{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-4908.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-4908.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-4908.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-4908.html"}],"law_id":72636,"edition_id":1,"section_id":72636,"structure_id":13549,"section_number":"15.2-4908","catch_line":"Issuance of bonds, notes and other obligations of authority","history":"1966, c. 651, \u00a7 15.1-1379; 1968, c. 687; 1983, c. 514; 1991, c. 6; 1997, c. 587; 2003, cc. 353, 683.","full_text":"A\n\nSubject to the limitations of Chapter 50 (§ 15.2-5000 et seq.) of this title, the authority may issue bonds from time to time in its discretion, for any of its purposes, including the payment of all or any part of the cost of authority facilities and including the payment or retirement of bonds previously issued by it. All bonds issued by the authority shall be payable solely from the revenues and receipts derived from the leasing or sale by the authority of its facilities or any part thereof or from payments received by the authority in connection with its loans, and the authority may issue such types of bonds as it may determine, including, without limiting the generality of the foregoing, bonds payable, both as to principal and interest: (i) from its revenues and receipts generally; (ii) exclusively from the revenues and receipts of a particular facility or loan; or (iii) exclusively from the revenues and receipts of certain designated facilities or loans whether or not they are financed in whole or in part from the proceeds of such bonds. Unless otherwise provided in the proceeding authorizing the issuance of the bonds, or in the trust indenture securing the bonds, all bonds shall be payable solely and exclusively from the revenues and receipts of a particular facility or loan. Bonds may be executed and delivered by the authority at any time and from time to time, may be in such form and denominations and of such terms and maturities, may be in registered or bearer form either as to principal or interest or both, may be payable in such installments and at such time or times not exceeding 40 years from the date thereof, may be payable at such place or places whether within or outside the Commonwealth, may bear interest at such rate or rates, may be payable at such time or times, may be evidenced in such manner, and may contain such provisions not inconsistent herewith, all as shall be determined by the board of directors. If deemed advisable by the board of directors, there may be retained in the proceedings under which any bonds of the authority are authorized to be issued an option to redeem all or any part thereof, at such price or prices and after such notice or notices and on such terms and conditions as may be determined by the board of directors and as may be briefly recited on the face of the bonds, but nothing herein contained shall be construed to confer on the authority any right or option to redeem any bonds except as may be provided in the proceedings under which they shall be issued. Any bonds of the authority may be sold at public or private sale in such manner and from time to time as may be determined by the board of directors of the authority to be most advantageous, and the authority may pay all costs, premiums and commissions which its board of directors may deem necessary or advantageous in connection with the issuance thereof. Issuance by the authority of one or more series of bonds for one or more purposes shall not preclude it from issuing other bonds in connection with the same facility or any other facility, but the proceedings whereunder any subsequent bonds may be issued shall recognize and protect any prior pledge or mortgage made for any prior issue of bonds. Any bonds of the authority at any time outstanding may from time to time be refunded by the authority by the issuance of its refunding bonds in such amount as the board of directors may deem necessary, but not exceeding an amount sufficient to refund the principal of the bonds so to be refunded, together with any unpaid interest thereon and any costs, premiums or commissions necessary to be paid in connection therewith. Any such refunding may be effected whether the bonds to be refunded shall have then matured or shall thereafter mature, either by sale of the refunding bonds and the application of the proceeds thereof to the payment of the bonds to be refunded thereby, or by the exchange of the refunding bonds for the bonds to be refunded thereby, with the consent of the holders of the bonds so to be refunded, and regardless of whether the bonds to be refunded were issued in connection with the same facilities or separate facilities, and regardless of whether the bonds proposed to be refunded are payable on the same date or on different dates or are due serially or otherwise. The determination of the form, denominations, maturities, redemption provisions, places of payment, interest rate or rates, payment installations, dates and all other terms and provisions of bonds as authorized in this section may be made by the board of directors in such manner as the board may provide, including the determination by reference to indices and formulas or by agents designated by the board of directors under guidelines established by it.B\n\nAll bonds shall be signed by the chairman or vice-chairman of the authority or shall bear his facsimile signature, and the corporate seal of the authority or a facsimile thereof shall be impressed or imprinted thereon and attested by the signature of the secretary (or the secretary-treasurer) or the assistant secretary (or assistant secretary-treasurer) of the authority or shall bear his facsimile signature, and any coupons attached thereto shall bear the facsimile signature of the chairman. In case any officer whose signature or a facsimile signature appears on any bonds or coupons ceases to be an officer before delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. When the signatures of both the chairman or the vice-chairman and the secretary (or the secretary-treasurer) or the assistant secretary (or the assistant secretary-treasurer) are facsimiles, the bonds shall be authenticated by a corporate trustee or other authenticating agent approved by the authority.C\n\nIf the proceeds derived from a particular bond issue, due to error of estimates or otherwise, are less than the cost of the authority facilities for which such bonds were issued, additional bonds may in like manner be issued to provide the amount of such deficit and, unless otherwise provided in the proceedings authorizing the issuance of the bonds of such issue or in the trust indenture securing the same, shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds of the first issue. If the proceeds of the bonds of any issue shall exceed such cost, the surplus may be deposited to the credit of the sinking fund for such bonds or may be applied to the payment of the cost of any additions, improvements or enlargements of the authority facilities for which such bonds shall have been issued.D\n\nPrior to the preparation of definitive bonds, the authority may, under like restrictions, issue interim receipts or temporary bonds with or without coupons, exchangeable for definitive bonds when such bonds shall have been executed and are available for delivery. The authority may also provide for the replacement of any bonds which are mutilated, destroyed or lost. Bonds may be issued under the provisions of this chapter without obtaining the consent of any department, division, commission, board, bureau or agency of the Commonwealth, and without any other proceedings or the happening of any other conditions or things other than those proceedings, conditions or things which are specifically required by this chapter; however, nothing contained in this chapter shall be construed as affecting the powers and duties now conferred by law upon the State Corporation Commission.E\n\nAll bonds issued under the provisions of this chapter shall have and are hereby declared to have all the qualities and incidents of and shall be and are hereby made negotiable instruments under the Uniform Commercial Code of Virginia (§ 8.1A-101 et seq.), subject only to provisions respecting registration of the bonds.F\n\nIn addition to all other powers granted to the authority by this chapter, the authority may issue, from time to time, notes or other obligations of the authority for any of its authorized purposes. The provisions of this chapter which relate to bonds or revenue bonds shall apply to such notes or other obligations insofar as such provisions may be appropriate.","order_by":null,"text":{"0":{"id":261460,"text":"Subject to the limitations of Chapter 50 (§ 15.2-5000 et seq.) of this title, the authority may issue bonds from time to time in its discretion, for any of its purposes, including the payment of all or any part of the cost of authority facilities and including the payment or retirement of bonds previously issued by it. All bonds issued by the authority shall be payable solely from the revenues and receipts derived from the leasing or sale by the authority of its facilities or any part thereof or from payments received by the authority in connection with its loans, and the authority may issue such types of bonds as it may determine, including, without limiting the generality of the foregoing, bonds payable, both as to principal and interest: (i) from its revenues and receipts generally; (ii) exclusively from the revenues and receipts of a particular facility or loan; or (iii) exclusively from the revenues and receipts of certain designated facilities or loans whether or not they are financed in whole or in part from the proceeds of such bonds. Unless otherwise provided in the proceeding authorizing the issuance of the bonds, or in the trust indenture securing the bonds, all bonds shall be payable solely and exclusively from the revenues and receipts of a particular facility or loan. Bonds may be executed and delivered by the authority at any time and from time to time, may be in such form and denominations and of such terms and maturities, may be in registered or bearer form either as to principal or interest or both, may be payable in such installments and at such time or times not exceeding 40 years from the date thereof, may be payable at such place or places whether within or outside the Commonwealth, may bear interest at such rate or rates, may be payable at such time or times, may be evidenced in such manner, and may contain such provisions not inconsistent herewith, all as shall be determined by the board of directors. If deemed advisable by the board of directors, there may be retained in the proceedings under which any bonds of the authority are authorized to be issued an option to redeem all or any part thereof, at such price or prices and after such notice or notices and on such terms and conditions as may be determined by the board of directors and as may be briefly recited on the face of the bonds, but nothing herein contained shall be construed to confer on the authority any right or option to redeem any bonds except as may be provided in the proceedings under which they shall be issued. Any bonds of the authority may be sold at public or private sale in such manner and from time to time as may be determined by the board of directors of the authority to be most advantageous, and the authority may pay all costs, premiums and commissions which its board of directors may deem necessary or advantageous in connection with the issuance thereof. Issuance by the authority of one or more series of bonds for one or more purposes shall not preclude it from issuing other bonds in connection with the same facility or any other facility, but the proceedings whereunder any subsequent bonds may be issued shall recognize and protect any prior pledge or mortgage made for any prior issue of bonds. Any bonds of the authority at any time outstanding may from time to time be refunded by the authority by the issuance of its refunding bonds in such amount as the board of directors may deem necessary, but not exceeding an amount sufficient to refund the principal of the bonds so to be refunded, together with any unpaid interest thereon and any costs, premiums or commissions necessary to be paid in connection therewith. Any such refunding may be effected whether the bonds to be refunded shall have then matured or shall thereafter mature, either by sale of the refunding bonds and the application of the proceeds thereof to the payment of the bonds to be refunded thereby, or by the exchange of the refunding bonds for the bonds to be refunded thereby, with the consent of the holders of the bonds so to be refunded, and regardless of whether the bonds to be refunded were issued in connection with the same facilities or separate facilities, and regardless of whether the bonds proposed to be refunded are payable on the same date or on different dates or are due serially or otherwise. The determination of the form, denominations, maturities, redemption provisions, places of payment, interest rate or rates, payment installations, dates and all other terms and provisions of bonds as authorized in this section may be made by the board of directors in such manner as the board may provide, including the determination by reference to indices and formulas or by agents designated by the board of directors under guidelines established by it.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":261461,"text":"All bonds shall be signed by the chairman or vice-chairman of the authority or shall bear his facsimile signature, and the corporate seal of the authority or a facsimile thereof shall be impressed or imprinted thereon and attested by the signature of the secretary (or the secretary-treasurer) or the assistant secretary (or assistant secretary-treasurer) of the authority or shall bear his facsimile signature, and any coupons attached thereto shall bear the facsimile signature of the chairman. In case any officer whose signature or a facsimile signature appears on any bonds or coupons ceases to be an officer before delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. When the signatures of both the chairman or the vice-chairman and the secretary (or the secretary-treasurer) or the assistant secretary (or the assistant secretary-treasurer) are facsimiles, the bonds shall be authenticated by a corporate trustee or other authenticating agent approved by the authority.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":261462,"text":"If the proceeds derived from a particular bond issue, due to error of estimates or otherwise, are less than the cost of the authority facilities for which such bonds were issued, additional bonds may in like manner be issued to provide the amount of such deficit and, unless otherwise provided in the proceedings authorizing the issuance of the bonds of such issue or in the trust indenture securing the same, shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds of the first issue. If the proceeds of the bonds of any issue shall exceed such cost, the surplus may be deposited to the credit of the sinking fund for such bonds or may be applied to the payment of the cost of any additions, improvements or enlargements of the authority facilities for which such bonds shall have been issued.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":261463,"text":"Prior to the preparation of definitive bonds, the authority may, under like restrictions, issue interim receipts or temporary bonds with or without coupons, exchangeable for definitive bonds when such bonds shall have been executed and are available for delivery. The authority may also provide for the replacement of any bonds which are mutilated, destroyed or lost. Bonds may be issued under the provisions of this chapter without obtaining the consent of any department, division, commission, board, bureau or agency of the Commonwealth, and without any other proceedings or the happening of any other conditions or things other than those proceedings, conditions or things which are specifically required by this chapter; however, nothing contained in this chapter shall be construed as affecting the powers and duties now conferred by law upon the State Corporation Commission.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":261464,"text":"All bonds issued under the provisions of this chapter shall have and are hereby declared to have all the qualities and incidents of and shall be and are hereby made negotiable instruments under the Uniform Commercial Code of Virginia (§ 8.1A-101 et seq.), subject only to provisions respecting registration of the bonds.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":261465,"text":"In addition to all other powers granted to the authority by this chapter, the authority may issue, from time to time, notes or other obligations of the authority for any of its authorized purposes. The provisions of this chapter which relate to bonds or revenue bonds shall apply to such notes or other obligations insofar as such provisions may be appropriate.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E"}},"ancestry":[{"id":13549,"edition_id":1,"name":"Industrial Development and Revenue Bond Act","identifier":"49","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:45:11","date_modified":"2026-06-26 03:45:11","permalink":{"id":158343,"object_type":"structure","relational_id":13549,"identifier":"49","token":"15.2\/IV\/49","url":"\/15.2\/IV\/49\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12721,"edition_id":1,"name":"Other Governmental Entities","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12720,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":157897,"object_type":"structure","relational_id":12721,"identifier":"IV","token":"15.2\/IV","url":"\/15.2\/IV\/","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":62034,"structure_id":13549,"section_number":"15.2-4900","catch_line":"Short title","url":"\/15.2-4900\/","token":"15.2\/IV\/49\/15.2-4900","metadata":false},{"id":54556,"structure_id":13549,"section_number":"15.2-4901","catch_line":"Purpose of chapter","url":"\/15.2-4901\/","token":"15.2\/IV\/49\/15.2-4901","metadata":false},{"id":60789,"structure_id":13549,"section_number":"15.2-4902","catch_line":"Definitions","url":"\/15.2-4902\/","token":"15.2\/IV\/49\/15.2-4902","metadata":false},{"id":66473,"structure_id":13549,"section_number":"15.2-4903","catch_line":"Creation of industrial development authorities","url":"\/15.2-4903\/","token":"15.2\/IV\/49\/15.2-4903","metadata":false},{"id":74389,"structure_id":13549,"section_number":"15.2-4904","catch_line":"Directors; qualifications; terms; vacancies; compensation and expenses; quorum; records; certification and distribution of report concerning bond issuance","url":"\/15.2-4904\/","token":"15.2\/IV\/49\/15.2-4904","metadata":false},{"id":82150,"structure_id":13549,"section_number":"15.2-4905","catch_line":"Powers of authority","url":"\/15.2-4905\/","token":"15.2\/IV\/49\/15.2-4905","metadata":false},{"id":54514,"structure_id":13549,"section_number":"15.2-4906","catch_line":"Public hearing and approval","url":"\/15.2-4906\/","token":"15.2\/IV\/49\/15.2-4906","metadata":false},{"id":75699,"structure_id":13549,"section_number":"15.2-4907","catch_line":"Fiscal impact statement","url":"\/15.2-4907\/","token":"15.2\/IV\/49\/15.2-4907","metadata":false},{"id":72636,"structure_id":13549,"section_number":"15.2-4908","catch_line":"Issuance of bonds, notes and other obligations of authority","url":"\/15.2-4908\/","token":"15.2\/IV\/49\/15.2-4908","metadata":false},{"id":83307,"structure_id":13549,"section_number":"15.2-4909","catch_line":"Liability of Commonwealth, political subdivisions, directors and officers","url":"\/15.2-4909\/","token":"15.2\/IV\/49\/15.2-4909","metadata":false},{"id":77169,"structure_id":13549,"section_number":"15.2-4910","catch_line":"Security for payment of bonds; default","url":"\/15.2-4910\/","token":"15.2\/IV\/49\/15.2-4910","metadata":false},{"id":70332,"structure_id":13549,"section_number":"15.2-4911","catch_line":"Rents, fees and other charges","url":"\/15.2-4911\/","token":"15.2\/IV\/49\/15.2-4911","metadata":false},{"id":69318,"structure_id":13549,"section_number":"15.2-4912","catch_line":"Exemption from taxation","url":"\/15.2-4912\/","token":"15.2\/IV\/49\/15.2-4912","metadata":false},{"id":85317,"structure_id":13549,"section_number":"15.2-4913","catch_line":"Authority to be nonprofit; excess earnings","url":"\/15.2-4913\/","token":"15.2\/IV\/49\/15.2-4913","metadata":false},{"id":67758,"structure_id":13549,"section_number":"15.2-4914","catch_line":"Dissolution of authority; disposition of property","url":"\/15.2-4914\/","token":"15.2\/IV\/49\/15.2-4914","metadata":false},{"id":56510,"structure_id":13549,"section_number":"15.2-4915","catch_line":"Bonds as legal investments and lawful security","url":"\/15.2-4915\/","token":"15.2\/IV\/49\/15.2-4915","metadata":false},{"id":61752,"structure_id":13549,"section_number":"15.2-4916","catch_line":"Authorities acting jointly","url":"\/15.2-4916\/","token":"15.2\/IV\/49\/15.2-4916","metadata":false},{"id":80463,"structure_id":13549,"section_number":"15.2-4917","catch_line":"Facility sites","url":"\/15.2-4917\/","token":"15.2\/IV\/49\/15.2-4917","metadata":false},{"id":77243,"structure_id":13549,"section_number":"15.2-4918","catch_line":"Provisions of chapter cumulative; construction","url":"\/15.2-4918\/","token":"15.2\/IV\/49\/15.2-4918","metadata":false},{"id":83378,"structure_id":13549,"section_number":"15.2-4919","catch_line":"Provisions of chapter controlling over other statutes and charters","url":"\/15.2-4919\/","token":"15.2\/IV\/49\/15.2-4919","metadata":false},{"id":79142,"structure_id":13549,"section_number":"15.2-4920","catch_line":"Validation of creation of authorities, appointment of directors and proceedings; curative resolutions","url":"\/15.2-4920\/","token":"15.2\/IV\/49\/15.2-4920","metadata":false}],"previous_section":{"id":75699,"structure_id":13549,"section_number":"15.2-4907","catch_line":"Fiscal impact statement","url":"\/15.2-4907\/","token":"15.2\/IV\/49\/15.2-4907","metadata":false},"next_section":{"id":83307,"structure_id":13549,"section_number":"15.2-4909","catch_line":"Liability of Commonwealth, political subdivisions, directors and officers","url":"\/15.2-4909\/","token":"15.2\/IV\/49\/15.2-4909","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-4908\/","history_text":"

This law was first created in 1966. The record of its establishment is cataloged in chapter 651 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. Unfortunately, the 1966 \u201cActs\u201d aren\u2019t available online. It has been modified 5 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1968, chapter 687; in 1983, chapter 514; in 1991, chapter 6; in 1997, chapter 587<\/a>; in 2003, chapters 353<\/a> and 683<\/a>.<\/p>","references":false,"refers_to":[{"id":59187,"section_number":"15.2-5000","catch_line":"Definitions","order_by":null,"url":"\/15.2-5000\/"},{"id":54278,"section_number":"8.1A-101","catch_line":"Short titles","order_by":null,"url":"\/8.1A-101\/"}],"permalink":{"id":158377,"object_type":"law","relational_id":72636,"identifier":"15.2-4908","token":"15.2\/IV\/49\/15.2-4908","url":"\/15.2-4908\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-4908\/","token":"15.2\/IV\/49\/15.2-4908","dublin_core":{"Title":"Issuance of bonds, notes and other obligations of authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-4908","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Subject to the limitations of Chapter 50 (§ 15.2-5000<\/a> et seq.) of this title, the authority may issue<\/span> bonds<\/span> from time to time in its discretion, for any of its purposes, including the payment of all or any part of the cost of authority facilities<\/span> and including the payment or retirement of bonds<\/span> previously issued by it. All bonds<\/span> issued by the authority shall be payable solely from the revenues<\/span> and receipts derived from the leasing or sale by the authority of its facilities or any part thereof or from payments received by the authority in connection with its loans<\/span>, and the authority may issue<\/span> such types of bonds<\/span> as it may determine, including, without limiting the generality of the foregoing, bonds<\/span> payable, both as to principal and interest: (i) from its revenues<\/span> and receipts generally; (ii) exclusively from the revenues<\/span> and receipts of a particular facility or loan; or (iii) exclusively from the revenues<\/span> and receipts of certain designated facilities or loans<\/span> whether or not they are financed in whole or in part from the proceeds of such bonds<\/span>. Unless otherwise provided in the proceeding authorizing the issuance of the bonds<\/span>, or in the trust indenture<\/span> securing the bonds<\/span>, all bonds<\/span> shall be payable solely and exclusively from the revenues<\/span> and receipts of a particular facility or loan. Bonds<\/span> may be executed and delivered by the authority at any time and from time to time, may be in such form and denominations and of such terms and maturities, may be in registered or bearer form either as to principal or interest or both, may be payable in such installments and at such time or times not exceeding 40 years from the date thereof, may be payable at such place or places whether within or outside the Commonwealth, may bear interest at such rate or rates, may be payable at such time or times, may be evidenced in such manner, and may contain such provisions not inconsistent herewith, all as shall be determined by the board of directors. If deemed advisable by the board of directors, there may be retained in the proceedings under which any bonds<\/span> of the authority are authorized to be issued an option to redeem all or any part thereof, at such price or prices and after such notice or notices and on such terms and conditions as may be determined by the board of directors and as may be briefly recited on the face of the bonds<\/span>, but nothing herein contained shall be construed to confer on the authority any right or option to redeem any bonds<\/span> except as may be provided in the proceedings under which they shall be issued. Any bonds<\/span> of the authority may be sold at public or private sale in such manner and from time to time as may be determined by the board of directors of the authority to be most advantageous, and the authority may pay all costs, premiums and commissions which its board of directors may deem necessary or advantageous in connection with the issuance thereof. Issuance by the authority of one or more series of bonds<\/span> for one or more purposes shall not preclude it from issuing other bonds<\/span> in connection with the same facility or any other facility, but the proceedings whereunder any subsequent bonds<\/span> may be issued shall recognize and protect any prior pledge or mortgage made for any prior issue<\/span> of bonds<\/span>. Any bonds<\/span> of the authority at any time outstanding may from time to time be refunded by the authority by the issuance of its refunding bonds<\/span> in such amount as the board of directors may deem necessary, but not exceeding an amount sufficient to refund the principal of the bonds<\/span> so to be refunded, together with any unpaid interest thereon and any costs, premiums or commissions necessary to be paid in connection therewith. Any such refunding may be effected whether the bonds<\/span> to be refunded shall have then matured or shall thereafter mature, either by sale of the refunding bonds<\/span> and the application of the proceeds thereof to the payment of the bonds<\/span> to be refunded thereby, or by the exchange of the refunding bonds<\/span> for the bonds<\/span> to be refunded thereby, with the consent of the holders of the bonds<\/span> so to be refunded, and regardless of whether the bonds<\/span> to be refunded were issued in connection with the same facilities or separate facilities, and regardless of whether the bonds<\/span> proposed to be refunded are payable on the same date or on different dates or are due serially or otherwise. The determination of the form, denominations, maturities, redemption<\/span> provisions, places of payment, interest rate or rates, payment installations, dates and all other terms and provisions of bonds<\/span> as authorized in this section may be made by the board of directors in such manner as the board may provide, including the determination by reference to indices and formulas or by agents designated by the board of directors under guidelines established by it. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> All bonds<\/span> shall be signed by the chairman or vice-chairman of the authority or shall bear his facsimile signature, and the corporate seal of the authority or a facsimile thereof shall be impressed or imprinted thereon and attested by the signature of the secretary (or the secretary-treasurer) or the assistant secretary (or assistant secretary-treasurer) of the authority or shall bear his facsimile signature, and any coupons attached thereto shall bear the facsimile signature of the chairman. In case any officer whose signature or a facsimile signature appears on any bonds<\/span> or coupons ceases to be an officer before delivery of such bonds<\/span>, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. When the signatures of both the chairman or the vice-chairman and the secretary (or the secretary-treasurer) or the assistant secretary (or the assistant secretary-treasurer) are facsimiles, the bonds<\/span> shall be authenticated by a corporate trustee or other authenticating agent approved by the authority. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> If the proceeds derived from a particular bond<\/span> issue<\/span>, due to error of estimates or otherwise, are less than the cost of the authority facilities<\/span> for which such bonds<\/span> were issued, additional bonds<\/span> may in like manner be issued to provide the amount of such deficit and, unless otherwise provided in the proceedings authorizing the issuance of the bonds<\/span> of such issue<\/span> or in the trust indenture<\/span> securing the same, shall be deemed to be of the same issue<\/span> and shall be entitled to payment from the same fund without preference or priority of the bonds<\/span> of the first issue<\/span>. If the proceeds of the bonds<\/span> of any issue<\/span> shall exceed such cost, the surplus may be deposited to the credit of the sinking fund for such bonds<\/span> or may be applied to the payment of the cost of any additions, improvements or enlargements of the authority facilities<\/span> for which such bonds<\/span> shall have been issued. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Prior to the preparation of definitive bonds<\/span>, the authority may, under like restrictions, issue<\/span> interim receipts or temporary bonds<\/span> with or without coupons, exchangeable for definitive bonds<\/span> when such bonds<\/span> shall have been executed and are available for delivery. The authority may also provide for the replacement of any bonds<\/span> which are mutilated, destroyed or lost. Bonds<\/span> may be issued under the provisions of this chapter without obtaining the consent of any department, division, commission, board, bureau or agency of the Commonwealth, and without any other proceedings or the happening of any other conditions or things other than those proceedings, conditions or things which are specifically required by this chapter; however, nothing contained in this chapter shall be construed as affecting the powers and duties now conferred by law<\/span> upon the State Corporation Commission. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> All bonds<\/span> issued under the provisions of this chapter shall have and are hereby declared to have all the qualities and incidents of and shall be and are hereby made negotiable instruments under the Uniform Commercial Code of Virginia (§ 8.1A-101<\/a> et seq.), subject only to provisions respecting registration of the bonds<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> In addition to all other powers granted to the authority by this chapter, the authority may issue<\/span>, from time to time, notes or other obligations of the authority for any of its authorized purposes. The provisions of this chapter which relate to bonds<\/span> or revenue bonds<\/span> shall apply to such notes or other obligations insofar as such provisions may be appropriate. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nISSUANCE OF BONDS, NOTES AND OTHER OBLIGATIONS OF AUTHORITY (\u00a7 15.2-4908)\n\nA. Subject to the limitations of Chapter 50 (§ 15.2-5000 et seq.) of this\ntitle, the authority may issue bonds from time to time in its discretion, for\nany of its purposes, including the payment of all or any part of the cost of\nauthority facilities and including the payment or retirement of bonds previously\nissued by it. All bonds issued by the authority shall be payable solely from the\nrevenues and receipts derived from the leasing or sale by the authority of its\nfacilities or any part thereof or from payments received by the authority in\nconnection with its loans, and the authority may issue such types of bonds as it\nmay determine, including, without limiting the generality of the foregoing,\nbonds payable, both as to principal and interest: (i) from its revenues and\nreceipts generally; (ii) exclusively from the revenues and receipts of a\nparticular facility or loan; or (iii) exclusively from the revenues and receipts\nof certain designated facilities or loans whether or not they are financed in\nwhole or in part from the proceeds of such bonds. Unless otherwise provided in\nthe proceeding authorizing the issuance of the bonds, or in the trust indenture\nsecuring the bonds, all bonds shall be payable solely and exclusively from the\nrevenues and receipts of a particular facility or loan. Bonds may be executed\nand delivered by the authority at any time and from time to time, may be in such\nform and denominations and of such terms and maturities, may be in registered or\nbearer form either as to principal or interest or both, may be payable in such\ninstallments and at such time or times not exceeding 40 years from the date\nthereof, may be payable at such place or places whether within or outside the\nCommonwealth, may bear interest at such rate or rates, may be payable at such\ntime or times, may be evidenced in such manner, and may contain such provisions\nnot inconsistent herewith, all as shall be determined by the board of directors.\nIf deemed advisable by the board of directors, there may be retained in the\nproceedings under which any bonds of the authority are authorized to be issued\nan option to redeem all or any part thereof, at such price or prices and after\nsuch notice or notices and on such terms and conditions as may be determined by\nthe board of directors and as may be briefly recited on the face of the bonds,\nbut nothing herein contained shall be construed to confer on the authority any\nright or option to redeem any bonds except as may be provided in the proceedings\nunder which they shall be issued. Any bonds of the authority may be sold at\npublic or private sale in such manner and from time to time as may be determined\nby the board of directors of the authority to be most advantageous, and the\nauthority may pay all costs, premiums and commissions which its board of\ndirectors may deem necessary or advantageous in connection with the issuance\nthereof. Issuance by the authority of one or more series of bonds for one or\nmore purposes shall not preclude it from issuing other bonds in connection with\nthe same facility or any other facility, but the proceedings whereunder any\nsubsequent bonds may be issued shall recognize and protect any prior pledge or\nmortgage made for any prior issue of bonds. Any bonds of the authority at any\ntime outstanding may from time to time be refunded by the authority by the\nissuance of its refunding bonds in such amount as the board of directors may\ndeem necessary, but not exceeding an amount sufficient to refund the principal\nof the bonds so to be refunded, together with any unpaid interest thereon and\nany costs, premiums or commissions necessary to be paid in connection therewith.\nAny such refunding may be effected whether the bonds to be refunded shall have\nthen matured or shall thereafter mature, either by sale of the refunding bonds\nand the application of the proceeds thereof to the payment of the bonds to be\nrefunded thereby, or by the exchange of the refunding bonds for the bonds to be\nrefunded thereby, with the consent of the holders of the bonds so to be\nrefunded, and regardless of whether the bonds to be refunded were issued in\nconnection with the same facilities or separate facilities, and regardless of\nwhether the bonds proposed to be refunded are payable on the same date or on\ndifferent dates or are due serially or otherwise. The determination of the form,\ndenominations, maturities, redemption provisions, places of payment, interest\nrate or rates, payment installations, dates and all other terms and provisions\nof bonds as authorized in this section may be made by the board of directors in\nsuch manner as the board may provide, including the determination by reference\nto indices and formulas or by agents designated by the board of directors under\nguidelines established by it.\n\nB. All bonds shall be signed by the chairman or vice-chairman of the authority\nor shall bear his facsimile signature, and the corporate seal of the authority\nor a facsimile thereof shall be impressed or imprinted thereon and attested by\nthe signature of the secretary (or the secretary-treasurer) or the assistant\nsecretary (or assistant secretary-treasurer) of the authority or shall bear his\nfacsimile signature, and any coupons attached thereto shall bear the facsimile\nsignature of the chairman. In case any officer whose signature or a facsimile\nsignature appears on any bonds or coupons ceases to be an officer before\ndelivery of such bonds, such signature or such facsimile shall nevertheless be\nvalid and sufficient for all purposes the same as if he had remained in office\nuntil such delivery. When the signatures of both the chairman or the\nvice-chairman and the secretary (or the secretary-treasurer) or the assistant\nsecretary (or the assistant secretary-treasurer) are facsimiles, the bonds shall\nbe authenticated by a corporate trustee or other authenticating agent approved\nby the authority.\n\nC. If the proceeds derived from a particular bond issue, due to error of\nestimates or otherwise, are less than the cost of the authority facilities for\nwhich such bonds were issued, additional bonds may in like manner be issued to\nprovide the amount of such deficit and, unless otherwise provided in the\nproceedings authorizing the issuance of the bonds of such issue or in the trust\nindenture securing the same, shall be deemed to be of the same issue and shall\nbe entitled to payment from the same fund without preference or priority of the\nbonds of the first issue. If the proceeds of the bonds of any issue shall exceed\nsuch cost, the surplus may be deposited to the credit of the sinking fund for\nsuch bonds or may be applied to the payment of the cost of any additions,\nimprovements or enlargements of the authority facilities for which such bonds\nshall have been issued.\n\nD. Prior to the preparation of definitive bonds, the authority may, under like\nrestrictions, issue interim receipts or temporary bonds with or without coupons,\nexchangeable for definitive bonds when such bonds shall have been executed and\nare available for delivery. The authority may also provide for the replacement\nof any bonds which are mutilated, destroyed or lost. Bonds may be issued under\nthe provisions of this chapter without obtaining the consent of any department,\ndivision, commission, board, bureau or agency of the Commonwealth, and without\nany other proceedings or the happening of any other conditions or things other\nthan those proceedings, conditions or things which are specifically required by\nthis chapter; however, nothing contained in this chapter shall be construed as\naffecting the powers and duties now conferred by law upon the State Corporation\nCommission.\n\nE. All bonds issued under the provisions of this chapter shall have and are\nhereby declared to have all the qualities and incidents of and shall be and are\nhereby made negotiable instruments under the Uniform Commercial Code of Virginia\n(§ 8.1A-101 et seq.), subject only to provisions respecting registration of\nthe bonds.\n\nF. In addition to all other powers granted to the authority by this chapter, the\nauthority may issue, from time to time, notes or other obligations of the\nauthority for any of its authorized purposes. The provisions of this chapter\nwhich relate to bonds or revenue bonds shall apply to such notes or other\nobligations insofar as such provisions may be appropriate.\n\nHISTORY: 1966, c. 651, \u00a7 15.1-1379; 1968, c. 687; 1983, c. 514; 1991, c. 6;\n1997, c. 587; 2003, cc. 353, 683.","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}}