{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-5000.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-5000.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-5000.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-5000.html"}],"law_id":76910,"edition_id":1,"section_id":76910,"structure_id":15974,"section_number":"2.2-5000","catch_line":"Governmental instrumentalities authorized to issue bonds, etc., at rates of interest in excess of legal limits; sale of such bonds","history":"1970, c. 1, \u00a7 2.1-326.1; 1990, c. 712; 2001, c. 844.","full_text":"A\n\nNotwithstanding any limitation contained in any general or special law or in any charter of any city or town of the Commonwealth, a governmental instrumentality, which under law has the power to issue bonds, notes or other obligations (herein collectively called “bonds”) to provide funds to carry out its public purposes, may issue such bonds at such rates of interest in excess of the rates now permitted by law as may be determined by the governing body empowered under law to authorize the issuance of bonds of such governmental instrumentality and to sell the bonds for a price it determines to be for the best interests of the Commonwealth and of such governmental instrumentality.B\n\nFor the purposes of this chapter, “governmental instrumentality” means each department, institution, commission, public corporate instrumentality or agency of the Commonwealth and every political subdivision of the Commonwealth including, but not limited to, each public authority and district and each county, city or town or instrumentality thereof.","order_by":null,"text":{"0":{"id":276052,"text":"Notwithstanding any limitation contained in any general or special law or in any charter of any city or town of the Commonwealth, a governmental instrumentality, which under law has the power to issue bonds, notes or other obligations (herein collectively called “bonds”) to provide funds to carry out its public purposes, may issue such bonds at such rates of interest in excess of the rates now permitted by law as may be determined by the governing body empowered under law to authorize the issuance of bonds of such governmental instrumentality and to sell the bonds for a price it determines to be for the best interests of the Commonwealth and of such governmental instrumentality.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":276053,"text":"For the purposes of this chapter, “governmental instrumentality” means each department, institution, commission, public corporate instrumentality or agency of the Commonwealth and every political subdivision of the Commonwealth including, but not limited to, each public authority and district and each county, city or town or instrumentality thereof.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":15974,"edition_id":1,"name":"Interest on Certain Obligations of Government Instrumentalities","identifier":"50","label":"chapter","depth":4,"order_by":1,"parent_id":12751,"metadata":{},"date_created":"2026-06-26 04:03:05","date_modified":"2026-06-26 04:03:05","permalink":{"id":177723,"object_type":"structure","relational_id":15974,"identifier":"50","token":"2.2\/II\/B\/50","url":"\/2.2\/II\/B\/50\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12751,"edition_id":1,"name":"Transaction of Public Business","identifier":"B","label":"part","depth":3,"order_by":1,"parent_id":12750,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":176445,"object_type":"structure","relational_id":12751,"identifier":"B","token":"2.2\/II\/B","url":"\/2.2\/II\/B\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12750,"edition_id":1,"name":"Administration of State Government","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12749,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":176253,"object_type":"structure","relational_id":12750,"identifier":"II","token":"2.2\/II","url":"\/2.2\/II\/","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":76910,"structure_id":15974,"section_number":"2.2-5000","catch_line":"Governmental instrumentalities authorized to issue bonds, etc., at rates of interest in excess of legal limits; sale of such bonds","url":"\/2.2-5000\/","token":"2.2\/II\/B\/50\/2.2-5000","metadata":false},{"id":62303,"structure_id":15974,"section_number":"2.2-5001","catch_line":"Manner of exercising authority","url":"\/2.2-5001\/","token":"2.2\/II\/B\/50\/2.2-5001","metadata":false},{"id":63107,"structure_id":15974,"section_number":"2.2-5002","catch_line":"Power to issue obligations not to be denied because interest is subject to federal income taxation","url":"\/2.2-5002\/","token":"2.2\/II\/B\/50\/2.2-5002","metadata":false},{"id":78157,"structure_id":15974,"section_number":"2.2-5002.1","catch_line":"Commonwealth tax-supported debt authorizations and treatment of net original issue premium","url":"\/2.2-5002.1\/","token":"2.2\/II\/B\/50\/2.2-5002.1","metadata":false},{"id":80894,"structure_id":15974,"section_number":"2.2-5003","catch_line":"Chapter controlling over inconsistent laws; powers supplemental","url":"\/2.2-5003\/","token":"2.2\/II\/B\/50\/2.2-5003","metadata":false}],"next_section":{"id":62303,"structure_id":15974,"section_number":"2.2-5001","catch_line":"Manner of exercising authority","url":"\/2.2-5001\/","token":"2.2\/II\/B\/50\/2.2-5001","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-5000\/","history_text":"

This law was first created in 1970. The record of its establishment is cataloged in chapter 1 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 1970 \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 1990, chapter 712; in 2001, chapter 844<\/a>.<\/p>","references":[{"id":55541,"section_number":"21-118.4","catch_line":"Certain additional powers of governing body","order_by":null,"url":"\/21-118.4\/"}],"refers_to":false,"permalink":{"id":177725,"object_type":"law","relational_id":76910,"identifier":"2.2-5000","token":"2.2\/II\/B\/50\/2.2-5000","url":"\/2.2-5000\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-5000\/","token":"2.2\/II\/B\/50\/2.2-5000","dublin_core":{"Title":"Governmental instrumentalities authorized to issue bonds, etc., at rates of interest in excess of legal limits; sale of such bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-5000","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Notwithstanding any limitation contained in any general or special law<\/span> or in any charter of any city or town of the Commonwealth, a governmental instrumentality<\/span>, which under law<\/span> has the power to issue<\/span> bonds<\/span>, notes or other obligations (herein collectively called “bonds<\/span>”) to provide funds to carry out its public purposes, may issue<\/span> such bonds<\/span> at such rates of interest in excess of the rates now permitted by law<\/span> as may be determined by the governing body empowered under law<\/span> to authorize the issuance of bonds<\/span> of such governmental instrumentality<\/span> and to sell the bonds<\/span> for a price it determines to be for the best interests of the Commonwealth and of such governmental instrumentality<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> For the purposes of this chapter, “governmental instrumentality<\/span>” means each department, institution, commission, public corporate instrumentality or agency of the Commonwealth and every political subdivision of the Commonwealth including, but not limited to, each public authority and district and each county, city or town or instrumentality thereof. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nGOVERNMENTAL INSTRUMENTALITIES AUTHORIZED TO ISSUE BONDS, ETC., AT RATES OF\nINTEREST IN EXCESS OF LEGAL LIMITS; SALE OF SUCH BONDS (\u00a7 2.2-5000)\n\nA. Notwithstanding any limitation contained in any general or special law or in\nany charter of any city or town of the Commonwealth, a governmental\ninstrumentality, which under law has the power to issue bonds, notes or other\nobligations (herein collectively called “bonds”) to provide funds to\ncarry out its public purposes, may issue such bonds at such rates of interest in\nexcess of the rates now permitted by law as may be determined by the governing\nbody empowered under law to authorize the issuance of bonds of such governmental\ninstrumentality and to sell the bonds for a price it determines to be for the\nbest interests of the Commonwealth and of such governmental instrumentality.\n\nB. For the purposes of this chapter, “governmental instrumentality”\nmeans each department, institution, commission, public corporate instrumentality\nor agency of the Commonwealth and every political subdivision of the\nCommonwealth including, but not limited to, each public authority and district\nand each county, city or town or instrumentality thereof.\n\nHISTORY: 1970, c. 1, \u00a7 2.1-326.1; 1990, c. 712; 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}}