{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-7416.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-7416.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-7416.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-7416.html"}],"law_id":67172,"edition_id":1,"section_id":67172,"structure_id":15430,"section_number":"15.2-7416","catch_line":"Security for payment of bonds; default","history":"2014, c. 471.","full_text":"The principal of and interest on any bonds issued by the Authority shall be secured by a pledge of the revenues and receipts out of which the same shall be made payable, and may be secured by a trust indenture covering all or any part of the Authority facilities from which revenues or receipts so pledged may be derived, including any enlargements of any additions to any such projects thereafter made. The resolution under which the bonds are authorized to be issued and any such trust indenture may contain any agreements and provisions respecting the maintenance of the projects covered thereby, the fixing and collection of rents for any portions thereof leased by the Authority to others, the creation and maintenance of special funds from such revenues and the rights and remedies available in the event of default, all as the board of directors shall deem advisable not in conflict with the provisions hereof. Each pledge, agreement, and trust indenture made for the benefit or security of any of the bonds of the Authority shall continue effective until the principal of and interest on the bonds for the benefit of which the same were made shall have been fully paid. In the event of default in such payment or in any agreements of the Authority made as a part of the contract under which the bonds were issued, whether contained in the proceedings authorizing the bonds or in any trust indenture executed as security therefor, said pledge or agreement may be enforced by mandamus, suit, action, or proceeding at law or in equity to compel the Authority and the directors, officers, agents, or employees thereof to perform each and every term, provision, and covenant contained in any trust indenture of the Authority, the appointment of a receiver in equity, or by foreclosure of any such trust indenture, or any one or more of said remedies.","order_by":null,"text":{"0":{"id":243387,"text":"The principal of and interest on any bonds issued by the Authority shall be secured by a pledge of the revenues and receipts out of which the same shall be made payable, and may be secured by a trust indenture covering all or any part of the Authority facilities from which revenues or receipts so pledged may be derived, including any enlargements of any additions to any such projects thereafter made. The resolution under which the bonds are authorized to be issued and any such trust indenture may contain any agreements and provisions respecting the maintenance of the projects covered thereby, the fixing and collection of rents for any portions thereof leased by the Authority to others, the creation and maintenance of special funds from such revenues and the rights and remedies available in the event of default, all as the board of directors shall deem advisable not in conflict with the provisions hereof. Each pledge, agreement, and trust indenture made for the benefit or security of any of the bonds of the Authority shall continue effective until the principal of and interest on the bonds for the benefit of which the same were made shall have been fully paid. In the event of default in such payment or in any agreements of the Authority made as a part of the contract under which the bonds were issued, whether contained in the proceedings authorizing the bonds or in any trust indenture executed as security therefor, said pledge or agreement may be enforced by mandamus, suit, action, or proceeding at law or in equity to compel the Authority and the directors, officers, agents, or employees thereof to perform each and every term, provision, and covenant contained in any trust indenture of the Authority, the appointment of a receiver in equity, or by foreclosure of any such trust indenture, or any one or more of said remedies.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15430,"edition_id":1,"name":"Eastern Shore Water Access Authority","identifier":"74","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:54:56","date_modified":"2026-06-26 03:54:56","permalink":{"id":160725,"object_type":"structure","relational_id":15430,"identifier":"74","token":"15.2\/IV\/74","url":"\/15.2\/IV\/74\/","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":58778,"structure_id":15430,"section_number":"15.2-7400","catch_line":"Title","url":"\/15.2-7400\/","token":"15.2\/IV\/74\/15.2-7400","metadata":false},{"id":83520,"structure_id":15430,"section_number":"15.2-7401","catch_line":"Creation; public purpose","url":"\/15.2-7401\/","token":"15.2\/IV\/74\/15.2-7401","metadata":false},{"id":82014,"structure_id":15430,"section_number":"15.2-7402","catch_line":"Definitions","url":"\/15.2-7402\/","token":"15.2\/IV\/74\/15.2-7402","metadata":false},{"id":72721,"structure_id":15430,"section_number":"15.2-7403","catch_line":"Participating political subdivision","url":"\/15.2-7403\/","token":"15.2\/IV\/74\/15.2-7403","metadata":false},{"id":64503,"structure_id":15430,"section_number":"15.2-7404","catch_line":"Appointment of a board of directors","url":"\/15.2-7404\/","token":"15.2\/IV\/74\/15.2-7404","metadata":false},{"id":67707,"structure_id":15430,"section_number":"15.2-7405","catch_line":"Organization","url":"\/15.2-7405\/","token":"15.2\/IV\/74\/15.2-7405","metadata":false},{"id":66750,"structure_id":15430,"section_number":"15.2-7406","catch_line":"Powers","url":"\/15.2-7406\/","token":"15.2\/IV\/74\/15.2-7406","metadata":false},{"id":67929,"structure_id":15430,"section_number":"15.2-7407","catch_line":"Name of authority","url":"\/15.2-7407\/","token":"15.2\/IV\/74\/15.2-7407","metadata":false},{"id":64909,"structure_id":15430,"section_number":"15.2-7408","catch_line":"Rules, regulations, and minimum standards","url":"\/15.2-7408\/","token":"15.2\/IV\/74\/15.2-7408","metadata":false},{"id":78177,"structure_id":15430,"section_number":"15.2-7409","catch_line":"Reports","url":"\/15.2-7409\/","token":"15.2\/IV\/74\/15.2-7409","metadata":false},{"id":85782,"structure_id":15430,"section_number":"15.2-7410","catch_line":"Procurement","url":"\/15.2-7410\/","token":"15.2\/IV\/74\/15.2-7410","metadata":false},{"id":71358,"structure_id":15430,"section_number":"15.2-7411","catch_line":"Deposit and investment of funds","url":"\/15.2-7411\/","token":"15.2\/IV\/74\/15.2-7411","metadata":false},{"id":70877,"structure_id":15430,"section_number":"15.2-7412","catch_line":"Authority to issue bonds","url":"\/15.2-7412\/","token":"15.2\/IV\/74\/15.2-7412","metadata":false},{"id":73635,"structure_id":15430,"section_number":"15.2-7413","catch_line":"Fees, rents, and charges","url":"\/15.2-7413\/","token":"15.2\/IV\/74\/15.2-7413","metadata":false},{"id":65893,"structure_id":15430,"section_number":"15.2-7414","catch_line":"Credit of Commonwealth and political subdivisions not pledged","url":"\/15.2-7414\/","token":"15.2\/IV\/74\/15.2-7414","metadata":false},{"id":70749,"structure_id":15430,"section_number":"15.2-7415","catch_line":"Directors and persons executing bonds not liable thereon","url":"\/15.2-7415\/","token":"15.2\/IV\/74\/15.2-7415","metadata":false},{"id":67172,"structure_id":15430,"section_number":"15.2-7416","catch_line":"Security for payment of bonds; default","url":"\/15.2-7416\/","token":"15.2\/IV\/74\/15.2-7416","metadata":false},{"id":75865,"structure_id":15430,"section_number":"15.2-7417","catch_line":"Taxation","url":"\/15.2-7417\/","token":"15.2\/IV\/74\/15.2-7417","metadata":false},{"id":63552,"structure_id":15430,"section_number":"15.2-7418","catch_line":"Bonds as legal investments","url":"\/15.2-7418\/","token":"15.2\/IV\/74\/15.2-7418","metadata":false},{"id":66091,"structure_id":15430,"section_number":"15.2-7419","catch_line":"Appropriation by political subdivision","url":"\/15.2-7419\/","token":"15.2\/IV\/74\/15.2-7419","metadata":false},{"id":78897,"structure_id":15430,"section_number":"15.2-7420","catch_line":"Contracts with political subdivisions","url":"\/15.2-7420\/","token":"15.2\/IV\/74\/15.2-7420","metadata":false},{"id":77433,"structure_id":15430,"section_number":"15.2-7421","catch_line":"Agreement with Commonwealth and participating political subdivisions","url":"\/15.2-7421\/","token":"15.2\/IV\/74\/15.2-7421","metadata":false},{"id":61521,"structure_id":15430,"section_number":"15.2-7422","catch_line":"Liberal construction","url":"\/15.2-7422\/","token":"15.2\/IV\/74\/15.2-7422","metadata":false},{"id":75082,"structure_id":15430,"section_number":"15.2-7423","catch_line":"Application of local ordinances, service charges, and taxes upon leaseholds","url":"\/15.2-7423\/","token":"15.2\/IV\/74\/15.2-7423","metadata":false},{"id":67370,"structure_id":15430,"section_number":"15.2-7424","catch_line":"Existing contracts, leases, franchises, etc., not impaired","url":"\/15.2-7424\/","token":"15.2\/IV\/74\/15.2-7424","metadata":false},{"id":72461,"structure_id":15430,"section_number":"15.2-7425","catch_line":"Withdrawal of membership","url":"\/15.2-7425\/","token":"15.2\/IV\/74\/15.2-7425","metadata":false}],"previous_section":{"id":70749,"structure_id":15430,"section_number":"15.2-7415","catch_line":"Directors and persons executing bonds not liable thereon","url":"\/15.2-7415\/","token":"15.2\/IV\/74\/15.2-7415","metadata":false},"next_section":{"id":75865,"structure_id":15430,"section_number":"15.2-7417","catch_line":"Taxation","url":"\/15.2-7417\/","token":"15.2\/IV\/74\/15.2-7417","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-7416\/","history_text":"

This law was first created in 2014. The record of its establishment is cataloged in chapter 471<\/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.<\/p>","references":false,"refers_to":false,"permalink":{"id":160791,"object_type":"law","relational_id":67172,"identifier":"15.2-7416","token":"15.2\/IV\/74\/15.2-7416","url":"\/15.2-7416\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-7416\/","token":"15.2\/IV\/74\/15.2-7416","dublin_core":{"Title":"Security for payment of bonds; default","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-7416","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The principal of and interest on any bonds<\/span> issued by the Authority shall be secured by a pledge of the revenues and receipts out of which the same shall be made payable, and may be secured by a trust indenture covering all or any part of the Authority facilities from which revenues or receipts so pledged may be derived, including any enlargements of any additions to any such projects thereafter made. The resolution under which the bonds<\/span> are authorized to be issued and any such trust indenture may contain any agreements and provisions respecting the maintenance of the projects covered thereby, the fixing and collection of rents for any portions thereof leased by the Authority to others, the creation and maintenance of special funds from such revenues and the rights and remedies available in the event of default<\/span>, all as the board of directors shall deem advisable not in conflict with the provisions hereof. Each pledge, agreement, and trust indenture made for the benefit or security of any of the bonds<\/span> of the Authority shall continue effective until the principal of and interest on the bonds<\/span> for the benefit of which the same were made shall have been fully paid. In the event of default<\/span> in such payment or in any agreements of the Authority made as a part of the contract<\/span> under which the bonds<\/span> were issued, whether contained in the proceedings authorizing the bonds<\/span> or in any trust indenture executed as security therefor, said pledge or agreement may be enforced by mandamus, suit, action, or proceeding at law<\/span> or in equity<\/span> to compel the Authority and the directors, officers, agents, or employees thereof to perform each and every term, provision, and covenant contained in any trust indenture of the Authority, the appointment of a receiver in equity<\/span>, or by foreclosure of any such trust indenture, or any one or more of said remedies.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSECURITY FOR PAYMENT OF BONDS; DEFAULT (\u00a7 15.2-7416)\n\nThe principal of and interest on any bonds issued by the Authority shall be\nsecured by a pledge of the revenues and receipts out of which the same shall be\nmade payable, and may be secured by a trust indenture covering all or any part\nof the Authority facilities from which revenues or receipts so pledged may be\nderived, including any enlargements of any additions to any such projects\nthereafter made. The resolution under which the bonds are authorized to be\nissued and any such trust indenture may contain any agreements and provisions\nrespecting the maintenance of the projects covered thereby, the fixing and\ncollection of rents for any portions thereof leased by the Authority to others,\nthe creation and maintenance of special funds from such revenues and the rights\nand remedies available in the event of default, all as the board of directors\nshall deem advisable not in conflict with the provisions hereof. Each pledge,\nagreement, and trust indenture made for the benefit or security of any of the\nbonds of the Authority shall continue effective until the principal of and\ninterest on the bonds for the benefit of which the same were made shall have\nbeen fully paid. In the event of default in such payment or in any agreements of\nthe Authority made as a part of the contract under which the bonds were issued,\nwhether contained in the proceedings authorizing the bonds or in any trust\nindenture executed as security therefor, said pledge or agreement may be\nenforced by mandamus, suit, action, or proceeding at law or in equity to compel\nthe Authority and the directors, officers, agents, or employees thereof to\nperform each and every term, provision, and covenant contained in any trust\nindenture of the Authority, the appointment of a receiver in equity, or by\nforeclosure of any such trust indenture, or any one or more of said remedies.\n\nHISTORY: 2014, c. 471.","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}}