{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-5712.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-5712.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-5712.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-5712.html"}],"law_id":65693,"edition_id":1,"section_id":65693,"structure_id":12924,"section_number":"15.2-5712","catch_line":"Revenue bonds","history":"Code 1950, \u00a7 15-714.10; 1956, c. 472; 1958, c. 484; 1962, c. 623, \u00a7 15.1-1237; 1997, c. 587.","full_text":"Each authority is authorized to issue, at one time or from time to time, revenue bonds of the authority for the purpose of acquiring, purchasing, constructing, reconstructing, improving or extending parks and acquiring necessary land or equipment therefor, and revenue refunding bonds of the authority for the purpose of refunding any revenue bonds outstanding. The bonds of each issue shall be dated, shall mature at such time or times not exceeding forty years from their date or dates and shall bear interest at such rate or rates as authorized by law, as may be determined by the authority. Bonds may be made redeemable before maturity, at the option of the authority at such price or prices and under such terms and conditions as may be fixed by the authority prior to the issuance of the bonds. The authority shall determine the form of the bonds, including any interest coupons to be attached thereto, and the manner of execution of the bonds, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest, which may be at any bank or trust company within or outside the Commonwealth. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. Notwithstanding any of the other provisions of this chapter or any recitals in any bonds issued under the provisions of this chapter, all such bonds shall be deemed to be negotiable instruments under the laws of this Commonwealth. The bonds may be issued in coupon or registered form or both, as the authority may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds of any bonds registered as to both principal and interest. The authority may sell such bonds in such manner, either at public or private sale, and for such price, as it may determine to be for the best interests of the authority.\n\t\tThe resolution providing for the issuance of revenue bonds, and any trust agreement securing such bonds, may also contain such limitations upon the issuance of additional revenue bonds as the authority may deem proper, and such additional bonds shall be issued under such restrictions and limitations as may be prescribed by such resolution or trust agreement.\n\t\tBonds may be issued under the provisions of this chapter without obtaining the consent of any commission, board, bureau or agency of the Commonwealth of Virginia or of any political subdivision, and without any other proceedings or the happening of other conditions or things than those proceedings, conditions or things which are specifically required by this chapter.\n\t\tBonds issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or of any political subdivision of the Commonwealth or a pledge of the faith and credit of the Commonwealth or of any political subdivision of the Commonwealth, but such bonds shall be payable solely from revenues of the authority as provided herein.","order_by":null,"text":{"0":{"id":238767,"text":"Each authority is authorized to issue, at one time or from time to time, revenue bonds of the authority for the purpose of acquiring, purchasing, constructing, reconstructing, improving or extending parks and acquiring necessary land or equipment therefor, and revenue refunding bonds of the authority for the purpose of refunding any revenue bonds outstanding. The bonds of each issue shall be dated, shall mature at such time or times not exceeding forty years from their date or dates and shall bear interest at such rate or rates as authorized by law, as may be determined by the authority. Bonds may be made redeemable before maturity, at the option of the authority at such price or prices and under such terms and conditions as may be fixed by the authority prior to the issuance of the bonds. The authority shall determine the form of the bonds, including any interest coupons to be attached thereto, and the manner of execution of the bonds, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest, which may be at any bank or trust company within or outside the Commonwealth. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. Notwithstanding any of the other provisions of this chapter or any recitals in any bonds issued under the provisions of this chapter, all such bonds shall be deemed to be negotiable instruments under the laws of this Commonwealth. The bonds may be issued in coupon or registered form or both, as the authority may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds of any bonds registered as to both principal and interest. The authority may sell such bonds in such manner, either at public or private sale, and for such price, as it may determine to be for the best interests of the authority.\n\t\tThe resolution providing for the issuance of revenue bonds, and any trust agreement securing such bonds, may also contain such limitations upon the issuance of additional revenue bonds as the authority may deem proper, and such additional bonds shall be issued under such restrictions and limitations as may be prescribed by such resolution or trust agreement.\n\t\tBonds may be issued under the provisions of this chapter without obtaining the consent of any commission, board, bureau or agency of the Commonwealth of Virginia or of any political subdivision, and without any other proceedings or the happening of other conditions or things than those proceedings, conditions or things which are specifically required by this chapter.\n\t\tBonds issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or of any political subdivision of the Commonwealth or a pledge of the faith and credit of the Commonwealth or of any political subdivision of the Commonwealth, but such bonds shall be payable solely from revenues of the authority as provided herein.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":12924,"edition_id":1,"name":"Park Authorities Act","identifier":"57","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:44:02","date_modified":"2026-06-26 03:44:02","permalink":{"id":159647,"object_type":"structure","relational_id":12924,"identifier":"57","token":"15.2\/IV\/57","url":"\/15.2\/IV\/57\/","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":70195,"structure_id":12924,"section_number":"15.2-5700","catch_line":"Short title; application","url":"\/15.2-5700\/","token":"15.2\/IV\/57\/15.2-5700","metadata":false},{"id":54031,"structure_id":12924,"section_number":"15.2-5701","catch_line":"Definitions","url":"\/15.2-5701\/","token":"15.2\/IV\/57\/15.2-5701","metadata":false},{"id":80055,"structure_id":12924,"section_number":"15.2-5702","catch_line":"Creation of authorities","url":"\/15.2-5702\/","token":"15.2\/IV\/57\/15.2-5702","metadata":false},{"id":67524,"structure_id":12924,"section_number":"15.2-5703","catch_line":"Members of authority; appointment, terms, compensation, etc.; officers, quorum","url":"\/15.2-5703\/","token":"15.2\/IV\/57\/15.2-5703","metadata":false},{"id":54548,"structure_id":12924,"section_number":"15.2-5704","catch_line":"Powers of authority","url":"\/15.2-5704\/","token":"15.2\/IV\/57\/15.2-5704","metadata":false},{"id":84990,"structure_id":12924,"section_number":"15.2-5704.1","catch_line":"Northern Virginia Regional Park Authority","url":"\/15.2-5704.1\/","token":"15.2\/IV\/57\/15.2-5704.1","metadata":false},{"id":59567,"structure_id":12924,"section_number":"15.2-5705","catch_line":"Violation of rules and regulations","url":"\/15.2-5705\/","token":"15.2\/IV\/57\/15.2-5705","metadata":false},{"id":69723,"structure_id":12924,"section_number":"15.2-5706","catch_line":"Appointment of special conservators of the peace","url":"\/15.2-5706\/","token":"15.2\/IV\/57\/15.2-5706","metadata":false},{"id":67444,"structure_id":12924,"section_number":"15.2-5707","catch_line":"Recordation of conveyances of real estate to park authorities","url":"\/15.2-5707\/","token":"15.2\/IV\/57\/15.2-5707","metadata":false},{"id":77032,"structure_id":12924,"section_number":"15.2-5708","catch_line":"Exemption from taxation","url":"\/15.2-5708\/","token":"15.2\/IV\/57\/15.2-5708","metadata":false},{"id":86196,"structure_id":12924,"section_number":"15.2-5709","catch_line":"Rates and charges","url":"\/15.2-5709\/","token":"15.2\/IV\/57\/15.2-5709","metadata":false},{"id":71256,"structure_id":12924,"section_number":"15.2-5710","catch_line":"Funds","url":"\/15.2-5710\/","token":"15.2\/IV\/57\/15.2-5710","metadata":false},{"id":54039,"structure_id":12924,"section_number":"15.2-5711","catch_line":"Conveyance or lease of park to authority; contract for park services; when referendum required before certain contracts made","url":"\/15.2-5711\/","token":"15.2\/IV\/57\/15.2-5711","metadata":false},{"id":65693,"structure_id":12924,"section_number":"15.2-5712","catch_line":"Revenue bonds","url":"\/15.2-5712\/","token":"15.2\/IV\/57\/15.2-5712","metadata":false},{"id":76660,"structure_id":12924,"section_number":"15.2-5713","catch_line":"Same; for water or sewer systems, etc","url":"\/15.2-5713\/","token":"15.2\/IV\/57\/15.2-5713","metadata":false},{"id":82291,"structure_id":12924,"section_number":"15.2-5714","catch_line":"Bonds mutilated, lost or destroyed","url":"\/15.2-5714\/","token":"15.2\/IV\/57\/15.2-5714","metadata":false}],"previous_section":{"id":54039,"structure_id":12924,"section_number":"15.2-5711","catch_line":"Conveyance or lease of park to authority; contract for park services; when referendum required before certain contracts made","url":"\/15.2-5711\/","token":"15.2\/IV\/57\/15.2-5711","metadata":false},"next_section":{"id":76660,"structure_id":12924,"section_number":"15.2-5713","catch_line":"Same; for water or sewer systems, etc","url":"\/15.2-5713\/","token":"15.2\/IV\/57\/15.2-5713","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5712\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 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 1956, chapter 472; in 1958, chapter 484; in 1962, chapter 623; in 1997, chapter 587<\/a>.<\/p>","references":[{"id":54548,"section_number":"15.2-5704","catch_line":"Powers of authority","order_by":null,"url":"\/15.2-5704\/"}],"refers_to":false,"permalink":{"id":159701,"object_type":"law","relational_id":65693,"identifier":"15.2-5712","token":"15.2\/IV\/57\/15.2-5712","url":"\/15.2-5712\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-5712\/","token":"15.2\/IV\/57\/15.2-5712","dublin_core":{"Title":"Revenue bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5712","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Each authority<\/span> is authorized to issue<\/span>, at one time or from time to time, revenue bonds<\/span> of the authority<\/span> for the purpose of acquiring, purchasing, constructing, reconstructing, improving or extending parks<\/span> and acquiring necessary land or equipment therefor, and revenue refunding bonds<\/span> of the authority<\/span> for the purpose of refunding any revenue bonds<\/span> outstanding. The bonds<\/span> of each issue<\/span> shall be dated, shall mature at such time or times not exceeding forty years from their date or dates and shall bear interest at such rate or rates as authorized by law<\/span>, as may be determined by the authority<\/span>. Bonds<\/span> may be made redeemable before maturity, at the option of the authority<\/span> at such price or prices and under such terms and conditions as may be fixed by the authority<\/span> prior to the issuance of the bonds<\/span>. The authority<\/span> shall determine the form of the bonds<\/span>, including any interest coupons to be attached thereto, and the manner of execution of the bonds<\/span>, and shall fix the denomination or denominations of the bonds<\/span> and the place or places of payment of principal and interest, which may be at any bank or trust company within or outside the Commonwealth. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds<\/span> or coupons shall cease to be such officer before the delivery of such bonds<\/span>, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. Notwithstanding any of the other provisions of this chapter or any recitals in any bonds<\/span> issued under the provisions of this chapter, all such bonds<\/span> shall be deemed to be negotiable instruments under the laws<\/span> of this Commonwealth. The bonds<\/span> may be issued in coupon or registered form or both, as the authority<\/span> may determine, and provision may be made for the registration of any coupon bonds<\/span> as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds<\/span> of any bonds<\/span> registered as to both principal and interest. The authority<\/span> may sell such bonds<\/span> in such manner, either at public or private sale, and for such price, as it may determine to be for the best interests of the authority<\/span>.\n\t\tThe resolution providing for the issuance of revenue bonds<\/span>, and any trust agreement securing such bonds<\/span>, may also contain such limitations upon the issuance of additional revenue bonds<\/span> as the authority<\/span> may deem proper, and such additional bonds<\/span> shall be issued under such restrictions and limitations as may be prescribed by such resolution or trust agreement.\n\t\tBonds<\/span> may be issued under the provisions of this chapter without obtaining the consent of any commission, board, bureau or agency of the Commonwealth of Virginia or of any political subdivision, and without any other proceedings or the happening of other conditions or things than those proceedings, conditions or things which are specifically required by this chapter.\n\t\tBonds<\/span> issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or of any political subdivision of the Commonwealth or a pledge of the faith and credit of the Commonwealth or of any political subdivision of the Commonwealth, but such bonds<\/span> shall be payable solely from revenues of the authority<\/span> as provided herein.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREVENUE BONDS (\u00a7 15.2-5712)\n\nEach authority is authorized to issue, at one time or from time to time, revenue\nbonds of the authority for the purpose of acquiring, purchasing, constructing,\nreconstructing, improving or extending parks and acquiring necessary land or\nequipment therefor, and revenue refunding bonds of the authority for the purpose\nof refunding any revenue bonds outstanding. The bonds of each issue shall be\ndated, shall mature at such time or times not exceeding forty years from their\ndate or dates and shall bear interest at such rate or rates as authorized by\nlaw, as may be determined by the authority. Bonds may be made redeemable before\nmaturity, at the option of the authority at such price or prices and under such\nterms and conditions as may be fixed by the authority prior to the issuance of\nthe bonds. The authority shall determine the form of the bonds, including any\ninterest coupons to be attached thereto, and the manner of execution of the\nbonds, and shall fix the denomination or denominations of the bonds and the\nplace or places of payment of principal and interest, which may be at any bank\nor trust company within or outside the Commonwealth. In case any officer whose\nsignature or a facsimile of whose signature shall appear on any bonds or coupons\nshall cease to be such officer before the delivery of such bonds, such signature\nor such facsimile shall nevertheless be valid and sufficient for all purposes\nthe same as if he had remained in office until such delivery. Notwithstanding\nany of the other provisions of this chapter or any recitals in any bonds issued\nunder the provisions of this chapter, all such bonds shall be deemed to be\nnegotiable instruments under the laws of this Commonwealth. The bonds may be\nissued in coupon or registered form or both, as the authority may determine, and\nprovision may be made for the registration of any coupon bonds as to principal\nalone and also as to both principal and interest, and for the reconversion into\ncoupon bonds of any bonds registered as to both principal and interest. The\nauthority may sell such bonds in such manner, either at public or private sale,\nand for such price, as it may determine to be for the best interests of the\nauthority.\n\t\tThe resolution providing for the issuance of revenue bonds, and any trust\nagreement securing such bonds, may also contain such limitations upon the\nissuance of additional revenue bonds as the authority may deem proper, and such\nadditional bonds shall be issued under such restrictions and limitations as may\nbe prescribed by such resolution or trust agreement.\n\t\tBonds may be issued under the provisions of this chapter without obtaining the\nconsent of any commission, board, bureau or agency of the Commonwealth of\nVirginia or of any political subdivision, and without any other proceedings or\nthe happening of other conditions or things than those proceedings, conditions\nor things which are specifically required by this chapter.\n\t\tBonds issued under the provisions of this chapter shall not be deemed to\nconstitute a debt of the Commonwealth or of any political subdivision of the\nCommonwealth or a pledge of the faith and credit of the Commonwealth or of any\npolitical subdivision of the Commonwealth, but such bonds shall be payable\nsolely from revenues of the authority as provided herein.\n\nHISTORY: Code 1950, \u00a7 15-714.10; 1956, c. 472; 1958, c. 484; 1962, c. 623, \u00a7\n15.1-1237; 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}}