Code of Virginia § 23.1-1109. Bonds and revenues; disposition.
190 words·~1 min read·
/va/title-23-1/chapter-11/23-1-1109·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
All moneys derived from the sale of bonds pursuant to § 23.1-1106 and all revenues derived from any source set forth in subdivision C 1 a, b, or c of § 23.1-1106 , except those moneys that are exempt from deposit into the state treasury, shall be paid into the state treasury, set aside in special funds, and devoted solely to the payment of
(i)the cost of erecting the project for which such bonds have been issued,
(ii)the principal of and the interest on such bonds, and
(iii)the cost of maintenance and operation of such project and any other existing facilities for which any revenue is pledged either in whole or in part to the payment of the principal of and the interest on such bonds, respectively, and are specifically appropriated for such purposes to be paid out by the State Treasurer on warrants of the Comptroller to be issued on vouchers of the treasurer or other fiscal officer of the board of such institution.
1933, p. 88, § 23-21; 1946, p. 187; 1962, c. 373; 1964, c. 635; 1997, c. 308 ; 2016, c. 588 .