CHAPTER 607

An Act creating the Virginia College Building Authority as a public
body corporate and a political subdivision and an agency and instru-
mentality of the Commonwealth of Virginia and prescribing its mem-
bership, powers and manner of proceeding; authorizing the Authority
to issue its bonds payable solely from revenues including rentals and
contract payments to provide funds to pay the cost of certain projects
at educational institutions of the Commonwealth all as defined in this
Act; authorizing the Authority and any educational institutions to
make leases or contracts with respect to any project or projects; au-
thorizing such educational institutions to charge and collect rents, fees
and charges for the use of such projects and any existing facilities,
to charge and collect student building fees and other student fees
and to pledge the same and any other available funds of such educa-
tional institutions to pay the rentals under a lease or the contract
payments under a contract; providing that bonds of the Authority
shall not constitute a debt of the Commonwealth or any agency or
instrumentality thereof; providing for the execution of a trust in-
denture to secure the payment of such bonds; making such projects
and bonds exempt from taxation within the Commonwealth; making
such bonds lawful investments and requiring the approval of the
General Assembly for the issuance of bonds and the making of leases
or contracts.

[H 769}

Approved March 31, 1964

Be it enacted by the General Assembly of Virginia:
1. This Act shall be known and may be cited as the “Virginia College
Building Authority Act of 1964.”
2. Definitions.—As used in this Act, the following words and terms shall
have the following meanings unless the context shall indicate another or
different meaning or intent:
(a) The word “Authority” shall mean the Virginia College Building
Authority created by Section 3 of this Act, or, if said Authority shall be
abolished, the board, body, commission, department or officer succeeding
to the principal functions thereof or to whom the powers given by this Act
to the Authority shall be given by law.

(b) The words “educational institution” shall mean any one of the
following: The College of William and Mary in Virginia, at Williamsburg .
the Medical College of Virginia, at Richmond; the board of visitors of the
Virginia State School, at Newport News; the Mary Washington College
of the University of Virginia, at Fredericksburg; the Madison College, at
Harrisonburg; the Richmond Professional Institute, at Richmond; the
Radford College, at Radford; the rector and visitors of the University of
Virginia, at Charlottesville; the Virginia Military Institute, at Lexington;
the Virginia Polytechnic Institute, at Blacksburg; the Longwood College,
at Farmville; the Old Dominion College, at Norfolk; the Virginia School for
the Blind, at Charlottesville; the Virginia School for the Deaf and Blind, at
Staunton; the Virginia State College, at Petersburg; and the Woodrow
Wilson Rehabilitation Center, at Fishersville. .

(c) The word “project” shall mean any building, facility, addition,
extension or improvement of a capital nature required by or convenient
for the purposes of an educational institution, including, without limitation,
administration, teaching, lecture and exhibition halls, libraries, dormitories,
student apartments, faculty dwellings, dining halls, cafeterias, snack bars,
laundries, hospitals, laboratories, research centers, infirmaries, field houses,
gymnasiums, auditoriums, student unions, recreation centers, stadiums,
athletic facilities, garages, parking facilities, warehouses and storage build-
ings, book and student supplies centers and all buildings, lands and any
other appurtenances and equipment necessary or desirable in connection
therewith or incidental thereto.

(d) The word “cost” as applied to a project financed under the pro-
visions of this Act shall embrace all cost of acquisition or construction,
including, without limitation, the cost of the acquisition of all lands, struc-
tures, property, rights, rights of way, franchises, easements and interests
acquired by the Authority or by an educational institution for such con-
struction, the cost of demolishing or removing any buildings or structures
on land so acquired, including the cost of acquiring any lands to which such
buildings or structures may be moved, the cost of all machinery and equip-
ment, financing charges, interest prior to and during construction and, if
deemed advisable by the Authority, for a period not exceeding two (2) years
after completion of such construction, provisions for working capital,
reserves for interest and for extensions, enlargements, additions and im-
provements, cost of engineering, financial and legal services, plans, speci-
fications, studies, surveys, estimates of cost and of revenues, administrative
expenses, expenses necessary or incident to determining the feasibility or
practicability of constructing a project, and such other expenses as may be
necessary or incident to the acquisition or construction of a project, the
financing of such acquisition or construction and the placing of a project
in operation. Any obligation or expense hereafter incurred by the State of
Virginia or any agency or department thereof for studies, surveys, borings,
preparation of plans and specifications, and other engineering services in
connection with the acquisition or construction of a project shall be re-
garded as a part of the cost of such project and shall be reimbursed to the
State of Virginia or to such agency or department out of the proceeds of
the revenue bonds issued for such project as hereinafter authorized.

(e) The word “contract” shall mean a written contract entered into
by and between the Authority and an educational institution under the
provisions of Section 8 of this Act, relating to one or more projects financed
by the Authority.
(f) The word “lease” shall mean a written lease made by the Authority
as lessor and an educational institution as lessee under the provisions of
Section 8 of this Act, relating to one or more projects financed, acquired
or constructed under the provisions of this Act.

(g) The word “bonds” or the words “revenue bonds” shall mean
revenue bonds of the Authority issued under the provisions of this Act.

(h) The word “owner” shall include all individuals, co-partnerships,
associations or corporations and also municipalities, political subdivisions
and all public agencies and instrumentalities having any title or interest
in any property, rights, easements and interests authorized to be acquired
by this Act.

3. Virginia College Building Authority.—The Virginia College Build-
ing Authority is hereby created as a public body corporate and as a political
subdivision and an agency and instrumentality of the Commonwealth of
Virginia, and as such, shall have and is hereby vested with the powers,
rights and duties hereinafter conferred in this Act.

The Virginia College Building Authority shall consist of the State
Treasurer, the State Comptroller and five additional members to be ap-
pointed by the Governor, subject to confirmation by the General Assembly,
if in session when such appointments are made, and if not in session, at
its first session subsequent to such appointment, who shall serve at the
pleasure of the Governor. The initial appointments shall be two members
for terms of four years, two members for terms of two years, and one
member for a term of one year and until their successors shall be ap-
pointed and qualified. The successors of each of the appointed members
shall be appointed for a term of four years, except that appointments to
fill vacancies shall be made for the unexpired terms. The members of the
Authority, with the exception of the Chairman and the Secretary, shall
receive no salaries but shall be paid their necessary traveling and other
expenses incurred in attendance upon meetings, or while otherwise engaged
in the discharge of their duties, and the sum of twenty-five dollars a day
for each day or portion thereof in which they are engaged in the perform-
ance of their duties except, however, that the State Treasurer and the State
Comptroller shall not be entitled to the per diem compensation. The Secre-
tary may receive such compensation as the Authority may provide.

The Governor shall appoint one member as Chairman, who shall be
the chief executive officer of the Authority and who shall receive such com-
pensation as the Governor shall fix. Neither the State Treasurer nor the
State Comptroller shall be eligible to serve as Chairman. Four members of
the Authority shall constitute a quorum for the transaction of all business
of the Authority. The Authority shall elect one member from the group
of five members appointed by the Governor as Vice-Chairman, who shall
exercise the powers of the Chairman in the absence of the Chairman. The
Authority shall elect a Treasurer, a Secretary, and an Assistant Secretary,
each of whom may perform the duties and functions commonly performed
by such officers. All such officers, except the Secretary and the Assistant
Secretary, shall be selected from members of the Authority. Each member
of the Authority and the Secretary and the Assistant Secretary of the
Authority shall execute a surety bond in such penal sum as shall be de-
termined by the Attorney General, each such surety bond to be conditioned
upon the faithful performance of the duties of his office, to be executed
by a surety company authorized to transact business in the State of Virginia
as surety and to be approved by the Attorney General and filed in the office
of the Secretary of the Commonwealth.

4. Deposit and Disbursement of Funds.—All funds belonging to the
Authority shall be deposited as directed by the Authority to the credit of
the account of the Authority for disbursement and expenditure pursuant
to rules and regulations prescribed by the Authority.
5. Credit of Commonwealth Not Pledged.—Bonds of the Authority
issued under the provisions of this Act shall not be deemed to constitute
a debt of the Commonwealth or of any agency or instrumentality thereof
or a pledge of the faith and credit of the Commonwealth or of any
agency or instrumentality thereof and all bonds of the Authority shall
contain on the face thereof a statement to the effect that neither the
faith and credit nor the taxing power of the Commonwealth or of any
political subdivision thereof is, or shall be, pledged to the payment of
the principal of or the interest on such bonds.

6. Powers of Authority.—The Authority is hereby authorized and
empowered :

(a) to have perpetual succession as a public body corporate, and
to adopt by-laws for the regulation of its affairs and the conduct of its
business ; .

(b) to adopt an official seal and alter the same at pleasure;

(c) to maintain an office at such place or places as it may designate;

(d) to sue and be sued on its contracts in its own name;

(e) to finance the establishment, construction, repair, reconstruc-
tion, acquisition, extension, enlargement or improvement of projects at
any educational institution within the Commonwealth, all as may be
determined by the Authority and any such educational institution and
provided for in a contract or lease;

(f) to issue revenue bonds of the Authority, payable solely from the
lease rentals, contract payments and other funds pledged for their pay-
ment, for the purpose of providing funds for paying all or any part of
the cost of any one or more projects at any one or more educational in-
stitutions, and to refund any of its bonds;

(g) to pledge to the payment of the principal of and the interest on its
revenue bonds any moneys to be received by it pursuant to law;

(h) to lease as lessor any project or projects to any educational in-
stitution as lessee pursuant to the terms and provisions of a lease;

(i) to contract with any educational institution with respect to
any project or projects pursuant to the terms and provisions of a
contract ;

(j) to acquire and hold in the name of the Authority real and
personal property in the exercise of its powers and the performance of
its functions and duties under this Act;

(k) to employ consulting engineers, attorneys, accountants, construc-
tion and financial] experts, superintendents, managers and such other
employees and agents as may be necessary in the judgment of the Authority,
and to fix their compensation ;

(1) to receive and accept from the Commonwealth, any educational
institution and any federal agency, grants for or in aid of the acquisition
or construction of any project and to receive and accept aid or contribu-
tions from any source of either money, property, labor or other things
of value, to be held, used and applied only for the purposes for which
such grants and contributions may be made; and

(m) to do all acts and things necessary or convenient to carry out
the powers expressly granted in this Act.

7. Powers of Educational Institutions.—Each educational institution
is hereby authorized and empowered:

(a) to acquire and hold in its name or to convey to the Authority
any and all real and personal property used or useful for or in connection
with a project or projects; :

(b) to fix, revise, charge and collect fees, rents and charges for or
in connection with the use, occupation or services of any project and to
pledge the same and any increases in the revenues to be derived from
any existing facilities at such educational institution resulting from any
increase in the fees, rents or charges for or in connection with the use,
occupation or services of any such existing facilities to the payment of
the rentals payable under a lease or the contract payments payable under
a contract ;

(ec) to fix, revise, charge and collect fees, rents and charges for or
in connection with the use, occupation or services of any existing facil-
ities at such educational institution and to pledge the same to the pay-
ment of the rentals payable under a lease or the contract payments
payable under a contract;

(d) to fix, revise, charge and collect student building fees and
other student fees from students enrolled at such educational institution
and to pledge the same in whole or in part to the payment of the rentals
payable under a lease or the contract payments payable under a contract;

(e) to pledge to the payment of the rentals payable under a lease
or to the payment of the contract payments payable under a contract
any moneys available for the use of such educational institution and
which are not required by law or by previous binding contract to be
devoted to some other purpose; and

(f) to do all acts and things necessary or convenient to carry out
the powers expressly granted in this Act.

8. Leases and Contracts.—The Authority and any educational insti-
tution are authorized and empowered to enter into a lease or a contract
with respect to any project or projects financed under the provisions of
this Act, in which as to each such project or projects the parties may
include provisions as to any one or more of the following and such other
provisions not inconsistent herewith as the parties may deem appropriate
and desirable:

(a) identify the project or projects to be financed by the Authority;

(b) set forth what portions, if any, of the cost of the project or
projects have been or shall thereafter be contributed by such educational
institution from the funds and other resources then available to it and
not otherwise obligated; ,

(c) set forth what portions of the cost of the project or projects
shall or may be paid from the proceeds of bonds issued by the Authority
under this Act;

(d) set forth any agreements of the Authority and such educational
institution with regard to planning, design, acquisition of property, so-
liciting construction bids, awarding construction contracts, and such other
steps as may be necessary or incidental to the construction of the project
or projects, and authorizing and selling bonds for such project or
projects;

(e) agree that from and after the completion of the project or
projects and until the lease or contract, as the case may be, shall have
terminated such educational institution will pay the cost of maintaining,
repairing and operating such project or projects from the funds and
other resources at any time available to it and not otherwise obligated ;

(f) in the event that the Authority and such educational institution
enter into a lease, agree that upon the completion of the project or
projects title thereto shall vest in the Authority and that upon the sat-
isfaction by the educational institution of all obligations incurred by it
under the terms of the lease title to the project or projects shall vest in
such educational institution;

(g) in the event that the Authority and such educational institution
enter into a contract, agree that title to the project or projects shall at
all times be vested in the educational institution; and

(h) set forth, following the determination of the amount of the
bonds to be issued by the Authority for the project or projects (including
any other project or projects then to be financed by the Authority on
behalf of any other educational institutions) and the interest rate or
rates the bonds are to bear, the schedule of rentals or contract payments,
as the case may be, to be paid by such educational institution from any
one or more of the revenue sources provided for in Section 7 of this Act.

9. Revenue Bonds.—The Authority is hereby authorized to provide
by resolution, at one time or from time to time, for the issuance of
revenue bonds of the Authority for the purpose of providing funds for
paying all or any part of the cost of any one or more projects at any
one or more educational institutions. The principal of and the interest
on such bonds shall be payable solely from the funds herein provided
for such payment. The bonds of each issue shall be dated, shall bear
interest at such rate or rates not exceeding six per centum per annum,
payable semi-annually, shall mature at such time or times, not exceeding
forty years from their date or dates, as may be determined by the
Authority, and may be made redeemable before maturity, at the option
of the Authority, at such price or prices and under such terms and
conditions as may be fixed by the Authority prior to the issuance of the
bonds. The principal and interest of such bonds may be made payable
in any lawful medium. The Authority shall determine the form of the
bonds, including any interest coupons to be attached thereto, and the
manner of execution of the bonds, and shall fix the denomination or
denominations of the bonds and the place or places of payment of prin-
cipal and interest thereof, which may be at the office of the State Treas-
urer or at any bank or trust company within or without the State. In
case any officer whose signature or a facsimile of whose signature shall
appear on any bonds or coupons shall cease to be such officer before
the delivery of such bonds such signature or such facsimile shall never-
theless be valid and sufficient for all purposes the same as if he had
remained in office until such delivery. All revenue bonds issued under
the provisions of this Act shall have and are hereby declared to have,
as between successive holders, all the qualities and incidents of negotiable
instruments under the negotiable instruments law of the State. The
bonds may be issued in coupon or in registered form, or both, as the
Authority may determine, and provision may be made for the registration
of any coupon bonds as to principal alone and also as to both principal
and interest, and for the reconversion of any bonds registered as to
both principal and interest into coupon bonds and for the exchange of
either coupon bonds or registered bonds without coupons for an equal
aggregate principal amount of other coupon bonds or registered bonds
without coupons or both of any denomination or denominations. The
Authority may sell such bonds in such manner, either at public or private
sale, and for such price as it may determine to be for the best interests
of the Authority but no such sale shall be made at a price so low as to
require the payment of interest on the money received therefor at more
than six per centum per annum computed with relation to the absolute
maturity of the bonds in accordance with standard tables of bond values,
excluding, however, from such computations the amount of any premium
to be paid on redemption of any bonds prior to maturity. The proceeds of
such bonds shall be disbursed for the purposes for which such bonds
shall have been issued under such restrictions, if any, as the resolution
authorizing the issuance of such bonds or the trust indenture hereinafter
mentioned may provide. If the bonds of a particular issue, by error of
estimates or otherwise, shall be less than such cost, additional bonds may
in like manner be issued to provide the amount of such deficit and,
unless otherwise provided in the resolution authorizing the issuance of
he bonds or in the trust indenture securing the same, shall be aqeemed
.o be of the same issue and shall be entitled to payment from the same
fund without preference or priority of the bonds first issued for the
same purpose. If the proceeds of the bonds of any issue shall exceed
he amount required for the purpose for which such bonds are issued,
the surplus shall be paid into the funds hereinafter provided for the
payment of principal and interest of such bonds. Prior to the prepara-
Fon of definitive bonds, the Authority may under like restrictions issue
temporary bonds, with or without coupons, exchangeable for definitive
bonds when such bonds shall have been executed and are available for
delivery. The Authority may also provide for the replacement of any
bond which shall become mutilated or shall be destroyed or lost. Such
revenue bonds may be issued without any other proceedings or the
happening of any other conditions or things than the proceedings, condi-
tions, and things which are specified and required by this Act.

10. Trust Indenture.—In the discretion of the Authority, any bonds
issued under the provisions of this Act may be secured by a trust in-
denture by and between the Authority and a corporate trustee, which
may be any trust company or bank having the powers of a trust company
within or without the State. Such trust indenture or the resolution pro-
viding for the issuance of such bonds may pledge or assign the rentals,
contract payments, or other revenues to be received, but shall not convey
or mortgage any project or projects or any part thereof. Such trust
indenture or resolution providing for the issuance of such bonds may
contain such provisions for protecting and enforcing the rights and
remedies of the bondholders as may be reasonable and proper and not
in violation of law, including covenants setting forth the duties of the
Authority in relation to the acquisition of property and the construction,
improvement, maintenance, repair, operation and insurance of any
project or projects in connection with which such bonds shall have been
authorized, the rentals and contract payments to be collected, and the
custody, safeguarding and application of all moneys. It shall be lawful
for any bank or trust company incorporated under the laws of the
State which may act as depository of the proceeds of bonds or of revenues
to furnish such indemnifying bonds or to pledge such securities as may
be required by the Authority. Any such trust indenture may set forth
the rights and remedies of the bondholders and of the trustee, and may
restrict the individual right of action by bondholders. In addition to
the foregoing, any such trust indenture or resolution may contain such
other provisions as the Authority may deem reasonable and proper for
the security of the bondholders. All expenses incurred in carrying out
the provisions of such trust indenture or resolution may be treated as a
part of the administration costs of the Authority.

11. Sinking Fund.—The rentals or contract payments to be received
under any lease or contract entered into under the provisions of Section 8 of
this Act and any other moneys available for the purpose shall be set
aside to such extent and at such regular intervals as shall be provided
in the resolution authorizing the issuance of such bonds or in the
trust indenture securing the same in such sinking fund as shall be
provided in such resolution or trust indenture, and such sinking
fund is hereby pledged to, and charged with, the payment of the
principal of and the interest on such bonds as the same shall become
due, and the redemption price or the purchase price of bonds retired by
call or purchase as therein provided. Such pledge shall be valid and bind.
ing from the time when the pledge is made; the rentals, contract pay-
ments or other moneys so pledged and thereafter received by the Author.
ity shall immediately be subject to the lien of such pledge without any
physical delivery thereof or further act, and the lien of any such pledge
shall be valid and binding as against all parties having claims of any
kind in tort, contract or otherwise against the Authority, irrespective of
whether such parties have notice thereof. Neither the resolution nor
any trust indenture by which a pledge is created need be filed or recorded
except in the records of the Authority. The use and disposition of moneys
to the credit of such sinking fund shall be subject to the provisions of
the resolution authorizing the issuance of such bonds or of such trust
indenture. Except as may otherwise be provided in such resolution or
such trust indenture, such sinking fund shall be a fund for all such
bonds for which the sinking fund was established without distinction or
priority of one over another.

12. Trust Funds.—All moneys received pursuant to the authority
of this Act, whether as proceeds from the sale of bonds or as rentals or
contract payments, shall be deemed to be trust funds to be held and
applied solely as provided in this Act. The resolution authorizing the
bonds of any issue or the trust indenture securing such bonds shall pro-
vide that any officer with whom, or any bank or trust company with
which, such moneys shall be deposited shall act as trustee of such moneys
and shall hold and apply the same for the purposes hereof, subject to
such regulations as this Act and such resolution or trust indenture may
provide.

18. Remedies.—Any holder of bonds issued under the provisions of
this Act or any of the coupons appertaining thereto, and the trustee
under any trust indenture, except to the extent the rights herein given
may be restricted by such trust indenture or the resolution authorizing
the issuance of such bonds, may, either at law or in equity, by suit, action,
mandamus or other proceeding, protect and enforce any and all rights
under the laws of the State of Virginia or granted hereunder or under
such trust indenture or the resolution authorizing the issuance of such
bonds, and may enforce and compel the performance of all duties re-
quired by this Act or by such trust indenture or resolution to be per-
formed by the Authority or by any officer thereof, including the col-
lecting of rentals and contract payments.

14. Exemption from Taxation.—The exercise of the powers granted
by this Act will be in all respects for the benefit of the people of the
State and for the increase of their commerce and prosperity, and as the
operation and maintenance of any project or projects will constitute
the performance of essential governmental functions, neither the Author-
ity nor any educational institution shall be required to pay any taxes
or assessments upon any project or projects or any property acquired or
used by the Authority or any educational institution under the provisions of
this Act or upon the income therefrom, and the bonds issued under the
provisions of this Act, their transfer and the income therefrom (includ-
ing any gain made on the sale thereof) shall at all times be free from
taxation within the State.

15. Bonds Eligible for Investment.—Bonds issued by the Authority
under the provisions of this Act are hereby made securities in which
all public officers and public bodies of the State and its political sub-
divisions, all insurance companies, trust companies, banking associations,
investment companies, executors, administrators, trustees and other
fiduciaries may properly and legally invest funds, including capital in
their control or belonging to them, without regard to any limitation of
amount which may be held as provided by law. Such bonds are hereby
made securities which may properly and legally be deposited with and
received by any State or municipal officer or any agency or political
subdivision of the State for any purpose for which the deposit of bonds
888 Acts OF ASSEMBLY [vA., 1964

or obligations is now or may hereafter be authorized by law.

16. Revenue Refunding Bonds.—The Authority is hereby authorized
to provide for the issuance of revenue bonds of the Authority for the
purpose of refunding any bonds then outstanding which shall have been
issued under the provisions of this Act, including the payment of any
redemption premium thereon and any interest accrued or to accrue to
the date of redemption of such bonds, and, if deemed advisable by the
Authority, for the additional purpose of paying all or any part of the
cost of constructing improvements, extensions, or enlargements of any
project or projects in connection with which the bonds to be refunded
shaJl have been issued. In case such bonds shall be issued for the pur-
pose of refunding outstanding bonds prior to their stated maturity or
earliest redemption date, such revenue bonds may be issued at any time not
more than five years prior to the maturity or the date selected for the
redemption of the bonds being refunded. Pending the application of the
proceeds of such revenue bonds, with any other available funds, to the pay-
ment of the principal, accrued interest and premium of the bonds being re-
funded and, if so provided or permitted in the resolution authorizing the
issuance of such revenue bonds or in the trust indenture securing the same,
to the payment of any interest on such revenue bonds, the Authority may
invest such proceeds in direct obligations of, or obligations the principal of
and interest on which are unconditionally guaranteed by, the United States
of America which shall mature, or which shall be subject to redemption
by the holder thereof at the option of such holder, not later than the respec-
tive dates when the proceeds, together with the interest accruing thereon,
will be required for the purposes intended. The issuance of such bonds,
the maturities and other details thereof, the rights of the holders thereof,
and the rights, duties and obligations of the Authority in respect of the
same, shall be governed by the provisions of this Act in so far as the
same may be applicable.

17. Approval required for issuance of bonds.—The issuance of revenue
bonds of the Authority under the provisions of this Act, the design, location
and artistic character of any project financed hereunder and each lease or
contract entered into by and between the Authority and an educational
institution under the provisions of this Act shall be subject to the following
conditions: prior to the financing of any “project,” the approval of the Gen-
eral Assembly must be obtained except as hereinafter provided.

On or before the first day of September biennially in the odd-numbered
years each educational institution shall submit to the Governor any project
or projects and the estimated cost of each separate project such educational
institution desires to have financed under the provisions of this Act, and the
Governor shall consider such projects and make his recommendation,
together with an estimate of the funds which will be available to the Author-
ity during next ensuing biennium, which estimate may be amended by him
from time to time, to the General Assembly in the budget submitted in ac-
cordance with the provisions of § 2-54 of the Code of Virginia, 1950. The
Authority is authorized to finance only those projects approved by the
General Assembly in the Appropriation Act, during the biennium covered
by such Appropriation Act, which projects need not be limited to the
projects recommended by the Governor, provided the Authority shall not
finance any project so approved unless it is satisfied funds are or will be
available to finance such project and provided further, that during the
biennium ending June thirtieth, nineteen hundred and sixty-six the Author-
ity is authorized to finance any dormitory without the approval of the
General Assembly if the same be first recommended by the Governor and his
certificate shall be conclusive as to compliance with this section with respect
to any such dormitory.

Go ogle
18. Miscellaneous.—Any action taken by the Authority under the
provisions of this Act may be authorized by resolution at any regular
or special meeting, and each such resolution shall take effect immediately
and need not be published or posted.

Any action taken by an educational institution under the provisions
of this Act, including but without limitation the exercise of the powers
granted in Section 7 of this Act and the making of leases and contracts
pursuant to Section 8 of this Act may be authorized by resolution of the gov.
erning board of such educational institution at any regular or special
meeting, and each such resolution shall take effect immediately and need
not be published or posted.

On or before the last day of August in each year the Authority shall
make an annual report of its activities for the preceding fiscal year
ending June thirtieth to the Governor. Each such report shall set forth
a complete operating and financial statement covering its operations
during the year. The records, books and accounts of the Authority shall
be subject to examination and inspection by duly authorized representa-
tives of the General Assembly and any bondholder or bondholders at any
reasonable time, provided the business of the Authority is not unduly
interrupted or interfered with thereby.

No member, agent or employee of the Authority shall contract with
the Authority or be interested, either directly or indirectly, in any lease
or contract with the Authority or in the sale of any property, either
real or personal, to the Authority. Any person violating this provision
shall be punished by a fine of not more than One Thousand Dollars.

19. Additional Method.—The foregoing sections of this Act shall
be deemed to provide an additional and alternative method for the doing
of the things authorized thereby, and shall be regarded as supplemental
and additional to powers conferred by other laws; provided, however,
that the issuance of revenue bonds or revenue refunding bonds under
the provisions of this Act need not comply with the requirements of any
other law applicable to the issuance of bonds.

Except as otherwise expressly provided in this Act, none of the
powers granted to the Authority under the provisions of this Act shall
be subject to the supervision or regulation or require the approval or
consent of any municipality or political subdivision or any commsision,
board, bureau, official or agency thereof or of the State.

20. Act Liberally Construed.—This Act, being necessary for the
welfare of the State and its inhabitants, shall be liberally construed to
effect the purpose thereof.

21. Constitutional Construction.—The provisions of this Act are
severable and if any of its provisions shall be held unconstitutional by
any court of competent jurisdiction, the decision of such court shall
not affect or impair any of the remaining provisions of this Act. It is
hereby declared to be the legislative intent that this Act would have
been adopted had such unconstitutional provisions not been included

erein.

22. This Act Controlling.—To the extent that the provisions of this
Act are inconsistent with the provisions of any general or special law or
parts thereof, the provisions of this Act shall be deemed controlling.

23. Jurisdiction.—The Circuit Court of the City of Richmond shall
have exclusive jurisdiction of any suit brought in Virginia against the
Authority, and process in such suit shall be served either on the State
Comptroller or the Chairman of the Authority.

An emergency exists and this Act is in force from its passage.