Code of Virginia (Last Updated:July 28, 2020) |
TITLE 23.1. Institutions of Higher Education; Other Educational and Cultural Institutions |
SUBTITLE IV. Public Institutions of Higher Education |
CHAPTER 22. University of Virginia |
ARTICLE 1. General Provisions |
SECTION 23.1-2207. Payment of interest on debt of University; sinking fund |
Out of the appropriation made by the General Assembly for the support of the University, there shall be first set apart, annually, a sum sufficient to pay the interest accruing on the existing interest-bearing debt of the University, except as provided in § 23.1-1109 , and to constitute a sinking fund for the liquidation of the principal of such debt. Such sum shall be applied to no other purpose or object. Code 1919, § 820, § 23-67; 2016, c. 23.1-1109 . |