{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-5127.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-5127.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-5127.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-5127.html"}],"law_id":61507,"edition_id":1,"section_id":61507,"structure_id":14969,"section_number":"15.2-5127","catch_line":"Proceeds of bonds","history":"Code 1950, \u00a7 15-764.15; 1950, p. 1322; 1962, c. 623, \u00a7 15.1-1253; 1997, c. 587.","full_text":"The proceeds of bonds issued pursuant to \u00a7 15.2-5125 shall be used solely for the payment of the cost of the system or systems for which they were issued and shall be disbursed in such manner and under such restrictions, if any, as the authority may provide in the authorizing resolution or in any trust agreement. If the proceeds of the bonds, by error of estimates or otherwise, are less than such cost, additional bonds may in like manner be issued to provide the amount of such deficit and, unless otherwise provided in the authorizing resolution or in the trust agreement securing them, shall be deemed to be of the same issue and entitled to payment from the same fund without preference or priority of the bonds first issued for the same purpose. If the proceeds of the bonds of any issue exceed the amount required for the purpose for which such bonds were issued, the surplus shall be deposited to the credit of the sinking fund for such bonds.","order_by":null,"text":{"0":{"id":224631,"text":"The proceeds of bonds issued pursuant to \u00a7 15.2-5125 shall be used solely for the payment of the cost of the system or systems for which they were issued and shall be disbursed in such manner and under such restrictions, if any, as the authority may provide in the authorizing resolution or in any trust agreement. If the proceeds of the bonds, by error of estimates or otherwise, are less than such cost, additional bonds may in like manner be issued to provide the amount of such deficit and, unless otherwise provided in the authorizing resolution or in the trust agreement securing them, shall be deemed to be of the same issue and entitled to payment from the same fund without preference or priority of the bonds first issued for the same purpose. If the proceeds of the bonds of any issue exceed the amount required for the purpose for which such bonds were issued, the surplus shall be deposited to the credit of the sinking fund for such bonds.","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}],"previous_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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5127\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 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 1962, chapter 623; in 1997, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?971+ful+CHAP0587\">587<\/a>.<\/p>","references":false,"refers_to":[{"id":85033,"section_number":"15.2-5125","catch_line":"Issuance of revenue bonds","order_by":null,"url":"\/15.2-5125\/"}],"permalink":{"id":158577,"object_type":"law","relational_id":61507,"identifier":"15.2-5127","token":"15.2\/IV\/51\/4\/15.2-5127","url":"\/15.2-5127\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-5127\/","token":"15.2\/IV\/51\/4\/15.2-5127","dublin_core":{"Title":"Proceeds of bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5127","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>The proceeds of <span class=\"dictionary\">bonds<\/span> issued pursuant to \u00a7&nbsp;<a class=\"law\" title=\"Issuance of revenue bonds\" href=\"\/15.2-5125\/\">15.2-5125<\/a> shall be used solely for the payment of the cost of the <span class=\"dictionary\">system<\/span> or <span class=\"dictionary\">systems<\/span> for which they were issued and shall be disbursed in such manner and under such restrictions, if any, as the <span class=\"dictionary\">authority<\/span> may provide in the authorizing resolution or in any trust agreement. If the proceeds of the <span class=\"dictionary\">bonds<\/span>, by error of estimates or otherwise, are less than such cost, additional <span class=\"dictionary\">bonds<\/span> may in like manner be issued to provide the amount of such deficit and, unless otherwise provided in the authorizing resolution or in the trust agreement securing them, shall be deemed to be of the same <span class=\"dictionary\">issue<\/span> and entitled to payment from the same fund without preference or priority of the <span class=\"dictionary\">bonds<\/span> first issued for the same purpose. If the proceeds of the <span class=\"dictionary\">bonds<\/span> of any <span class=\"dictionary\">issue<\/span> exceed the amount required for the purpose for which such <span class=\"dictionary\">bonds<\/span> were issued, the surplus shall be deposited to the credit of the sinking fund for such <span class=\"dictionary\">bonds<\/span>.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nPROCEEDS OF BONDS (\u00a7 15.2-5127)\n\nThe proceeds of bonds issued pursuant to \u00a7 15.2-5125 shall be used solely for\nthe payment of the cost of the system or systems for which they were issued and\nshall be disbursed in such manner and under such restrictions, if any, as the\nauthority may provide in the authorizing resolution or in any trust agreement.\nIf the proceeds of the bonds, by error of estimates or otherwise, are less than\nsuch cost, additional bonds may in like manner be issued to provide the amount\nof such deficit and, unless otherwise provided in the authorizing resolution or\nin the trust agreement securing them, shall be deemed to be of the same issue\nand entitled to payment from the same fund without preference or priority of the\nbonds first issued for the same purpose. If the proceeds of the bonds of any\nissue exceed the amount required for the purpose for which such bonds were\nissued, the surplus shall be deposited to the credit of the sinking fund for\nsuch bonds.\n\nHISTORY: Code 1950, \u00a7 15-764.15; 1950, p. 1322; 1962, c. 623, \u00a7 15.1-1253;\n1997, c. 587.","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}}