Code of Virginia § 23.1-1116. Commonwealth not to limit revenues of institutions.
153 words·~1 min read·
/va/title-23-1/chapter-11/23-1-1116·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Commonwealth shall not
(i)limit or alter the rights vested in any institution to establish, collect, and pledge fees, rents, and charges, including student building fees and other student fees, as provided for in subdivision C 1 a, b, c, or d of § 23.1-1106 that the institution deems necessary or convenient to produce sufficient revenues to meet the expense of maintenance and operation of such project and such other existing facilities and fulfill the terms of any agreement made with the bondholders or
(ii)in any way impair the rights and remedies of such bondholders until the bonds, the interest thereon, the interest on any unpaid installments of interest on the bonds, and all costs and expenses in connection with any action or proceedings by or on behalf of such bondholders are fully met and discharged.
1933, p. 91, § 23-26; 1962, c. 373; 1964, c. 635; 2016, c. 588 .