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Code of Virginia (Last Updated:July 28, 2020) |
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TITLE 23.1. Institutions of Higher Education; Other Educational and Cultural Institutions |
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SUBTITLE III. Management and Financing |
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CHAPTER 11. Bonds and Other Obligations |
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SECTION 23.1-1112. Bonds; interest |
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No bond issued by an institution pursuant to this chapter shall (i) bear interest at an annual percentage rate exceeding the greater of the rates authorized under § 6.2-303 or 6.2-303 or (ii) be sold at public or private sale such that the interest cost to maturity exceeds the greater of such annual percentage rates authorized under § 6.2-303 or 6.2-303 . 1970, c. 609, § 23-30.03; 2016, c. 6.2-303 . |