23-38.107 - Financing and indebtedness. - Virginia Statutes

§ 23-38.107. Financing and indebtedness.

A. A covered institution shall have the authority to:

1. Borrow money and issue bonds, notes, or other obligations as provided inthis subchapter and to purchase such bonds, notes or other obligations;

2. Seek financing from, incur or assume indebtedness to, and enter intocontractual commitments with, the Virginia Public Building Authority and theVirginia College Building Authority, which authorities are authorized toborrow money and make and issue negotiable notes, bonds, notes or otherobligations and other evidences of indebtedness to provide such financingrelating to facilities or any project; and

3. Seek financing from, incur or assume indebtedness to, and enter intocontractual commitments with the Commonwealth as otherwise provided by lawrelating to the institution's facilities or any project.

B. Notwithstanding the provisions of this chapter, no covered institutionshall be deemed to be exempt from any requirement or covenant contained inany outstanding bonds, notes, or other evidences of indebtedness.

(2005, cc. 933, 945.)