23-50.16:31 - Existing bonds - Virginia Statutes

§ 23-50.16:31. Existing bonds.

The Authority may assume, or may agree to make payments in amounts sufficientfor the University to pay, some or all of the hospital obligations incurredunder resolutions previously adopted by the University with respect to thehospital facilities and may issue bonds to refund bonds issued under suchresolutions or to refinance such payment obligations. If the Authority hasassumed all hospital obligations under any such bond resolution and commencedits operation of substantially all of the hospital facilities financed orrefinanced thereby, the University, the State Treasurer, the Virginia PublicBuilding Authority and the Virginia College Building Authority shall takesuch steps as are appropriate to provide for the substitution of theAuthority for the University under such resolution and to transfer to theAuthority any funds payable to the University under the terms of suchresolution.

(1996, cc. 905, 1046.)