{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-5931.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-5931.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-5931.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-5931.html"}],"law_id":84412,"edition_id":1,"section_id":84412,"structure_id":14982,"section_number":"15.2-5931","catch_line":"Bond issues","history":"2019, c. 793; 2020, c. 467; 2021, c. 5.","full_text":"A\n\nThe City of Virginia Beach may at any time and from time to time issue bonds for any valid purpose, including the establishment of reserves and the payment of interest. As used in this chapter, “bonds” includes notes of any kind, interim certificates, refunding bonds, or any other evidence of obligation, provided that such bonds are issued by the City of Virginia Beach, the City of Virginia Beach Development Authority, or a community development authority formed by the City of Virginia Beach pursuant to the provisions of Article 6 (§ 15.2-5152 et seq.) of Chapter 51 for the purpose of developing the sports and entertainment district.B\n\nThe bonds of any issue shall be payable solely from the property or receipts of the City of Virginia Beach, or other security specifically pledged by the City of Virginia Beach to the payment thereof, including, but not limited to:1\n\nTaxes, fees, charges, or other revenues;2\n\nPayments by financial institutions, insurance companies, or others pursuant to letters or lines of credit, policies of insurance, or purchase agreements;3\n\nInvestment earnings from funds or accounts maintained pursuant to a bond resolution or trust agreement;4\n\nSales and use tax revenues remitted to the City of Virginia Beach by the State Comptroller pursuant to § 15.2-5933; and5\n\nProceeds of refunding bonds.C\n\nBonds shall be authorized by resolution of the City of Virginia Beach and may be secured by a trust agreement by and between the City of Virginia Beach and a corporate trustee or trustees, which may be any trust company or bank having the powers of a trust company within or outside the Commonwealth. The bonds shall:1\n\nBe issued at, above, or below par value, for cash or other valuable consideration, and mature at a time or times, whether as serial bonds or as term bonds or both, not later than June 30 of the fiscal year in which the City of Virginia Beach’s entitlement to tax revenues authorized by this chapter expires pursuant to the provisions of subdivision A 2 of § 15.2-5933;2\n\nBear interest at the fixed or variable rate or rates determined by the method provided in the resolution or trust agreement;3\n\nBe payable at a time or times, in the denominations and form, and carry the registration and privileges as to conversion and for the replacement of mutilated, lost, or destroyed bonds as the resolution or trust agreement may provide;4\n\nBe payable in lawful money of the United States at a designated place;5\n\nBe subject to the terms of purchase, payment, redemption, refunding, or refinancing that the resolution or trust agreement provides; and6\n\nBe sold in the manner and upon the terms determined by the City of Virginia Beach, including private (negotiated) sale.D\n\nAny resolution or trust agreement may contain provisions that shall be a part of the contract with the holders of the bonds as to:1\n\nPledging, assigning, or directing the use, investment, or disposition of receipts of the City of Virginia Beach or proceeds or benefits of any contract and conveying or otherwise securing any property rights;2\n\nThe setting aside of loan funding deposits, debt service reserves, capitalized interest accounts, cost of issuance accounts, and sinking funds, and the regulation, investment, and disposition thereof;3\n\nLimitations on the purpose to which or the investments in which the proceeds of sale of any issue of bonds may be applied and restrictions to investments of revenues or bond proceeds in government obligations for which principal and interest are unconditionally guaranteed by the United States of America;4\n\nLimitations on the issuance of additional bonds and the terms upon which additional bonds may be issued and secured and may rank on a parity with, or be subordinate or superior to, other bonds;5\n\nThe refunding or refinancing of outstanding bonds;6\n\nThe procedure, if any, by which the terms of any contract with bondholders may be altered or amended and the amount of bonds the holders of which must consent thereto, and the manner in which consent shall be given;7\n\nDefining the acts or omissions that shall constitute a default in the duties of the City of Virginia Beach to bondholders and providing the rights or remedies of such holders in the event of a default, which may include provisions restricting individual right of action by bondholders;8\n\nProviding for guarantees, pledges of property, letters of credit, or other security, or insurance for the benefit of bondholders; and9\n\nAny other matter relating to the bonds that the City of Virginia Beach determines appropriate.E\n\nNo member of the governing body of the City of Virginia Beach nor any person executing the bonds on behalf of the City of Virginia Beach shall be liable personally for the bonds or subject to any personal liability by reason of the issuance of the bonds.F\n\nThe City of Virginia Beach may enter into agreements with agents, banks, insurers, any political subdivision of the Commonwealth, or others for the purpose of enhancing the marketability of, or as security for, its bonds.G\n\nA pledge by the City of Virginia Beach of its revenues as security for an issue of bonds shall be valid and binding from the time the pledge is made.\n\t\t\tThe revenues pledged shall immediately be subject to the lien of the pledge without any physical delivery or further act, and the lien of any pledge shall be valid and binding against any person having any claim of any kind in tort, contract, or otherwise against the City of Virginia Beach, irrespective of whether the person has notice.\n\t\t\tNo resolution, trust agreement or financing statement, continuation statement, or other instrument adopted or entered into by the City of Virginia Beach need be filed or recorded in any public record other than the records of the City of Virginia Beach in order to perfect the lien against third persons, regardless of any contrary provision of public general or public local law.H\n\nExcept to the extent restricted by an applicable resolution or trust agreement, any holder of bonds issued under this chapter or a trustee acting under a trust agreement entered into under this chapter may, by any suitable form of legal proceedings, protect and enforce any rights granted under the laws of the Commonwealth or by any applicable resolution or trust agreement.I\n\nThe City of Virginia Beach may issue bonds to refund any of its bonds then outstanding, including the payment of any redemption premium and any interest accrued or to accrue to the earliest or any subsequent date of redemption, purchase, or maturity of the bonds. Refunding bonds may be issued, directly or through a debt restructuring, for the public purposes of realizing savings in the effective costs of debt service and alleviating impending or actual default, or either, and may be issued in one or more series in an amount in excess of that of the bonds to be refunded.","order_by":null,"text":{"0":{"id":302547,"text":"The City of Virginia Beach may at any time and from time to time issue bonds for any valid purpose, including the establishment of reserves and the payment of interest. As used in this chapter, “bonds” includes notes of any kind, interim certificates, refunding bonds, or any other evidence of obligation, provided that such bonds are issued by the City of Virginia Beach, the City of Virginia Beach Development Authority, or a community development authority formed by the City of Virginia Beach pursuant to the provisions of Article 6 (§ 15.2-5152 et seq.) of Chapter 51 for the purpose of developing the sports and entertainment district.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":302548,"text":"The bonds of any issue shall be payable solely from the property or receipts of the City of Virginia Beach, or other security specifically pledged by the City of Virginia Beach to the payment thereof, including, but not limited to:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":302549,"text":"Taxes, fees, charges, or other revenues;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":302550,"text":"Payments by financial institutions, insurance companies, or others pursuant to letters or lines of credit, policies of insurance, or purchase agreements;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":302551,"text":"Investment earnings from funds or accounts maintained pursuant to a bond resolution or trust agreement;","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"5":{"id":302552,"text":"Sales and use tax revenues remitted to the City of Virginia Beach by the State Comptroller pursuant to § 15.2-5933; and","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3","next_prefix":"B5"},"6":{"id":302553,"text":"Proceeds of refunding bonds.","type":"section","prefixes":["B","5"],"prefix":"5","entire_prefix":"B5","prefix_anchor":"B5","level":2,"prior_prefix":"B4","next_prefix":"C"},"7":{"id":302554,"text":"Bonds shall be authorized by resolution of the City of Virginia Beach and may be secured by a trust agreement by and between the City of Virginia Beach and a corporate trustee or trustees, which may be any trust company or bank having the powers of a trust company within or outside the Commonwealth. The bonds shall:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B5","next_prefix":"C1"},"8":{"id":302555,"text":"Be issued at, above, or below par value, for cash or other valuable consideration, and mature at a time or times, whether as serial bonds or as term bonds or both, not later than June 30 of the fiscal year in which the City of Virginia Beach’s entitlement to tax revenues authorized by this chapter expires pursuant to the provisions of subdivision A 2 of § 15.2-5933;","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"9":{"id":302556,"text":"Bear interest at the fixed or variable rate or rates determined by the method provided in the resolution or trust agreement;","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"C3"},"10":{"id":302557,"text":"Be payable at a time or times, in the denominations and form, and carry the registration and privileges as to conversion and for the replacement of mutilated, lost, or destroyed bonds as the resolution or trust agreement may provide;","type":"section","prefixes":["C","3"],"prefix":"3","entire_prefix":"C3","prefix_anchor":"C3","level":2,"prior_prefix":"C2","next_prefix":"C4"},"11":{"id":302558,"text":"Be payable in lawful money of the United States at a designated place;","type":"section","prefixes":["C","4"],"prefix":"4","entire_prefix":"C4","prefix_anchor":"C4","level":2,"prior_prefix":"C3","next_prefix":"C5"},"12":{"id":302559,"text":"Be subject to the terms of purchase, payment, redemption, refunding, or refinancing that the resolution or trust agreement provides; and","type":"section","prefixes":["C","5"],"prefix":"5","entire_prefix":"C5","prefix_anchor":"C5","level":2,"prior_prefix":"C4","next_prefix":"C6"},"13":{"id":302560,"text":"Be sold in the manner and upon the terms determined by the City of Virginia Beach, including private (negotiated) sale.","type":"section","prefixes":["C","6"],"prefix":"6","entire_prefix":"C6","prefix_anchor":"C6","level":2,"prior_prefix":"C5","next_prefix":"D"},"14":{"id":302561,"text":"Any resolution or trust agreement may contain provisions that shall be a part of the contract with the holders of the bonds as to:","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C6","next_prefix":"D1"},"15":{"id":302562,"text":"Pledging, assigning, or directing the use, investment, or disposition of receipts of the City of Virginia Beach or proceeds or benefits of any contract and conveying or otherwise securing any property rights;","type":"section","prefixes":["D","1"],"prefix":"1","entire_prefix":"D1","prefix_anchor":"D1","level":2,"prior_prefix":"D","next_prefix":"D2"},"16":{"id":302563,"text":"The setting aside of loan funding deposits, debt service reserves, capitalized interest accounts, cost of issuance accounts, and sinking funds, and the regulation, investment, and disposition thereof;","type":"section","prefixes":["D","2"],"prefix":"2","entire_prefix":"D2","prefix_anchor":"D2","level":2,"prior_prefix":"D1","next_prefix":"D3"},"17":{"id":302564,"text":"Limitations on the purpose to which or the investments in which the proceeds of sale of any issue of bonds may be applied and restrictions to investments of revenues or bond proceeds in government obligations for which principal and interest are unconditionally guaranteed by the United States of America;","type":"section","prefixes":["D","3"],"prefix":"3","entire_prefix":"D3","prefix_anchor":"D3","level":2,"prior_prefix":"D2","next_prefix":"D4"},"18":{"id":302565,"text":"Limitations on the issuance of additional bonds and the terms upon which additional bonds may be issued and secured and may rank on a parity with, or be subordinate or superior to, other bonds;","type":"section","prefixes":["D","4"],"prefix":"4","entire_prefix":"D4","prefix_anchor":"D4","level":2,"prior_prefix":"D3","next_prefix":"D5"},"19":{"id":302566,"text":"The refunding or refinancing of outstanding bonds;","type":"section","prefixes":["D","5"],"prefix":"5","entire_prefix":"D5","prefix_anchor":"D5","level":2,"prior_prefix":"D4","next_prefix":"D6"},"20":{"id":302567,"text":"The procedure, if any, by which the terms of any contract with bondholders may be altered or amended and the amount of bonds the holders of which must consent thereto, and the manner in which consent shall be given;","type":"section","prefixes":["D","6"],"prefix":"6","entire_prefix":"D6","prefix_anchor":"D6","level":2,"prior_prefix":"D5","next_prefix":"D7"},"21":{"id":302568,"text":"Defining the acts or omissions that shall constitute a default in the duties of the City of Virginia Beach to bondholders and providing the rights or remedies of such holders in the event of a default, which may include provisions restricting individual right of action by bondholders;","type":"section","prefixes":["D","7"],"prefix":"7","entire_prefix":"D7","prefix_anchor":"D7","level":2,"prior_prefix":"D6","next_prefix":"D8"},"22":{"id":302569,"text":"Providing for guarantees, pledges of property, letters of credit, or other security, or insurance for the benefit of bondholders; and","type":"section","prefixes":["D","8"],"prefix":"8","entire_prefix":"D8","prefix_anchor":"D8","level":2,"prior_prefix":"D7","next_prefix":"D9"},"23":{"id":302570,"text":"Any other matter relating to the bonds that the City of Virginia Beach determines appropriate.","type":"section","prefixes":["D","9"],"prefix":"9","entire_prefix":"D9","prefix_anchor":"D9","level":2,"prior_prefix":"D8","next_prefix":"E"},"24":{"id":302571,"text":"No member of the governing body of the City of Virginia Beach nor any person executing the bonds on behalf of the City of Virginia Beach shall be liable personally for the bonds or subject to any personal liability by reason of the issuance of the bonds.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D9","next_prefix":"F"},"25":{"id":302572,"text":"The City of Virginia Beach may enter into agreements with agents, banks, insurers, any political subdivision of the Commonwealth, or others for the purpose of enhancing the marketability of, or as security for, its bonds.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"26":{"id":302573,"text":"A pledge by the City of Virginia Beach of its revenues as security for an issue of bonds shall be valid and binding from the time the pledge is made.\n\t\t\tThe revenues pledged shall immediately be subject to the lien of the pledge without any physical delivery or further act, and the lien of any pledge shall be valid and binding against any person having any claim of any kind in tort, contract, or otherwise against the City of Virginia Beach, irrespective of whether the person has notice.\n\t\t\tNo resolution, trust agreement or financing statement, continuation statement, or other instrument adopted or entered into by the City of Virginia Beach need be filed or recorded in any public record other than the records of the City of Virginia Beach in order to perfect the lien against third persons, regardless of any contrary provision of public general or public local law.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F","next_prefix":"H"},"27":{"id":302574,"text":"Except to the extent restricted by an applicable resolution or trust agreement, any holder of bonds issued under this chapter or a trustee acting under a trust agreement entered into under this chapter may, by any suitable form of legal proceedings, protect and enforce any rights granted under the laws of the Commonwealth or by any applicable resolution or trust agreement.","type":"section","prefixes":["H"],"prefix":"H","entire_prefix":"H","prefix_anchor":"H","level":1,"prior_prefix":"G","next_prefix":"I"},"28":{"id":302575,"text":"The City of Virginia Beach may issue bonds to refund any of its bonds then outstanding, including the payment of any redemption premium and any interest accrued or to accrue to the earliest or any subsequent date of redemption, purchase, or maturity of the bonds. Refunding bonds may be issued, directly or through a debt restructuring, for the public purposes of realizing savings in the effective costs of debt service and alleviating impending or actual default, or either, and may be issued in one or more series in an amount in excess of that of the bonds to be refunded.","type":"section","prefixes":["I"],"prefix":"I","entire_prefix":"I","prefix_anchor":"I","level":1,"prior_prefix":"H"}},"ancestry":[{"id":14982,"edition_id":1,"name":"Virginia Beach Sports or Entertainment Project","identifier":"59.2","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:51:17","date_modified":"2026-06-26 03:51:17","permalink":{"id":159827,"object_type":"structure","relational_id":14982,"identifier":"59.2","token":"15.2\/IV\/59.2","url":"\/15.2\/IV\/59.2\/","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":60924,"structure_id":14982,"section_number":"15.2-5928","catch_line":"Definitions","url":"\/15.2-5928\/","token":"15.2\/IV\/59.2\/15.2-5928","metadata":false},{"id":73350,"structure_id":14982,"section_number":"15.2-5929","catch_line":"Powers","url":"\/15.2-5929\/","token":"15.2\/IV\/59.2\/15.2-5929","metadata":false},{"id":57163,"structure_id":14982,"section_number":"15.2-5930","catch_line":"Public hearings; notice; reports","url":"\/15.2-5930\/","token":"15.2\/IV\/59.2\/15.2-5930","metadata":false},{"id":84412,"structure_id":14982,"section_number":"15.2-5931","catch_line":"Bond issues","url":"\/15.2-5931\/","token":"15.2\/IV\/59.2\/15.2-5931","metadata":false},{"id":65620,"structure_id":14982,"section_number":"15.2-5932","catch_line":"Sports or Entertainment Project Financing Fund; use","url":"\/15.2-5932\/","token":"15.2\/IV\/59.2\/15.2-5932","metadata":false},{"id":80568,"structure_id":14982,"section_number":"15.2-5933","catch_line":"Entitlement to tax revenues derived from the operation of facilities","url":"\/15.2-5933\/","token":"15.2\/IV\/59.2\/15.2-5933","metadata":false},{"id":61820,"structure_id":14982,"section_number":"15.2-5934","catch_line":"Tax revenues of the Commonwealth or any other political subdivision not pledged","url":"\/15.2-5934\/","token":"15.2\/IV\/59.2\/15.2-5934","metadata":false}],"previous_section":{"id":57163,"structure_id":14982,"section_number":"15.2-5930","catch_line":"Public hearings; notice; reports","url":"\/15.2-5930\/","token":"15.2\/IV\/59.2\/15.2-5930","metadata":false},"next_section":{"id":65620,"structure_id":14982,"section_number":"15.2-5932","catch_line":"Sports or Entertainment Project Financing Fund; use","url":"\/15.2-5932\/","token":"15.2\/IV\/59.2\/15.2-5932","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5931\/","history_text":"

This law was first created in 2019. The record of its establishment is cataloged in chapter 793<\/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. It has been modified 2 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 2020, chapter 467<\/a>; in 2021, chapter 5<\/a>.<\/p>","references":[{"id":57163,"section_number":"15.2-5930","catch_line":"Public hearings; notice; reports","order_by":null,"url":"\/15.2-5930\/"},{"id":61820,"section_number":"15.2-5934","catch_line":"Tax revenues of the Commonwealth or any other political subdivision not pledged","order_by":null,"url":"\/15.2-5934\/"}],"refers_to":[{"id":85282,"section_number":"15.2-5152","catch_line":"Localities may consider petitions for creation of authority","order_by":null,"url":"\/15.2-5152\/"},{"id":80568,"section_number":"15.2-5933","catch_line":"Entitlement to tax revenues derived from the operation of facilities","order_by":null,"url":"\/15.2-5933\/"}],"permalink":{"id":159841,"object_type":"law","relational_id":84412,"identifier":"15.2-5931","token":"15.2\/IV\/59.2\/15.2-5931","url":"\/15.2-5931\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-5931\/","token":"15.2\/IV\/59.2\/15.2-5931","dublin_core":{"Title":"Bond issues","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5931","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The City of Virginia Beach<\/span> may at any time and from time to time issue<\/span> bonds<\/span><\/span> for any valid purpose, including the establishment of reserves and the payment of interest. As used in this chapter, “bonds<\/span><\/span>” includes notes of any kind, interim certificates, refunding bonds<\/span><\/span>, or any other evidence<\/span> of obligation, provided that such bonds<\/span><\/span> are issued by the City of Virginia Beach<\/span>, the City of Virginia Beach<\/span> Development Authority, or a community development authority formed by the City of Virginia Beach<\/span> pursuant to the provisions of Article 6 (§ 15.2-5152<\/a> et seq.) of Chapter 51 for the purpose of developing the sports and entertainment district<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The bonds<\/span><\/span> of any issue<\/span> shall be payable solely from the property or receipts of the City of Virginia Beach<\/span>, or other security specifically pledged by the City of Virginia Beach<\/span> to the payment thereof, including, but not limited to: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Taxes, fees, charges, or other revenues; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Payments by financial institutions, insurance companies, or others pursuant to letters or lines of credit, policies of insurance, or purchase agreements; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Investment earnings from funds or accounts maintained pursuant to a bond<\/span> resolution or trust agreement; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Sales and use tax revenues<\/span> remitted to the City of Virginia Beach<\/span> by the State Comptroller pursuant to § 15.2-5933<\/a>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Proceeds of refunding bonds<\/span><\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Bonds<\/span><\/span> shall be authorized by resolution of the City of Virginia Beach<\/span> and may be secured by a trust agreement by and between the City of Virginia Beach<\/span> and a corporate trustee or trustees, which may be any trust company or bank having the powers of a trust company within or outside the Commonwealth. The bonds<\/span><\/span> shall: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Be issued at, above, or below par value, for cash or other valuable consideration, and mature at a time or times, whether as serial bonds<\/span><\/span> or as term bonds<\/span><\/span> or both, not later than June 30 of the fiscal year in which the City of Virginia Beach<\/span>’s entitlement to tax revenues authorized by this chapter expires pursuant to the provisions of subdivision A 2 of § 15.2-5933<\/a>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Bear interest at the fixed or variable rate or rates determined by the method provided in the resolution or trust agreement; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Be payable at a time or times, in the denominations and form, and carry the registration and privileges<\/span> as to conversion and for the replacement of mutilated, lost, or destroyed bonds<\/span><\/span> as the resolution or trust agreement may provide; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Be payable in lawful money of the United States at a designated place; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Be subject to the terms of purchase, payment, redemption<\/span>, refunding, or refinancing that the resolution or trust agreement provides; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Be sold in the manner and upon the terms determined by the City of Virginia Beach<\/span>, including private (negotiated) sale. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Any resolution or trust agreement may contain provisions that shall be a part of the contract<\/span> with the holders of the bonds<\/span><\/span> as to: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Pledging, assigning, or directing the use, investment, or disposition<\/span> of receipts of the City of Virginia Beach<\/span> or proceeds or benefits of any contract<\/span> and conveying or otherwise securing any property rights; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The setting aside of loan funding deposits, debt service reserves, capitalized interest accounts, cost of issuance accounts, and sinking funds, and the regulation, investment, and disposition<\/span> thereof; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Limitations on the purpose to which or the investments in which the proceeds of sale of any issue<\/span> of bonds<\/span><\/span> may be applied and restrictions to investments of revenues or bond<\/span> proceeds in government obligations for which principal and interest are unconditionally guaranteed by the United States of America; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Limitations on the issuance of additional bonds<\/span><\/span> and the terms upon which additional bonds<\/span><\/span> may be issued and secured and may rank on a parity with, or be subordinate or superior to, other bonds<\/span><\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> The refunding or refinancing of outstanding bonds<\/span><\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

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

7.<\/span> Defining the acts or omissions that shall constitute a default<\/span> in the duties of the City of Virginia Beach<\/span> to bondholders and providing the rights or remedies of such holders in the event of a default<\/span>, which may include provisions restricting individual right of action by bondholders; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Providing for guarantees, pledges of property, letters of credit, or other security, or insurance for the benefit of bondholders; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Any other matter relating to the bonds<\/span><\/span> that the City of Virginia Beach<\/span> determines appropriate. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> No member of the governing body<\/span> of the City of Virginia Beach<\/span> nor any person executing the bonds<\/span><\/span> on behalf of the City of Virginia Beach<\/span> shall be liable personally for the bonds<\/span><\/span> or subject to any personal liability by reason of the issuance of the bonds<\/span><\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> The City of Virginia Beach<\/span> may enter into agreements with agents, banks, insurers, any political subdivision of the Commonwealth, or others for the purpose of enhancing the marketability of, or as security for, its bonds<\/span><\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> A pledge by the City of Virginia Beach<\/span> of its revenues as security for an issue<\/span> of bonds<\/span><\/span> shall be valid and binding from the time the pledge is made.\n\t\t\tThe revenues pledged shall immediately be subject to the lien<\/span> of the pledge without any physical delivery or further act, and the lien<\/span> of any pledge shall be valid and binding against any person having any claim of any kind in tort<\/span>, contract<\/span>, or otherwise against the City of Virginia Beach<\/span>, irrespective of whether the person has notice.\n\t\t\tNo resolution, trust agreement or financing statement, continuation statement, or other instrument adopted or entered into by the City of Virginia Beach<\/span> need be filed or recorded in any public record other than the records of the City of Virginia Beach<\/span> in order<\/span> to perfect the lien<\/span> against third persons, regardless of any contrary provision of public general or public local law<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

H.<\/span> Except to the extent restricted by an applicable resolution or trust agreement, any holder of bonds<\/span><\/span> issued under this chapter or a trustee acting under a trust agreement entered into under this chapter may, by any suitable form of legal proceedings, protect and enforce any rights granted under the laws<\/span> of the Commonwealth or by any applicable resolution or trust agreement. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

I.<\/span> The City of Virginia Beach<\/span> may issue<\/span> bonds<\/span><\/span> to refund any of its bonds<\/span><\/span> then outstanding, including the payment of any redemption<\/span> premium and any interest accrued or to accrue to the earliest or any subsequent date of redemption<\/span>, purchase, or maturity of the bonds<\/span><\/span>. Refunding bonds<\/span><\/span> may be issued, directly or through a debt restructuring, for the public purposes of realizing savings in the effective costs of debt service and alleviating impending or actual default<\/span>, or either, and may be issued in one or more series in an amount in excess of that of the bonds<\/span><\/span> to be refunded. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBOND ISSUES (\u00a7 15.2-5931)\n\nA. The City of Virginia Beach may at any time and from time to time issue bonds\nfor any valid purpose, including the establishment of reserves and the payment\nof interest. As used in this chapter, “bonds” includes notes of any\nkind, interim certificates, refunding bonds, or any other evidence of\nobligation, provided that such bonds are issued by the City of Virginia Beach,\nthe City of Virginia Beach Development Authority, or a community development\nauthority formed by the City of Virginia Beach pursuant to the provisions of\nArticle 6 (§ 15.2-5152 et seq.) of Chapter 51 for the purpose of developing\nthe sports and entertainment district.\n\nB. The bonds of any issue shall be payable solely from the property or receipts\nof the City of Virginia Beach, or other security specifically pledged by the\nCity of Virginia Beach to the payment thereof, including, but not limited to:\n\n 1. Taxes, fees, charges, or other revenues;\n\n 2. Payments by financial institutions, insurance companies, or others pursuant\n to letters or lines of credit, policies of insurance, or purchase agreements;\n\n 3. Investment earnings from funds or accounts maintained pursuant to a bond\n resolution or trust agreement;\n\n 4. Sales and use tax revenues remitted to the City of Virginia Beach by the\n State Comptroller pursuant to § 15.2-5933; and\n\n 5. Proceeds of refunding bonds.\n\nC. Bonds shall be authorized by resolution of the City of Virginia Beach and may\nbe secured by a trust agreement by and between the City of Virginia Beach and a\ncorporate trustee or trustees, which may be any trust company or bank having the\npowers of a trust company within or outside the Commonwealth. The bonds shall:\n\n 1. Be issued at, above, or below par value, for cash or other valuable\n consideration, and mature at a time or times, whether as serial bonds or as\n term bonds or both, not later than June 30 of the fiscal year in which the\n City of Virginia Beach’s entitlement to tax revenues authorized by this\n chapter expires pursuant to the provisions of subdivision A 2 of §\n 15.2-5933;\n\n 2. Bear interest at the fixed or variable rate or rates determined by the\n method provided in the resolution or trust agreement;\n\n 3. Be payable at a time or times, in the denominations and form, and carry the\n registration and privileges as to conversion and for the replacement of\n mutilated, lost, or destroyed bonds as the resolution or trust agreement may\n provide;\n\n 4. Be payable in lawful money of the United States at a designated place;\n\n 5. Be subject to the terms of purchase, payment, redemption, refunding, or\n refinancing that the resolution or trust agreement provides; and\n\n 6. Be sold in the manner and upon the terms determined by the City of Virginia\n Beach, including private (negotiated) sale.\n\nD. Any resolution or trust agreement may contain provisions that shall be a part\nof the contract with the holders of the bonds as to:\n\n 1. Pledging, assigning, or directing the use, investment, or disposition of\n receipts of the City of Virginia Beach or proceeds or benefits of any contract\n and conveying or otherwise securing any property rights;\n\n 2. The setting aside of loan funding deposits, debt service reserves,\n capitalized interest accounts, cost of issuance accounts, and sinking funds,\n and the regulation, investment, and disposition thereof;\n\n 3. Limitations on the purpose to which or the investments in which the\n proceeds of sale of any issue of bonds may be applied and restrictions to\n investments of revenues or bond proceeds in government obligations for which\n principal and interest are unconditionally guaranteed by the United States of\n America;\n\n 4. Limitations on the issuance of additional bonds and the terms upon which\n additional bonds may be issued and secured and may rank on a parity with, or\n be subordinate or superior to, other bonds;\n\n 5. The refunding or refinancing of outstanding bonds;\n\n 6. The procedure, if any, by which the terms of any contract with bondholders\n may be altered or amended and the amount of bonds the holders of which must\n consent thereto, and the manner in which consent shall be given;\n\n 7. Defining the acts or omissions that shall constitute a default in the\n duties of the City of Virginia Beach to bondholders and providing the rights\n or remedies of such holders in the event of a default, which may include\n provisions restricting individual right of action by bondholders;\n\n 8. Providing for guarantees, pledges of property, letters of credit, or other\n security, or insurance for the benefit of bondholders; and\n\n 9. Any other matter relating to the bonds that the City of Virginia Beach\n determines appropriate.\n\nE. No member of the governing body of the City of Virginia Beach nor any person\nexecuting the bonds on behalf of the City of Virginia Beach shall be liable\npersonally for the bonds or subject to any personal liability by reason of the\nissuance of the bonds.\n\nF. The City of Virginia Beach may enter into agreements with agents, banks,\ninsurers, any political subdivision of the Commonwealth, or others for the\npurpose of enhancing the marketability of, or as security for, its bonds.\n\nG. A pledge by the City of Virginia Beach of its revenues as security for an\nissue of bonds shall be valid and binding from the time the pledge is made.\n\t\t\tThe revenues pledged shall immediately be subject to the lien of the pledge\nwithout any physical delivery or further act, and the lien of any pledge shall\nbe valid and binding against any person having any claim of any kind in tort,\ncontract, or otherwise against the City of Virginia Beach, irrespective of\nwhether the person has notice.\n\t\t\tNo resolution, trust agreement or financing statement, continuation\nstatement, or other instrument adopted or entered into by the City of Virginia\nBeach need be filed or recorded in any public record other than the records of\nthe City of Virginia Beach in order to perfect the lien against third persons,\nregardless of any contrary provision of public general or public local law.\n\nH. Except to the extent restricted by an applicable resolution or trust\nagreement, any holder of bonds issued under this chapter or a trustee acting\nunder a trust agreement entered into under this chapter may, by any suitable\nform of legal proceedings, protect and enforce any rights granted under the laws\nof the Commonwealth or by any applicable resolution or trust agreement.\n\nI. The City of Virginia Beach may issue bonds to refund any of its bonds then\noutstanding, including the payment of any redemption premium and any interest\naccrued or to accrue to the earliest or any subsequent date of redemption,\npurchase, or maturity of the bonds. Refunding bonds may be issued, directly or\nthrough a debt restructuring, for the public purposes of realizing savings in\nthe effective costs of debt service and alleviating impending or actual default,\nor either, and may be issued in one or more series in an amount in excess of\nthat of the bonds to be refunded.\n\nHISTORY: 2019, c. 793; 2020, c. 467; 2021, c. 5.","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}}