{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-2437.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-2437.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-2437.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-2437.html"}],"law_id":57937,"edition_id":1,"section_id":57937,"structure_id":13928,"section_number":"15.2-2437","catch_line":"Pledge of loans to secure bonds of Authority","history":"2010, c. 724.","full_text":"The Authority is empowered at any time and from time to time to transfer from the Fund to banks or trust companies designated by the Authority any or all assets of the Fund to be held in trust as security for the payment of the principal and premium, if any, and interest on any or all of the bonds, as defined in \u00a7 62.1-199 of the Authority. The interests of the Fund in any obligations so transferred shall be subordinate to the rights of the trustee under the pledge. To the extent funds are not available from other sources pledged for such purpose, any payments of principal and interest received on the assets transferred or held in trust may be applied by the trustee thereof to the payment of the principal and premium, if any, and interest on such bonds of the Authority to which the obligations have been pledged, and, if such payments are insufficient for such purpose, the trustee is empowered to sell any or all of such assets and apply the net proceeds from the sale to the payment of the principal and premium, if any, and interest on such bonds of the Authority. Any assets of the Fund transferred in trust as set forth in this section and any payments of principal, interest, or earnings received thereon shall remain part of the Fund but shall be subject to the pledge to secure the bonds of the Authority and shall be held by the trustee to which they are pledged until no longer required for such purpose by the terms of the pledge. On or before January 10 each year, the Authority shall transfer, or shall cause the trustee to transfer, to the Fund any assets transferred or held in trust as set forth above that are no longer required to be held in trust pursuant to the terms of the pledge.","order_by":null,"text":{"0":{"id":212192,"text":"The Authority is empowered at any time and from time to time to transfer from the Fund to banks or trust companies designated by the Authority any or all assets of the Fund to be held in trust as security for the payment of the principal and premium, if any, and interest on any or all of the bonds, as defined in \u00a7 62.1-199 of the Authority. The interests of the Fund in any obligations so transferred shall be subordinate to the rights of the trustee under the pledge. To the extent funds are not available from other sources pledged for such purpose, any payments of principal and interest received on the assets transferred or held in trust may be applied by the trustee thereof to the payment of the principal and premium, if any, and interest on such bonds of the Authority to which the obligations have been pledged, and, if such payments are insufficient for such purpose, the trustee is empowered to sell any or all of such assets and apply the net proceeds from the sale to the payment of the principal and premium, if any, and interest on such bonds of the Authority. Any assets of the Fund transferred in trust as set forth in this section and any payments of principal, interest, or earnings received thereon shall remain part of the Fund but shall be subject to the pledge to secure the bonds of the Authority and shall be held by the trustee to which they are pledged until no longer required for such purpose by the terms of the pledge. On or before January 10 each year, the Authority shall transfer, or shall cause the trustee to transfer, to the Fund any assets transferred or held in trust as set forth above that are no longer required to be held in trust pursuant to the terms of the pledge.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13928,"edition_id":1,"name":"Virginia Infrastructure Project Loan Fund","identifier":"24.3","label":"chapter","depth":3,"order_by":1,"parent_id":12733,"metadata":{},"date_created":"2026-06-26 03:46:19","date_modified":"2026-06-26 03:46:19","permalink":{"id":155827,"object_type":"structure","relational_id":13928,"identifier":"24.3","token":"15.2\/II\/24.3","url":"\/15.2\/II\/24.3\/","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":63595,"structure_id":13928,"section_number":"15.2-2430","catch_line":"Definitions","url":"\/15.2-2430\/","token":"15.2\/II\/24.3\/15.2-2430","metadata":false},{"id":71439,"structure_id":13928,"section_number":"15.2-2431","catch_line":"Creation and management of Fund","url":"\/15.2-2431\/","token":"15.2\/II\/24.3\/15.2-2431","metadata":false},{"id":66041,"structure_id":13928,"section_number":"15.2-2432","catch_line":"Deposit of money; expenditures; investments","url":"\/15.2-2432\/","token":"15.2\/II\/24.3\/15.2-2432","metadata":false},{"id":85464,"structure_id":13928,"section_number":"15.2-2433","catch_line":"Annual audit","url":"\/15.2-2433\/","token":"15.2\/II\/24.3\/15.2-2433","metadata":false},{"id":79751,"structure_id":13928,"section_number":"15.2-2434","catch_line":"Collection of money due Fund","url":"\/15.2-2434\/","token":"15.2\/II\/24.3\/15.2-2434","metadata":false},{"id":54983,"structure_id":13928,"section_number":"15.2-2435","catch_line":"Loans to local governments","url":"\/15.2-2435\/","token":"15.2\/II\/24.3\/15.2-2435","metadata":false},{"id":82075,"structure_id":13928,"section_number":"15.2-2436","catch_line":"Prioritization of loans","url":"\/15.2-2436\/","token":"15.2\/II\/24.3\/15.2-2436","metadata":false},{"id":57937,"structure_id":13928,"section_number":"15.2-2437","catch_line":"Pledge of loans to secure bonds of Authority","url":"\/15.2-2437\/","token":"15.2\/II\/24.3\/15.2-2437","metadata":false},{"id":83342,"structure_id":13928,"section_number":"15.2-2438","catch_line":"Sale of loans","url":"\/15.2-2438\/","token":"15.2\/II\/24.3\/15.2-2438","metadata":false},{"id":69554,"structure_id":13928,"section_number":"15.2-2439","catch_line":"Powers of the Authority","url":"\/15.2-2439\/","token":"15.2\/II\/24.3\/15.2-2439","metadata":false},{"id":83831,"structure_id":13928,"section_number":"15.2-2440","catch_line":"Liberal construction of chapter","url":"\/15.2-2440\/","token":"15.2\/II\/24.3\/15.2-2440","metadata":false}],"previous_section":{"id":82075,"structure_id":13928,"section_number":"15.2-2436","catch_line":"Prioritization of loans","url":"\/15.2-2436\/","token":"15.2\/II\/24.3\/15.2-2436","metadata":false},"next_section":{"id":83342,"structure_id":13928,"section_number":"15.2-2438","catch_line":"Sale of loans","url":"\/15.2-2438\/","token":"15.2\/II\/24.3\/15.2-2438","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-2437\/","history_text":"

This law was first created in 2010. The record of its establishment is cataloged in chapter 724<\/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":false,"refers_to":[{"id":80022,"section_number":"62.1-199","catch_line":"Definitions","order_by":null,"url":"\/62.1-199\/"}],"permalink":{"id":155857,"object_type":"law","relational_id":57937,"identifier":"15.2-2437","token":"15.2\/II\/24.3\/15.2-2437","url":"\/15.2-2437\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-2437\/","token":"15.2\/II\/24.3\/15.2-2437","dublin_core":{"Title":"Pledge of loans to secure bonds of Authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-2437","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The Authority<\/span> is empowered at any time and from time to time to transfer from the Fund<\/span> to banks or trust companies designated by the Authority<\/span> any or all assets<\/span> of the Fund<\/span> to be held in trust as security for the payment of the principal and premium, if any, and interest on any or all of the bonds<\/span>, as defined in \u00a7 62.1-199<\/a> of the Authority<\/span>. The interests of the Fund<\/span> in any obligations so transferred shall be subordinate to the rights of the trustee under the pledge. To the extent funds<\/span> are not available from other sources pledged for such purpose, any payments of principal and interest received on the assets<\/span> transferred or held in trust may be applied by the trustee thereof to the payment of the principal and premium, if any, and interest on such bonds<\/span> of the Authority<\/span> to which the obligations have been pledged, and, if such payments are insufficient for such purpose, the trustee is empowered to sell any or all of such assets<\/span> and apply the net proceeds from the sale to the payment of the principal and premium, if any, and interest on such bonds<\/span> of the Authority<\/span>. Any assets<\/span> of the Fund<\/span> transferred in trust as set forth in this section and any payments of principal, interest, or earnings received thereon shall remain part of the Fund<\/span> but shall be subject to the pledge to secure the bonds<\/span> of the Authority<\/span> and shall be held by the trustee to which they are pledged until no longer required for such purpose by the terms of the pledge. On or before January 10 each year, the Authority<\/span> shall transfer, or shall cause the trustee to transfer, to the Fund<\/span> any assets<\/span> transferred or held in trust as set forth above that are no longer required to be held in trust pursuant to the terms of the pledge.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPLEDGE OF LOANS TO SECURE BONDS OF AUTHORITY (\u00a7 15.2-2437)\n\nThe Authority is empowered at any time and from time to time to transfer from\nthe Fund to banks or trust companies designated by the Authority any or all\nassets of the Fund to be held in trust as security for the payment of the\nprincipal and premium, if any, and interest on any or all of the bonds, as\ndefined in \u00a7 62.1-199 of the Authority. The interests of the Fund in any\nobligations so transferred shall be subordinate to the rights of the trustee\nunder the pledge. To the extent funds are not available from other sources\npledged for such purpose, any payments of principal and interest received on the\nassets transferred or held in trust may be applied by the trustee thereof to the\npayment of the principal and premium, if any, and interest on such bonds of the\nAuthority to which the obligations have been pledged, and, if such payments are\ninsufficient for such purpose, the trustee is empowered to sell any or all of\nsuch assets and apply the net proceeds from the sale to the payment of the\nprincipal and premium, if any, and interest on such bonds of the Authority. Any\nassets of the Fund transferred in trust as set forth in this section and any\npayments of principal, interest, or earnings received thereon shall remain part\nof the Fund but shall be subject to the pledge to secure the bonds of the\nAuthority and shall be held by the trustee to which they are pledged until no\nlonger required for such purpose by the terms of the pledge. On or before\nJanuary 10 each year, the Authority shall transfer, or shall cause the trustee\nto transfer, to the Fund any assets transferred or held in trust as set forth\nabove that are no longer required to be held in trust pursuant to the terms of\nthe pledge.\n\nHISTORY: 2010, c. 724.","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}}