{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-5002.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-5002.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-5002.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-5002.1.html"}],"law_id":78157,"edition_id":1,"section_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","history":"2012, c. 324.","full_text":"A\n\nAs used in this section, unless the context requires a different meaning:\n\t\t\t“De minimis amount” means an amount not to exceed two percent of the principal amount of tax-supported debt to be issued or incurred as part of the same series or issue;\n\t\t\t“Net original issue premium” means the amount in excess of the principal amount of an issue or series of tax-supported debt to be paid by the initial purchaser or purchasers at original issuance or incurrence, less (i) the accrued interest, if any, on such tax-supported debt and (ii) any discount or discounts received by the initial purchaser or purchasers on any maturities or portions of such tax-supported debt; and\n\t\t\t“Tax-supported debt” means, collectively, bonds, notes or other obligations constituting tax-supported debt within the meaning of § 2.2-4903 issued or incurred on or after July 1, 2012.B\n\nNotwithstanding any provision to the contrary contained in any general or special law of the Commonwealth, each state agency, institution, board, or authority that has been authorized to issue or incur or have outstanding tax-supported debt at one time or from time to time up to a specific principal amount or aggregate principal amount, shall in determining compliance with such authorization treat as principal the amount of any net original issue premium in excess of a de minimis amount received from the issuance or incurrence of such tax-supported debt.C\n\nThe provisions of this section shall not apply to refunding tax-supported debt, which, to the extent otherwise authorized by law, may be issued or incurred with or without original issue premium in a principal amount up to the amount necessary to pay at maturity or redeem the tax-supported debt to be refunded and pay all issuance costs and other financing expenses of the refunding.D\n\nThe Treasury Board shall have the power to establish guidelines to carry out the intent of this section.","order_by":null,"text":{"0":{"id":280176,"text":"As used in this section, unless the context requires a different meaning:\n\t\t\t“De minimis amount” means an amount not to exceed two percent of the principal amount of tax-supported debt to be issued or incurred as part of the same series or issue;\n\t\t\t“Net original issue premium” means the amount in excess of the principal amount of an issue or series of tax-supported debt to be paid by the initial purchaser or purchasers at original issuance or incurrence, less (i) the accrued interest, if any, on such tax-supported debt and (ii) any discount or discounts received by the initial purchaser or purchasers on any maturities or portions of such tax-supported debt; and\n\t\t\t“Tax-supported debt” means, collectively, bonds, notes or other obligations constituting tax-supported debt within the meaning of § 2.2-4903 issued or incurred on or after July 1, 2012.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":280177,"text":"Notwithstanding any provision to the contrary contained in any general or special law of the Commonwealth, each state agency, institution, board, or authority that has been authorized to issue or incur or have outstanding tax-supported debt at one time or from time to time up to a specific principal amount or aggregate principal amount, shall in determining compliance with such authorization treat as principal the amount of any net original issue premium in excess of a de minimis amount received from the issuance or incurrence of such tax-supported debt.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":280178,"text":"The provisions of this section shall not apply to refunding tax-supported debt, which, to the extent otherwise authorized by law, may be issued or incurred with or without original issue premium in a principal amount up to the amount necessary to pay at maturity or redeem the tax-supported debt to be refunded and pay all issuance costs and other financing expenses of the refunding.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":280179,"text":"The Treasury Board shall have the power to establish guidelines to carry out the intent of this section.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"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}],"previous_section":{"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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-5002.1\/","history_text":"

This law was first created in 2012. The record of its establishment is cataloged in chapter 324<\/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":[{"id":62784,"section_number":"2.2-4903","catch_line":"Governor's consideration of tax-supported debt","order_by":null,"url":"\/2.2-4903\/"}],"permalink":{"id":177737,"object_type":"law","relational_id":78157,"identifier":"2.2-5002.1","token":"2.2\/II\/B\/50\/2.2-5002.1","url":"\/2.2-5002.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-5002.1\/","token":"2.2\/II\/B\/50\/2.2-5002.1","dublin_core":{"Title":"Commonwealth tax-supported debt authorizations and treatment of net original issue premium","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-5002.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> As used in this section, unless the context requires a different meaning:\n\t\t\t“De minimis amount<\/span>” means an amount not to exceed two percent of the principal amount of tax-supported debt to be issued or incurred as part of the same series or issue;\n\t\t\t“Net original issue premium<\/span>” means the amount in excess of the principal amount of an issue or series of tax-supported debt to be paid by the initial purchaser or purchasers at original issuance or incurrence, less (i) the accrued interest, if any, on such tax-supported debt and (ii) any discount or discounts received by the initial purchaser or purchasers on any maturities or portions of such tax-supported debt; and\n\t\t\t“Tax-supported debt” means, collectively, bonds<\/span>, notes or other obligations constituting tax-supported debt within the meaning of § 2.2-4903<\/a> issued or incurred on or after July 1, 2012. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Notwithstanding any provision to the contrary contained in any general or special law<\/span> of the Commonwealth, each state agency<\/span>, institution, board, or authority that has been authorized to issue or incur or have outstanding tax-supported debt at one time or from time to time up to a specific principal amount or aggregate principal amount, shall in determining compliance with such authorization treat as principal the amount of any net original issue premium<\/span> in excess of a de minimis amount<\/span> received from the issuance or incurrence of such tax-supported debt. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The provisions of this section shall not apply to refunding tax-supported debt, which, to the extent otherwise authorized by law<\/span>, may be issued or incurred with or without original issue premium in a principal amount up to the amount necessary to pay at maturity or redeem the tax-supported debt to be refunded and pay all issuance costs and other financing expenses of the refunding. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The Treasury Board shall have the power to establish guidelines to carry out the intent<\/span> of this section. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCOMMONWEALTH TAX-SUPPORTED DEBT AUTHORIZATIONS AND TREATMENT OF NET ORIGINAL\nISSUE PREMIUM (\u00a7 2.2-5002.1)\n\nA. As used in this section, unless the context requires a different meaning:\n\t\t\t“De minimis amount” means an amount not to exceed two percent of\nthe principal amount of tax-supported debt to be issued or incurred as part of\nthe same series or issue;\n\t\t\t“Net original issue premium” means the amount in excess of the\nprincipal amount of an issue or series of tax-supported debt to be paid by the\ninitial purchaser or purchasers at original issuance or incurrence, less (i) the\naccrued interest, if any, on such tax-supported debt and (ii) any discount or\ndiscounts received by the initial purchaser or purchasers on any maturities or\nportions of such tax-supported debt; and\n\t\t\t“Tax-supported debt” means, collectively, bonds, notes or other\nobligations constituting tax-supported debt within the meaning of §\n2.2-4903 issued or incurred on or after July 1, 2012.\n\nB. Notwithstanding any provision to the contrary contained in any general or\nspecial law of the Commonwealth, each state agency, institution, board, or\nauthority that has been authorized to issue or incur or have outstanding\ntax-supported debt at one time or from time to time up to a specific principal\namount or aggregate principal amount, shall in determining compliance with such\nauthorization treat as principal the amount of any net original issue premium in\nexcess of a de minimis amount received from the issuance or incurrence of such\ntax-supported debt.\n\nC. The provisions of this section shall not apply to refunding tax-supported\ndebt, which, to the extent otherwise authorized by law, may be issued or\nincurred with or without original issue premium in a principal amount up to the\namount necessary to pay at maturity or redeem the tax-supported debt to be\nrefunded and pay all issuance costs and other financing expenses of the\nrefunding.\n\nD. The Treasury Board shall have the power to establish guidelines to carry out\nthe intent of this section.\n\nHISTORY: 2012, c. 324.","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}}