23-50.16:21 - Assignment of agreements - Virginia Statutes

§ 23-50.16:21. Assignment of agreements.

The University may assign, and the Authority may accept the rights and assumethe obligations under, any contracts or other agreements of any type relatingto the financing or the operating of the hospital facilities. Upon evidencethat such assignment and acceptance have been made, all agencies andinstrumentalities of the Commonwealth are directed to consent to suchassignment and to accept the substitution of the Authority for the Universityas a party to such agreements to the extent that the University's obligationsthereunder relate to the ownership, operation or financing of the hospitalfacilities. Indebtedness previously incurred by the Commonwealth, theVirginia Public Building Authority, the Virginia College Building Authorityand any other agencies and instrumentalities of the Commonwealth to financethe hospital facilities may continue to remain outstanding after the transferand the assignment of the agreements relating thereto by the University tothe Authority.

(1996, cc. 905, 1046.)