{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-5415.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-5415.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-5415.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-5415.html"}],"law_id":84956,"edition_id":1,"section_id":84956,"structure_id":14152,"section_number":"15.2-5415","catch_line":"Security for bonds; trust agreement; bond resolution","history":"1979, c. 416, \u00a7 15.1-1618; 1997, c. 587.","full_text":"In the discretion of any 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. Such corporate trustee, and any depository of funds of the authority, may be any trust company or bank having the powers of a trust company within the Commonwealth. The resolution authorizing the issuance of the bonds or the trust agreement may pledge or assign all or a portion of the revenues to be received by the authority in respect of any project or projects but shall not convey or mortgage any project, 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, and may restrict the individual right of action by bondholders. The trust agreement or the resolution providing for the issuance of such bonds may contain covenants including, but not limited to, the following:\n\n1\n\nThe pledge of all or any part of the revenues derived from the project or projects to be financed by the bonds or from the electric system or facilities of the authority;2\n\nThe rents, rates, fees and charges to be established, maintained, and collected, and the use and disposal of revenues, gifts, grants and funds received or to be received by the authority;3\n\nThe setting aside of reserves and the investment, regulation and disposition thereof;4\n\nThe custody, collection, securing, investment, and payment of any moneys held for the payment of bonds;5\n\nLimitations or restrictions on the purposes to which the proceeds of the sale of bonds then or thereafter to be issued may be applied;6\n\nLimitations or restrictions on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured or the refunding of outstanding or other bonds;7\n\nThe procedure, if any, by which the terms of any contract with bondholders may be amended, the percentage of bonds the bondholders of which must consent thereto, and the manner in which such consent may be given;8\n\nEvents of default and the rights and liabilities arising thereupon, the terms and conditions upon which bonds issued under this chapter shall become or may be declared due before maturity, and the terms and conditions upon which such declaration and its consequences may be waived;9\n\nThe preparation and maintenance of a budget;10\n\nThe retention or employment of consulting engineers, independent auditors, and other technical consultants;11\n\nLimitations on or the prohibition of free service to any person, firm or corporation, public or private;12\n\nThe acquisition and disposal of property, and the appointment of a receiver of the funds and property of the authority in the event of a default;13\n\nProvisions for insurance and for accounting reports and the inspection and audit thereof; and14\n\nThe continuing operation and maintenance of the project or projects.\n\t\t\tAny pledge made by an authority pursuant to this chapter shall be governed by the laws of the Commonwealth.","order_by":null,"text":{"0":{"id":304408,"text":"In the discretion of any 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. Such corporate trustee, and any depository of funds of the authority, may be any trust company or bank having the powers of a trust company within the Commonwealth. The resolution authorizing the issuance of the bonds or the trust agreement may pledge or assign all or a portion of the revenues to be received by the authority in respect of any project or projects but shall not convey or mortgage any project, 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, and may restrict the individual right of action by bondholders. The trust agreement or the resolution providing for the issuance of such bonds may contain covenants including, but not limited to, the following:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":304409,"text":"The pledge of all or any part of the revenues derived from the project or projects to be financed by the bonds or from the electric system or facilities of the authority;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":304410,"text":"The rents, rates, fees and charges to be established, maintained, and collected, and the use and disposal of revenues, gifts, grants and funds received or to be received by the authority;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":304411,"text":"The setting aside of reserves and the investment, regulation and disposition thereof;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":304412,"text":"The custody, collection, securing, investment, and payment of any moneys held for the payment of bonds;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":304413,"text":"Limitations or restrictions on the purposes to which the proceeds of the sale of bonds then or thereafter to be issued may be applied;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":304414,"text":"Limitations or restrictions on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured or the refunding of outstanding or other bonds;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":304415,"text":"The procedure, if any, by which the terms of any contract with bondholders may be amended, the percentage of bonds the bondholders of which must consent thereto, and the manner in which such consent may be given;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":304416,"text":"Events of default and the rights and liabilities arising thereupon, the terms and conditions upon which bonds issued under this chapter shall become or may be declared due before maturity, and the terms and conditions upon which such declaration and its consequences may be waived;","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":304417,"text":"The preparation and maintenance of a budget;","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8","next_prefix":"10"},"10":{"id":304418,"text":"The retention or employment of consulting engineers, independent auditors, and other technical consultants;","type":"section","prefixes":["10"],"prefix":"10","entire_prefix":"10","prefix_anchor":"10","level":1,"prior_prefix":"9","next_prefix":"11"},"11":{"id":304419,"text":"Limitations on or the prohibition of free service to any person, firm or corporation, public or private;","type":"section","prefixes":["11"],"prefix":"11","entire_prefix":"11","prefix_anchor":"11","level":1,"prior_prefix":"10","next_prefix":"12"},"12":{"id":304420,"text":"The acquisition and disposal of property, and the appointment of a receiver of the funds and property of the authority in the event of a default;","type":"section","prefixes":["12"],"prefix":"12","entire_prefix":"12","prefix_anchor":"12","level":1,"prior_prefix":"11","next_prefix":"13"},"13":{"id":304421,"text":"Provisions for insurance and for accounting reports and the inspection and audit thereof; and","type":"section","prefixes":["13"],"prefix":"13","entire_prefix":"13","prefix_anchor":"13","level":1,"prior_prefix":"12","next_prefix":"14"},"14":{"id":304422,"text":"The continuing operation and maintenance of the project or projects.\n\t\t\tAny pledge made by an authority pursuant to this chapter shall be governed by the laws of the Commonwealth.","type":"section","prefixes":["14"],"prefix":"14","entire_prefix":"14","prefix_anchor":"14","level":1,"prior_prefix":"13"}},"ancestry":[{"id":14152,"edition_id":1,"name":"Electric Authorities Act","identifier":"54","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:47:03","date_modified":"2026-06-26 03:47:03","permalink":{"id":159171,"object_type":"structure","relational_id":14152,"identifier":"54","token":"15.2\/IV\/54","url":"\/15.2\/IV\/54\/","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":65196,"structure_id":14152,"section_number":"15.2-5400","catch_line":"Short title","url":"\/15.2-5400\/","token":"15.2\/IV\/54\/15.2-5400","metadata":false},{"id":86116,"structure_id":14152,"section_number":"15.2-5401","catch_line":"Intent of General Assembly","url":"\/15.2-5401\/","token":"15.2\/IV\/54\/15.2-5401","metadata":false},{"id":72529,"structure_id":14152,"section_number":"15.2-5402","catch_line":"Definitions","url":"\/15.2-5402\/","token":"15.2\/IV\/54\/15.2-5402","metadata":false},{"id":79988,"structure_id":14152,"section_number":"15.2-5403","catch_line":"Creation of electric authority; referendum","url":"\/15.2-5403\/","token":"15.2\/IV\/54\/15.2-5403","metadata":false},{"id":66895,"structure_id":14152,"section_number":"15.2-5404","catch_line":"Articles of incorporation","url":"\/15.2-5404\/","token":"15.2\/IV\/54\/15.2-5404","metadata":false},{"id":85800,"structure_id":14152,"section_number":"15.2-5405","catch_line":"Certificate of incorporation or charter; addition and withdrawal of members; board of directors; indemnification of directors, officers or employees","url":"\/15.2-5405\/","token":"15.2\/IV\/54\/15.2-5405","metadata":false},{"id":69588,"structure_id":14152,"section_number":"15.2-5405.1","catch_line":"Applicability of personnel and procurement procedures to certain authorities","url":"\/15.2-5405.1\/","token":"15.2\/IV\/54\/15.2-5405.1","metadata":false},{"id":84424,"structure_id":14152,"section_number":"15.2-5406","catch_line":"Rights, powers and duties of authority","url":"\/15.2-5406\/","token":"15.2\/IV\/54\/15.2-5406","metadata":false},{"id":72674,"structure_id":14152,"section_number":"15.2-5406.1","catch_line":"Retail distribution of electric energy limited to certain authorities","url":"\/15.2-5406.1\/","token":"15.2\/IV\/54\/15.2-5406.1","metadata":false},{"id":56253,"structure_id":14152,"section_number":"15.2-5406.2","catch_line":"Tort claims against certain authorities","url":"\/15.2-5406.2\/","token":"15.2\/IV\/54\/15.2-5406.2","metadata":false},{"id":64564,"structure_id":14152,"section_number":"15.2-5407","catch_line":"Membership in more than one authority","url":"\/15.2-5407\/","token":"15.2\/IV\/54\/15.2-5407","metadata":false},{"id":59051,"structure_id":14152,"section_number":"15.2-5408","catch_line":"Sale of power and energy, including capacity and output to member governmental units by authority; duration of contracts; source of payments; furnishing of money, property or services by member governmental units","url":"\/15.2-5408\/","token":"15.2\/IV\/54\/15.2-5408","metadata":false},{"id":70404,"structure_id":14152,"section_number":"15.2-5409","catch_line":"Sale of capacity and output to nonmembers; limitations","url":"\/15.2-5409\/","token":"15.2\/IV\/54\/15.2-5409","metadata":false},{"id":67460,"structure_id":14152,"section_number":"15.2-5410","catch_line":"Contents of agreement as to joint ownership of project; designation of party to agreement as agent for construction, operation and maintenance of project; powers and duties of agent","url":"\/15.2-5410\/","token":"15.2\/IV\/54\/15.2-5410","metadata":false},{"id":64546,"structure_id":14152,"section_number":"15.2-5411","catch_line":"Contracts for planning, acquisition, construction, etc., of projects","url":"\/15.2-5411\/","token":"15.2\/IV\/54\/15.2-5411","metadata":false},{"id":61540,"structure_id":14152,"section_number":"15.2-5412","catch_line":"Issuance of bonds by authority","url":"\/15.2-5412\/","token":"15.2\/IV\/54\/15.2-5412","metadata":false},{"id":67503,"structure_id":14152,"section_number":"15.2-5413","catch_line":"Interim receipts and temporary bonds; lost, stolen and destroyed bonds","url":"\/15.2-5413\/","token":"15.2\/IV\/54\/15.2-5413","metadata":false},{"id":55312,"structure_id":14152,"section_number":"15.2-5414","catch_line":"Bonds not debts of Commonwealth or member governmental unit","url":"\/15.2-5414\/","token":"15.2\/IV\/54\/15.2-5414","metadata":false},{"id":84956,"structure_id":14152,"section_number":"15.2-5415","catch_line":"Security for bonds; trust agreement; bond resolution","url":"\/15.2-5415\/","token":"15.2\/IV\/54\/15.2-5415","metadata":false},{"id":57033,"structure_id":14152,"section_number":"15.2-5416","catch_line":"Rents, rates, fees and other charges","url":"\/15.2-5416\/","token":"15.2\/IV\/54\/15.2-5416","metadata":false},{"id":82650,"structure_id":14152,"section_number":"15.2-5417","catch_line":"Moneys received deemed trust funds","url":"\/15.2-5417\/","token":"15.2\/IV\/54\/15.2-5417","metadata":false},{"id":82417,"structure_id":14152,"section_number":"15.2-5418","catch_line":"Bondholders' and trustees' remedies","url":"\/15.2-5418\/","token":"15.2\/IV\/54\/15.2-5418","metadata":false},{"id":69922,"structure_id":14152,"section_number":"15.2-5419","catch_line":"Refunding bonds","url":"\/15.2-5419\/","token":"15.2\/IV\/54\/15.2-5419","metadata":false},{"id":62550,"structure_id":14152,"section_number":"15.2-5420","catch_line":"Status of bonds under Uniform Commercial Code","url":"\/15.2-5420\/","token":"15.2\/IV\/54\/15.2-5420","metadata":false},{"id":78951,"structure_id":14152,"section_number":"15.2-5421","catch_line":"Bonds as legal investments and lawful security","url":"\/15.2-5421\/","token":"15.2\/IV\/54\/15.2-5421","metadata":false},{"id":59284,"structure_id":14152,"section_number":"15.2-5422","catch_line":"Bonds exempt from taxation","url":"\/15.2-5422\/","token":"15.2\/IV\/54\/15.2-5422","metadata":false},{"id":68719,"structure_id":14152,"section_number":"15.2-5423","catch_line":"Payments in lieu of property taxes; license tax","url":"\/15.2-5423\/","token":"15.2\/IV\/54\/15.2-5423","metadata":false},{"id":58684,"structure_id":14152,"section_number":"15.2-5423.1","catch_line":"Exemption from taxation for certain authorities","url":"\/15.2-5423.1\/","token":"15.2\/IV\/54\/15.2-5423.1","metadata":false},{"id":82928,"structure_id":14152,"section_number":"15.2-5424","catch_line":"Transfer, etc., of property of political subdivisions upon request of authority","url":"\/15.2-5424\/","token":"15.2\/IV\/54\/15.2-5424","metadata":false},{"id":81962,"structure_id":14152,"section_number":"15.2-5425","catch_line":"Eminent domain","url":"\/15.2-5425\/","token":"15.2\/IV\/54\/15.2-5425","metadata":false},{"id":57373,"structure_id":14152,"section_number":"15.2-5426","catch_line":"Annual reports","url":"\/15.2-5426\/","token":"15.2\/IV\/54\/15.2-5426","metadata":false},{"id":82182,"structure_id":14152,"section_number":"15.2-5427","catch_line":"Liability of members or officers","url":"\/15.2-5427\/","token":"15.2\/IV\/54\/15.2-5427","metadata":false},{"id":69086,"structure_id":14152,"section_number":"15.2-5428","catch_line":"Dissolution of authority","url":"\/15.2-5428\/","token":"15.2\/IV\/54\/15.2-5428","metadata":false},{"id":58789,"structure_id":14152,"section_number":"15.2-5429","catch_line":"Legislative consent to application of laws of other states","url":"\/15.2-5429\/","token":"15.2\/IV\/54\/15.2-5429","metadata":false},{"id":75194,"structure_id":14152,"section_number":"15.2-5430","catch_line":"Provisions of chapter cumulative; construction","url":"\/15.2-5430\/","token":"15.2\/IV\/54\/15.2-5430","metadata":false},{"id":81605,"structure_id":14152,"section_number":"15.2-5431","catch_line":"Provisions of chapter controlling over other statutes and charters","url":"\/15.2-5431\/","token":"15.2\/IV\/54\/15.2-5431","metadata":false}],"previous_section":{"id":55312,"structure_id":14152,"section_number":"15.2-5414","catch_line":"Bonds not debts of Commonwealth or member governmental unit","url":"\/15.2-5414\/","token":"15.2\/IV\/54\/15.2-5414","metadata":false},"next_section":{"id":57033,"structure_id":14152,"section_number":"15.2-5416","catch_line":"Rents, rates, fees and other charges","url":"\/15.2-5416\/","token":"15.2\/IV\/54\/15.2-5416","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5415\/","history_text":"

This law was first created in 1979. The record of its establishment is cataloged in chapter 416 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 1979 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. 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. That modification is as follows: in 1997, chapter 587<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":159245,"object_type":"law","relational_id":84956,"identifier":"15.2-5415","token":"15.2\/IV\/54\/15.2-5415","url":"\/15.2-5415\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-5415\/","token":"15.2\/IV\/54\/15.2-5415","dublin_core":{"Title":"Security for bonds; trust agreement; bond resolution","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5415","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

In the discretion of any 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. Such corporate trustee, and any depository of funds of the authority<\/span>, may be any trust company or bank having the powers of a trust company within the Commonwealth. The resolution authorizing the issuance of the bonds or the trust agreement may pledge or assign all or a portion of the revenues to be received by the authority<\/span> in respect of any project<\/span> or projects<\/span> but shall not convey or mortgage any project<\/span>, 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>, and may restrict the individual right of action by bondholders. The trust agreement or the resolution providing for the issuance of such bonds may contain covenants including, but not limited to, the following:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The pledge of all or any part of the revenues derived from the project<\/span> or projects<\/span> to be financed by the bonds or from the electric system or facilities of the authority<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The rents, rates, fees and charges to be established, maintained, and collected, and the use and disposal of revenues, gifts, grants and funds received or to be received by the authority<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The setting aside of reserves and the investment, regulation and disposition<\/span> thereof; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The custody<\/span>, collection, securing, investment, and payment of any moneys held for the payment of bonds; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Limitations or restrictions on the purposes to which the proceeds of the sale of bonds then or thereafter to be issued may be applied; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Limitations or restrictions on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured or the refunding of outstanding or other bonds; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> The procedure, if any, by which the terms of any contract<\/span> with bondholders may be amended, the percentage of bonds the bondholders of which must consent thereto, and the manner in which such consent may be given; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Events of default<\/span> and the rights and liabilities arising thereupon, the terms and conditions upon which bonds issued under this chapter shall become or may be declared due before maturity, and the terms and conditions upon which such declaration and its consequences may be waived; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> The preparation and maintenance of a budget; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> The retention or employment of consulting engineers, independent auditors, and other technical consultants; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> Limitations on or the prohibition of free service to any person, firm or corporation, public or private; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> The acquisition and disposal of property, and the appointment of a receiver of the funds and property of the authority<\/span> in the event of a default<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

13.<\/span> Provisions for insurance and for accounting reports and the inspection and audit thereof; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

14.<\/span> The continuing operation and maintenance of the project<\/span> or projects<\/span>.\n\t\t\tAny pledge made by an authority<\/span> pursuant to this chapter shall be governed by the laws<\/span> of the Commonwealth. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSECURITY FOR BONDS; TRUST AGREEMENT; BOND RESOLUTION (\u00a7 15.2-5415)\n\nIn the discretion of any 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. Such corporate trustee, and any\ndepository of funds of the authority, may be any trust company or bank having\nthe powers of a trust company within the Commonwealth. The resolution\nauthorizing the issuance of the bonds or the trust agreement may pledge or\nassign all or a portion of the revenues to be received by the authority in\nrespect of any project or projects but shall not convey or mortgage any project,\nmay contain such provisions for protecting and enforcing the rights and remedies\nof the bondholders as may be reasonable and proper and not in violation of law,\nand may restrict the individual right of action by bondholders. The trust\nagreement or the resolution providing for the issuance of such bonds may contain\ncovenants including, but not limited to, the following:\n\n1. The pledge of all or any part of the revenues derived from the project or\nprojects to be financed by the bonds or from the electric system or facilities\nof the authority;\n\n2. The rents, rates, fees and charges to be established, maintained, and\ncollected, and the use and disposal of revenues, gifts, grants and funds\nreceived or to be received by the authority;\n\n3. The setting aside of reserves and the investment, regulation and disposition\nthereof;\n\n4. The custody, collection, securing, investment, and payment of any moneys held\nfor the payment of bonds;\n\n5. Limitations or restrictions on the purposes to which the proceeds of the sale\nof bonds then or thereafter to be issued may be applied;\n\n6. Limitations or restrictions on the issuance of additional bonds, the terms\nupon which additional bonds may be issued and secured or the refunding of\noutstanding or other bonds;\n\n7. The procedure, if any, by which the terms of any contract with bondholders\nmay be amended, the percentage of bonds the bondholders of which must consent\nthereto, and the manner in which such consent may be given;\n\n8. Events of default and the rights and liabilities arising thereupon, the terms\nand conditions upon which bonds issued under this chapter shall become or may be\ndeclared due before maturity, and the terms and conditions upon which such\ndeclaration and its consequences may be waived;\n\n9. The preparation and maintenance of a budget;\n\n10. The retention or employment of consulting engineers, independent auditors,\nand other technical consultants;\n\n11. Limitations on or the prohibition of free service to any person, firm or\ncorporation, public or private;\n\n12. The acquisition and disposal of property, and the appointment of a receiver\nof the funds and property of the authority in the event of a default;\n\n13. Provisions for insurance and for accounting reports and the inspection and\naudit thereof; and\n\n14. The continuing operation and maintenance of the project or projects.\n\t\t\tAny pledge made by an authority pursuant to this chapter shall be governed by\nthe laws of the Commonwealth.\n\nHISTORY: 1979, c. 416, \u00a7 15.1-1618; 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}}