Virginia Code 23.1-3008: (Effective until date pursuant to Acts 2023, cc. 756 and 778, cl. 5) Medical School; additional powers; revenues, fees, rents, and other charges for projects
A. The Medical School may fix, revise, charge, and collect revenues, fees, rents, and other charges for the use of any project. Such revenues, fees, rents, and other charges shall be fixed and adjusted to provide a fund sufficient with other revenues to pay the principal of and any interest on bonds secured by or otherwise to be paid by such revenues as such principal and interest become due and payable; to create reserves for such purposes and for other purposes of the Medical School; and to pay the cost of maintaining, repairing, and operating the project. Such revenues, fees, rents, and charges are not subject to supervision or regulation by any commission, board, bureau, or agency of the Commonwealth or any such participating political subdivision.
Terms Used In Virginia Code 23.1-3008
- Board: means the board of visitors of Eastern Virginia Medical School. See Virginia Code 23.1-3000
- Bonds: includes bonds, notes, revenue certificates, lease participation certificates, and other evidences of indebtedness, payment obligations, or deferred purchase financing arrangements. See Virginia Code 23.1-3000
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Medical School: means the Eastern Virginia Medical School. See Virginia Code 23.1-3000
- Project: means any medical educational institution and medical facility, including colleges, schools, and divisions offering undergraduate and graduate programs for the health professions and sciences and such other courses of study as may be appropriate; medical and paramedical facilities; such other facilities deemed by the board as consistent with the powers and purposes of Eastern Virginia Medical School; all related and supporting facilities; and all necessary, desirable, or incidental lands, buildings, improvements, and other appurtenances and equipment. See Virginia Code 23.1-3000
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
B. The revenues, fees, rents, and other charges received by the Medical School may be applied and set aside in such order and manner as may be provided in such trust indenture, trust, or other agreement, or the resolution providing for the issuance of such bonds, including application to a sinking fund that may be pledged to and charged with the payment of the principal of and the interest on such bonds as such principal and interest become due and the redemption price or purchase price of such bonds retired by call or purchase as provided in such trust indenture, trust, or other agreement, or the resolution providing for the issuance of such bonds.
C. All pledges of such revenues, fees, rents, and other charges to payment of bonds are valid and binding from the time when the pledge is made.
D. The revenues, fees, rents, and charges pledged and received by the Medical School are immediately subject to the lien of such pledge without any physical delivery or further act and the lien of any such pledge is valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the Medical School, regardless of whether such parties have notice of the lien.
E. No trust indenture, trust, or other agreement, or resolution authorizing the issuance of such bonds, by which a pledge is created is required to be filed or recorded except in the records of the Medical School.
F. The use and disposition of moneys to the credit of such sinking fund are subject to the provisions of such trust indenture, trust, or other agreement, or the resolution providing for the issuance of such bonds. Except as otherwise provided in such trust indenture, trust, or other agreement, or the resolution providing for the issuance of such bonds, such sinking fund is a fund for all such bonds without distinction or priority of one over another.
2016, c. 588.