{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-5135.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-5135.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-5135.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-5135.html"}],"law_id":84888,"edition_id":1,"section_id":84888,"structure_id":14969,"section_number":"15.2-5135","catch_line":"Contracts concerning interest rates, currency, cash flow and other basis","history":"1997, c. 587.","full_text":"A\n\nAny authority may enter into any contract which the authority determines to be necessary or appropriate to place the obligation or investment of the authority, as represented by the bonds or the investment of their proceeds, in whole or in part, on the interest rate, cash flow or other basis desired by the authority. Such contracts may include without limitation contracts commonly known as interest rate swap agreements and futures or contracts providing for payments based on levels of, or changes in, interest rates. Such contracts or arrangements may be entered into by the authority in connection with, or incidental to, entering into or maintaining any (i) agreement which secures bonds or (ii) investment, or contract providing for investment, otherwise authorized by law. These contracts and arrangements may contain such payment, security, default, remedy, and other terms and conditions as determined by the authority, after giving due consideration to the creditworthiness of the counterparty or other obligated party, including any rating by any nationally recognized rating agency.B\n\nAny money set aside and pledged to secure payments of bonds or any contracts entered into pursuant to this section, may be invested in accordance with Chapter 45 (&#xA7; 2.2-4500 et seq.) of Title 2.2 and may be pledged to and used to service any of the contracts or agreements entered into pursuant to this section, and any other criteria as may be appropriate.","order_by":null,"text":{"0":{"id":304129,"text":"Any authority may enter into any contract which the authority determines to be necessary or appropriate to place the obligation or investment of the authority, as represented by the bonds or the investment of their proceeds, in whole or in part, on the interest rate, cash flow or other basis desired by the authority. Such contracts may include without limitation contracts commonly known as interest rate swap agreements and futures or contracts providing for payments based on levels of, or changes in, interest rates. Such contracts or arrangements may be entered into by the authority in connection with, or incidental to, entering into or maintaining any (i) agreement which secures bonds or (ii) investment, or contract providing for investment, otherwise authorized by law. These contracts and arrangements may contain such payment, security, default, remedy, and other terms and conditions as determined by the authority, after giving due consideration to the creditworthiness of the counterparty or other obligated party, including any rating by any nationally recognized rating agency.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":304130,"text":"Any money set aside and pledged to secure payments of bonds or any contracts entered into pursuant to this section, may be invested in accordance with Chapter 45 (&#xA7; 2.2-4500 et seq.) of Title 2.2 and may be pledged to and used to service any of the contracts or agreements entered into pursuant to this section, and any other criteria as may be appropriate.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5135\/","history_text":"<p>This law was first created in 1997. The record of its establishment is cataloged in chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?971+ful+CHAP0587\">587<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":[{"id":65575,"section_number":"2.2-4500","catch_line":"Legal investments for public sinking funds","order_by":null,"url":"\/2.2-4500\/"}],"permalink":{"id":158609,"object_type":"law","relational_id":84888,"identifier":"15.2-5135","token":"15.2\/IV\/51\/4\/15.2-5135","url":"\/15.2-5135\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-5135\/","token":"15.2\/IV\/51\/4\/15.2-5135","dublin_core":{"Title":"Contracts concerning interest rates, currency, cash flow and other basis","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5135","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> Any <span class=\"dictionary\">authority<\/span> may enter into any <span class=\"dictionary\">contract<\/span> which the <span class=\"dictionary\">authority<\/span> determines to be necessary or appropriate to place the obligation or investment of the <span class=\"dictionary\">authority<\/span>, as represented by the <span class=\"dictionary\">bonds<\/span> or the investment of their proceeds, in whole or in part, on the interest rate, cash flow or other basis desired by the <span class=\"dictionary\">authority<\/span>. Such <span class=\"dictionary\">contracts<\/span> may include without limitation <span class=\"dictionary\">contracts<\/span> commonly known as interest rate swap agreements and futures or <span class=\"dictionary\">contracts<\/span> providing for payments based on levels of, or changes in, interest rates. Such <span class=\"dictionary\">contracts<\/span> or arrangements may be entered into by the <span class=\"dictionary\">authority<\/span> in connection with, or incidental to, entering into or maintaining any (i) agreement which secures <span class=\"dictionary\">bonds<\/span> or (ii) investment, or <span class=\"dictionary\">contract<\/span> providing for investment, otherwise authorized by <span class=\"dictionary\">law<\/span>. These <span class=\"dictionary\">contracts<\/span> and arrangements may contain such payment, security, <span class=\"dictionary\">default<\/span>, remedy, and other terms and conditions as determined by the <span class=\"dictionary\">authority<\/span>, after giving due consideration to the creditworthiness of the counterparty or other obligated <span class=\"dictionary\">party<\/span>, including any rating by any nationally recognized rating agency. <a id=\"paragraph-304129\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/15.2-5135\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> Any money set aside and pledged to secure payments of <span class=\"dictionary\">bonds<\/span> or any <span class=\"dictionary\">contracts<\/span> entered into pursuant to this section, may be invested in accordance with Chapter 45 (&#xA7; <a class=\"law\" title=\"Legal investments for public sinking funds\" href=\"\/2.2-4500\/\">2.2-4500<\/a> et seq.) of Title 2.2 and may be pledged to and used to service any of the <span class=\"dictionary\">contracts<\/span> or agreements entered into pursuant to this section, and any other criteria as may be appropriate. <a id=\"paragraph-304130\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/15.2-5135\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nCONTRACTS CONCERNING INTEREST RATES, CURRENCY, CASH FLOW AND OTHER BASIS (\u00a7\n15.2-5135)\n\nA. Any authority may enter into any contract which the authority determines to\nbe necessary or appropriate to place the obligation or investment of the\nauthority, as represented by the bonds or the investment of their proceeds, in\nwhole or in part, on the interest rate, cash flow or other basis desired by the\nauthority. Such contracts may include without limitation contracts commonly\nknown as interest rate swap agreements and futures or contracts providing for\npayments based on levels of, or changes in, interest rates. Such contracts or\narrangements may be entered into by the authority in connection with, or\nincidental to, entering into or maintaining any (i) agreement which secures\nbonds or (ii) investment, or contract providing for investment, otherwise\nauthorized by law. These contracts and arrangements may contain such payment,\nsecurity, default, remedy, and other terms and conditions as determined by the\nauthority, after giving due consideration to the creditworthiness of the\ncounterparty or other obligated party, including any rating by any nationally\nrecognized rating agency.\n\nB. Any money set aside and pledged to secure payments of bonds or any contracts\nentered into pursuant to this section, may be invested in accordance with\nChapter 45 (&#xA7; 2.2-4500 et seq.) of Title 2.2 and may be pledged to and used\nto service any of the contracts or agreements entered into pursuant to this\nsection, and any other criteria as may be appropriate.\n\nHISTORY: 1997, 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}}