{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/23.1-1229.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/23.1-1229.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/23.1-1229.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/23.1-1229.html"}],"law_id":355125,"edition_id":2,"section_id":355125,"structure_id":50796,"section_number":"23.1-1229","catch_line":"Powers and duties; rates, rents, fees and charges; sinking fund","history":"1972, c. 686, \u00a7 23-30.50; 2016, cc. 532, 588, 658.","full_text":"A\n\nThe Authority may fix, revise, charge, and collect rates, rents, fees, and charges for the use of and the services furnished by each project and contract with any person, partnership, association, corporation, or other public or private body to perform such acts. The aggregate of such rates, rents, fees, and charges shall be fixed and adjusted to provide funds that, when combined with other revenues, is sufficient to (i) pay the uncovered cost of maintaining, repairing, and operating each portion of the project; (ii) pay the principal of and the interest on outstanding revenue bonds of the Authority as such principal and interest becomes due and payable; and (iii) create and maintain reserves required or provided for in any resolution authorizing, or trust agreement securing, such revenue bonds of the Authority. No such rate, rent, fee, or charge shall be subject to supervision or regulation by any department, commission, board, body, bureau, or agency of the Commonwealth other than the Authority.\n\nB\n\nThe Authority shall set aside in a sinking fund or other similar fund a sufficient amount of the revenues derived from a project, except the part of such revenues that is necessary to pay the cost of maintenance, repair, and operation of the project, provide reserves, or make renewals, replacements, extensions, enlargements, and improvements as set forth in the resolution authorizing the issuance of any revenue bonds of the Authority or in the trust agreement securing such revenue bonds. The Authority shall pledge such sinking fund or other similar fund to pay the principal of and the interest on such revenue bonds as such principal and interest becomes due and the redemption or purchase price of bonds retired by call or purchase as provided in the resolution authorizing the issuance of any revenue bonds of the Authority or in the trust agreement securing such revenue bonds. Such pledge is valid and binding from the time when the pledge is made. The rates, rents, fees, and charges and other revenues or moneys so pledged and received by the Authority shall immediately be subject to the lien of such pledge without any physical delivery or further act. The lien of any such pledge is valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the Authority, irrespective of whether such parties have notice of such lien. No resolution authorizing the issuance of any revenue bonds of the Authority or trust agreement by which a pledge is created need be filed or recorded except in the records of the Authority. The use and disposition of moneys to the credit of such sinking fund or other similar fund is subject to the provisions of the resolution authorizing the issuance of such bonds or of such trust agreement. Such sinking fund or other similar fund is a fund for all such revenue bonds issued to finance a project by a participating institution, without distinction or priority of one revenue bond over another, but the Authority may provide in any such resolution or trust agreement (i) that such sinking fund or other similar fund is the fund for a particular project by a participating institution and the revenue bonds issued to finance a particular project and (ii) for the issuance of revenue bonds having a subordinate lien to other revenue bonds of the Authority with respect to the security authorized and, in such case, the Authority may create separate or other similar funds with respect to such subordinate lien bonds.\n\n","order_by":null,"text":{"0":{"id":1322419,"text":"The Authority may fix, revise, charge, and collect rates, rents, fees, and charges for the use of and the services furnished by each project and contract with any person, partnership, association, corporation, or other public or private body to perform such acts. The aggregate of such rates, rents, fees, and charges shall be fixed and adjusted to provide funds that, when combined with other revenues, is sufficient to (i) pay the uncovered cost of maintaining, repairing, and operating each portion of the project; (ii) pay the principal of and the interest on outstanding revenue bonds of the Authority as such principal and interest becomes due and payable; and (iii) create and maintain reserves required or provided for in any resolution authorizing, or trust agreement securing, such revenue bonds of the Authority. No such rate, rent, fee, or charge shall be subject to supervision or regulation by any department, commission, board, body, bureau, or agency of the Commonwealth other than the Authority.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1322420,"text":"The Authority shall set aside in a sinking fund or other similar fund a sufficient amount of the revenues derived from a project, except the part of such revenues that is necessary to pay the cost of maintenance, repair, and operation of the project, provide reserves, or make renewals, replacements, extensions, enlargements, and improvements as set forth in the resolution authorizing the issuance of any revenue bonds of the Authority or in the trust agreement securing such revenue bonds. The Authority shall pledge such sinking fund or other similar fund to pay the principal of and the interest on such revenue bonds as such principal and interest becomes due and the redemption or purchase price of bonds retired by call or purchase as provided in the resolution authorizing the issuance of any revenue bonds of the Authority or in the trust agreement securing such revenue bonds. Such pledge is valid and binding from the time when the pledge is made. The rates, rents, fees, and charges and other revenues or moneys so pledged and received by the Authority shall immediately be subject to the lien of such pledge without any physical delivery or further act. The lien of any such pledge is valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the Authority, irrespective of whether such parties have notice of such lien. No resolution authorizing the issuance of any revenue bonds of the Authority or trust agreement by which a pledge is created need be filed or recorded except in the records of the Authority. The use and disposition of moneys to the credit of such sinking fund or other similar fund is subject to the provisions of the resolution authorizing the issuance of such bonds or of such trust agreement. Such sinking fund or other similar fund is a fund for all such revenue bonds issued to finance a project by a participating institution, without distinction or priority of one revenue bond over another, but the Authority may provide in any such resolution or trust agreement (i) that such sinking fund or other similar fund is the fund for a particular project by a participating institution and the revenue bonds issued to finance a particular project and (ii) for the issuance of revenue bonds having a subordinate lien to other revenue bonds of the Authority with respect to the security authorized and, in such case, the Authority may create separate or other similar funds with respect to such subordinate lien bonds.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":50796,"edition_id":2,"name":"Nonprofit Private Institutions of Higher Education; Projects","identifier":"2","label":"article","depth":4,"order_by":2,"parent_id":50794,"metadata":{"child_laws":19,"child_structures":0},"date_created":"2026-08-02 02:33:27","date_modified":"2026-08-02 12:31:18","permalink":{"id":1412821,"object_type":"structure","relational_id":50796,"identifier":"2","token":"23.1\/III\/12\/2","url":"\/23.1\/III\/12\/2\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50794,"edition_id":2,"name":"Virginia College Building Authority","identifier":"12","label":"chapter","depth":3,"order_by":3,"parent_id":50786,"metadata":{"child_laws":39,"child_structures":2},"date_created":"2026-08-02 02:33:25","date_modified":"2026-08-02 12:31:18","permalink":{"id":1412737,"object_type":"structure","relational_id":50794,"identifier":"12","token":"23.1\/III\/12","url":"\/23.1\/III\/12\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50786,"edition_id":2,"name":"Management and Financing","identifier":"III","label":"subtitle","depth":2,"order_by":3,"parent_id":50782,"metadata":{"child_laws":97,"child_structures":11},"date_created":"2026-08-02 02:33:18","date_modified":"2026-08-02 12:31:17","permalink":{"id":1412515,"object_type":"structure","relational_id":50786,"identifier":"III","token":"23.1\/III","url":"\/23.1\/III\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50782,"edition_id":2,"name":"Institutions of Higher Education; Other Educational and Cultural Institutions","identifier":"23.1","label":"title","depth":1,"order_by":62,"parent_id":null,"metadata":{"child_laws":594,"child_structures":95},"date_created":"2026-08-02 02:33:18","date_modified":"2026-08-02 12:31:13","permalink":{"id":1411583,"object_type":"structure","relational_id":50782,"identifier":"23.1","token":"23.1","url":"\/23.1\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":355116,"structure_id":50796,"section_number":"23.1-1220","catch_line":"Definitions","url":"\/23.1-1220\/","token":"23.1\/III\/12\/2\/23.1-1220","metadata":false},{"id":355117,"structure_id":50796,"section_number":"23.1-1221","catch_line":"Declaration of policy and purpose","url":"\/23.1-1221\/","token":"23.1\/III\/12\/2\/23.1-1221","metadata":false},{"id":355118,"structure_id":50796,"section_number":"23.1-1222","catch_line":"Expenses of administering article","url":"\/23.1-1222\/","token":"23.1\/III\/12\/2\/23.1-1222","metadata":false},{"id":355119,"structure_id":50796,"section_number":"23.1-1223","catch_line":"Powers and duties of Authority","url":"\/23.1-1223\/","token":"23.1\/III\/12\/2\/23.1-1223","metadata":false},{"id":355120,"structure_id":50796,"section_number":"23.1-1224","catch_line":"Duties; conveyance of title to projects","url":"\/23.1-1224\/","token":"23.1\/III\/12\/2\/23.1-1224","metadata":false},{"id":355121,"structure_id":50796,"section_number":"23.1-1225","catch_line":"Powers; acquisition of property","url":"\/23.1-1225\/","token":"23.1\/III\/12\/2\/23.1-1225","metadata":false},{"id":355122,"structure_id":50796,"section_number":"23.1-1226","catch_line":"Powers; issuance of negotiable notes","url":"\/23.1-1226\/","token":"23.1\/III\/12\/2\/23.1-1226","metadata":false},{"id":355123,"structure_id":50796,"section_number":"23.1-1227","catch_line":"Powers; issuance of revenue bonds","url":"\/23.1-1227\/","token":"23.1\/III\/12\/2\/23.1-1227","metadata":false},{"id":355124,"structure_id":50796,"section_number":"23.1-1228","catch_line":"Powers; security for revenue bonds","url":"\/23.1-1228\/","token":"23.1\/III\/12\/2\/23.1-1228","metadata":false},{"id":355125,"structure_id":50796,"section_number":"23.1-1229","catch_line":"Powers and duties; rates, rents, fees and charges; sinking fund","url":"\/23.1-1229\/","token":"23.1\/III\/12\/2\/23.1-1229","metadata":false},{"id":355126,"structure_id":50796,"section_number":"23.1-1230","catch_line":"Powers; issuance of refunding revenue bonds","url":"\/23.1-1230\/","token":"23.1\/III\/12\/2\/23.1-1230","metadata":false},{"id":355127,"structure_id":50796,"section_number":"23.1-1231","catch_line":"Revenue bonds not obligations of Commonwealth or political subdivision","url":"\/23.1-1231\/","token":"23.1\/III\/12\/2\/23.1-1231","metadata":false},{"id":355128,"structure_id":50796,"section_number":"23.1-1232","catch_line":"Moneys received deemed trust funds","url":"\/23.1-1232\/","token":"23.1\/III\/12\/2\/23.1-1232","metadata":false},{"id":355129,"structure_id":50796,"section_number":"23.1-1233","catch_line":"Remedies of bondholders or holders of other obligations","url":"\/23.1-1233\/","token":"23.1\/III\/12\/2\/23.1-1233","metadata":false},{"id":355130,"structure_id":50796,"section_number":"23.1-1234","catch_line":"Exemption from taxation","url":"\/23.1-1234\/","token":"23.1\/III\/12\/2\/23.1-1234","metadata":false},{"id":355131,"structure_id":50796,"section_number":"23.1-1235","catch_line":"Bonds as legal investments","url":"\/23.1-1235\/","token":"23.1\/III\/12\/2\/23.1-1235","metadata":false},{"id":355132,"structure_id":50796,"section_number":"23.1-1236","catch_line":"Nature of article","url":"\/23.1-1236\/","token":"23.1\/III\/12\/2\/23.1-1236","metadata":false},{"id":355133,"structure_id":50796,"section_number":"23.1-1237","catch_line":"Article liberally construed","url":"\/23.1-1237\/","token":"23.1\/III\/12\/2\/23.1-1237","metadata":false},{"id":355134,"structure_id":50796,"section_number":"23.1-1238","catch_line":"Article controls inconsistent laws","url":"\/23.1-1238\/","token":"23.1\/III\/12\/2\/23.1-1238","metadata":false}],"previous_section":{"id":355124,"structure_id":50796,"section_number":"23.1-1228","catch_line":"Powers; security for revenue bonds","url":"\/23.1-1228\/","token":"23.1\/III\/12\/2\/23.1-1228","metadata":false},"next_section":{"id":355126,"structure_id":50796,"section_number":"23.1-1230","catch_line":"Powers; issuance of refunding revenue bonds","url":"\/23.1-1230\/","token":"23.1\/III\/12\/2\/23.1-1230","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-1229\/","history_text":"

This law was first created in 1972. The record of its establishment is cataloged in chapter 686 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1972 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2016, chapters 532<\/a>, 588<\/a>, and 658<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1412859,"object_type":"law","relational_id":355125,"identifier":"23.1-1229","token":"23.1\/III\/12\/2\/23.1-1229","url":"\/23.1-1229\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/23.1-1229\/","token":"23.1\/III\/12\/2\/23.1-1229","dublin_core":{"Title":"Powers and duties; rates, rents, fees and charges; sinking fund","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-1229","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Authority<\/span> may fix, revise, charge, and collect rates, rents, fees, and charges for the use of and the services furnished by each project<\/span> and contract<\/span> with any person, partnership, association, corporation, or other public or private body to perform such acts. The aggregate of such rates, rents, fees, and charges shall be fixed and adjusted to provide funds that, when combined with other revenues, is sufficient to (i) pay the uncovered cost of maintaining, repairing, and operating each portion of the project<\/span>; (ii) pay the principal of and the interest on outstanding revenue bonds<\/span> of the Authority<\/span> as such principal and interest becomes due and payable; and (iii) create and maintain reserves required or provided for in any resolution authorizing, or trust agreement securing, such revenue bonds<\/span> of the Authority<\/span>. No such rate, rent, fee, or charge shall be subject to supervision or regulation by any department, commission, board, body, bureau, or agency of the Commonwealth other than the Authority<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Authority<\/span> shall set aside in a sinking fund or other similar fund a sufficient amount of the revenues derived from a project<\/span>, except the part of such revenues that is necessary to pay the cost of maintenance, repair, and operation of the project<\/span>, provide reserves, or make renewals, replacements, extensions, enlargements, and improvements as set forth in the resolution authorizing the issuance of any revenue bonds<\/span> of the Authority<\/span> or in the trust agreement securing such revenue bonds<\/span>. The Authority<\/span> shall pledge such sinking fund or other similar fund to pay the principal of and the interest on such revenue bonds<\/span> as such principal and interest becomes due and the redemption<\/span> or purchase price of bonds retired by call or purchase as provided in the resolution authorizing the issuance of any revenue bonds<\/span> of the Authority<\/span> or in the trust agreement securing such revenue bonds<\/span>. Such pledge is valid and binding from the time when the pledge is made. The rates, rents, fees, and charges and other revenues or moneys so pledged and received by the Authority<\/span> shall immediately be subject to the lien<\/span> of such pledge without any physical delivery or further act. The lien<\/span> of any such pledge is valid and binding against all parties having claims of any kind in tort<\/span>, contract<\/span>, or otherwise against the Authority<\/span>, irrespective of whether such parties have notice of such lien<\/span>. No resolution authorizing the issuance of any revenue bonds<\/span> of the Authority<\/span> or trust agreement by which a pledge is created need be filed or recorded except in the records of the Authority<\/span>. The use and disposition<\/span> of moneys to the credit of such sinking fund or other similar fund is subject to the provisions of the resolution authorizing the issuance of such bonds or of such trust agreement. Such sinking fund or other similar fund is a fund for all such revenue bonds<\/span> issued to finance a project<\/span> by a participating institution<\/span>, without distinction or priority of one revenue bond<\/span> over another, but the Authority<\/span> may provide in any such resolution or trust agreement (i) that such sinking fund or other similar fund is the fund for a particular project<\/span> by a participating institution<\/span> and the revenue bonds<\/span> issued to finance a particular project<\/span> and (ii) for the issuance of revenue bonds<\/span> having a subordinate lien<\/span> to other revenue bonds<\/span> of the Authority<\/span> with respect to the security authorized and, in such case, the Authority<\/span> may create separate or other similar funds with respect to such subordinate lien<\/span> bonds. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS AND DUTIES; RATES, RENTS, FEES AND CHARGES; SINKING FUND (\u00a7 23.1-1229)\n\nA. The Authority may fix, revise, charge, and collect rates, rents, fees, and\ncharges for the use of and the services furnished by each project and contract\nwith any person, partnership, association, corporation, or other public or\nprivate body to perform such acts. The aggregate of such rates, rents, fees, and\ncharges shall be fixed and adjusted to provide funds that, when combined with\nother revenues, is sufficient to (i) pay the uncovered cost of maintaining,\nrepairing, and operating each portion of the project; (ii) pay the principal of\nand the interest on outstanding revenue bonds of the Authority as such principal\nand interest becomes due and payable; and (iii) create and maintain reserves\nrequired or provided for in any resolution authorizing, or trust agreement\nsecuring, such revenue bonds of the Authority. No such rate, rent, fee, or\ncharge shall be subject to supervision or regulation by any department,\ncommission, board, body, bureau, or agency of the Commonwealth other than the\nAuthority.\n\nB. The Authority shall set aside in a sinking fund or other similar fund a\nsufficient amount of the revenues derived from a project, except the part of\nsuch revenues that is necessary to pay the cost of maintenance, repair, and\noperation of the project, provide reserves, or make renewals, replacements,\nextensions, enlargements, and improvements as set forth in the resolution\nauthorizing the issuance of any revenue bonds of the Authority or in the trust\nagreement securing such revenue bonds. The Authority shall pledge such sinking\nfund or other similar fund to pay the principal of and the interest on such\nrevenue bonds as such principal and interest becomes due and the redemption or\npurchase price of bonds retired by call or purchase as provided in the\nresolution authorizing the issuance of any revenue bonds of the Authority or in\nthe trust agreement securing such revenue bonds. Such pledge is valid and\nbinding from the time when the pledge is made. The rates, rents, fees, and\ncharges and other revenues or moneys so pledged and received by the Authority\nshall immediately be subject to the lien of such pledge without any physical\ndelivery or further act. The lien of any such pledge is valid and binding\nagainst all parties having claims of any kind in tort, contract, or otherwise\nagainst the Authority, irrespective of whether such parties have notice of such\nlien. No resolution authorizing the issuance of any revenue bonds of the\nAuthority or trust agreement by which a pledge is created need be filed or\nrecorded except in the records of the Authority. The use and disposition of\nmoneys to the credit of such sinking fund or other similar fund is subject to\nthe provisions of the resolution authorizing the issuance of such bonds or of\nsuch trust agreement. Such sinking fund or other similar fund is a fund for all\nsuch revenue bonds issued to finance a project by a participating institution,\nwithout distinction or priority of one revenue bond over another, but the\nAuthority may provide in any such resolution or trust agreement (i) that such\nsinking fund or other similar fund is the fund for a particular project by a\nparticipating institution and the revenue bonds issued to finance a particular\nproject and (ii) for the issuance of revenue bonds having a subordinate lien to\nother revenue bonds of the Authority with respect to the security authorized\nand, in such case, the Authority may create separate or other similar funds with\nrespect to such subordinate lien bonds.\n\nHISTORY: 1972, c. 686, \u00a7 23-30.50; 2016, cc. 532, 588, 658.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}