23-26 - Commonwealth not to limit revenues of institutions. - Virginia Statutes

§ 23-26. Commonwealth not to limit revenues of institutions.

The Commonwealth of Virginia does pledge to and agree with the holders of thebonds issued by any institution that the Commonwealth will not limit or alterthe rights hereby vested in such institution to establish and collect thefees, rents and charges, including student building fees and other studentfees and to pledge the same, all as provided for in subdivisions (1), (2),(3) and (4) of subsection (d) of § 23-19 as may be convenient or necessary toproduce sufficient revenues to meet the expense of maintenance and operationof such project and such other existing facilities and to fulfill the termsof any agreements made with the holders of the bonds or in any way to impairthe rights and remedies of such holders, until the bonds, together withinterest thereon, with interest on any unpaid installments of interest, andall costs and expenses in connection with any action or proceedings by or onbehalf of such holders are fully met and discharged.

(1933, p. 91; 1962, c. 373; 1964, c. 635.)