In order to provide funds for the purchase of educational institution bondsas authorized by § 23-30.27, to provide funds for the acquisition ofequipment as authorized by § 23-30.27:1, to provide funds for thereimbursement of the Central Capital Planning Fund, established under §2.2-1520, for payments made for pre-planning or detailed planning of allprojects that have been approved for construction by the General Assembly,and to provide funds for the purpose of paying all or any part of the cost ofany one or more projects or of any portion or portions thereof, the Authorityis hereby authorized to provide by resolution, at one time or from time totime, for the issuance of bonds of the Authority in such amount or amounts asthe Authority shall determine. Such bonds of the Authority shall be payablesolely from funds of the Authority, including, but without limitation, anyone or more of the following: (i) payments of principal of and interest oneducational institution bonds purchased by the Authority, (ii) the proceedsof the sale of any such educational institution bonds, (iii) payments ofprincipal of and interest on obligations transferred to the Authority by theGeneral Assembly or from other assets or moneys transferred to the Authorityby the General Assembly or educational institutions, including lease paymentsor any other source of revenue, (iv) the proceeds of the sale of any suchobligations or assets, (v) the proceeds from the sale of bonds of theAuthority, (vi) payments made by educational institutions under leases orsales of equipment by the Authority, (vii) funds realized from theenforcement of security interests or other liens securing such bonds, (viii)payments due under letters of credit, policies of bond insurance, bondpurchase agreements or other credit enhancements securing payment ofprincipal of and interest on bonds of the Authority, (ix) any moneys held infunds established by the Authority pursuant to § 23-30.27:1, (x) any reserveor sinking funds created to secure such payment, and (xi) other availablefunds of the Authority. Bonds of the Authority issued under the provisions ofthis chapter shall not be deemed to constitute a debt of the Commonwealth ora pledge of the faith or credit of the Commonwealth and all bonds of theAuthority shall contain on the face thereof a statement to the effect thatneither the faith and credit, nor the taxing power of the Commonwealth or ofany political subdivision thereof is, or shall be, pledged to the payment ofthe principal of or the interest on such bonds.
The bonds of each issue shall be dated, shall mature at such time or times,not exceeding 40 years from their date or dates, as may be determined by theAuthority, and may be made redeemable before maturity, at the option of theAuthority, at such price or prices and under such terms and conditions as maybe fixed by the Authority prior to the issuance of the bonds. The bonds maybear interest payable at such time or times and at such rate or rates asdetermined by the Authority or as determined in such manner as the Authoritymay provide, including the determination by agents designated by theAuthority under guidelines established by it. The principal and interest ofsuch bonds may be made payable in any lawful medium. The Authority shalldetermine the form of the bonds and the manner of execution of the bonds, andshall fix the denomination or denominations of the bonds and the place orplaces of payment of principal and interest thereof, which may be at theoffice of the State Treasurer or at any bank or trust company within orwithout the Commonwealth. In case any officer whose signature or a facsimileof whose signature shall appear on any bonds or coupons shall cease to besuch officer before the delivery of such bonds such signature or suchfacsimile shall nevertheless be valid and sufficient for all purposes thesame as if he had remained in office until such delivery. All revenue bondsissued under the provisions of this chapter (other than bonds registered asto principal or in registered form) shall have and are hereby declared tohave, as between successive holders, all the qualities and incidents ofnegotiable instruments under the law of this Commonwealth. The bonds shall bein such form, shall bear interest at such rate or rates, either fixed ratesor rates established by formula or other method, and may contain such otherprovisions, all as the Authority may determine. The principal of and premium,if any, and interest on the bonds shall be payable in lawful money of theUnited States of America. The Authority shall fix the denomination ordenominations of the bonds and place or places of payments of principal,premium, if any, and interest at any one or more banks or trust companieswithin or without the Commonwealth.
Bonds may be issued under a system of book entry for recording the ownershipand transfer of ownership of rights to receive payments of principal of andpremium, if any, and interest on the bonds.
The Authority may sell such bonds in such manner, either at public or privatesale, and for such price as it may determine to be in the best interests ofthe Authority. The proceeds of such bonds shall be disbursed for the purposesfor which such bonds shall have been issued under such restrictions, if any,as the resolution authorizing the issuance of such bonds or the trustindenture hereinafter mentioned may provide. Prior to the preparation ofdefinitive bonds, the Authority may under like restrictions issue temporarybonds, with or without coupons, exchangeable for definitive bonds when suchbonds shall have been executed and are available for delivery. The Authoritymay also provide for the replacement of any bond which shall become mutilatedor shall be destroyed or lost. Such revenue bonds may be issued without anyother proceedings or the happening of any other conditions or things than theproceedings, conditions, and things which are specified and required by thischapter.
Neither the members of the Authority nor any person executing any bondsissued under the provisions of this chapter shall be liable personally onsuch bonds or be subject to any personal liability or accountability byreason of the issuance thereof.
No project for an institution listed in § 23-14 shall be undertaken by theAuthority if such project was not specifically included in a bill passed by amajority of those elected to each house of the General Assembly, authorizingsuch project or projects. In addition, any such project to be financed bybonds issued by the Authority secured by a pledge of any one or more of therevenue sources cited in subdivisions (1) through (4) of subsection (d) of §23-19 shall have been designated by the institution's board of visitors as aproject to be undertaken by the Authority.
(1964, c. 607; 1966, c. 685; 1986, c. 597; 1994, cc. 191, 219; 1996, cc. 672,689; 2000, cc. 414, 445; 2004, c. 711; 2008, Sp. Sess. I, cc. 1, 2.)
In order to provide funds for the purchase of educational institution bondsas authorized by § 23-30.27, to provide funds for the acquisition ofequipment as authorized by § 23-30.27:1, to provide funds for thereimbursement of the Central Capital Planning Fund, established under §2.2-1520, for payments made for pre-planning or detailed planning of allprojects that have been approved for construction by the General Assembly,and to provide funds for the purpose of paying all or any part of the cost ofany one or more projects or of any portion or portions thereof, the Authorityis hereby authorized to provide by resolution, at one time or from time totime, for the issuance of bonds of the Authority in such amount or amounts asthe Authority shall determine. Such bonds of the Authority shall be payablesolely from funds of the Authority, including, but without limitation, anyone or more of the following: (i) payments of principal of and interest oneducational institution bonds purchased by the Authority, (ii) the proceedsof the sale of any such educational institution bonds, (iii) payments ofprincipal of and interest on obligations transferred to the Authority by theGeneral Assembly or from other assets or moneys transferred to the Authorityby the General Assembly or educational institutions, including lease paymentsor any other source of revenue, (iv) the proceeds of the sale of any suchobligations or assets, (v) the proceeds from the sale of bonds of theAuthority, (vi) payments made by educational institutions under leases orsales of equipment by the Authority, (vii) funds realized from theenforcement of security interests or other liens securing such bonds, (viii)payments due under letters of credit, policies of bond insurance, bondpurchase agreements or other credit enhancements securing payment ofprincipal of and interest on bonds of the Authority, (ix) any moneys held infunds established by the Authority pursuant to § 23-30.27:1, (x) any reserveor sinking funds created to secure such payment, and (xi) other availablefunds of the Authority. Bonds of the Authority issued under the provisions ofthis chapter shall not be deemed to constitute a debt of the Commonwealth ora pledge of the faith or credit of the Commonwealth and all bonds of theAuthority shall contain on the face thereof a statement to the effect thatneither the faith and credit, nor the taxing power of the Commonwealth or ofany political subdivision thereof is, or shall be, pledged to the payment ofthe principal of or the interest on such bonds.
The bonds of each issue shall be dated, shall mature at such time or times,not exceeding 40 years from their date or dates, as may be determined by theAuthority, and may be made redeemable before maturity, at the option of theAuthority, at such price or prices and under such terms and conditions as maybe fixed by the Authority prior to the issuance of the bonds. The bonds maybear interest payable at such time or times and at such rate or rates asdetermined by the Authority or as determined in such manner as the Authoritymay provide, including the determination by agents designated by theAuthority under guidelines established by it. The principal and interest ofsuch bonds may be made payable in any lawful medium. The Authority shalldetermine the form of the bonds and the manner of execution of the bonds, andshall fix the denomination or denominations of the bonds and the place orplaces of payment of principal and interest thereof, which may be at theoffice of the State Treasurer or at any bank or trust company within orwithout the Commonwealth. In case any officer whose signature or a facsimileof whose signature shall appear on any bonds or coupons shall cease to besuch officer before the delivery of such bonds such signature or suchfacsimile shall nevertheless be valid and sufficient for all purposes thesame as if he had remained in office until such delivery. All revenue bondsissued under the provisions of this chapter (other than bonds registered asto principal or in registered form) shall have and are hereby declared tohave, as between successive holders, all the qualities and incidents ofnegotiable instruments under the law of this Commonwealth. The bonds shall bein such form, shall bear interest at such rate or rates, either fixed ratesor rates established by formula or other method, and may contain such otherprovisions, all as the Authority may determine. The principal of and premium,if any, and interest on the bonds shall be payable in lawful money of theUnited States of America. The Authority shall fix the denomination ordenominations of the bonds and place or places of payments of principal,premium, if any, and interest at any one or more banks or trust companieswithin or without the Commonwealth.
Bonds may be issued under a system of book entry for recording the ownershipand transfer of ownership of rights to receive payments of principal of andpremium, if any, and interest on the bonds.
The Authority may sell such bonds in such manner, either at public or privatesale, and for such price as it may determine to be in the best interests ofthe Authority. The proceeds of such bonds shall be disbursed for the purposesfor which such bonds shall have been issued under such restrictions, if any,as the resolution authorizing the issuance of such bonds or the trustindenture hereinafter mentioned may provide. Prior to the preparation ofdefinitive bonds, the Authority may under like restrictions issue temporarybonds, with or without coupons, exchangeable for definitive bonds when suchbonds shall have been executed and are available for delivery. The Authoritymay also provide for the replacement of any bond which shall become mutilatedor shall be destroyed or lost. Such revenue bonds may be issued without anyother proceedings or the happening of any other conditions or things than theproceedings, conditions, and things which are specified and required by thischapter.
Neither the members of the Authority nor any person executing any bondsissued under the provisions of this chapter shall be liable personally onsuch bonds or be subject to any personal liability or accountability byreason of the issuance thereof.
No project for an institution listed in § 23-14 shall be undertaken by theAuthority if such project was not specifically included in a bill passed by amajority of those elected to each house of the General Assembly, authorizingsuch project or projects. In addition, any such project to be financed bybonds issued by the Authority secured by a pledge of any one or more of therevenue sources cited in subdivisions (1) through (4) of subsection (d) of §23-19 shall have been designated by the institution's board of visitors as aproject to be undertaken by the Authority.
(1964, c. 607; 1966, c. 685; 1986, c. 597; 1994, cc. 191, 219; 1996, cc. 672,689; 2000, cc. 414, 445; 2004, c. 711; 2008, Sp. Sess. I, cc. 1, 2.)
In order to provide funds for the purchase of educational institution bondsas authorized by § 23-30.27, to provide funds for the acquisition ofequipment as authorized by § 23-30.27:1, to provide funds for thereimbursement of the Central Capital Planning Fund, established under §2.2-1520, for payments made for pre-planning or detailed planning of allprojects that have been approved for construction by the General Assembly,and to provide funds for the purpose of paying all or any part of the cost ofany one or more projects or of any portion or portions thereof, the Authorityis hereby authorized to provide by resolution, at one time or from time totime, for the issuance of bonds of the Authority in such amount or amounts asthe Authority shall determine. Such bonds of the Authority shall be payablesolely from funds of the Authority, including, but without limitation, anyone or more of the following: (i) payments of principal of and interest oneducational institution bonds purchased by the Authority, (ii) the proceedsof the sale of any such educational institution bonds, (iii) payments ofprincipal of and interest on obligations transferred to the Authority by theGeneral Assembly or from other assets or moneys transferred to the Authorityby the General Assembly or educational institutions, including lease paymentsor any other source of revenue, (iv) the proceeds of the sale of any suchobligations or assets, (v) the proceeds from the sale of bonds of theAuthority, (vi) payments made by educational institutions under leases orsales of equipment by the Authority, (vii) funds realized from theenforcement of security interests or other liens securing such bonds, (viii)payments due under letters of credit, policies of bond insurance, bondpurchase agreements or other credit enhancements securing payment ofprincipal of and interest on bonds of the Authority, (ix) any moneys held infunds established by the Authority pursuant to § 23-30.27:1, (x) any reserveor sinking funds created to secure such payment, and (xi) other availablefunds of the Authority. Bonds of the Authority issued under the provisions ofthis chapter shall not be deemed to constitute a debt of the Commonwealth ora pledge of the faith or credit of the Commonwealth and all bonds of theAuthority shall contain on the face thereof a statement to the effect thatneither the faith and credit, nor the taxing power of the Commonwealth or ofany political subdivision thereof is, or shall be, pledged to the payment ofthe principal of or the interest on such bonds.
The bonds of each issue shall be dated, shall mature at such time or times,not exceeding 40 years from their date or dates, as may be determined by theAuthority, and may be made redeemable before maturity, at the option of theAuthority, at such price or prices and under such terms and conditions as maybe fixed by the Authority prior to the issuance of the bonds. The bonds maybear interest payable at such time or times and at such rate or rates asdetermined by the Authority or as determined in such manner as the Authoritymay provide, including the determination by agents designated by theAuthority under guidelines established by it. The principal and interest ofsuch bonds may be made payable in any lawful medium. The Authority shalldetermine the form of the bonds and the manner of execution of the bonds, andshall fix the denomination or denominations of the bonds and the place orplaces of payment of principal and interest thereof, which may be at theoffice of the State Treasurer or at any bank or trust company within orwithout the Commonwealth. In case any officer whose signature or a facsimileof whose signature shall appear on any bonds or coupons shall cease to besuch officer before the delivery of such bonds such signature or suchfacsimile shall nevertheless be valid and sufficient for all purposes thesame as if he had remained in office until such delivery. All revenue bondsissued under the provisions of this chapter (other than bonds registered asto principal or in registered form) shall have and are hereby declared tohave, as between successive holders, all the qualities and incidents ofnegotiable instruments under the law of this Commonwealth. The bonds shall bein such form, shall bear interest at such rate or rates, either fixed ratesor rates established by formula or other method, and may contain such otherprovisions, all as the Authority may determine. The principal of and premium,if any, and interest on the bonds shall be payable in lawful money of theUnited States of America. The Authority shall fix the denomination ordenominations of the bonds and place or places of payments of principal,premium, if any, and interest at any one or more banks or trust companieswithin or without the Commonwealth.
Bonds may be issued under a system of book entry for recording the ownershipand transfer of ownership of rights to receive payments of principal of andpremium, if any, and interest on the bonds.
The Authority may sell such bonds in such manner, either at public or privatesale, and for such price as it may determine to be in the best interests ofthe Authority. The proceeds of such bonds shall be disbursed for the purposesfor which such bonds shall have been issued under such restrictions, if any,as the resolution authorizing the issuance of such bonds or the trustindenture hereinafter mentioned may provide. Prior to the preparation ofdefinitive bonds, the Authority may under like restrictions issue temporarybonds, with or without coupons, exchangeable for definitive bonds when suchbonds shall have been executed and are available for delivery. The Authoritymay also provide for the replacement of any bond which shall become mutilatedor shall be destroyed or lost. Such revenue bonds may be issued without anyother proceedings or the happening of any other conditions or things than theproceedings, conditions, and things which are specified and required by thischapter.
Neither the members of the Authority nor any person executing any bondsissued under the provisions of this chapter shall be liable personally onsuch bonds or be subject to any personal liability or accountability byreason of the issuance thereof.
No project for an institution listed in § 23-14 shall be undertaken by theAuthority if such project was not specifically included in a bill passed by amajority of those elected to each house of the General Assembly, authorizingsuch project or projects. In addition, any such project to be financed bybonds issued by the Authority secured by a pledge of any one or more of therevenue sources cited in subdivisions (1) through (4) of subsection (d) of §23-19 shall have been designated by the institution's board of visitors as aproject to be undertaken by the Authority.
(1964, c. 607; 1966, c. 685; 1986, c. 597; 1994, cc. 191, 219; 1996, cc. 672,689; 2000, cc. 414, 445; 2004, c. 711; 2008, Sp. Sess. I, cc. 1, 2.)
