University of Virginia Library

Legal Contract

The response to this statement
was based on the legal nature of the
bond contracts. Senator Michael
and Delegate Paxson remarked,
"When revenue bonds are issued,
the issuing authority makes a
contract with the purchaser to use
the revenues brought in by the
facilities built with the bond
proceeds to pay off those bonds.

"Whether the money produced
by these facilities is kept in
Richmond, Blacksburg, Williamsburg
or in Charlottesville, is wholly
immaterial."