{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2418.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2418.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2418.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2418.html"}],"law_id":63891,"edition_id":1,"section_id":63891,"structure_id":14716,"section_number":"2.2-2418","catch_line":"Use of bond anticipation notes by the Treasury Board","history":"1991, c. 554, \u00a7 2.1-179.3; 1996, cc. 636, 656; 2001, c. 844.","full_text":"Whenever the General Assembly has enacted legislation pursuant to Article X, Section 9 (b), (c), or (d) of the Constitution of Virginia authorizing the issuance of bonds for capital projects of the Commonwealth or any state agency, institution, board, or authority (a “state instrumentality”) where debt service payments on the bonds are expected to be made in whole or in part from appropriations of the Commonwealth, the Board, with the consent of the Governor, may borrow money in anticipation of the issuance of the bonds to provide funds, with any other available funds, to pay the costs of acquiring, constructing, renovating, enlarging, improving, and equipping any one or more of the capital projects for which such bonds have been authorized. Any such borrowing shall be evidenced by notes of the Commonwealth that shall be in such form, shall be executed in such manner, shall bear interest at such rates, either at fixed rates or at rates established by formula or other method, and may contain such other provisions, all as the Board, or the State Treasurer when authorized by the Board, may determine. Such notes may bear interest at a rate subject to inclusion in gross income for federal income tax purposes as determined by the Board, with the consent of the Governor. Such notes may be made payable from the proceeds of the bonds, other notes, or other sources of funds authorized by the General Assembly. The proceeds of the notes, to the extent not required to pay the principal or interest on maturing notes, or expenses associated therewith, shall be paid or otherwise made available to the Commonwealth or appropriate state instrumentality to pay the costs of such capital projects. However, the undertaking and obligation of (i) the Board to make such note proceeds available to the state instrumentality and (ii) the state instrumentality to pay or provide for the payment of the interest and principal coming due on the notes and to issue its own bonds or otherwise retire the notes within five years of the date of their initial issuance shall be set forth in a written agreement between the Board and the state instrumentality. No such notes shall be issued by the Board for or on behalf of a state instrumentality unless the Board first determines that such written agreement provides reasonable assurance of the full and timely payment of the debt service on the notes.\n\t\tNo law authorizing the issuance of bonds and notes for which bond anticipation notes have been issued by the Board shall be repealed or otherwise vitiated without first providing for the payment of the related bond anticipation notes of the Board.","order_by":null,"text":{"0":{"id":232704,"text":"Whenever the General Assembly has enacted legislation pursuant to Article X, Section 9 (b), (c), or (d) of the Constitution of Virginia authorizing the issuance of bonds for capital projects of the Commonwealth or any state agency, institution, board, or authority (a “state instrumentality”) where debt service payments on the bonds are expected to be made in whole or in part from appropriations of the Commonwealth, the Board, with the consent of the Governor, may borrow money in anticipation of the issuance of the bonds to provide funds, with any other available funds, to pay the costs of acquiring, constructing, renovating, enlarging, improving, and equipping any one or more of the capital projects for which such bonds have been authorized. Any such borrowing shall be evidenced by notes of the Commonwealth that shall be in such form, shall be executed in such manner, shall bear interest at such rates, either at fixed rates or at rates established by formula or other method, and may contain such other provisions, all as the Board, or the State Treasurer when authorized by the Board, may determine. Such notes may bear interest at a rate subject to inclusion in gross income for federal income tax purposes as determined by the Board, with the consent of the Governor. Such notes may be made payable from the proceeds of the bonds, other notes, or other sources of funds authorized by the General Assembly. The proceeds of the notes, to the extent not required to pay the principal or interest on maturing notes, or expenses associated therewith, shall be paid or otherwise made available to the Commonwealth or appropriate state instrumentality to pay the costs of such capital projects. However, the undertaking and obligation of (i) the Board to make such note proceeds available to the state instrumentality and (ii) the state instrumentality to pay or provide for the payment of the interest and principal coming due on the notes and to issue its own bonds or otherwise retire the notes within five years of the date of their initial issuance shall be set forth in a written agreement between the Board and the state instrumentality. No such notes shall be issued by the Board for or on behalf of a state instrumentality unless the Board first determines that such written agreement provides reasonable assurance of the full and timely payment of the debt service on the notes.\n\t\tNo law authorizing the issuance of bonds and notes for which bond anticipation notes have been issued by the Board shall be repealed or otherwise vitiated without first providing for the payment of the related bond anticipation notes of the Board.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14716,"edition_id":1,"name":"Treasury Board","identifier":"8","label":"article","depth":5,"order_by":1,"parent_id":12786,"metadata":{},"date_created":"2026-06-26 03:49:30","date_modified":"2026-06-26 03:49:30","permalink":{"id":175045,"object_type":"structure","relational_id":14716,"identifier":"8","token":"2.2\/I\/D\/24\/8","url":"\/2.2\/I\/D\/24\/8\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12786,"edition_id":1,"name":"Boards","identifier":"24","label":"chapter","depth":4,"order_by":1,"parent_id":12785,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":174687,"object_type":"structure","relational_id":12786,"identifier":"24","token":"2.2\/I\/D\/24","url":"\/2.2\/I\/D\/24\/","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":56392,"structure_id":14716,"section_number":"2.2-2415","catch_line":"Treasury Board membership; chairman; quorum; reimbursement for expenses","url":"\/2.2-2415\/","token":"2.2\/I\/D\/24\/8\/2.2-2415","metadata":false},{"id":82247,"structure_id":14716,"section_number":"2.2-2416","catch_line":"Powers and duties of Treasury Board","url":"\/2.2-2416\/","token":"2.2\/I\/D\/24\/8\/2.2-2416","metadata":false},{"id":81943,"structure_id":14716,"section_number":"2.2-2417","catch_line":"Approval of financial terms of certain contracts; using agencies to procure certain financial services through Treasury Board","url":"\/2.2-2417\/","token":"2.2\/I\/D\/24\/8\/2.2-2417","metadata":false},{"id":63891,"structure_id":14716,"section_number":"2.2-2418","catch_line":"Use of bond anticipation notes by the Treasury Board","url":"\/2.2-2418\/","token":"2.2\/I\/D\/24\/8\/2.2-2418","metadata":false},{"id":77981,"structure_id":14716,"section_number":"2.2-2419","catch_line":"Issuance of refunding bonds by the Treasury Board","url":"\/2.2-2419\/","token":"2.2\/I\/D\/24\/8\/2.2-2419","metadata":false},{"id":68721,"structure_id":14716,"section_number":"2.2-2420","catch_line":"Combined issuance of general obligation debt by the Treasury Board","url":"\/2.2-2420\/","token":"2.2\/I\/D\/24\/8\/2.2-2420","metadata":false}],"previous_section":{"id":81943,"structure_id":14716,"section_number":"2.2-2417","catch_line":"Approval of financial terms of certain contracts; using agencies to procure certain financial services through Treasury Board","url":"\/2.2-2417\/","token":"2.2\/I\/D\/24\/8\/2.2-2417","metadata":false},"next_section":{"id":77981,"structure_id":14716,"section_number":"2.2-2419","catch_line":"Issuance of refunding bonds by the Treasury Board","url":"\/2.2-2419\/","token":"2.2\/I\/D\/24\/8\/2.2-2419","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2418\/","history_text":"

This law was first created in 1991. The record of its establishment is cataloged in chapter 554 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 1991 \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 1996, chapters 636<\/a> and 656<\/a>; in 2001, chapter 844<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":175059,"object_type":"law","relational_id":63891,"identifier":"2.2-2418","token":"2.2\/I\/D\/24\/8\/2.2-2418","url":"\/2.2-2418\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-2418\/","token":"2.2\/I\/D\/24\/8\/2.2-2418","dublin_core":{"Title":"Use of bond anticipation notes by the Treasury Board","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2418","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Whenever the General Assembly has enacted legislation pursuant to Article X, Section 9 (b), (c), or (d) of the Constitution of Virginia authorizing the issuance of bonds<\/span> for capital projects of the Commonwealth or any state agency<\/span>, institution, board, or authority (a “state instrumentality”) where debt service payments on the bonds<\/span> are expected to be made in whole or in part from appropriations of the Commonwealth, the Board, with the consent of the Governor, may borrow money in anticipation of the issuance of the bonds<\/span> to provide funds, with any other available funds, to pay the costs of acquiring, constructing, renovating, enlarging, improving, and equipping any one or more of the capital projects for which such bonds<\/span> have been authorized. Any such borrowing shall be evidenced by notes of the Commonwealth that shall be in such form, shall be executed in such manner, shall bear interest at such rates, either at fixed rates or at rates established by formula or other method, and may contain such other provisions, all as the Board, or the State Treasurer when authorized by the Board, may determine. Such notes may bear interest at a rate subject to inclusion in gross income for federal income tax purposes as determined by the Board, with the consent of the Governor. Such notes may be made payable from the proceeds of the bonds<\/span>, other notes, or other sources of funds authorized by the General Assembly. The proceeds of the notes, to the extent not required to pay the principal or interest on maturing notes, or expenses associated therewith, shall be paid or otherwise made available to the Commonwealth or appropriate state instrumentality to pay the costs of such capital projects. However, the undertaking and obligation of (i) the Board to make such note proceeds available to the state instrumentality and (ii) the state instrumentality to pay or provide for the payment of the interest and principal coming due on the notes and to issue<\/span> its own bonds<\/span> or otherwise retire the notes within five years of the date of their initial issuance shall be set forth in a written agreement between the Board and the state instrumentality. No such notes shall be issued by the Board for or on behalf of a state instrumentality unless the Board first determines that such written agreement provides reasonable assurance of the full and timely payment of the debt service on the notes.\n\t\tNo law<\/span> authorizing the issuance of bonds<\/span> and notes for which bond<\/span> anticipation notes have been issued by the Board shall be repealed or otherwise vitiated without first providing for the payment of the related bond<\/span> anticipation notes of the Board.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nUSE OF BOND ANTICIPATION NOTES BY THE TREASURY BOARD (\u00a7 2.2-2418)\n\nWhenever the General Assembly has enacted legislation pursuant to Article X,\nSection 9 (b), (c), or (d) of the Constitution of Virginia authorizing the\nissuance of bonds for capital projects of the Commonwealth or any state agency,\ninstitution, board, or authority (a “state instrumentality”) where\ndebt service payments on the bonds are expected to be made in whole or in part\nfrom appropriations of the Commonwealth, the Board, with the consent of the\nGovernor, may borrow money in anticipation of the issuance of the bonds to\nprovide funds, with any other available funds, to pay the costs of acquiring,\nconstructing, renovating, enlarging, improving, and equipping any one or more of\nthe capital projects for which such bonds have been authorized. Any such\nborrowing shall be evidenced by notes of the Commonwealth that shall be in such\nform, shall be executed in such manner, shall bear interest at such rates,\neither at fixed rates or at rates established by formula or other method, and\nmay contain such other provisions, all as the Board, or the State Treasurer when\nauthorized by the Board, may determine. Such notes may bear interest at a rate\nsubject to inclusion in gross income for federal income tax purposes as\ndetermined by the Board, with the consent of the Governor. Such notes may be\nmade payable from the proceeds of the bonds, other notes, or other sources of\nfunds authorized by the General Assembly. The proceeds of the notes, to the\nextent not required to pay the principal or interest on maturing notes, or\nexpenses associated therewith, shall be paid or otherwise made available to the\nCommonwealth or appropriate state instrumentality to pay the costs of such\ncapital projects. However, the undertaking and obligation of (i) the Board to\nmake such note proceeds available to the state instrumentality and (ii) the\nstate instrumentality to pay or provide for the payment of the interest and\nprincipal coming due on the notes and to issue its own bonds or otherwise retire\nthe notes within five years of the date of their initial issuance shall be set\nforth in a written agreement between the Board and the state instrumentality. No\nsuch notes shall be issued by the Board for or on behalf of a state\ninstrumentality unless the Board first determines that such written agreement\nprovides reasonable assurance of the full and timely payment of the debt service\non the notes.\n\t\tNo law authorizing the issuance of bonds and notes for which bond anticipation\nnotes have been issued by the Board shall be repealed or otherwise vitiated\nwithout first providing for the payment of the related bond anticipation notes\nof the Board.\n\nHISTORY: 1991, c. 554, \u00a7 2.1-179.3; 1996, cc. 636, 656; 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}}