{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-5133.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-5133.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-5133.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-5133.html"}],"law_id":82457,"edition_id":1,"section_id":82457,"structure_id":14969,"section_number":"15.2-5133","catch_line":"Trust agreement; bond resolution","history":"Code 1950, \u00a7 15-764.21; 1950, p. 1323; 1962, c. 623, \u00a7 15.1-1259; 1993, c. 850; 1997, cc. 527, 573, 587; 2009, c. 473.","full_text":"In the discretion of the authority, any revenue bonds issued under the provisions of this chapter may be secured by a trust agreement by and between the authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or outside the Commonwealth. The resolution authorizing the issuance of the bonds or the trust agreement may pledge or assign the revenues to be received. The resolution or trust agreement shall not convey or mortgage any stormwater control system or water or waste system or any part thereof, or any improvement financed pursuant to \u00a7 15.2-5158 which is, or will be, dedicated to a public entity other than the authority financing such improvement. However, a bond issued by a community development authority pursuant to subdivision A 2 of \u00a7 15.2-5158 may pledge or assign a mortgage in other real property or improvements not otherwise proscribed hereunder and may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law. Such provisions may include covenants setting forth the duties of the authority in relation to the acquisition, construction, improvement, maintenance, operation, repair and insurance of the system or systems for which such bonds are issued and provisions for the custody, safeguarding and application of all moneys and for the employment of consulting engineers in connection with such construction, reconstruction, or operation. The resolution or trust agreement may set forth the rights and remedies of the bondholders, and may restrict the individual right of action by bondholders as is customary in trust agreements or trust indentures securing bonds or debentures of corporations. The resolution or trust agreement may also contain such other provisions as the authority deems reasonable and proper for the security of the bondholders. Except as otherwise provided in this chapter, the authority may provide for the payment of the proceeds of the sale of the bonds and its revenues to such officer, board or depositary as it may designate for the custody thereof, and for the method of disbursement thereof, with such safeguards and restrictions as it may determine. All expenses incurred in carrying out the provisions of the resolution or trust agreement may be treated as part of the cost of operation.","order_by":null,"text":{"0":{"id":295420,"text":"In the discretion of the authority, any revenue bonds issued under the provisions of this chapter may be secured by a trust agreement by and between the authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or outside the Commonwealth. The resolution authorizing the issuance of the bonds or the trust agreement may pledge or assign the revenues to be received. The resolution or trust agreement shall not convey or mortgage any stormwater control system or water or waste system or any part thereof, or any improvement financed pursuant to \u00a7 15.2-5158 which is, or will be, dedicated to a public entity other than the authority financing such improvement. However, a bond issued by a community development authority pursuant to subdivision A 2 of \u00a7 15.2-5158 may pledge or assign a mortgage in other real property or improvements not otherwise proscribed hereunder and may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law. Such provisions may include covenants setting forth the duties of the authority in relation to the acquisition, construction, improvement, maintenance, operation, repair and insurance of the system or systems for which such bonds are issued and provisions for the custody, safeguarding and application of all moneys and for the employment of consulting engineers in connection with such construction, reconstruction, or operation. The resolution or trust agreement may set forth the rights and remedies of the bondholders, and may restrict the individual right of action by bondholders as is customary in trust agreements or trust indentures securing bonds or debentures of corporations. The resolution or trust agreement may also contain such other provisions as the authority deems reasonable and proper for the security of the bondholders. Except as otherwise provided in this chapter, the authority may provide for the payment of the proceeds of the sale of the bonds and its revenues to such officer, board or depositary as it may designate for the custody thereof, and for the method of disbursement thereof, with such safeguards and restrictions as it may determine. All expenses incurred in carrying out the provisions of the resolution or trust agreement may be treated as part of the cost of operation.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5133\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 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 1993, chapter 850; in 1997, chapters 527<\/a>, 573<\/a>, and 587<\/a>; in 2009, chapter 473<\/a>.<\/p>","references":false,"refers_to":[{"id":72392,"section_number":"15.2-5158","catch_line":"Additional powers of community development authorities","order_by":null,"url":"\/15.2-5158\/"}],"permalink":{"id":158601,"object_type":"law","relational_id":82457,"identifier":"15.2-5133","token":"15.2\/IV\/51\/4\/15.2-5133","url":"\/15.2-5133\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-5133\/","token":"15.2\/IV\/51\/4\/15.2-5133","dublin_core":{"Title":"Trust agreement; bond resolution","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5133","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

In the discretion of the authority<\/span>, any revenue bonds<\/span> issued under the provisions of this chapter may be secured by a trust agreement by and between the authority<\/span> and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or outside the Commonwealth. The resolution authorizing the issuance of the bonds<\/span> or the trust agreement may pledge or assign the revenues to be received. The resolution or trust agreement shall not convey or mortgage any stormwater control system<\/span> or water or waste system<\/span> or any part thereof, or any improvement financed pursuant to \u00a7 15.2-5158<\/a> which is, or will be, dedicated to a public entity other than the authority<\/span> financing such improvement. However, a bond<\/span> issued by a community development authority<\/span> pursuant to subdivision A 2 of \u00a7 15.2-5158<\/a> may pledge or assign a mortgage in other real property or improvements<\/span> not otherwise proscribed hereunder and may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law<\/span>. Such provisions may include covenants setting forth the duties of the authority<\/span> in relation to the acquisition, construction, improvement, maintenance, operation, repair and insurance of the system or systems<\/span> for which such bonds<\/span> are issued and provisions for the custody<\/span>, safeguarding and application of all moneys and for the employment of consulting engineers in connection with such construction, reconstruction, or operation. The resolution or trust agreement may set forth the rights and remedies of the bondholders, and may restrict the individual right of action by bondholders as is customary in trust agreements or trust indentures securing bonds<\/span> or debentures of corporations. The resolution or trust agreement may also contain such other provisions as the authority<\/span> deems reasonable and proper for the security of the bondholders. Except as otherwise provided in this chapter, the authority<\/span> may provide for the payment of the proceeds of the sale of the bonds<\/span> and its revenues to such officer, board or depositary as it may designate for the custody<\/span> thereof, and for the method of disbursement thereof, with such safeguards and restrictions as it may determine. All expenses incurred in carrying out the provisions of the resolution or trust agreement may be treated as part of the cost of operation.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nTRUST AGREEMENT; BOND RESOLUTION (\u00a7 15.2-5133)\n\nIn the discretion of the authority, any revenue bonds issued under the\nprovisions of this chapter may be secured by a trust agreement by and between\nthe authority and a corporate trustee, which may be any trust company or bank\nhaving the powers of a trust company within or outside the Commonwealth. The\nresolution authorizing the issuance of the bonds or the trust agreement may\npledge or assign the revenues to be received. The resolution or trust agreement\nshall not convey or mortgage any stormwater control system or water or waste\nsystem or any part thereof, or any improvement financed pursuant to \u00a7 15.2-5158\nwhich is, or will be, dedicated to a public entity other than the authority\nfinancing such improvement. However, a bond issued by a community development\nauthority pursuant to subdivision A 2 of \u00a7 15.2-5158 may pledge or assign a\nmortgage in other real property or improvements not otherwise proscribed\nhereunder and may contain such provisions for protecting and enforcing the\nrights and remedies of the bondholders as may be reasonable and proper and not\nin violation of law. Such provisions may include covenants setting forth the\nduties of the authority in relation to the acquisition, construction,\nimprovement, maintenance, operation, repair and insurance of the system or\nsystems for which such bonds are issued and provisions for the custody,\nsafeguarding and application of all moneys and for the employment of consulting\nengineers in connection with such construction, reconstruction, or operation.\nThe resolution or trust agreement may set forth the rights and remedies of the\nbondholders, and may restrict the individual right of action by bondholders as\nis customary in trust agreements or trust indentures securing bonds or\ndebentures of corporations. The resolution or trust agreement may also contain\nsuch other provisions as the authority deems reasonable and proper for the\nsecurity of the bondholders. Except as otherwise provided in this chapter, the\nauthority may provide for the payment of the proceeds of the sale of the bonds\nand its revenues to such officer, board or depositary as it may designate for\nthe custody thereof, and for the method of disbursement thereof, with such\nsafeguards and restrictions as it may determine. All expenses incurred in\ncarrying out the provisions of the resolution or trust agreement may be treated\nas part of the cost of operation.\n\nHISTORY: Code 1950, \u00a7 15-764.21; 1950, p. 1323; 1962, c. 623, \u00a7 15.1-1259;\n1993, 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}}