CODE OF VIRGINIA

(EFFECTIVE OCTOBER 1, 2016) DEFINITIONS; FINDINGS (§ 23.1-1200)

A. As used in this article, unless the context requires a different
meaning:”Authority” means the Virginia College Building
Authority.”Bond”  means any bond, note, or other evidences of
indebtedness or obligation of the Authority pursuant to this
article.”Eligible institution” means public institutions of higher
education, as that term is defined in § 23.1-100; Eastern Virginia Medical
School; the Institute for Advanced Learning and Research; the New College
Institute; the Roanoke Higher Education Authority; the Southern Virginia Higher
Education Center; the Southwest Virginia Higher Education Center; the Virginia
School for the Deaf and the Blind; and the Wilson Workforce and Rehabilitation
Center.”Equipment”  means any personal property, including computer
hardware and software, and any other improvements, including infrastructure
improvements relating to equipment, used to support academic instruction and
research at eligible institutions.”Project”  has the same meaning as
set forth in § 23.1-1100.

B. Providing funds for the construction of projects at eligible institutions is
or may be hindered, impeded, and delayed by the high financing costs resulting
from the sale of bonds of such eligible institutions in the open market, and it
is desirable that the Authority may (i) serve the purposes of eligible
institutions by purchasing such bonds and financing the construction of projects
at a lower cost, which facilitates such construction and (ii) issue its own
revenue bonds for the purpose of paying the costs of such projects.

C. There is an urgent need to provide substantial amounts of new scientific,
technical, and other equipment for academic instruction, research, and related
activities at eligible institutions so that they may remain competitive in
attracting high-quality faculty and obtaining research grants, and it is
desirable that the Authority may finance the purchase of such equipment to
provide eligible institutions with such equipment at the lowest possible cost,
which facilitates the acquisition and supply of such equipment to eligible
institutions and increases the purchasing power of their funds, including funds
provided by tuition and fees and appropriations from the General Assembly.

HISTORY: 1964, c. 607, § 23-30.24; 1966, c. 685; 1986, c. 597; 1996, cc. 672,
689; 2016, c. 588.