The usage of the word "university" as opposed to "school" or "college" here is crucial. A university encompasses more than one school or college, by virtue of which lends itself to multidisciplinary engagement. The founders envisioned a multifaceted school that could equip scholars of a variety of disciplines, as well as accommodate research in a variety of fields. They may have even envisioned UVA someday reaching the level of an Oxford or a Cambridge, the two foremost universities of the western world.

This phrasing here shows that, from the getgo, the University and the Commonwealth are intertwined. UVA receives state funding, so they must also listen to Virginia's governing body. The school itself is responsible to taxpayers. In this modern era, every now and then, a headline will pop up wondering if UVA will go private. After seeing how closely influenced this founding document was by the state legislature, I think it would be a shame to destroy that 200 year relationship with privatization.