{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2206.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2206.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2206.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2206.html"}],"law_id":65786,"edition_id":1,"section_id":65786,"structure_id":13821,"section_number":"2.2-2206","catch_line":"Trust indenture or agreement securing bonds","history":"1995, c. 758, \u00a7 9-266.7; 2001, c. 844.","full_text":"In the discretion of the Authority, any bonds issued under the provisions of this article may be secured by a trust indenture or agreement by and between the Authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the Commonwealth. The trust indenture or agreement or the resolution providing for the issuance of the bonds may (i) pledge or assign the revenues to be received and provide for the mortgage of any project or property or any part thereof and (ii) contain provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants providing for the repossession and sale by the Authority or any trustees under any trust indenture or agreement of any project, or part thereof, upon any default under the lease or sale of such project, setting forth the duties of the Authority in relation to the acquisition of property and the planning, development, acquisition, construction, rehabilitation, establishment, improvement, extension, enlargement, maintenance, repair, operation and insurance of the project in connection with which the bonds shall have been authorized; the amounts of rates, rents, fees and other charges to be charged; the collection of such rates, rents, fees and other charges; the custody, safeguarding and application of all moneys; and conditions or limitations with respect to the issuance of additional bonds. It shall be lawful for any national bank with its main office in the Commonwealth or any other state or any bank or trust company incorporated under the laws of the Commonwealth or another state that may act as depository of the proceeds of bonds or of revenues to furnish the indemnifying bonds or to pledge the securities required by the Authority. Any trust indenture or agreement or resolution may set forth the rights of action by bondholders. In addition to the foregoing, any such trust indenture or agreement or resolution may contain such other provisions as the Authority may deem reasonable and proper for the security of the bondholders including, without limitation, provisions for the assignment to a corporate trustee or escrow agent of any rights of the Authority in any project owned by, or leases or sales of any projects made by, the Authority. All expenses incurred in carrying out the provisions of the trust indenture or agreement or resolution or other agreements relating to any project, including those to which the Authority may not be a party, may be treated as a part of the cost of the operation of the project or projects.","order_by":null,"text":{"0":{"id":239104,"text":"In the discretion of the Authority, any bonds issued under the provisions of this article may be secured by a trust indenture or agreement by and between the Authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the Commonwealth. The trust indenture or agreement or the resolution providing for the issuance of the bonds may (i) pledge or assign the revenues to be received and provide for the mortgage of any project or property or any part thereof and (ii) contain provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants providing for the repossession and sale by the Authority or any trustees under any trust indenture or agreement of any project, or part thereof, upon any default under the lease or sale of such project, setting forth the duties of the Authority in relation to the acquisition of property and the planning, development, acquisition, construction, rehabilitation, establishment, improvement, extension, enlargement, maintenance, repair, operation and insurance of the project in connection with which the bonds shall have been authorized; the amounts of rates, rents, fees and other charges to be charged; the collection of such rates, rents, fees and other charges; the custody, safeguarding and application of all moneys; and conditions or limitations with respect to the issuance of additional bonds. It shall be lawful for any national bank with its main office in the Commonwealth or any other state or any bank or trust company incorporated under the laws of the Commonwealth or another state that may act as depository of the proceeds of bonds or of revenues to furnish the indemnifying bonds or to pledge the securities required by the Authority. Any trust indenture or agreement or resolution may set forth the rights of action by bondholders. In addition to the foregoing, any such trust indenture or agreement or resolution may contain such other provisions as the Authority may deem reasonable and proper for the security of the bondholders including, without limitation, provisions for the assignment to a corporate trustee or escrow agent of any rights of the Authority in any project owned by, or leases or sales of any projects made by, the Authority. All expenses incurred in carrying out the provisions of the trust indenture or agreement or resolution or other agreements relating to any project, including those to which the Authority may not be a party, may be treated as a part of the cost of the operation of the project or projects.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13821,"edition_id":1,"name":"Commercial Space Flight Authority","identifier":"2","label":"article","depth":5,"order_by":1,"parent_id":13344,"metadata":{},"date_created":"2026-06-26 03:45:59","date_modified":"2026-06-26 03:45:59","permalink":{"id":174147,"object_type":"structure","relational_id":13821,"identifier":"2","token":"2.2\/I\/D\/22\/2","url":"\/2.2\/I\/D\/22\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13344,"edition_id":1,"name":"Authorities","identifier":"22","label":"chapter","depth":4,"order_by":1,"parent_id":12785,"metadata":{},"date_created":"2026-06-26 03:44:41","date_modified":"2026-06-26 03:44:41","permalink":{"id":173945,"object_type":"structure","relational_id":13344,"identifier":"22","token":"2.2\/I\/D\/22","url":"\/2.2\/I\/D\/22\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12785,"edition_id":1,"name":"State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies","identifier":"D","label":"part","depth":3,"order_by":1,"parent_id":12784,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":173913,"object_type":"structure","relational_id":12785,"identifier":"D","token":"2.2\/I\/D","url":"\/2.2\/I\/D\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12784,"edition_id":1,"name":"Organization of State Government","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12749,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":171455,"object_type":"structure","relational_id":12784,"identifier":"I","token":"2.2\/I","url":"\/2.2\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12749,"edition_id":1,"name":"Administration of Government","identifier":"2.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":171453,"object_type":"structure","relational_id":12749,"identifier":"2.2","token":"2.2","url":"\/2.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":76603,"structure_id":13821,"section_number":"2.2-2201","catch_line":"Short title; definitions","url":"\/2.2-2201\/","token":"2.2\/I\/D\/22\/2\/2.2-2201","metadata":false},{"id":86402,"structure_id":13821,"section_number":"2.2-2202","catch_line":"Declaration of public purpose; Virginia Commercial Space Flight Authority created","url":"\/2.2-2202\/","token":"2.2\/I\/D\/22\/2\/2.2-2202","metadata":false},{"id":79427,"structure_id":13821,"section_number":"2.2-2203","catch_line":"Board of directors; members and officers; Executive Director","url":"\/2.2-2203\/","token":"2.2\/I\/D\/22\/2\/2.2-2203","metadata":false},{"id":65039,"structure_id":13821,"section_number":"2.2-2203.1","catch_line":"Repealed","url":"\/2.2-2203.1\/","token":"2.2\/I\/D\/22\/2\/2.2-2203.1","metadata":false},{"id":65668,"structure_id":13821,"section_number":"2.2-2203.2","catch_line":"Strategic plan","url":"\/2.2-2203.2\/","token":"2.2\/I\/D\/22\/2\/2.2-2203.2","metadata":false},{"id":71900,"structure_id":13821,"section_number":"2.2-2203.3","catch_line":"Employees; employment; personnel rules","url":"\/2.2-2203.3\/","token":"2.2\/I\/D\/22\/2\/2.2-2203.3","metadata":false},{"id":57677,"structure_id":13821,"section_number":"2.2-2203.4","catch_line":"Trust for postemployment benefits authorized; administration","url":"\/2.2-2203.4\/","token":"2.2\/I\/D\/22\/2\/2.2-2203.4","metadata":false},{"id":57668,"structure_id":13821,"section_number":"2.2-2204","catch_line":"Powers of the Authority","url":"\/2.2-2204\/","token":"2.2\/I\/D\/22\/2\/2.2-2204","metadata":false},{"id":69352,"structure_id":13821,"section_number":"2.2-2205","catch_line":"Form, terms, execution and sale of bonds; use of proceeds; interim receipts or temporary bonds; lost or destroyed bonds; faith and credit of state and political subdivisions not pledged; expenses","url":"\/2.2-2205\/","token":"2.2\/I\/D\/22\/2\/2.2-2205","metadata":false},{"id":65786,"structure_id":13821,"section_number":"2.2-2206","catch_line":"Trust indenture or agreement securing bonds","url":"\/2.2-2206\/","token":"2.2\/I\/D\/22\/2\/2.2-2206","metadata":false},{"id":85436,"structure_id":13821,"section_number":"2.2-2207","catch_line":"Moneys received deemed trust funds","url":"\/2.2-2207\/","token":"2.2\/I\/D\/22\/2\/2.2-2207","metadata":false},{"id":75999,"structure_id":13821,"section_number":"2.2-2208","catch_line":"Proceedings by bondholder or trustee to enforce rights","url":"\/2.2-2208\/","token":"2.2\/I\/D\/22\/2\/2.2-2208","metadata":false},{"id":64504,"structure_id":13821,"section_number":"2.2-2209","catch_line":"Bonds made securities for investment and deposit","url":"\/2.2-2209\/","token":"2.2\/I\/D\/22\/2\/2.2-2209","metadata":false},{"id":57238,"structure_id":13821,"section_number":"2.2-2210","catch_line":"Refunding bonds; bonds for refunding and for costs of additional projects","url":"\/2.2-2210\/","token":"2.2\/I\/D\/22\/2\/2.2-2210","metadata":false},{"id":78751,"structure_id":13821,"section_number":"2.2-2211","catch_line":"Grants or loans of public or private funds","url":"\/2.2-2211\/","token":"2.2\/I\/D\/22\/2\/2.2-2211","metadata":false},{"id":82421,"structure_id":13821,"section_number":"2.2-2212","catch_line":"Moneys of Authority","url":"\/2.2-2212\/","token":"2.2\/I\/D\/22\/2\/2.2-2212","metadata":false},{"id":63805,"structure_id":13821,"section_number":"2.2-2213","catch_line":"Forms of accounts and records; audit; annual report","url":"\/2.2-2213\/","token":"2.2\/I\/D\/22\/2\/2.2-2213","metadata":false},{"id":54835,"structure_id":13821,"section_number":"2.2-2214","catch_line":"Exemption from taxes or assessments","url":"\/2.2-2214\/","token":"2.2\/I\/D\/22\/2\/2.2-2214","metadata":false},{"id":68835,"structure_id":13821,"section_number":"2.2-2215","catch_line":"Powers not restrictive; exemptions from Public Procurement Act and the Virginia Personnel Act","url":"\/2.2-2215\/","token":"2.2\/I\/D\/22\/2\/2.2-2215","metadata":false},{"id":80275,"structure_id":13821,"section_number":"2.2-2216","catch_line":"Appropriations by any government","url":"\/2.2-2216\/","token":"2.2\/I\/D\/22\/2\/2.2-2216","metadata":false},{"id":64038,"structure_id":13821,"section_number":"2.2-2217","catch_line":"Conveyance, lease or transfer of property by a city or county to the Authority","url":"\/2.2-2217\/","token":"2.2\/I\/D\/22\/2\/2.2-2217","metadata":false}],"previous_section":{"id":69352,"structure_id":13821,"section_number":"2.2-2205","catch_line":"Form, terms, execution and sale of bonds; use of proceeds; interim receipts or temporary bonds; lost or destroyed bonds; faith and credit of state and political subdivisions not pledged; expenses","url":"\/2.2-2205\/","token":"2.2\/I\/D\/22\/2\/2.2-2205","metadata":false},"next_section":{"id":85436,"structure_id":13821,"section_number":"2.2-2207","catch_line":"Moneys received deemed trust funds","url":"\/2.2-2207\/","token":"2.2\/I\/D\/22\/2\/2.2-2207","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2206\/","history_text":"

This law was first created in 1995. The record of its establishment is cataloged in chapter 758<\/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 1 time. 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. That modification is as follows: in 2001, chapter 844<\/a>.<\/p>","references":[{"id":69352,"section_number":"2.2-2205","catch_line":"Form, terms, execution and sale of bonds; use of proceeds; interim receipts or temporary bonds; lost or destroyed bonds; faith and credit of state and political subdivisions not pledged; expenses","order_by":null,"url":"\/2.2-2205\/"}],"refers_to":false,"permalink":{"id":174185,"object_type":"law","relational_id":65786,"identifier":"2.2-2206","token":"2.2\/I\/D\/22\/2\/2.2-2206","url":"\/2.2-2206\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-2206\/","token":"2.2\/I\/D\/22\/2\/2.2-2206","dublin_core":{"Title":"Trust indenture or agreement securing bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2206","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

In the discretion of the Authority<\/span>, any bonds<\/span><\/span> issued under the provisions of this article may be secured by a trust indenture or agreement by and between the Authority<\/span> and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the Commonwealth<\/span>. The trust indenture or agreement or the resolution providing for the issuance of the bonds<\/span><\/span> may (i) pledge or assign the revenues to be received and provide for the mortgage of any project or property or any part thereof and (ii) contain provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law<\/span>, including covenants providing for the repossession and sale by the Authority<\/span> or any trustees under any trust indenture or agreement of any project, or part thereof, upon any default<\/span> under the lease or sale of such project, setting forth the duties of the Authority<\/span> in relation to the acquisition of property and the planning, development, acquisition, construction, rehabilitation, establishment, improvement, extension, enlargement, maintenance, repair, operation and insurance of the project in connection with which the bonds<\/span><\/span> shall have been authorized; the amounts of rates, rents, fees and other charges to be charged; the collection of such rates, rents, fees and other charges; the custody<\/span>, safeguarding and application of all moneys; and conditions or limitations with respect to the issuance of additional bonds<\/span><\/span>. It shall be lawful for any national bank with its main office in the Commonwealth<\/span> or any other state<\/span> or any bank or trust company incorporated under the laws<\/span> of the Commonwealth<\/span> or another state<\/span> that may act as depository of the proceeds of bonds<\/span><\/span> or of revenues to furnish the indemnifying bonds<\/span><\/span> or to pledge the securities required by the Authority<\/span>. Any trust indenture or agreement or resolution may set forth the rights of action by bondholders. In addition to the foregoing, any such trust indenture or agreement or resolution may contain such other provisions as the Authority<\/span> may deem reasonable and proper for the security of the bondholders including, without limitation, provisions for the assignment to a corporate trustee or escrow agent of any rights of the Authority<\/span> in any project owned by, or leases or sales of any projects made by, the Authority<\/span>. All expenses incurred in carrying out the provisions of the trust indenture or agreement or resolution or other agreements relating to any project, including those to which the Authority<\/span> may not be a party<\/span>, may be treated as a part of the cost of the operation of the project or projects.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nTRUST INDENTURE OR AGREEMENT SECURING BONDS (\u00a7 2.2-2206)\n\nIn the discretion of the Authority, any bonds issued under the provisions of\nthis article may be secured by a trust indenture or agreement by and between the\nAuthority and a corporate trustee, which may be any trust company or bank having\nthe powers of a trust company within or without the Commonwealth. The trust\nindenture or agreement or the resolution providing for the issuance of the bonds\nmay (i) pledge or assign the revenues to be received and provide for the\nmortgage of any project or property or any part thereof and (ii) contain\nprovisions for protecting and enforcing the rights and remedies of the\nbondholders as may be reasonable and proper and not in violation of law,\nincluding covenants providing for the repossession and sale by the Authority or\nany trustees under any trust indenture or agreement of any project, or part\nthereof, upon any default under the lease or sale of such project, setting forth\nthe duties of the Authority in relation to the acquisition of property and the\nplanning, development, acquisition, construction, rehabilitation, establishment,\nimprovement, extension, enlargement, maintenance, repair, operation and\ninsurance of the project in connection with which the bonds shall have been\nauthorized; the amounts of rates, rents, fees and other charges to be charged;\nthe collection of such rates, rents, fees and other charges; the custody,\nsafeguarding and application of all moneys; and conditions or limitations with\nrespect to the issuance of additional bonds. It shall be lawful for any national\nbank with its main office in the Commonwealth or any other state or any bank or\ntrust company incorporated under the laws of the Commonwealth or another state\nthat may act as depository of the proceeds of bonds or of revenues to furnish\nthe indemnifying bonds or to pledge the securities required by the Authority.\nAny trust indenture or agreement or resolution may set forth the rights of\naction by bondholders. In addition to the foregoing, any such trust indenture or\nagreement or resolution may contain such other provisions as the Authority may\ndeem reasonable and proper for the security of the bondholders including,\nwithout limitation, provisions for the assignment to a corporate trustee or\nescrow agent of any rights of the Authority in any project owned by, or leases\nor sales of any projects made by, the Authority. All expenses incurred in\ncarrying out the provisions of the trust indenture or agreement or resolution or\nother agreements relating to any project, including those to which the Authority\nmay not be a party, may be treated as a part of the cost of the operation of the\nproject or projects.\n\nHISTORY: 1995, c. 758, \u00a7 9-266.7; 2001, c. 844.","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}}