{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-5607.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-5607.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-5607.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-5607.html"}],"law_id":69216,"edition_id":1,"section_id":69216,"structure_id":15526,"section_number":"15.2-5607","catch_line":"Authority to issue bonds; source of payment","history":"Code 1950, \u00a7 15-714.20; 1962, c. 393, \u00a7 8, \u00a7 15.1-1278; 1986, c. 442; 1997, c. 587.","full_text":"The authority is authorized to issue bonds from time to time in its discretion for the purpose of paying all or any part of the cost of acquiring, purchasing, constructing, reconstructing, improving or extending any project and acquiring necessary land and equipment therefor. The authority may issue such types of bonds as it may determine, including (without limiting the generality of the foregoing) bonds payable as to principal and interest: (i) from its revenues generally; (ii) exclusively from the income and revenues of a particular project; or (iii) exclusively from the income and revenues of certain designated projects, whether or not they are financed in whole or in part from the proceeds of such bonds.\n\t\tAny such bonds may be additionally secured by a pledge of any grant or contribution from a participating locality, the Commonwealth or any political subdivision, agency or instrumentality thereof, any federal agency or any unit, private corporation, copartnership, association, or individual, or a pledge of any income or revenues of the authority, or a mortgage on any project or other property of the authority, or any contract obligation or undertaking, whether in the nature of a guaranty or otherwise, of any participating locality. However, any such contract obligation or undertaking by any participating locality which is a city or town shall not be considered an indebtedness within the meaning of any debt limitation or restriction and that any such contract obligation or undertaking by a participating locality which is a county shall be authorized in accordance with the provisions of Article VII, Section 10 (b) of the Constitution of Virginia.\n\t\tNeither the members of the board of the authority nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. The bonds and other obligations of the authority (and such bonds and obligations shall so state on their face) shall not be a debt of the Commonwealth or any political subdivision thereof other than the participating localities which have entered into contract obligations or other undertakings with respect to the repayment thereof as authorized in the preceding paragraph, and neither the Commonwealth nor any political subdivision thereof other than the authority and, to the extent provided in the preceding paragraph, participating localities, shall be liable thereon, nor shall such bonds or obligations be payable out of any funds or properties other than those of the authority and those created by contract obligations or undertakings of any participating localities entered into pursuant to the preceding paragraph. The bonds shall not constitute an indebtedness within the meaning of any debt limitation or restriction. Bonds of the authority are declared to be issued for an essential public and governmental purpose.","order_by":null,"text":{"0":{"id":250438,"text":"The authority is authorized to issue bonds from time to time in its discretion for the purpose of paying all or any part of the cost of acquiring, purchasing, constructing, reconstructing, improving or extending any project and acquiring necessary land and equipment therefor. The authority may issue such types of bonds as it may determine, including (without limiting the generality of the foregoing) bonds payable as to principal and interest: (i) from its revenues generally; (ii) exclusively from the income and revenues of a particular project; or (iii) exclusively from the income and revenues of certain designated projects, whether or not they are financed in whole or in part from the proceeds of such bonds.\n\t\tAny such bonds may be additionally secured by a pledge of any grant or contribution from a participating locality, the Commonwealth or any political subdivision, agency or instrumentality thereof, any federal agency or any unit, private corporation, copartnership, association, or individual, or a pledge of any income or revenues of the authority, or a mortgage on any project or other property of the authority, or any contract obligation or undertaking, whether in the nature of a guaranty or otherwise, of any participating locality. However, any such contract obligation or undertaking by any participating locality which is a city or town shall not be considered an indebtedness within the meaning of any debt limitation or restriction and that any such contract obligation or undertaking by a participating locality which is a county shall be authorized in accordance with the provisions of Article VII, Section 10 (b) of the Constitution of Virginia.\n\t\tNeither the members of the board of the authority nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. The bonds and other obligations of the authority (and such bonds and obligations shall so state on their face) shall not be a debt of the Commonwealth or any political subdivision thereof other than the participating localities which have entered into contract obligations or other undertakings with respect to the repayment thereof as authorized in the preceding paragraph, and neither the Commonwealth nor any political subdivision thereof other than the authority and, to the extent provided in the preceding paragraph, participating localities, shall be liable thereon, nor shall such bonds or obligations be payable out of any funds or properties other than those of the authority and those created by contract obligations or undertakings of any participating localities entered into pursuant to the preceding paragraph. The bonds shall not constitute an indebtedness within the meaning of any debt limitation or restriction. Bonds of the authority are declared to be issued for an essential public and governmental purpose.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15526,"edition_id":1,"name":"Public Recreational Facilities Authorities Act","identifier":"56","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:55:55","date_modified":"2026-06-26 03:55:55","permalink":{"id":159577,"object_type":"structure","relational_id":15526,"identifier":"56","token":"15.2\/IV\/56","url":"\/15.2\/IV\/56\/","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":87209,"structure_id":15526,"section_number":"15.2-5600","catch_line":"Short title","url":"\/15.2-5600\/","token":"15.2\/IV\/56\/15.2-5600","metadata":false},{"id":66897,"structure_id":15526,"section_number":"15.2-5601","catch_line":"Definitions","url":"\/15.2-5601\/","token":"15.2\/IV\/56\/15.2-5601","metadata":false},{"id":61513,"structure_id":15526,"section_number":"15.2-5602","catch_line":"Creation of authorities","url":"\/15.2-5602\/","token":"15.2\/IV\/56\/15.2-5602","metadata":false},{"id":69743,"structure_id":15526,"section_number":"15.2-5603","catch_line":"Board to exercise powers of authority","url":"\/15.2-5603\/","token":"15.2\/IV\/56\/15.2-5603","metadata":false},{"id":84975,"structure_id":15526,"section_number":"15.2-5604","catch_line":"Powers of authority generally","url":"\/15.2-5604\/","token":"15.2\/IV\/56\/15.2-5604","metadata":false},{"id":59207,"structure_id":15526,"section_number":"15.2-5605","catch_line":"Transfers of property, appropriations and contracts by participating localities","url":"\/15.2-5605\/","token":"15.2\/IV\/56\/15.2-5605","metadata":false},{"id":81642,"structure_id":15526,"section_number":"15.2-5606","catch_line":"Acquisition, maintenance and operation of projects; revenues from projects","url":"\/15.2-5606\/","token":"15.2\/IV\/56\/15.2-5606","metadata":false},{"id":69216,"structure_id":15526,"section_number":"15.2-5607","catch_line":"Authority to issue bonds; source of payment","url":"\/15.2-5607\/","token":"15.2\/IV\/56\/15.2-5607","metadata":false},{"id":70391,"structure_id":15526,"section_number":"15.2-5608","catch_line":"Bond resolution; terms, conditions, form and execution of bonds; sale; interim receipts or temporary bonds","url":"\/15.2-5608\/","token":"15.2\/IV\/56\/15.2-5608","metadata":false},{"id":65376,"structure_id":15526,"section_number":"15.2-5609","catch_line":"Trust indenture or agreement to secure payment of bonds","url":"\/15.2-5609\/","token":"15.2\/IV\/56\/15.2-5609","metadata":false},{"id":67542,"structure_id":15526,"section_number":"15.2-5610","catch_line":"Fees, rents and other charges; reserves","url":"\/15.2-5610\/","token":"15.2\/IV\/56\/15.2-5610","metadata":false},{"id":63444,"structure_id":15526,"section_number":"15.2-5611","catch_line":"Moneys received deemed trust funds","url":"\/15.2-5611\/","token":"15.2\/IV\/56\/15.2-5611","metadata":false},{"id":67764,"structure_id":15526,"section_number":"15.2-5612","catch_line":"Remedies of bondholders and trustee","url":"\/15.2-5612\/","token":"15.2\/IV\/56\/15.2-5612","metadata":false},{"id":76068,"structure_id":15526,"section_number":"15.2-5613","catch_line":"Authority to exercise a governmental function; exemption from taxation","url":"\/15.2-5613\/","token":"15.2\/IV\/56\/15.2-5613","metadata":false},{"id":71709,"structure_id":15526,"section_number":"15.2-5614","catch_line":"Bonds legal investments","url":"\/15.2-5614\/","token":"15.2\/IV\/56\/15.2-5614","metadata":false},{"id":60341,"structure_id":15526,"section_number":"15.2-5615","catch_line":"Chapter to constitute complete authority for acts authorized; liberal construction","url":"\/15.2-5615\/","token":"15.2\/IV\/56\/15.2-5615","metadata":false},{"id":62337,"structure_id":15526,"section_number":"15.2-5616","catch_line":"Dissolution of authority; disposition of property","url":"\/15.2-5616\/","token":"15.2\/IV\/56\/15.2-5616","metadata":false}],"previous_section":{"id":81642,"structure_id":15526,"section_number":"15.2-5606","catch_line":"Acquisition, maintenance and operation of projects; revenues from projects","url":"\/15.2-5606\/","token":"15.2\/IV\/56\/15.2-5606","metadata":false},"next_section":{"id":70391,"structure_id":15526,"section_number":"15.2-5608","catch_line":"Bond resolution; terms, conditions, form and execution of bonds; sale; interim receipts or temporary bonds","url":"\/15.2-5608\/","token":"15.2\/IV\/56\/15.2-5608","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5607\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 3 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 393; in 1986, chapter 442; in 1997, chapter 587<\/a>.<\/p>","references":[{"id":84975,"section_number":"15.2-5604","catch_line":"Powers of authority generally","order_by":null,"url":"\/15.2-5604\/"}],"refers_to":false,"permalink":{"id":159607,"object_type":"law","relational_id":69216,"identifier":"15.2-5607","token":"15.2\/IV\/56\/15.2-5607","url":"\/15.2-5607\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-5607\/","token":"15.2\/IV\/56\/15.2-5607","dublin_core":{"Title":"Authority to issue bonds; source of payment","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5607","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The authority<\/span> is authorized to issue<\/span> bonds<\/span><\/span> from time to time in its discretion for the purpose of paying all or any part of the cost of acquiring, purchasing, constructing, reconstructing, improving or extending any project<\/span> and acquiring necessary land and equipment therefor. The authority<\/span> may issue<\/span> such types of bonds<\/span><\/span> as it may determine, including (without limiting the generality of the foregoing) bonds<\/span><\/span> payable as to principal and interest: (i) from its revenues generally; (ii) exclusively from the income and revenues of a particular project<\/span>; or (iii) exclusively from the income and revenues of certain designated projects<\/span><\/span>, whether or not they are financed in whole or in part from the proceeds of such bonds<\/span><\/span>.\n\t\tAny such bonds<\/span><\/span> may be additionally secured by a pledge of any grant or contribution from a participating locality<\/span>, the Commonwealth or any political subdivision, agency or instrumentality thereof, any federal agency<\/span> or any unit, private corporation, copartnership, association, or individual, or a pledge of any income or revenues of the authority<\/span>, or a mortgage on any project<\/span> or other property of the authority<\/span>, or any contract<\/span> obligation or undertaking, whether in the nature of a guaranty or otherwise, of any participating locality<\/span>. However, any such contract<\/span> obligation or undertaking by any participating locality<\/span> which is a city<\/span> or town<\/span> shall not be considered an indebtedness within the meaning of any debt limitation or restriction and that any such contract<\/span> obligation or undertaking by a participating locality<\/span> which is a county<\/span> shall be authorized in accordance with the provisions of Article VII, Section 10 (b) of the Constitution of Virginia.\n\t\tNeither the members of the board of the authority<\/span> nor any person executing the bonds<\/span><\/span> shall be liable personally on the bonds<\/span><\/span> by reason of the issuance thereof. The bonds<\/span><\/span> and other obligations of the authority<\/span> (and such bonds<\/span><\/span> and obligations shall so state on their face) shall not be a debt of the Commonwealth or any political subdivision thereof other than the participating localities which have entered into contract<\/span> obligations or other undertakings with respect to the repayment thereof as authorized in the preceding paragraph, and neither the Commonwealth nor any political subdivision thereof other than the authority<\/span> and, to the extent provided in the preceding paragraph, participating localities, shall be liable thereon, nor shall such bonds<\/span><\/span> or obligations be payable out of any funds or properties other than those of the authority<\/span> and those created by contract<\/span> obligations or undertakings of any participating localities entered into pursuant to the preceding paragraph. The bonds<\/span><\/span> shall not constitute an indebtedness within the meaning of any debt limitation or restriction. Bonds<\/span><\/span> of the authority<\/span> are declared to be issued for an essential public and governmental purpose.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAUTHORITY TO ISSUE BONDS; SOURCE OF PAYMENT (\u00a7 15.2-5607)\n\nThe authority is authorized to issue bonds from time to time in its discretion\nfor the purpose of paying all or any part of the cost of acquiring, purchasing,\nconstructing, reconstructing, improving or extending any project and acquiring\nnecessary land and equipment therefor. The authority may issue such types of\nbonds as it may determine, including (without limiting the generality of the\nforegoing) bonds payable as to principal and interest: (i) from its revenues\ngenerally; (ii) exclusively from the income and revenues of a particular\nproject; or (iii) exclusively from the income and revenues of certain designated\nprojects, whether or not they are financed in whole or in part from the proceeds\nof such bonds.\n\t\tAny such bonds may be additionally secured by a pledge of any grant or\ncontribution from a participating locality, the Commonwealth or any political\nsubdivision, agency or instrumentality thereof, any federal agency or any unit,\nprivate corporation, copartnership, association, or individual, or a pledge of\nany income or revenues of the authority, or a mortgage on any project or other\nproperty of the authority, or any contract obligation or undertaking, whether in\nthe nature of a guaranty or otherwise, of any participating locality. However,\nany such contract obligation or undertaking by any participating locality which\nis a city or town shall not be considered an indebtedness within the meaning of\nany debt limitation or restriction and that any such contract obligation or\nundertaking by a participating locality which is a county shall be authorized in\naccordance with the provisions of Article VII, Section 10 (b) of the\nConstitution of Virginia.\n\t\tNeither the members of the board of the authority nor any person executing the\nbonds shall be liable personally on the bonds by reason of the issuance thereof.\nThe bonds and other obligations of the authority (and such bonds and obligations\nshall so state on their face) shall not be a debt of the Commonwealth or any\npolitical subdivision thereof other than the participating localities which have\nentered into contract obligations or other undertakings with respect to the\nrepayment thereof as authorized in the preceding paragraph, and neither the\nCommonwealth nor any political subdivision thereof other than the authority and,\nto the extent provided in the preceding paragraph, participating localities,\nshall be liable thereon, nor shall such bonds or obligations be payable out of\nany funds or properties other than those of the authority and those created by\ncontract obligations or undertakings of any participating localities entered\ninto pursuant to the preceding paragraph. The bonds shall not constitute an\nindebtedness within the meaning of any debt limitation or restriction. Bonds of\nthe authority are declared to be issued for an essential public and governmental\npurpose.\n\nHISTORY: Code 1950, \u00a7 15-714.20; 1962, c. 393, \u00a7 8, \u00a7 15.1-1278; 1986, c.\n442; 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}}