Virginia Code 23.1-2207: Payment of interest on debt of University; sinking fund.
Current as of: 2024 | Check for updates
|
Other versions
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.
Terms Used In Virginia Code 23.1-2207
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
Code 1919, § 820, § 23-67; 2016, c. 588.