{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-1815.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-1815.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-1815.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-1815.html"}],"law_id":73572,"edition_id":1,"section_id":73572,"structure_id":16470,"section_number":"15.2-1815","catch_line":"Definitions","history":"2011, cc. 562, 660.","full_text":"As used in this chapter, unless the context otherwise requires:\n\t\t“Conduit entity” means an organization described in \u00a7 501(c)(3) of the Internal Revenue Code that qualifies as a public charity under \u00a7 509(a)(2) or 509(a)(3) of the Internal Revenue Code, and the purposes of which entity allow it to perform the functions and obligations of a conduit entity prescribed in a financing agreement.\n\t\t“Conveyed property” means real and personal property conveyed by a local government to a conduit or other entity pursuant to a financing agreement.\n\t\t“Costs,” as applied to a project or any portion thereof financed under the provisions of this chapter, means all or any part of the cost of construction, acquisition, alteration, enlargement, reconstruction, and remodeling of a project including all lands, structures, real or personal property, rights, rights-of-way, air rights, franchises, easements, and interests acquired or used for or in connection with a project; 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 equipment; financing charges; interest prior to, during, and for a period after completion of such construction and acquisition; provisions for reserves for principal and interest and for extensions, enlargements, additions, replacements, renovations, and improvements; the cost of architectural, engineering, financial, and legal services, plans, specifications, studies, surveys, and estimates of cost and of revenues; administrative expenses; expenses necessary or incident to determining the feasibility or practicability of constructing the project; and such other expenses as may be necessary or incident to the construction and acquisition of the project, the financing of such construction and acquisition, and the placing of the project in operation.\n\t\t“Private capital funding source” means a private entity that enters into a financing agreement, under which that private entity shall purchase a lease of the conveyed property for a consideration to be provided in such agreement, and its successors and assigns.\n\t\t“Project” means a structure or structures identified in the capital improvement program of the locality or an agency or instrumentality of the locality that is a revenue-producing undertaking as provided in \u00a7 15.2-2608.","order_by":null,"text":{"0":{"id":264684,"text":"As used in this chapter, unless the context otherwise requires:\n\t\t“Conduit entity” means an organization described in \u00a7 501(c)(3) of the Internal Revenue Code that qualifies as a public charity under \u00a7 509(a)(2) or 509(a)(3) of the Internal Revenue Code, and the purposes of which entity allow it to perform the functions and obligations of a conduit entity prescribed in a financing agreement.\n\t\t“Conveyed property” means real and personal property conveyed by a local government to a conduit or other entity pursuant to a financing agreement.\n\t\t“Costs,” as applied to a project or any portion thereof financed under the provisions of this chapter, means all or any part of the cost of construction, acquisition, alteration, enlargement, reconstruction, and remodeling of a project including all lands, structures, real or personal property, rights, rights-of-way, air rights, franchises, easements, and interests acquired or used for or in connection with a project; 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 equipment; financing charges; interest prior to, during, and for a period after completion of such construction and acquisition; provisions for reserves for principal and interest and for extensions, enlargements, additions, replacements, renovations, and improvements; the cost of architectural, engineering, financial, and legal services, plans, specifications, studies, surveys, and estimates of cost and of revenues; administrative expenses; expenses necessary or incident to determining the feasibility or practicability of constructing the project; and such other expenses as may be necessary or incident to the construction and acquisition of the project, the financing of such construction and acquisition, and the placing of the project in operation.\n\t\t“Private capital funding source” means a private entity that enters into a financing agreement, under which that private entity shall purchase a lease of the conveyed property for a consideration to be provided in such agreement, and its successors and assigns.\n\t\t“Project” means a structure or structures identified in the capital improvement program of the locality or an agency or instrumentality of the locality that is a revenue-producing undertaking as provided in \u00a7 15.2-2608.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":16470,"edition_id":1,"name":"Local Government Facilities Private Capital Lending","identifier":"18.1","label":"chapter","depth":3,"order_by":1,"parent_id":12733,"metadata":{},"date_created":"2026-06-26 04:19:52","date_modified":"2026-06-26 04:19:52","permalink":{"id":154091,"object_type":"structure","relational_id":16470,"identifier":"18.1","token":"15.2\/II\/18.1","url":"\/15.2\/II\/18.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12733,"edition_id":1,"name":"Powers of Local Government","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12720,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":152369,"object_type":"structure","relational_id":12733,"identifier":"II","token":"15.2\/II","url":"\/15.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12720,"edition_id":1,"name":"Counties, Cities and Towns","identifier":"15.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":151279,"object_type":"structure","relational_id":12720,"identifier":"15.2","token":"15.2","url":"\/15.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":73572,"structure_id":16470,"section_number":"15.2-1815","catch_line":"Definitions","url":"\/15.2-1815\/","token":"15.2\/II\/18.1\/15.2-1815","metadata":false},{"id":69307,"structure_id":16470,"section_number":"15.2-1816","catch_line":"Power to enter into financing agreements","url":"\/15.2-1816\/","token":"15.2\/II\/18.1\/15.2-1816","metadata":false},{"id":71394,"structure_id":16470,"section_number":"15.2-1817","catch_line":"Real estate taxation","url":"\/15.2-1817\/","token":"15.2\/II\/18.1\/15.2-1817","metadata":false}],"next_section":{"id":69307,"structure_id":16470,"section_number":"15.2-1816","catch_line":"Power to enter into financing agreements","url":"\/15.2-1816\/","token":"15.2\/II\/18.1\/15.2-1816","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-1815\/","history_text":"

This law was first created in 2011. The record of its establishment is cataloged in chapters 562<\/a> and 660<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":68492,"section_number":"22.1-141.2","catch_line":"Authority to modernize public school lease agreements","order_by":null,"url":"\/22.1-141.2\/"}],"refers_to":[{"id":61638,"section_number":"15.2-2608","catch_line":"Bonds for revenue-producing undertakings","order_by":null,"url":"\/15.2-2608\/"}],"permalink":{"id":154093,"object_type":"law","relational_id":73572,"identifier":"15.2-1815","token":"15.2\/II\/18.1\/15.2-1815","url":"\/15.2-1815\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-1815\/","token":"15.2\/II\/18.1\/15.2-1815","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-1815","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this chapter, unless the context otherwise requires:\n\t\t“Conduit entity<\/span>” means an organization described in \u00a7 501(c)(3) of the Internal Revenue Code that qualifies as a public charity under \u00a7 509(a)(2) or 509(a)(3) of the Internal Revenue Code, and the purposes of which entity allow it to perform the functions and obligations of a conduit entity<\/span> prescribed in a financing agreement.\n\t\t“Conveyed property<\/span>” means real and personal property conveyed by a local government<\/span> to a conduit or other entity pursuant to a financing agreement.\n\t\t“Costs,” as applied to a project<\/span> or any portion thereof financed under the provisions of this chapter, means all or any part of the cost of construction, acquisition, alteration, enlargement, reconstruction, and remodeling of a project<\/span> including all lands, structures, real or personal property, rights, rights-of-way, air rights, franchises, easements, and interests acquired or used for or in connection with a project<\/span>; 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 equipment; financing charges; interest prior to, during, and for a period after completion of such construction and acquisition; provisions for reserves for principal and interest and for extensions, enlargements, additions, replacements, renovations, and improvements; the cost of architectural, engineering, financial, and legal services, plans, specifications, studies, surveys, and estimates of cost and of revenues; administrative expenses; expenses necessary or incident to determining the feasibility or practicability of constructing the project<\/span>; and such other expenses as may be necessary or incident to the construction and acquisition of the project<\/span>, the financing of such construction and acquisition, and the placing of the project<\/span> in operation.\n\t\t“Private capital funding source<\/span>” means a private entity that enters into a financing agreement, under which that private entity shall purchase a lease of the conveyed property<\/span> for a consideration to be provided in such agreement, and its successors and assigns.\n\t\t“Project<\/span>” means a structure or structures identified in the capital improvement program of the locality<\/span> or an agency or instrumentality of the locality<\/span> that is a revenue-producing undertaking as provided in \u00a7 15.2-2608<\/a>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 15.2-1815)\n\nAs used in this chapter, unless the context otherwise requires:\n\t\t“Conduit entity” means an organization described in \u00a7 501(c)(3)\nof the Internal Revenue Code that qualifies as a public charity under \u00a7\n509(a)(2) or 509(a)(3) of the Internal Revenue Code, and the purposes of which\nentity allow it to perform the functions and obligations of a conduit entity\nprescribed in a financing agreement.\n\t\t“Conveyed property” means real and personal property conveyed by a\nlocal government to a conduit or other entity pursuant to a financing agreement.\n\t\t“Costs,” as applied to a project or any portion thereof financed\nunder the provisions of this chapter, means all or any part of the cost of\nconstruction, acquisition, alteration, enlargement, reconstruction, and\nremodeling of a project including all lands, structures, real or personal\nproperty, rights, rights-of-way, air rights, franchises, easements, and\ninterests acquired or used for or in connection with a project; the cost of\ndemolishing or removing any buildings or structures on land so acquired,\nincluding the cost of acquiring any lands to which such buildings or structures\nmay be moved; the cost of all machinery and equipment; financing charges;\ninterest prior to, during, and for a period after completion of such\nconstruction and acquisition; provisions for reserves for principal and interest\nand for extensions, enlargements, additions, replacements, renovations, and\nimprovements; the cost of architectural, engineering, financial, and legal\nservices, plans, specifications, studies, surveys, and estimates of cost and of\nrevenues; administrative expenses; expenses necessary or incident to determining\nthe feasibility or practicability of constructing the project; and such other\nexpenses as may be necessary or incident to the construction and acquisition of\nthe project, the financing of such construction and acquisition, and the placing\nof the project in operation.\n\t\t“Private capital funding source” means a private entity that\nenters into a financing agreement, under which that private entity shall\npurchase a lease of the conveyed property for a consideration to be provided in\nsuch agreement, and its successors and assigns.\n\t\t“Project” means a structure or structures identified in the\ncapital improvement program of the locality or an agency or instrumentality of\nthe locality that is a revenue-producing undertaking as provided in \u00a7\n15.2-2608.\n\nHISTORY: 2011, cc. 562, 660.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}