23-30.45 - Execution of deeds and conveyances. - Virginia Statutes

§ 23-30.45. Execution of deeds and conveyances.

When the principal of and interest on revenue bonds of the Authority issuedto finance the cost of a particular project or projects for one or moreparticipating institutions for higher education, including any revenuerefunding bonds issued to refund and refinance such revenue bonds, have beenfully paid and retired or when adequate provision has been made to fully payand retire the same, and all other conditions of the resolution or trustagreement authorizing and securing the same have been satisfied and the lienof such resolution or trust agreement has been released in accordance withthe provisions thereof, the Authority shall promptly do such things andexecute such deeds and conveyances as are necessary and required to conveytitle to such project or projects to such participating institution orinstitutions for higher education, free and clear of all liens andencumbrances, all to the extent that title to such project or projects isnot, at the time, vested in such participating institution or institutionsfor higher education.

(1972, c. 686.)