{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-6313.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-6313.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-6313.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-6313.html"}],"law_id":76952,"edition_id":1,"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","history":"Code 1950, \u00a7 15-951; 1954, c. 645; 1962, c. 623, \u00a7 15.1-1334; 1996, c. 740; 1997, c. 587.","full_text":"Bonds of an authority shall be authorized by resolution of its board and may be issued in one or more series and shall bear such date or dates, mature at such time or times, bear interest at such annual rate or rates, not exceeding nine percent, be in such denomination or denominations, be in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable to such medium of payment, at such place or places, and be subject to such terms of redemption (with or without premium) as such resolution, its trust indenture or mortgage may provide. The bonds may be sold at public or private sale.\n\t\tIn case any of the commissioners or officers of the authority whose signatures appear on any bonds or coupons shall cease to be such commissioners or officers before the delivery of such bonds, such signatures shall, nevertheless, be valid and sufficient for all purposes, the same as if such commissioners or officers had remained in office until such delivery. Any provisions of any law to the contrary notwithstanding, any bonds issued pursuant to this chapter shall be fully negotiable within the meaning and for all the purposes of Title 8.3A.\n\t\tIn any suit, action or proceedings involving the validity or enforceability of any bond of an authority or the security therefor, any such bond reciting in substance that it has been issued by the authority to aid in financing a specific project or facility of such authority shall be conclusively deemed to have been issued for such enumerated purpose and such project or facility shall be conclusively deemed to have been conducted and operated in all respects in accordance with the purposes and provisions of this chapter.","order_by":null,"text":{"0":{"id":276187,"text":"Bonds of an authority shall be authorized by resolution of its board and may be issued in one or more series and shall bear such date or dates, mature at such time or times, bear interest at such annual rate or rates, not exceeding nine percent, be in such denomination or denominations, be in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable to such medium of payment, at such place or places, and be subject to such terms of redemption (with or without premium) as such resolution, its trust indenture or mortgage may provide. The bonds may be sold at public or private sale.\n\t\tIn case any of the commissioners or officers of the authority whose signatures appear on any bonds or coupons shall cease to be such commissioners or officers before the delivery of such bonds, such signatures shall, nevertheless, be valid and sufficient for all purposes, the same as if such commissioners or officers had remained in office until such delivery. Any provisions of any law to the contrary notwithstanding, any bonds issued pursuant to this chapter shall be fully negotiable within the meaning and for all the purposes of Title 8.3A.\n\t\tIn any suit, action or proceedings involving the validity or enforceability of any bond of an authority or the security therefor, any such bond reciting in substance that it has been issued by the authority to aid in financing a specific project or facility of such authority shall be conclusively deemed to have been issued for such enumerated purpose and such project or facility shall be conclusively deemed to have been conducted and operated in all respects in accordance with the purposes and provisions of this chapter.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-6313\/","history_text":"<p>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 <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?961+ful+CHAP0740\">740<\/a>; in 1997, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?971+ful+CHAP0587\">587<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":160183,"object_type":"law","relational_id":76952,"identifier":"15.2-6313","token":"15.2\/IV\/63\/15.2-6313","url":"\/15.2-6313\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-6313\/","token":"15.2\/IV\/63\/15.2-6313","dublin_core":{"Title":"Bonds to be authorized by resolution of board; terms; sale; negotiability; validity","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-6313","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p><span class=\"dictionary\"><span class=\"dictionary\">Bonds<\/span><\/span> of <span class=\"dictionary\">an authority<\/span> shall be authorized by resolution of its board and may be issued in one or more series and shall bear such date or dates, mature at such time or times, bear interest at such annual rate or rates, not exceeding nine percent, be in such denomination or denominations, be in such form, either coupon or registered, carry such conversion or registration <span class=\"dictionary\">privileges<\/span>, have such rank or priority, be executed in such manner, be payable to such medium of payment, at such place or places, and be subject to such terms of <span class=\"dictionary\">redemption<\/span> (with or without premium) as such resolution, its trust indenture or mortgage may provide. The <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> may be sold at public or private sale.\n\t\tIn case any of the <span class=\"dictionary\">commissioners<\/span> or officers of <span class=\"dictionary\">the authority<\/span> whose signatures appear on any <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> or coupons shall cease to be such <span class=\"dictionary\">commissioners<\/span> or officers before the delivery of such <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span>, such signatures shall, nevertheless, be valid and sufficient for all purposes, the same as if such <span class=\"dictionary\">commissioners<\/span> or officers had remained in office until such delivery. Any provisions of any <span class=\"dictionary\">law<\/span> to the contrary notwithstanding, any <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> issued pursuant to this chapter shall be fully negotiable within the meaning and for all the purposes of Title 8.3A.\n\t\tIn any suit, action or proceedings involving the validity or enforceability of any <span class=\"dictionary\">bond<\/span> of <span class=\"dictionary\">an authority<\/span> or the security therefor, any such <span class=\"dictionary\">bond<\/span> reciting in substance that it has been issued by <span class=\"dictionary\">the authority<\/span> to aid in financing a specific <span class=\"dictionary\">project<\/span> or <span class=\"dictionary\">facility<\/span> of such authority shall be conclusively deemed to have been issued for such enumerated purpose and such <span class=\"dictionary\">project<\/span> or <span class=\"dictionary\">facility<\/span> shall be conclusively deemed to have been conducted and operated in all respects in accordance with the purposes and provisions of this chapter.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nBONDS TO BE AUTHORIZED BY RESOLUTION OF BOARD; TERMS; SALE; NEGOTIABILITY;\nVALIDITY (\u00a7 15.2-6313)\n\nBonds of an authority shall be authorized by resolution of its board and may be\nissued in one or more series and shall bear such date or dates, mature at such\ntime or times, bear interest at such annual rate or rates, not exceeding nine\npercent, be in such denomination or denominations, be in such form, either\ncoupon or registered, carry such conversion or registration privileges, have\nsuch rank or priority, be executed in such manner, be payable to such medium of\npayment, at such place or places, and be subject to such terms of redemption\n(with or without premium) as such resolution, its trust indenture or mortgage\nmay provide. The bonds may be sold at public or private sale.\n\t\tIn case any of the commissioners or officers of the authority whose signatures\nappear on any bonds or coupons shall cease to be such commissioners or officers\nbefore the delivery of such bonds, such signatures shall, nevertheless, be valid\nand sufficient for all purposes, the same as if such commissioners or officers\nhad remained in office until such delivery. Any provisions of any law to the\ncontrary notwithstanding, any bonds issued pursuant to this chapter shall be\nfully negotiable within the meaning and for all the purposes of Title 8.3A.\n\t\tIn any suit, action or proceedings involving the validity or enforceability of\nany bond of an authority or the security therefor, any such bond reciting in\nsubstance that it has been issued by the authority to aid in financing a\nspecific project or facility of such authority shall be conclusively deemed to\nhave been issued for such enumerated purpose and such project or facility shall\nbe conclusively deemed to have been conducted and operated in all respects in\naccordance with the purposes and provisions of this chapter.\n\nHISTORY: Code 1950, \u00a7 15-951; 1954, c. 645; 1962, c. 623, \u00a7 15.1-1334; 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}}