597; 1996, cc. 672, 689.)
It is hereby found, determined and declared that the providing of funds forthe construction of projects of capital improvement at educationalinstitutions within this Commonwealth is or may be hindered, impeded anddelayed by the high financing costs resulting from the sale of bonds of sucheducational institutions in the open market, and it is desirable that a stateagency be created as hereinafter provided, authorized either (i) to purchasesuch bonds in order to serve educational institution purposes by financingthe construction of projects of capital improvement at less cost, therebyfacilitating such construction or (ii) to issue its own revenue bonds forpurposes of paying for the costs of such projects.
It is hereby further found, determined and declared that there is an urgentneed to provide substantial amounts of new scientific, technical and otherequipment for teaching, research and related activities at such educationalinstitutions so that they may remain competitive in attracting high-qualityfaculty and obtaining research grants, and it is desirable that a stateagency be empowered, as hereinafter provided, to purchase such equipment forlease or sale to such educational institutions in order to provide them withsuch equipment at the lowest possible cost, thereby facilitating theacquisition and supply of such equipment to educational institutions andincreasing the purchasing power of their funds, including funds provided bytuition and fees and by appropriations from the General Assembly.
As used in this chapter, the following words and terms shall have thefollowing meanings unless the context shall otherwise indicate:
"Authority" means the Virginia College Building Authority created by §23-30.25, or, if said Authority shall be abolished, the board, body,commission, department or officer succeeding to the principal functionsthereof or to whom the powers given by this chapter to the Authority shall begiven by law.
"Bonds" means bonds, notes or other evidences of indebtedness or otherobligations of the Authority pursuant to this chapter.
"Educational institution" means those institutions enumerated in § 23-14,area career and technical schools established under Chapter 16 (§ 23-214 etseq.) of this title, and all other schools owned and operated by theCommonwealth in which a college education is taught for less than four years.
"Equipment" means any personal property, including, but without limitation,computer hardware and software and any other improvements of all types,including infrastructure improvements related to equipment, to be used tosupport academic instruction and research, at educational institutions.
"Project" has the same meaning as it is defined in § 23-15.
(1964, c. 607; 1966, c. 685; 1986, c. 597; 1996, cc. 672, 689.)
