{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-6312.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-6312.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-6312.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-6312.html"}],"law_id":54769,"edition_id":1,"section_id":54769,"structure_id":13760,"section_number":"15.2-6312","catch_line":"Authorities empowered to issue bonds; additional security; liability thereon","history":"Code 1950, \u00a7 15-950; 1954, c. 645; 1962, c. 623, \u00a7 15.1-1333; 1996, c. 740; 1997, c. 587.","full_text":"An authority shall have power to issue bonds from time to time in its discretion, for any of its corporate purposes, including the issuance of refunding bonds for the payment or retirement of bonds previously issued by it. An authority may issue such type of bonds as it may determine, including (without limiting the generality of the foregoing):\n\n1\n\nBonds on which the principal and interest are payable:\n\t\t\ta. Exclusively from the income and revenues of the project or facility financed with the proceeds of such bonds; or\n\t\t\tb. Exclusively from the income and revenues of certain designated projects or facilities whether or not they are financed in whole or in part with the proceeds of such bonds; or\n\t\t\tc. From its revenues generally.2\n\nBonds on which the principal and\/or interest are payable solely from contributions or grants received from the federal government, the Commonwealth or any other source, public or private.\n\t\t\tAny such bonds may be additionally secured by a pledge of any grants or contributions from the federal government, the Commonwealth or any political subdivision of the Commonwealth, or other source, or a pledge of any income or revenues of the authority, or a mortgage of any particular projects or facilities or other property of the authority.\n\t\t\tNeither the commissioners of an 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 an 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 issuing authority), and neither the Commonwealth nor any political subdivision thereof (other than the issuing authority) shall be liable thereon, nor shall such bonds or obligations be payable out of any funds or properties other than those of the authority. The bonds shall not constitute an indebtedness within the meaning of any debt limitation or restriction. Bonds of an authority are declared to be issued for an essential public and governmental purpose.","order_by":null,"text":{"0":{"id":201027,"text":"An authority shall have power to issue bonds from time to time in its discretion, for any of its corporate purposes, including the issuance of refunding bonds for the payment or retirement of bonds previously issued by it. An authority may issue such type of bonds as it may determine, including (without limiting the generality of the foregoing):","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":201028,"text":"Bonds on which the principal and interest are payable:\n\t\t\ta. Exclusively from the income and revenues of the project or facility financed with the proceeds of such bonds; or\n\t\t\tb. Exclusively from the income and revenues of certain designated projects or facilities whether or not they are financed in whole or in part with the proceeds of such bonds; or\n\t\t\tc. From its revenues generally.","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":201029,"text":"Bonds on which the principal and\/or interest are payable solely from contributions or grants received from the federal government, the Commonwealth or any other source, public or private.\n\t\t\tAny such bonds may be additionally secured by a pledge of any grants or contributions from the federal government, the Commonwealth or any political subdivision of the Commonwealth, or other source, or a pledge of any income or revenues of the authority, or a mortgage of any particular projects or facilities or other property of the authority.\n\t\t\tNeither the commissioners of an 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 an 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 issuing authority), and neither the Commonwealth nor any political subdivision thereof (other than the issuing authority) shall be liable thereon, nor shall such bonds or obligations be payable out of any funds or properties other than those of the authority. The bonds shall not constitute an indebtedness within the meaning of any debt limitation or restriction. Bonds of an authority are declared to be issued for an essential public and governmental purpose.","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1"}},"ancestry":[{"id":13760,"edition_id":1,"name":"Authorities for Development of Former Federal Areas","identifier":"63","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:45:48","date_modified":"2026-06-26 03:45:48","permalink":{"id":160117,"object_type":"structure","relational_id":13760,"identifier":"63","token":"15.2\/IV\/63","url":"\/15.2\/IV\/63\/","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":77096,"structure_id":13760,"section_number":"15.2-6300","catch_line":"Declaration of policy for authorities created by the Governor","url":"\/15.2-6300\/","token":"15.2\/IV\/63\/15.2-6300","metadata":false},{"id":81238,"structure_id":13760,"section_number":"15.2-6300.1","catch_line":"Declaration of policy for authorities created by a locality","url":"\/15.2-6300.1\/","token":"15.2\/IV\/63\/15.2-6300.1","metadata":false},{"id":78734,"structure_id":13760,"section_number":"15.2-6301","catch_line":"Definitions","url":"\/15.2-6301\/","token":"15.2\/IV\/63\/15.2-6301","metadata":false},{"id":57307,"structure_id":13760,"section_number":"15.2-6302","catch_line":"Establishment of development authorities","url":"\/15.2-6302\/","token":"15.2\/IV\/63\/15.2-6302","metadata":false},{"id":82802,"structure_id":13760,"section_number":"15.2-6303","catch_line":"Authorities to file annual reports","url":"\/15.2-6303\/","token":"15.2\/IV\/63\/15.2-6303","metadata":false},{"id":70793,"structure_id":13760,"section_number":"15.2-6304","catch_line":"Board of commissioners; appointment of director, agents and employees","url":"\/15.2-6304\/","token":"15.2\/IV\/63\/15.2-6304","metadata":false},{"id":80293,"structure_id":13760,"section_number":"15.2-6304.1","catch_line":"Repealed","url":"\/15.2-6304.1\/","token":"15.2\/IV\/63\/15.2-6304.1","metadata":false},{"id":73414,"structure_id":13760,"section_number":"15.2-6305","catch_line":"Powers and duties of director","url":"\/15.2-6305\/","token":"15.2\/IV\/63\/15.2-6305","metadata":false},{"id":66574,"structure_id":13760,"section_number":"15.2-6306","catch_line":"Principal and branch offices","url":"\/15.2-6306\/","token":"15.2\/IV\/63\/15.2-6306","metadata":false},{"id":59423,"structure_id":13760,"section_number":"15.2-6307","catch_line":"Legal services","url":"\/15.2-6307\/","token":"15.2\/IV\/63\/15.2-6307","metadata":false},{"id":65640,"structure_id":13760,"section_number":"15.2-6308","catch_line":"Powers of authorities generally","url":"\/15.2-6308\/","token":"15.2\/IV\/63\/15.2-6308","metadata":false},{"id":55812,"structure_id":13760,"section_number":"15.2-6308.1","catch_line":"Approval of Governor required","url":"\/15.2-6308.1\/","token":"15.2\/IV\/63\/15.2-6308.1","metadata":false},{"id":79281,"structure_id":13760,"section_number":"15.2-6309","catch_line":"Two or more authorities may join or cooperate in exercising powers","url":"\/15.2-6309\/","token":"15.2\/IV\/63\/15.2-6309","metadata":false},{"id":80072,"structure_id":13760,"section_number":"15.2-6310","catch_line":"Payments to Commonwealth or political subdivisions thereof","url":"\/15.2-6310\/","token":"15.2\/IV\/63\/15.2-6310","metadata":false},{"id":55691,"structure_id":13760,"section_number":"15.2-6311","catch_line":"Authorities may borrow money, accept contributions, etc","url":"\/15.2-6311\/","token":"15.2\/IV\/63\/15.2-6311","metadata":false},{"id":54769,"structure_id":13760,"section_number":"15.2-6312","catch_line":"Authorities empowered to issue bonds; additional security; liability thereon","url":"\/15.2-6312\/","token":"15.2\/IV\/63\/15.2-6312","metadata":false},{"id":76952,"structure_id":13760,"section_number":"15.2-6313","catch_line":"Bonds to be authorized by resolution of board; terms; sale; negotiability; validity","url":"\/15.2-6313\/","token":"15.2\/IV\/63\/15.2-6313","metadata":false},{"id":85881,"structure_id":13760,"section_number":"15.2-6314","catch_line":"Exemption from taxation; authorities to be municipal corporate instrumentalities of Commonwealth","url":"\/15.2-6314\/","token":"15.2\/IV\/63\/15.2-6314","metadata":false},{"id":82904,"structure_id":13760,"section_number":"15.2-6314.1","catch_line":"Applicability of the Virginia Personnel Act and the Virginia Public Procurement Act","url":"\/15.2-6314.1\/","token":"15.2\/IV\/63\/15.2-6314.1","metadata":false},{"id":82914,"structure_id":13760,"section_number":"15.2-6315","catch_line":"Provisions for securing payment of bonds","url":"\/15.2-6315\/","token":"15.2\/IV\/63\/15.2-6315","metadata":false},{"id":66323,"structure_id":13760,"section_number":"15.2-6316","catch_line":"Rights and remedies of obligees","url":"\/15.2-6316\/","token":"15.2\/IV\/63\/15.2-6316","metadata":false},{"id":76358,"structure_id":13760,"section_number":"15.2-6317","catch_line":"Rents, fees and charges; disposition of revenues","url":"\/15.2-6317\/","token":"15.2\/IV\/63\/15.2-6317","metadata":false},{"id":74653,"structure_id":13760,"section_number":"15.2-6318","catch_line":"Investment in bonds issued by authorities","url":"\/15.2-6318\/","token":"15.2\/IV\/63\/15.2-6318","metadata":false},{"id":74540,"structure_id":13760,"section_number":"15.2-6319","catch_line":"Dissolution of authority","url":"\/15.2-6319\/","token":"15.2\/IV\/63\/15.2-6319","metadata":false},{"id":71722,"structure_id":13760,"section_number":"15.2-6320","catch_line":"Powers conferred additional and supplemental; liberal construction","url":"\/15.2-6320\/","token":"15.2\/IV\/63\/15.2-6320","metadata":false},{"id":86862,"structure_id":13760,"section_number":"15.2-6321","catch_line":"Chapter controlling over inconsistent laws","url":"\/15.2-6321\/","token":"15.2\/IV\/63\/15.2-6321","metadata":false},{"id":68944,"structure_id":13760,"section_number":"15.2-6322","catch_line":"Sovereign immunity","url":"\/15.2-6322\/","token":"15.2\/IV\/63\/15.2-6322","metadata":false}],"previous_section":{"id":55691,"structure_id":13760,"section_number":"15.2-6311","catch_line":"Authorities may borrow money, accept contributions, etc","url":"\/15.2-6311\/","token":"15.2\/IV\/63\/15.2-6311","metadata":false},"next_section":{"id":76952,"structure_id":13760,"section_number":"15.2-6313","catch_line":"Bonds to be authorized by resolution of board; terms; sale; negotiability; validity","url":"\/15.2-6313\/","token":"15.2\/IV\/63\/15.2-6313","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-6312\/","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 1954, chapter 645; in 1962, chapter 623; in 1996, chapter 740<\/a>; in 1997, chapter 587<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":160179,"object_type":"law","relational_id":54769,"identifier":"15.2-6312","token":"15.2\/IV\/63\/15.2-6312","url":"\/15.2-6312\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-6312\/","token":"15.2\/IV\/63\/15.2-6312","dublin_core":{"Title":"Authorities empowered to issue bonds; additional security; liability thereon","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-6312","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

An authority<\/span> shall have power to issue<\/span> bonds<\/span><\/span> from time to time in its discretion, for any of its corporate purposes, including the issuance of refunding bonds<\/span><\/span> for the payment or retirement of bonds<\/span><\/span> previously issued by it. An authority<\/span> may issue<\/span> such type of bonds<\/span><\/span> as it may determine, including (without limiting the generality of the foregoing):<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Bonds<\/span><\/span> on which the principal and interest are payable:\n\t\t\ta. Exclusively from the income and revenues of the project<\/span> or facility<\/span> financed with the proceeds of such bonds<\/span><\/span>; or\n\t\t\tb. Exclusively from the income and revenues of certain designated projects<\/span> or facilities whether or not they are financed in whole or in part with the proceeds of such bonds<\/span><\/span>; or\n\t\t\tc. From its revenues generally. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Bonds<\/span><\/span> on which the principal and\/or interest are payable solely from contributions or grants received from the federal government<\/span>, the Commonwealth or any other source, public or private.\n\t\t\tAny such bonds<\/span><\/span> may be additionally secured by a pledge of any grants or contributions from the federal government<\/span>, the Commonwealth or any political subdivision of the Commonwealth, or other source, or a pledge of any income or revenues of the authority<\/span>, or a mortgage of any particular projects<\/span> or facilities or other property of the authority<\/span>.\n\t\t\tNeither the commissioners<\/span> of an 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 an 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 issuing authority), and neither the Commonwealth nor any political subdivision thereof (other than the issuing authority) 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>. The bonds<\/span><\/span> shall not constitute an indebtedness within the meaning of any debt limitation or restriction. Bonds<\/span><\/span> of an authority<\/span> are declared to be issued for an essential public and governmental purpose. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAUTHORITIES EMPOWERED TO ISSUE BONDS; ADDITIONAL SECURITY; LIABILITY THEREON (\u00a7\n15.2-6312)\n\nAn authority shall have power to issue bonds from time to time in its\ndiscretion, for any of its corporate purposes, including the issuance of\nrefunding bonds for the payment or retirement of bonds previously issued by it.\nAn authority may issue such type of bonds as it may determine, including\n(without limiting the generality of the foregoing):\n\n1. Bonds on which the principal and interest are payable:\n\t\t\ta. Exclusively from the income and revenues of the project or facility\nfinanced with the proceeds of such bonds; or\n\t\t\tb. Exclusively from the income and revenues of certain designated projects or\nfacilities whether or not they are financed in whole or in part with the\nproceeds of such bonds; or\n\t\t\tc. From its revenues generally.\n\n2. Bonds on which the principal and\/or interest are payable solely from\ncontributions or grants received from the federal government, the Commonwealth\nor any other source, public or private.\n\t\t\tAny such bonds may be additionally secured by a pledge of any grants or\ncontributions from the federal government, the Commonwealth or any political\nsubdivision of the Commonwealth, or other source, or a pledge of any income or\nrevenues of the authority, or a mortgage of any particular projects or\nfacilities or other property of the authority.\n\t\t\tNeither the commissioners of an authority nor any person executing the bonds\nshall be liable personally on the bonds by reason of the issuance thereof. The\nbonds and other obligations of an 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 issuing authority), and neither\nthe Commonwealth nor any political subdivision thereof (other than the issuing\nauthority) shall be liable thereon, nor shall such bonds or obligations be\npayable out of any funds or properties other than those of the authority. The\nbonds shall not constitute an indebtedness within the meaning of any debt\nlimitation or restriction. Bonds of an authority are declared to be issued for\nan essential public and governmental purpose.\n\nHISTORY: Code 1950, \u00a7 15-950; 1954, c. 645; 1962, c. 623, \u00a7 15.1-1333; 1996,\nc. 740; 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}}