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 Code of Virginia (Last Updated:July 28, 2020)
 TITLE 23.1. Institutions of Higher Education; Other Educational and Cultural Institutions
 SUBTITLE III. Management and Financing
 CHAPTER 11. Bonds and Other Obligations
 SECTION 23.1-1111. Bonds; prohibition against obligating Commonwealth

  SECTION 23.1-1111. Bonds; prohibition against obligating Commonwealth  

The bonds and other obligations of an institution are not a debt of the Commonwealth, do not create or constitute any indebtedness or obligation of the Commonwealth, legal, moral, or otherwise, and are not payable out of any funds other than those of the institution. Nothing in this chapter shall be construed to authorize any institution to incur any indebtedness on behalf of the Commonwealth or in any way to obligate the Commonwealth.

1933, p. 91, § 23-24; 2016, c. 588 .