VIRGINIA COLLEGE BLDG. AUTHORITY v. LYNN

No. 992099.

538 S.E.2d 682 (2000)

VIRGINIA COLLEGE BUILDING AUTHORITY v. Barry LYNN, et al.

Supreme Court of Virginia.

November 3, 2000.


Attorney(s) appearing for the Case

William G. Broaddus (James A. Sonne; McGuire, Woods, Battle & Boothe, on briefs), Richmond, for appellant.

Ayesha Khan (Steven K. Green; Steve Bricker; Rebecca K. Glenberg, Richmond; Richard W. Ferris, Williamsburg; Steve Bricker & Associates, Richmond, on brief), for appellees.

Amicus Curiae: State Council of Higher Education (Mark L. Earley, Attorney General; William H. Hurd, Solicitor General; Ashley L. Taylor, Jr., Deputy Attorney General; Maureen R. Matsen, Senior Assistant Attorney General; Alison P. Landry, Assistant Attorney General; Valerie L. Myers, Assistant Attorney General, on brief), in support of appellant.

Present: CARRICO, C.J., LACY, KEENAN, KOONTZ, KINSER and LEMONS, JJ., and POFF, Senior Justice.


LEMONS, Justice.

The Virginia College Building Authority ("VCBA" or "Authority") approved the issuance of revenue bonds, colloquially referred to as "conduit bonds," for the benefit of Regent University ("Regent"). The funds to be raised by the bonds were designated to finance projects at a new campus in Alexandria and for refinancing of student housing on the Virginia Beach campus. Pursuant to the Public Finance Act of 1991, Code §§ 15.2-2600 to -2663,...

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