{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-5431.22.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-5431.22.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-5431.22.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-5431.22.html"}],"law_id":57496,"edition_id":1,"section_id":57496,"structure_id":13386,"section_number":"15.2-5431.22","catch_line":"Trust agreement; bond resolution","history":"2003, c. 643.","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 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":210650,"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 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":13386,"edition_id":1,"name":"Virginia Wireless Service Authorities Act","identifier":"54.1","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:44:46","date_modified":"2026-06-26 03:44:46","permalink":{"id":159317,"object_type":"structure","relational_id":13386,"identifier":"54.1","token":"15.2\/IV\/54.1","url":"\/15.2\/IV\/54.1\/","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":61785,"structure_id":13386,"section_number":"15.2-5431.1","catch_line":"Title of chapter; construction","url":"\/15.2-5431.1\/","token":"15.2\/IV\/54.1\/15.2-5431.1","metadata":false},{"id":71650,"structure_id":13386,"section_number":"15.2-5431.10","catch_line":"Members of authority board; chief administrative or executive officer","url":"\/15.2-5431.10\/","token":"15.2\/IV\/54.1\/15.2-5431.10","metadata":false},{"id":70147,"structure_id":13386,"section_number":"15.2-5431.11","catch_line":"Powers of authority","url":"\/15.2-5431.11\/","token":"15.2\/IV\/54.1\/15.2-5431.11","metadata":false},{"id":61982,"structure_id":13386,"section_number":"15.2-5431.12","catch_line":"Contracts relating to use of systems","url":"\/15.2-5431.12\/","token":"15.2\/IV\/54.1\/15.2-5431.12","metadata":false},{"id":82027,"structure_id":13386,"section_number":"15.2-5431.13","catch_line":"Insurance for employees","url":"\/15.2-5431.13\/","token":"15.2\/IV\/54.1\/15.2-5431.13","metadata":false},{"id":56110,"structure_id":13386,"section_number":"15.2-5431.14","catch_line":"Issuance of revenue bonds","url":"\/15.2-5431.14\/","token":"15.2\/IV\/54.1\/15.2-5431.14","metadata":false},{"id":81744,"structure_id":13386,"section_number":"15.2-5431.15","catch_line":"Time for contesting validity of proposed bond issue; when bonds presumed valid","url":"\/15.2-5431.15\/","token":"15.2\/IV\/54.1\/15.2-5431.15","metadata":false},{"id":86453,"structure_id":13386,"section_number":"15.2-5431.16","catch_line":"Proceeds of bonds","url":"\/15.2-5431.16\/","token":"15.2\/IV\/54.1\/15.2-5431.16","metadata":false},{"id":84441,"structure_id":13386,"section_number":"15.2-5431.17","catch_line":"Interim receipts and temporary bonds; bonds mutilated, lost or destroyed","url":"\/15.2-5431.17\/","token":"15.2\/IV\/54.1\/15.2-5431.17","metadata":false},{"id":85429,"structure_id":13386,"section_number":"15.2-5431.18","catch_line":"Provisions of chapter only requirements for issue","url":"\/15.2-5431.18\/","token":"15.2\/IV\/54.1\/15.2-5431.18","metadata":false},{"id":64093,"structure_id":13386,"section_number":"15.2-5431.19","catch_line":"Limitations in bond resolution or trust agreement","url":"\/15.2-5431.19\/","token":"15.2\/IV\/54.1\/15.2-5431.19","metadata":false},{"id":58403,"structure_id":13386,"section_number":"15.2-5431.2","catch_line":"Definitions","url":"\/15.2-5431.2\/","token":"15.2\/IV\/54.1\/15.2-5431.2","metadata":false},{"id":80546,"structure_id":13386,"section_number":"15.2-5431.20","catch_line":"Bonds not debts of Commonwealth or participating political subdivision","url":"\/15.2-5431.20\/","token":"15.2\/IV\/54.1\/15.2-5431.20","metadata":false},{"id":84207,"structure_id":13386,"section_number":"15.2-5431.21","catch_line":"Exemption from taxation","url":"\/15.2-5431.21\/","token":"15.2\/IV\/54.1\/15.2-5431.21","metadata":false},{"id":57496,"structure_id":13386,"section_number":"15.2-5431.22","catch_line":"Trust agreement; bond resolution","url":"\/15.2-5431.22\/","token":"15.2\/IV\/54.1\/15.2-5431.22","metadata":false},{"id":67883,"structure_id":13386,"section_number":"15.2-5431.23","catch_line":"Disposition of unclaimed funds due on matured bonds or coupons","url":"\/15.2-5431.23\/","token":"15.2\/IV\/54.1\/15.2-5431.23","metadata":false},{"id":73153,"structure_id":13386,"section_number":"15.2-5431.24","catch_line":"Contracts concerning interest rates, currency, cash flow and other basis","url":"\/15.2-5431.24\/","token":"15.2\/IV\/54.1\/15.2-5431.24","metadata":false},{"id":67301,"structure_id":13386,"section_number":"15.2-5431.25","catch_line":"Rates and charges","url":"\/15.2-5431.25\/","token":"15.2\/IV\/54.1\/15.2-5431.25","metadata":false},{"id":59135,"structure_id":13386,"section_number":"15.2-5431.26","catch_line":"Enforcement of charges","url":"\/15.2-5431.26\/","token":"15.2\/IV\/54.1\/15.2-5431.26","metadata":false},{"id":54359,"structure_id":13386,"section_number":"15.2-5431.27","catch_line":"Lien for charges","url":"\/15.2-5431.27\/","token":"15.2\/IV\/54.1\/15.2-5431.27","metadata":false},{"id":77572,"structure_id":13386,"section_number":"15.2-5431.28","catch_line":"Trust funds","url":"\/15.2-5431.28\/","token":"15.2\/IV\/54.1\/15.2-5431.28","metadata":false},{"id":85539,"structure_id":13386,"section_number":"15.2-5431.29","catch_line":"Bondholder's remedies","url":"\/15.2-5431.29\/","token":"15.2\/IV\/54.1\/15.2-5431.29","metadata":false},{"id":87499,"structure_id":13386,"section_number":"15.2-5431.3","catch_line":"Creation of authority","url":"\/15.2-5431.3\/","token":"15.2\/IV\/54.1\/15.2-5431.3","metadata":false},{"id":61565,"structure_id":13386,"section_number":"15.2-5431.30","catch_line":"Refunding bonds","url":"\/15.2-5431.30\/","token":"15.2\/IV\/54.1\/15.2-5431.30","metadata":false},{"id":75635,"structure_id":13386,"section_number":"15.2-5431.31","catch_line":"Purchase in open market or otherwise","url":"\/15.2-5431.31\/","token":"15.2\/IV\/54.1\/15.2-5431.31","metadata":false},{"id":63793,"structure_id":13386,"section_number":"15.2-5431.32","catch_line":"Investment in bonds","url":"\/15.2-5431.32\/","token":"15.2\/IV\/54.1\/15.2-5431.32","metadata":false},{"id":67014,"structure_id":13386,"section_number":"15.2-5431.33","catch_line":"Financial report; authority budget; audit","url":"\/15.2-5431.33\/","token":"15.2\/IV\/54.1\/15.2-5431.33","metadata":false},{"id":55146,"structure_id":13386,"section_number":"15.2-5431.34","catch_line":"Use of state land","url":"\/15.2-5431.34\/","token":"15.2\/IV\/54.1\/15.2-5431.34","metadata":false},{"id":78387,"structure_id":13386,"section_number":"15.2-5431.35","catch_line":"Powers of localities to make grants and conveyances to and contracts with authority","url":"\/15.2-5431.35\/","token":"15.2\/IV\/54.1\/15.2-5431.35","metadata":false},{"id":78049,"structure_id":13386,"section_number":"15.2-5431.35:1","catch_line":"Creating or joining more than one authority","url":"\/15.2-5431.35_1\/","token":"15.2\/IV\/54.1\/15.2-5431.35_1","metadata":false},{"id":76332,"structure_id":13386,"section_number":"15.2-5431.36","catch_line":"Liability of members or officers","url":"\/15.2-5431.36\/","token":"15.2\/IV\/54.1\/15.2-5431.36","metadata":false},{"id":76654,"structure_id":13386,"section_number":"15.2-5431.37","catch_line":"Provisions of chapter cumulative; construction","url":"\/15.2-5431.37\/","token":"15.2\/IV\/54.1\/15.2-5431.37","metadata":false},{"id":73930,"structure_id":13386,"section_number":"15.2-5431.4","catch_line":"Resolution creating authority to include articles of incorporation","url":"\/15.2-5431.4\/","token":"15.2\/IV\/54.1\/15.2-5431.4","metadata":false},{"id":76825,"structure_id":13386,"section_number":"15.2-5431.5","catch_line":"Advertisement of resolution and notice of hearing","url":"\/15.2-5431.5\/","token":"15.2\/IV\/54.1\/15.2-5431.5","metadata":false},{"id":87226,"structure_id":13386,"section_number":"15.2-5431.6","catch_line":"Hearing; referendum","url":"\/15.2-5431.6\/","token":"15.2\/IV\/54.1\/15.2-5431.6","metadata":false},{"id":69398,"structure_id":13386,"section_number":"15.2-5431.7","catch_line":"Filing articles of incorporation","url":"\/15.2-5431.7\/","token":"15.2\/IV\/54.1\/15.2-5431.7","metadata":false},{"id":64588,"structure_id":13386,"section_number":"15.2-5431.8","catch_line":"Issuance of certificate or charter","url":"\/15.2-5431.8\/","token":"15.2\/IV\/54.1\/15.2-5431.8","metadata":false},{"id":61001,"structure_id":13386,"section_number":"15.2-5431.8:1","catch_line":"Amendment of articles of incorporation","url":"\/15.2-5431.8_1\/","token":"15.2\/IV\/54.1\/15.2-5431.8_1","metadata":false},{"id":83003,"structure_id":13386,"section_number":"15.2-5431.9","catch_line":"Dissolution and termination of authority","url":"\/15.2-5431.9\/","token":"15.2\/IV\/54.1\/15.2-5431.9","metadata":false},{"id":79934,"structure_id":13386,"section_number":"15.2-5431.9:1","catch_line":"Joinder of another locality or authority; withdrawal from authority","url":"\/15.2-5431.9_1\/","token":"15.2\/IV\/54.1\/15.2-5431.9_1","metadata":false}],"previous_section":{"id":84207,"structure_id":13386,"section_number":"15.2-5431.21","catch_line":"Exemption from taxation","url":"\/15.2-5431.21\/","token":"15.2\/IV\/54.1\/15.2-5431.21","metadata":false},"next_section":{"id":67883,"structure_id":13386,"section_number":"15.2-5431.23","catch_line":"Disposition of unclaimed funds due on matured bonds or coupons","url":"\/15.2-5431.23\/","token":"15.2\/IV\/54.1\/15.2-5431.23","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5431.22\/","history_text":"<p>This law was first created in 2003. The record of its establishment is cataloged in chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?031+ful+CHAP0643\">643<\/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":false,"permalink":{"id":159375,"object_type":"law","relational_id":57496,"identifier":"15.2-5431.22","token":"15.2\/IV\/54.1\/15.2-5431.22","url":"\/15.2-5431.22\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-5431.22\/","token":"15.2\/IV\/54.1\/15.2-5431.22","dublin_core":{"Title":"Trust agreement; bond resolution","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5431.22","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>In the discretion of the <span class=\"dictionary\">authority<\/span>, any revenue <span class=\"dictionary\">bonds<\/span> issued under the provisions of this chapter may be secured by a trust agreement by and between the <span class=\"dictionary\">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 <span class=\"dictionary\">bonds<\/span> or the trust agreement may pledge or assign the revenues to be received. 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 <span class=\"dictionary\">bonds<\/span> or debentures of corporations. The resolution or trust agreement may also contain such other provisions as the <span class=\"dictionary\">authority<\/span> deems reasonable and proper for the security of the bondholders. Except as otherwise provided in this chapter, the <span class=\"dictionary\">authority<\/span> may provide for the payment of the proceeds of the sale of the <span class=\"dictionary\">bonds<\/span> and its revenues to such officer, board or depositary as it may designate for the <span class=\"dictionary\">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 15.2-5431.22)\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\nmay set forth the rights and remedies of the bondholders, and may restrict the\nindividual right of action by bondholders as is customary in trust agreements or\ntrust indentures securing bonds or debentures of corporations. The resolution or\ntrust agreement may also contain such other provisions as the authority deems\nreasonable and proper for the security of the bondholders. Except as otherwise\nprovided in this chapter, the authority may provide for the payment of the\nproceeds of the sale of the bonds and its revenues to such officer, board or\ndepositary as it may designate for the custody thereof, and for the method of\ndisbursement thereof, with such safeguards and restrictions as it may determine.\nAll expenses incurred in carrying out the provisions of the resolution or trust\nagreement may be treated as part of the cost of operation.\n\nHISTORY: 2003, c. 643.","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}}