{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-5431.24.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-5431.24.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-5431.24.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-5431.24.html"}],"law_id":73153,"edition_id":1,"section_id":73153,"structure_id":13386,"section_number":"15.2-5431.24","catch_line":"Contracts concerning interest rates, currency, cash flow and other basis","history":"2003, c. 643.","full_text":"A\n\nAny authority may enter into any contract that 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 that 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":263392,"text":"Any authority may enter into any contract that 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 that 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":263393,"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":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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5431.24\/","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":[{"id":65575,"section_number":"2.2-4500","catch_line":"Legal investments for public sinking funds","order_by":null,"url":"\/2.2-4500\/"}],"permalink":{"id":159383,"object_type":"law","relational_id":73153,"identifier":"15.2-5431.24","token":"15.2\/IV\/54.1\/15.2-5431.24","url":"\/15.2-5431.24\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-5431.24\/","token":"15.2\/IV\/54.1\/15.2-5431.24","dublin_core":{"Title":"Contracts concerning interest rates, currency, cash flow and other basis","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5431.24","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> that 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 that 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-263392\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/15.2-5431.24\/#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-263393\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/15.2-5431.24\/#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\n15.2-5431.24)\n\nA. Any authority may enter into any contract that the authority determines to be\nnecessary or appropriate to place the obligation or investment of the authority,\nas represented by the bonds or the investment of their proceeds, in whole or in\npart, on the interest rate, cash flow or other basis desired by the authority.\nSuch contracts may include without limitation contracts commonly known as\ninterest rate swap agreements and futures or contracts providing for payments\nbased 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 that secures bonds\nor (ii) investment, or contract providing for investment, otherwise authorized\nby law. These contracts and arrangements may contain such payment, security,\ndefault, remedy, and other terms and conditions as determined by the authority,\nafter giving due consideration to the creditworthiness of the counterparty or\nother obligated party, including any rating by any nationally recognized rating\nagency.\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: 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}}