{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2264.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2264.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2264.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2264.html"}],"law_id":77102,"edition_id":1,"section_id":77102,"structure_id":13466,"section_number":"2.2-2264","catch_line":"Revenue bonds generally","history":"1981, c. 569, \u00a7 2.1-234.14; 1998, cc. 498, 504; 2001, c. 844.","full_text":"The Authority may, with the consent of the Governor, provide for the issuance of revenue bonds of the Authority for the purpose of paying all or any part of the cost of any one or more projects or portions thereof. The principal of and the interest on such bonds shall be payable solely from the funds provided in this article for such payment. Any bonds of the Authority issued pursuant to this article shall not constitute a debt of the Commonwealth, or any political subdivision thereof other than the Authority, and shall so state on their face. Neither the members of the Authority nor any person executing the bonds shall be liable personally by reason of the issuance thereof. The bonds of each issue shall be dated, shall bear interest, shall mature at such time not exceeding forty years from their date as determined by the Authority, and may be made redeemable before maturity, at the option of the Authority, at such price and under such terms and conditions as determined by the Authority, prior to the issuance of the bonds. The Authority shall determine the form and the manner of execution of the bonds, including any interest coupons to be attached thereto, and shall fix the denominations of the bonds and the places of payment of principal and interest, which may be at any bank or trust company within or without the Commonwealth. In case any officer whose signature or a facsimile of whose signature appears on any bonds or coupons shall cease to be such officer before the delivery of the bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes as if he had remained in office until such delivery. The bonds may be issued in coupon or in registered form or both, as the Authority may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, for the reconversion into coupon bonds of any bonds registered as to both principal and interest, and for the interchange of registered and coupon bonds. The Authority may sell such bonds in a manner, either at public or private sale, and for such price as it determines will best effect the purposes of this article.\n\t\tThe proceeds of the bonds of each issue shall be used solely for the payment of the cost of the projects for which such bonds shall have been issued, and shall be disbursed in the manner and under the restrictions, if any, the Authority may provide in the resolution authorizing the issuance of such bonds or in the trust agreement securing the bonds. If the proceeds of the bonds of any issue, by error of estimates or otherwise, is less than the cost, additional bonds may be issued to provide the amount of such deficit, and, unless otherwise provided in the resolution authorizing the issuance of the bonds or in the trust agreement securing the bonds, shall be deemed to be entitled to payment from the same fund without preference or priority of the bonds first issued. If the proceeds of the bonds of any issue shall exceed such cost, the surplus shall be deposited to the credit of the sinking fund for such bonds, or may be applied to the payment of the cost of any additional projects.\n\t\tPrior to the preparation of definitive bonds, the Authority may, under like restrictions issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds shall have been executed and are available for delivery. The Authority may also provide for the replacement of any bonds that shall become mutilated or shall be destroyed or lost. Bonds may be issued under the provisions of this article without obtaining the consent of any department, division, commission, board, bureau or agency of the Commonwealth, and without any other proceedings or the happening of any other conditions or things than those proceedings, conditions or things that are specifically required by this article.","order_by":null,"text":{"0":{"id":276632,"text":"The Authority may, with the consent of the Governor, provide for the issuance of revenue bonds of the Authority for the purpose of paying all or any part of the cost of any one or more projects or portions thereof. The principal of and the interest on such bonds shall be payable solely from the funds provided in this article for such payment. Any bonds of the Authority issued pursuant to this article shall not constitute a debt of the Commonwealth, or any political subdivision thereof other than the Authority, and shall so state on their face. Neither the members of the Authority nor any person executing the bonds shall be liable personally by reason of the issuance thereof. The bonds of each issue shall be dated, shall bear interest, shall mature at such time not exceeding forty years from their date as determined by the Authority, and may be made redeemable before maturity, at the option of the Authority, at such price and under such terms and conditions as determined by the Authority, prior to the issuance of the bonds. The Authority shall determine the form and the manner of execution of the bonds, including any interest coupons to be attached thereto, and shall fix the denominations of the bonds and the places of payment of principal and interest, which may be at any bank or trust company within or without the Commonwealth. In case any officer whose signature or a facsimile of whose signature appears on any bonds or coupons shall cease to be such officer before the delivery of the bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes as if he had remained in office until such delivery. The bonds may be issued in coupon or in registered form or both, as the Authority may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, for the reconversion into coupon bonds of any bonds registered as to both principal and interest, and for the interchange of registered and coupon bonds. The Authority may sell such bonds in a manner, either at public or private sale, and for such price as it determines will best effect the purposes of this article.\n\t\tThe proceeds of the bonds of each issue shall be used solely for the payment of the cost of the projects for which such bonds shall have been issued, and shall be disbursed in the manner and under the restrictions, if any, the Authority may provide in the resolution authorizing the issuance of such bonds or in the trust agreement securing the bonds. If the proceeds of the bonds of any issue, by error of estimates or otherwise, is less than the cost, additional bonds may be issued to provide the amount of such deficit, and, unless otherwise provided in the resolution authorizing the issuance of the bonds or in the trust agreement securing the bonds, shall be deemed to be entitled to payment from the same fund without preference or priority of the bonds first issued. If the proceeds of the bonds of any issue shall exceed such cost, the surplus shall be deposited to the credit of the sinking fund for such bonds, or may be applied to the payment of the cost of any additional projects.\n\t\tPrior to the preparation of definitive bonds, the Authority may, under like restrictions issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds shall have been executed and are available for delivery. The Authority may also provide for the replacement of any bonds that shall become mutilated or shall be destroyed or lost. Bonds may be issued under the provisions of this article without obtaining the consent of any department, division, commission, board, bureau or agency of the Commonwealth, and without any other proceedings or the happening of any other conditions or things than those proceedings, conditions or things that are specifically required by this article.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13466,"edition_id":1,"name":"Virginia Public Building Authority","identifier":"6","label":"article","depth":5,"order_by":1,"parent_id":13344,"metadata":{},"date_created":"2026-06-26 03:44:57","date_modified":"2026-06-26 03:44:57","permalink":{"id":174383,"object_type":"structure","relational_id":13466,"identifier":"6","token":"2.2\/I\/D\/22\/6","url":"\/2.2\/I\/D\/22\/6\/","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":83401,"structure_id":13466,"section_number":"2.2-2260","catch_line":"Short title; definition","url":"\/2.2-2260\/","token":"2.2\/I\/D\/22\/6\/2.2-2260","metadata":false},{"id":82089,"structure_id":13466,"section_number":"2.2-2261","catch_line":"Virginia Public Building Authority created; purpose; membership; terms; expenses; staff","url":"\/2.2-2261\/","token":"2.2\/I\/D\/22\/6\/2.2-2261","metadata":false},{"id":68559,"structure_id":13466,"section_number":"2.2-2262","catch_line":"Board of directors","url":"\/2.2-2262\/","token":"2.2\/I\/D\/22\/6\/2.2-2262","metadata":false},{"id":60152,"structure_id":13466,"section_number":"2.2-2263","catch_line":"Powers and duties of Authority; limitations","url":"\/2.2-2263\/","token":"2.2\/I\/D\/22\/6\/2.2-2263","metadata":false},{"id":77102,"structure_id":13466,"section_number":"2.2-2264","catch_line":"Revenue bonds generally","url":"\/2.2-2264\/","token":"2.2\/I\/D\/22\/6\/2.2-2264","metadata":false},{"id":54430,"structure_id":13466,"section_number":"2.2-2265","catch_line":"Trust agreement securing bonds","url":"\/2.2-2265\/","token":"2.2\/I\/D\/22\/6\/2.2-2265","metadata":false},{"id":85958,"structure_id":13466,"section_number":"2.2-2266","catch_line":"Rents, fees and charges for financing or refinancing, services or use of facilities; use and disposition of revenues","url":"\/2.2-2266\/","token":"2.2\/I\/D\/22\/6\/2.2-2266","metadata":false},{"id":62184,"structure_id":13466,"section_number":"2.2-2267","catch_line":"Moneys received deemed trust funds","url":"\/2.2-2267\/","token":"2.2\/I\/D\/22\/6\/2.2-2267","metadata":false},{"id":82045,"structure_id":13466,"section_number":"2.2-2268","catch_line":"Proceedings by bondholder or trustee to enforce rights","url":"\/2.2-2268\/","token":"2.2\/I\/D\/22\/6\/2.2-2268","metadata":false},{"id":65101,"structure_id":13466,"section_number":"2.2-2269","catch_line":"Bonds made securities for investment and deposit","url":"\/2.2-2269\/","token":"2.2\/I\/D\/22\/6\/2.2-2269","metadata":false},{"id":59717,"structure_id":13466,"section_number":"2.2-2270","catch_line":"Revenue refunding bonds; bonds for refunding and for cost of additional projects","url":"\/2.2-2270\/","token":"2.2\/I\/D\/22\/6\/2.2-2270","metadata":false},{"id":55594,"structure_id":13466,"section_number":"2.2-2271","catch_line":"Grants or loans of public or private funds","url":"\/2.2-2271\/","token":"2.2\/I\/D\/22\/6\/2.2-2271","metadata":false},{"id":83142,"structure_id":13466,"section_number":"2.2-2272","catch_line":"Moneys of Authority; audit","url":"\/2.2-2272\/","token":"2.2\/I\/D\/22\/6\/2.2-2272","metadata":false},{"id":79944,"structure_id":13466,"section_number":"2.2-2273","catch_line":"Contracts, leases and other arrangements","url":"\/2.2-2273\/","token":"2.2\/I\/D\/22\/6\/2.2-2273","metadata":false},{"id":72030,"structure_id":13466,"section_number":"2.2-2274","catch_line":"Resolutions, rules and regulations, etc","url":"\/2.2-2274\/","token":"2.2\/I\/D\/22\/6\/2.2-2274","metadata":false},{"id":73905,"structure_id":13466,"section_number":"2.2-2275","catch_line":"Competition in award of contracts; contractors to give surety; terms of contracts","url":"\/2.2-2275\/","token":"2.2\/I\/D\/22\/6\/2.2-2275","metadata":false},{"id":55251,"structure_id":13466,"section_number":"2.2-2276","catch_line":"Eminent domain; right of entry","url":"\/2.2-2276\/","token":"2.2\/I\/D\/22\/6\/2.2-2276","metadata":false},{"id":83223,"structure_id":13466,"section_number":"2.2-2277","catch_line":"Jurisdiction of suits against Authority; service of process","url":"\/2.2-2277\/","token":"2.2\/I\/D\/22\/6\/2.2-2277","metadata":false},{"id":85246,"structure_id":13466,"section_number":"2.2-2278","catch_line":"Exemption from taxes or assessments","url":"\/2.2-2278\/","token":"2.2\/I\/D\/22\/6\/2.2-2278","metadata":false}],"previous_section":{"id":60152,"structure_id":13466,"section_number":"2.2-2263","catch_line":"Powers and duties of Authority; limitations","url":"\/2.2-2263\/","token":"2.2\/I\/D\/22\/6\/2.2-2263","metadata":false},"next_section":{"id":54430,"structure_id":13466,"section_number":"2.2-2265","catch_line":"Trust agreement securing bonds","url":"\/2.2-2265\/","token":"2.2\/I\/D\/22\/6\/2.2-2265","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2264\/","history_text":"

This law was first created in 1981. The record of its establishment is cataloged in chapter 569 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. Unfortunately, the 1981 \u201cActs\u201d aren\u2019t available online. 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 1998, chapters 498<\/a> and 504<\/a>; in 2001, chapter 844<\/a>.<\/p>","references":[{"id":82526,"section_number":"10.1-1186.01","catch_line":"Reimbursements to localities for upgrades to treatment works","order_by":null,"url":"\/10.1-1186.01\/"}],"refers_to":false,"permalink":{"id":174401,"object_type":"law","relational_id":77102,"identifier":"2.2-2264","token":"2.2\/I\/D\/22\/6\/2.2-2264","url":"\/2.2-2264\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-2264\/","token":"2.2\/I\/D\/22\/6\/2.2-2264","dublin_core":{"Title":"Revenue bonds generally","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2264","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The Authority<\/span> may, with the consent of the Governor, provide for the issuance of revenue bonds<\/span><\/span> of the Authority<\/span> for the purpose of paying all or any part of the cost of any one or more projects or portions thereof. The principal of and the interest on such bonds<\/span><\/span> shall be payable solely from the funds provided in this article for such payment. Any bonds<\/span><\/span> of the Authority<\/span> issued pursuant to this article shall not constitute a debt of the Commonwealth<\/span>, or any political subdivision thereof other than the Authority<\/span>, and shall so state<\/span> on their face. Neither the members of the Authority<\/span> nor any person executing the bonds<\/span><\/span> shall be liable personally by reason of the issuance thereof. The bonds<\/span><\/span> of each issue<\/span> shall be dated, shall bear interest, shall mature at such time not exceeding forty years from their date as determined by the Authority<\/span>, and may be made redeemable before maturity, at the option of the Authority<\/span>, at such price and under such terms and conditions as determined by the Authority<\/span>, prior to the issuance of the bonds<\/span><\/span>. The Authority<\/span> shall determine the form and the manner of execution of the bonds<\/span><\/span>, including any interest coupons to be attached thereto, and shall fix the denominations of the bonds<\/span><\/span> and the places of payment of principal and interest, which may be at any bank or trust company within or without the Commonwealth<\/span>. In case any officer whose signature or a facsimile of whose signature appears on any bonds<\/span><\/span> or coupons shall cease to be such officer before the delivery of the bonds<\/span><\/span>, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes as if he had remained in office until such delivery. The bonds<\/span><\/span> may be issued in coupon or in registered form or both, as the Authority<\/span> may determine, and provision may be made for the registration of any coupon bonds<\/span><\/span> as to principal alone and also as to both principal and interest, for the reconversion into coupon bonds<\/span><\/span> of any bonds<\/span><\/span> registered as to both principal and interest, and for the interchange of registered and coupon bonds<\/span><\/span>. The Authority<\/span> may sell such bonds<\/span><\/span> in a manner, either at public or private sale, and for such price as it determines will best effect the purposes of this article.\n\t\tThe proceeds of the bonds<\/span><\/span> of each issue<\/span> shall be used solely for the payment of the cost of the projects for which such bonds<\/span><\/span> shall have been issued, and shall be disbursed in the manner and under the restrictions, if any, the Authority<\/span> may provide in the resolution authorizing the issuance of such bonds<\/span><\/span> or in the trust agreement securing the bonds<\/span><\/span>. If the proceeds of the bonds<\/span><\/span> of any issue<\/span>, by error of estimates or otherwise, is less than the cost, additional bonds<\/span><\/span> may be issued to provide the amount of such deficit, and, unless otherwise provided in the resolution authorizing the issuance of the bonds<\/span><\/span> or in the trust agreement securing the bonds<\/span><\/span>, shall be deemed to be entitled to payment from the same fund without preference or priority of the bonds<\/span><\/span> first issued. If the proceeds of the bonds<\/span><\/span> of any issue<\/span> shall exceed such cost, the surplus shall be deposited to the credit of the sinking fund for such bonds<\/span><\/span>, or may be applied to the payment of the cost of any additional projects.\n\t\tPrior to the preparation of definitive bonds<\/span><\/span>, the Authority<\/span> may, under like restrictions issue<\/span> interim receipts or temporary bonds<\/span><\/span>, with or without coupons, exchangeable for definitive bonds<\/span><\/span> when such bonds<\/span><\/span> shall have been executed and are available for delivery. The Authority<\/span> may also provide for the replacement of any bonds<\/span><\/span> that shall become mutilated or shall be destroyed or lost. Bonds<\/span><\/span> may be issued under the provisions of this article without obtaining the consent of any department, division, commission, board<\/span>, bureau or agency of the Commonwealth<\/span>, and without any other proceedings or the happening of any other conditions or things than those proceedings, conditions or things that are specifically required by this article.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREVENUE BONDS GENERALLY (\u00a7 2.2-2264)\n\nThe Authority may, with the consent of the Governor, provide for the issuance of\nrevenue bonds of the Authority for the purpose of paying all or any part of the\ncost of any one or more projects or portions thereof. The principal of and the\ninterest on such bonds shall be payable solely from the funds provided in this\narticle for such payment. Any bonds of the Authority issued pursuant to this\narticle shall not constitute a debt of the Commonwealth, or any political\nsubdivision thereof other than the Authority, and shall so state on their face.\nNeither the members of the Authority nor any person executing the bonds shall be\nliable personally by reason of the issuance thereof. The bonds of each issue\nshall be dated, shall bear interest, shall mature at such time not exceeding\nforty years from their date as determined by the Authority, and may be made\nredeemable before maturity, at the option of the Authority, at such price and\nunder such terms and conditions as determined by the Authority, prior to the\nissuance of the bonds. The Authority shall determine the form and the manner of\nexecution of the bonds, including any interest coupons to be attached thereto,\nand shall fix the denominations of the bonds and the places of payment of\nprincipal and interest, which may be at any bank or trust company within or\nwithout the Commonwealth. In case any officer whose signature or a facsimile of\nwhose signature appears on any bonds or coupons shall cease to be such officer\nbefore the delivery of the bonds, such signature or such facsimile shall\nnevertheless be valid and sufficient for all purposes as if he had remained in\noffice until such delivery. The bonds may be issued in coupon or in registered\nform or both, as the Authority may determine, and provision may be made for the\nregistration of any coupon bonds as to principal alone and also as to both\nprincipal and interest, for the reconversion into coupon bonds of any bonds\nregistered as to both principal and interest, and for the interchange of\nregistered and coupon bonds. The Authority may sell such bonds in a manner,\neither at public or private sale, and for such price as it determines will best\neffect the purposes of this article.\n\t\tThe proceeds of the bonds of each issue shall be used solely for the payment\nof the cost of the projects for which such bonds shall have been issued, and\nshall be disbursed in the manner and under the restrictions, if any, the\nAuthority may provide in the resolution authorizing the issuance of such bonds\nor in the trust agreement securing the bonds. If the proceeds of the bonds of\nany issue, by error of estimates or otherwise, is less than the cost, additional\nbonds may be issued to provide the amount of such deficit, and, unless otherwise\nprovided in the resolution authorizing the issuance of the bonds or in the trust\nagreement securing the bonds, shall be deemed to be entitled to payment from the\nsame fund without preference or priority of the bonds first issued. If the\nproceeds of the bonds of any issue shall exceed such cost, the surplus shall be\ndeposited to the credit of the sinking fund for such bonds, or may be applied to\nthe payment of the cost of any additional projects.\n\t\tPrior to the preparation of definitive bonds, the Authority may, under like\nrestrictions issue interim receipts or temporary bonds, with or without coupons,\nexchangeable for definitive bonds when such bonds shall have been executed and\nare available for delivery. The Authority may also provide for the replacement\nof any bonds that shall become mutilated or shall be destroyed or lost. Bonds\nmay be issued under the provisions of this article without obtaining the consent\nof any department, division, commission, board, bureau or agency of the\nCommonwealth, and without any other proceedings or the happening of any other\nconditions or things than those proceedings, conditions or things that are\nspecifically required by this article.\n\nHISTORY: 1981, c. 569, \u00a7 2.1-234.14; 1998, cc. 498, 504; 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}}