{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-5125.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-5125.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-5125.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-5125.html"}],"law_id":85033,"edition_id":1,"section_id":85033,"structure_id":14969,"section_number":"15.2-5125","catch_line":"Issuance of revenue bonds","history":"Code 1950, \u00a7 15-764.14; 1950, p. 1321; 1958, c. 484; 1962, c. 623, \u00a7 15.1-1252; 1970, c. 617; 1993, c. 850; 1997, cc. 527, 573, 587; 2009, c. 473.","full_text":"An authority may provide by resolution for the issuance of revenue bonds of the authority for the purpose of paying the whole or any part of the cost of any system. A community development authority created under Article 6 (\u00a7 15.2-5152 et seq.) of this chapter may provide by resolution for the issuance of revenue bonds of the authority for the purpose of paying the whole or any part of the cost of such facilities which may be provided by the authority under \u00a7 15.2-5158. The principal of and the interest on the bonds shall be payable solely from the funds provided for in this chapter for such payment. The full faith and credit of a political subdivision shall not be pledged to support the bonds. The bonds of each issue may be dated, may mature at any time or times not exceeding forty years from their date or dates, may be subject to redemption or repurchase at such price or prices and under such terms and conditions, and may contain such other provisions, all as determined before their issuance by the authority or in such manner as the authority may provide. The bonds may bear interest payable at such time or times and at such rate or rates as determined by the authority or in such manner as the authority may provide, including the determination by reference to indices or formulas or by agents designated by the authority under guidelines established by it. The authority shall determine the form of the bonds, including any interest coupons to be attached thereto, and the manner of execution of the bonds, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest, which may be at any bank or trust company within or outside the Commonwealth. If any officer whose signature or a facsimile of whose signature appears on any bonds or coupons, ceases to be an officer before the delivery of such bonds, his signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until delivery. All revenue bonds issued under the provisions of this chapter shall have, as between successive holders, all the qualities and incidents of negotiable instruments under the negotiable instruments law of the Commonwealth. The bonds may be issued in coupon, bearer, registered or book entry form, or any combination of such forms, as the authority may determine. Provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds of any bonds registered as to both principal and interest. The issuance of such bonds shall not be subject to any limitations or conditions contained in any other law, and the authority may sell such bonds in such manner, either at a public or a private sale, and for such price, as it may determine to be for the best interest of the authority and the political subdivisions to be served thereby.","order_by":null,"text":{"0":{"id":304787,"text":"An authority may provide by resolution for the issuance of revenue bonds of the authority for the purpose of paying the whole or any part of the cost of any system. A community development authority created under Article 6 (\u00a7 15.2-5152 et seq.) of this chapter may provide by resolution for the issuance of revenue bonds of the authority for the purpose of paying the whole or any part of the cost of such facilities which may be provided by the authority under \u00a7 15.2-5158. The principal of and the interest on the bonds shall be payable solely from the funds provided for in this chapter for such payment. The full faith and credit of a political subdivision shall not be pledged to support the bonds. The bonds of each issue may be dated, may mature at any time or times not exceeding forty years from their date or dates, may be subject to redemption or repurchase at such price or prices and under such terms and conditions, and may contain such other provisions, all as determined before their issuance by the authority or in such manner as the authority may provide. The bonds may bear interest payable at such time or times and at such rate or rates as determined by the authority or in such manner as the authority may provide, including the determination by reference to indices or formulas or by agents designated by the authority under guidelines established by it. The authority shall determine the form of the bonds, including any interest coupons to be attached thereto, and the manner of execution of the bonds, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest, which may be at any bank or trust company within or outside the Commonwealth. If any officer whose signature or a facsimile of whose signature appears on any bonds or coupons, ceases to be an officer before the delivery of such bonds, his signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until delivery. All revenue bonds issued under the provisions of this chapter shall have, as between successive holders, all the qualities and incidents of negotiable instruments under the negotiable instruments law of the Commonwealth. The bonds may be issued in coupon, bearer, registered or book entry form, or any combination of such forms, as the authority may determine. Provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds of any bonds registered as to both principal and interest. The issuance of such bonds shall not be subject to any limitations or conditions contained in any other law, and the authority may sell such bonds in such manner, either at a public or a private sale, and for such price, as it may determine to be for the best interest of the authority and the political subdivisions to be served thereby.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14969,"edition_id":1,"name":"Financing","identifier":"4","label":"article","depth":4,"order_by":1,"parent_id":13433,"metadata":{},"date_created":"2026-06-26 03:51:09","date_modified":"2026-06-26 03:51:09","permalink":{"id":158567,"object_type":"structure","relational_id":14969,"identifier":"4","token":"15.2\/IV\/51\/4","url":"\/15.2\/IV\/51\/4\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13433,"edition_id":1,"name":"Virginia Water and Waste Authorities Act","identifier":"51","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:44:53","date_modified":"2026-06-26 03:44:53","permalink":{"id":158455,"object_type":"structure","relational_id":13433,"identifier":"51","token":"15.2\/IV\/51","url":"\/15.2\/IV\/51\/","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":85033,"structure_id":14969,"section_number":"15.2-5125","catch_line":"Issuance of revenue bonds","url":"\/15.2-5125\/","token":"15.2\/IV\/51\/4\/15.2-5125","metadata":false},{"id":86781,"structure_id":14969,"section_number":"15.2-5126","catch_line":"Time for contesting validity of proposed bond issue; when bonds presumed valid","url":"\/15.2-5126\/","token":"15.2\/IV\/51\/4\/15.2-5126","metadata":false},{"id":61507,"structure_id":14969,"section_number":"15.2-5127","catch_line":"Proceeds of bonds","url":"\/15.2-5127\/","token":"15.2\/IV\/51\/4\/15.2-5127","metadata":false},{"id":58649,"structure_id":14969,"section_number":"15.2-5128","catch_line":"Interim receipts and temporary bonds; bonds mutilated, lost or destroyed","url":"\/15.2-5128\/","token":"15.2\/IV\/51\/4\/15.2-5128","metadata":false},{"id":66085,"structure_id":14969,"section_number":"15.2-5129","catch_line":"Provisions of chapter only requirements for issue","url":"\/15.2-5129\/","token":"15.2\/IV\/51\/4\/15.2-5129","metadata":false},{"id":71235,"structure_id":14969,"section_number":"15.2-5130","catch_line":"Limitations in bond resolution or trust agreement","url":"\/15.2-5130\/","token":"15.2\/IV\/51\/4\/15.2-5130","metadata":false},{"id":83247,"structure_id":14969,"section_number":"15.2-5131","catch_line":"Bonds not debts of Commonwealth or participating political subdivision","url":"\/15.2-5131\/","token":"15.2\/IV\/51\/4\/15.2-5131","metadata":false},{"id":75618,"structure_id":14969,"section_number":"15.2-5132","catch_line":"Exemption from taxation","url":"\/15.2-5132\/","token":"15.2\/IV\/51\/4\/15.2-5132","metadata":false},{"id":82457,"structure_id":14969,"section_number":"15.2-5133","catch_line":"Trust agreement; bond resolution","url":"\/15.2-5133\/","token":"15.2\/IV\/51\/4\/15.2-5133","metadata":false},{"id":57100,"structure_id":14969,"section_number":"15.2-5134","catch_line":"Disposition of unclaimed funds due on matured bonds or coupons","url":"\/15.2-5134\/","token":"15.2\/IV\/51\/4\/15.2-5134","metadata":false},{"id":84888,"structure_id":14969,"section_number":"15.2-5135","catch_line":"Contracts concerning interest rates, currency, cash flow and other basis","url":"\/15.2-5135\/","token":"15.2\/IV\/51\/4\/15.2-5135","metadata":false},{"id":72962,"structure_id":14969,"section_number":"15.2-5136","catch_line":"Rates and charges","url":"\/15.2-5136\/","token":"15.2\/IV\/51\/4\/15.2-5136","metadata":false},{"id":61144,"structure_id":14969,"section_number":"15.2-5137","catch_line":"Water and sewer connections; exceptions","url":"\/15.2-5137\/","token":"15.2\/IV\/51\/4\/15.2-5137","metadata":false},{"id":61472,"structure_id":14969,"section_number":"15.2-5138","catch_line":"Enforcement of charges","url":"\/15.2-5138\/","token":"15.2\/IV\/51\/4\/15.2-5138","metadata":false},{"id":59391,"structure_id":14969,"section_number":"15.2-5138.1","catch_line":"Enforcement of certain charges when authority does not provide water services","url":"\/15.2-5138.1\/","token":"15.2\/IV\/51\/4\/15.2-5138.1","metadata":false},{"id":64315,"structure_id":14969,"section_number":"15.2-5139","catch_line":"Lien for charges","url":"\/15.2-5139\/","token":"15.2\/IV\/51\/4\/15.2-5139","metadata":false},{"id":69179,"structure_id":14969,"section_number":"15.2-5140","catch_line":"Trust funds","url":"\/15.2-5140\/","token":"15.2\/IV\/51\/4\/15.2-5140","metadata":false},{"id":57657,"structure_id":14969,"section_number":"15.2-5141","catch_line":"Bondholder's remedies","url":"\/15.2-5141\/","token":"15.2\/IV\/51\/4\/15.2-5141","metadata":false},{"id":77919,"structure_id":14969,"section_number":"15.2-5142","catch_line":"Refunding bonds","url":"\/15.2-5142\/","token":"15.2\/IV\/51\/4\/15.2-5142","metadata":false},{"id":81266,"structure_id":14969,"section_number":"15.2-5143","catch_line":"Purchase in open market or otherwise","url":"\/15.2-5143\/","token":"15.2\/IV\/51\/4\/15.2-5143","metadata":false},{"id":57890,"structure_id":14969,"section_number":"15.2-5144","catch_line":"Investment in bonds","url":"\/15.2-5144\/","token":"15.2\/IV\/51\/4\/15.2-5144","metadata":false},{"id":57812,"structure_id":14969,"section_number":"15.2-5145","catch_line":"Financial report; authority budget; audit","url":"\/15.2-5145\/","token":"15.2\/IV\/51\/4\/15.2-5145","metadata":false}],"next_section":{"id":86781,"structure_id":14969,"section_number":"15.2-5126","catch_line":"Time for contesting validity of proposed bond issue; when bonds presumed valid","url":"\/15.2-5126\/","token":"15.2\/IV\/51\/4\/15.2-5126","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5125\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 6 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 1958, chapter 484; in 1962, chapter 623; in 1970, chapter 617; in 1993, chapter 850; in 1997, chapters 527<\/a>, 573<\/a>, and 587<\/a>; in 2009, chapter 473<\/a>.<\/p>","references":[{"id":61507,"section_number":"15.2-5127","catch_line":"Proceeds of bonds","order_by":null,"url":"\/15.2-5127\/"},{"id":72392,"section_number":"15.2-5158","catch_line":"Additional powers of community development authorities","order_by":null,"url":"\/15.2-5158\/"}],"refers_to":[{"id":85282,"section_number":"15.2-5152","catch_line":"Localities may consider petitions for creation of authority","order_by":null,"url":"\/15.2-5152\/"},{"id":72392,"section_number":"15.2-5158","catch_line":"Additional powers of community development authorities","order_by":null,"url":"\/15.2-5158\/"}],"permalink":{"id":158569,"object_type":"law","relational_id":85033,"identifier":"15.2-5125","token":"15.2\/IV\/51\/4\/15.2-5125","url":"\/15.2-5125\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-5125\/","token":"15.2\/IV\/51\/4\/15.2-5125","dublin_core":{"Title":"Issuance of revenue bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5125","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

An authority<\/span> may provide by resolution for the issuance of revenue bonds<\/span> of the authority<\/span> for the purpose of paying the whole or any part of the cost of any system<\/span>. A community development authority<\/span> created under Article 6 (\u00a7 15.2-5152<\/a> et seq.) of this chapter may provide by resolution for the issuance of revenue bonds<\/span> of the authority<\/span> for the purpose of paying the whole or any part of the cost of such facilities which may be provided by the authority<\/span> under \u00a7 15.2-5158<\/a>. The principal of and the interest on the bonds<\/span> shall be payable solely from the funds provided for in this chapter for such payment. The full faith and credit of a political subdivision<\/span> shall not be pledged to support the bonds<\/span>. The bonds<\/span> of each issue<\/span> may be dated, may mature at any time or times not exceeding forty years from their date or dates, may be subject to redemption<\/span> or repurchase at such price or prices and under such terms and conditions, and may contain such other provisions, all as determined before their issuance by the authority<\/span> or in such manner as the authority<\/span> may provide. The bonds<\/span> may bear interest payable at such time or times and at such rate or rates as determined by the authority<\/span> or in such manner as the authority<\/span> may provide, including the determination by reference to indices or formulas or by agents designated by the authority<\/span> under guidelines established by it. The authority<\/span> shall determine the form of the bonds<\/span>, including any interest coupons to be attached thereto, and the manner of execution of the bonds<\/span>, and shall fix the denomination or denominations of the bonds<\/span> and the place or places of payment of principal and interest, which may be at any bank or trust company within or outside the Commonwealth. If any officer whose signature or a facsimile of whose signature appears on any bonds<\/span> or coupons, ceases to be an officer before the delivery of such bonds<\/span>, his signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until delivery. All revenue bonds<\/span> issued under the provisions of this chapter shall have, as between successive holders, all the qualities and incidents of negotiable instruments under the negotiable instruments law<\/span> of the Commonwealth. The bonds<\/span> may be issued in coupon, bearer, registered or book entry form, or any combination of such forms, as the authority<\/span> may determine. Provision may be made for the registration of any coupon bonds<\/span> as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds<\/span> of any bonds<\/span> registered as to both principal and interest. The issuance of such bonds<\/span> shall not be subject to any limitations or conditions contained in any other law<\/span>, and the authority<\/span> may sell such bonds<\/span> in such manner, either at a public or a private sale, and for such price, as it may determine to be for the best interest of the authority<\/span> and the political subdivisions<\/span> to be served thereby.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nISSUANCE OF REVENUE BONDS (\u00a7 15.2-5125)\n\nAn authority may provide by resolution for the issuance of revenue bonds of the\nauthority for the purpose of paying the whole or any part of the cost of any\nsystem. A community development authority created under Article 6 (\u00a7 15.2-5152\net seq.) of this chapter may provide by resolution for the issuance of revenue\nbonds of the authority for the purpose of paying the whole or any part of the\ncost of such facilities which may be provided by the authority under \u00a7\n15.2-5158. The principal of and the interest on the bonds shall be payable\nsolely from the funds provided for in this chapter for such payment. The full\nfaith and credit of a political subdivision shall not be pledged to support the\nbonds. The bonds of each issue may be dated, may mature at any time or times not\nexceeding forty years from their date or dates, may be subject to redemption or\nrepurchase at such price or prices and under such terms and conditions, and may\ncontain such other provisions, all as determined before their issuance by the\nauthority or in such manner as the authority may provide. The bonds may bear\ninterest payable at such time or times and at such rate or rates as determined\nby the authority or in such manner as the authority may provide, including the\ndetermination by reference to indices or formulas or by agents designated by the\nauthority under guidelines established by it. The authority shall determine the\nform of the bonds, including any interest coupons to be attached thereto, and\nthe manner of execution of the bonds, and shall fix the denomination or\ndenominations of the bonds and the place or places of payment of principal and\ninterest, which may be at any bank or trust company within or outside the\nCommonwealth. If any officer whose signature or a facsimile of whose signature\nappears on any bonds or coupons, ceases to be an officer before the delivery of\nsuch bonds, his signature or facsimile shall nevertheless be valid and\nsufficient for all purposes the same as if he had remained in office until\ndelivery. All revenue bonds issued under the provisions of this chapter shall\nhave, as between successive holders, all the qualities and incidents of\nnegotiable instruments under the negotiable instruments law of the Commonwealth.\nThe bonds may be issued in coupon, bearer, registered or book entry form, or any\ncombination of such forms, as the authority may determine. Provision may be made\nfor the registration of any coupon bonds as to principal alone and also as to\nboth principal and interest, and for the reconversion into coupon bonds of any\nbonds registered as to both principal and interest. The issuance of such bonds\nshall not be subject to any limitations or conditions contained in any other\nlaw, and the authority may sell such bonds in such manner, either at a public or\na private sale, and for such price, as it may determine to be for the best\ninterest of the authority and the political subdivisions to be served thereby.\n\nHISTORY: Code 1950, \u00a7 15-764.14; 1950, p. 1321; 1958, c. 484; 1962, c. 623, \u00a7\n15.1-1252; 1970, c. 617; 1993, c. 850; 1997, cc. 527, 573, 587; 2009, c. 473.","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}}