23-30.29:2 - Educational institutions' pledge of tuition, fees, etc - Virginia Statutes

§ 23-30.29:2. Educational institutions' pledge of tuition, fees, etc.

In order to provide funds for the repayment of bonds issued by the Authorityeither (i) for the purchase of any educational institution's bonds or (ii) toprovide funds for the purpose of paying all or any part of the cost of anyone or more projects or of any portion or portions thereof, each educationalinstitution is authorized to agree to pledge and transfer to the Authorityall or a part of the educational institution's revenues derived from any oneor more of the sources mentioned in subdivisions (1) through (4) ofsubsection (d) of § 23-19. Any agreement related to such transfer may containsuch other provisions the Authority and educational institution deemreasonable and proper and not in violation of law. Any such agreement shallnot be deemed to constitute a debt of the Commonwealth or a pledge of thefull faith and credit of the Commonwealth. Neither the full faith and creditof the Commonwealth nor the taxing power of the Commonwealth or any politicalsubdivision thereof is or shall be pledged to the payment of the principal ofand interest on bonds so secured by such agreement. Prior to execution, anysuch agreement shall be approved by (i) the Secretary of Finance and (ii) theSecretary of Education.

(1996, cc. 672, 689.)