{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/22.1-166.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/22.1-166.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/22.1-166.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/22.1-166.html"}],"law_id":69519,"edition_id":1,"section_id":69519,"structure_id":14222,"section_number":"22.1-166","catch_line":"Purchase and sale of local school bonds","history":"Code 1950, \u00a7 22-29.6; 1962, c. 194; 1971, Ex. Sess., c. 87; 1972, c. 745; 1975, c. 434; 1976, c. 491; 1980, c. 559; 1989, c. 456.","full_text":"The Authority is authorized to purchase local school bonds with any funds of the Authority available for such purpose, at public or private sale and for such price and on such terms as it shall determine. The Authority may pledge to the payment of the interest on and the principal of any bonds of the Authority all or any part of the local school bonds so purchased, including payments of principal and interest thereon as they shall become due. The Authority may also, subject to any such pledge, sell any such local school bonds so purchased and apply the proceeds of such sale in the purchase of other like local school bonds or for such purpose and in such manner as shall be provided by any resolution authorizing the issuance of bonds of the Authority, or the Authority may transfer such proceeds to the Literary Fund. For the purpose of Article VII, Section 10(b) of the Constitution of Virginia, the Authority shall be deemed a state agency authorized to purchase bonds issued with the consent of the school board and the governing body of the county by or on behalf of a county or district thereof for capital projects for school purposes.\n\t\tNotwithstanding the provisions of any general or special law to the contrary, any city completely surrounded by a county having the urban county executive form of government may finance capital projects for school purposes through the Authority without the requirement of a voter referendum if the financing for the capital project is requested by both the city council and the school board.\n\t\tThe proceeds of all local school bonds issued pursuant to this chapter prior to July 1, 1975, may be used for any capital project for public schools as provided in the resolution by which their issuance was authorized.","order_by":null,"text":{"0":{"id":251341,"text":"The Authority is authorized to purchase local school bonds with any funds of the Authority available for such purpose, at public or private sale and for such price and on such terms as it shall determine. The Authority may pledge to the payment of the interest on and the principal of any bonds of the Authority all or any part of the local school bonds so purchased, including payments of principal and interest thereon as they shall become due. The Authority may also, subject to any such pledge, sell any such local school bonds so purchased and apply the proceeds of such sale in the purchase of other like local school bonds or for such purpose and in such manner as shall be provided by any resolution authorizing the issuance of bonds of the Authority, or the Authority may transfer such proceeds to the Literary Fund. For the purpose of Article VII, Section 10(b) of the Constitution of Virginia, the Authority shall be deemed a state agency authorized to purchase bonds issued with the consent of the school board and the governing body of the county by or on behalf of a county or district thereof for capital projects for school purposes.\n\t\tNotwithstanding the provisions of any general or special law to the contrary, any city completely surrounded by a county having the urban county executive form of government may finance capital projects for school purposes through the Authority without the requirement of a voter referendum if the financing for the capital project is requested by both the city council and the school board.\n\t\tThe proceeds of all local school bonds issued pursuant to this chapter prior to July 1, 1975, may be used for any capital project for public schools as provided in the resolution by which their issuance was authorized.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14222,"edition_id":1,"name":"Virginia Public School Authority","identifier":"11","label":"chapter","depth":2,"order_by":1,"parent_id":12823,"metadata":{},"date_created":"2026-06-26 03:47:21","date_modified":"2026-06-26 03:47:21","permalink":{"id":181141,"object_type":"structure","relational_id":14222,"identifier":"11","token":"22.1\/11","url":"\/22.1\/11\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12823,"edition_id":1,"name":"Education","identifier":"22.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:55","date_modified":"2026-06-26 03:43:55","permalink":{"id":180949,"object_type":"structure","relational_id":12823,"identifier":"22.1","token":"22.1","url":"\/22.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":60646,"structure_id":14222,"section_number":"22.1-162","catch_line":"Definitions","url":"\/22.1-162\/","token":"22.1\/11\/22.1-162","metadata":false},{"id":55683,"structure_id":14222,"section_number":"22.1-163","catch_line":"Authority created; public body corporate and agency of Commonwealth","url":"\/22.1-163\/","token":"22.1\/11\/22.1-163","metadata":false},{"id":68781,"structure_id":14222,"section_number":"22.1-164","catch_line":"Board of Commissioners; membership; terms; compensation and expenses; chairman and vice-chairman; quorum; employees, agents, etc","url":"\/22.1-164\/","token":"22.1\/11\/22.1-164","metadata":false},{"id":79420,"structure_id":14222,"section_number":"22.1-165","catch_line":"Management and administration of moneys, etc., transferred from Literary Fund","url":"\/22.1-165\/","token":"22.1\/11\/22.1-165","metadata":false},{"id":69519,"structure_id":14222,"section_number":"22.1-166","catch_line":"Purchase and sale of local school bonds","url":"\/22.1-166\/","token":"22.1\/11\/22.1-166","metadata":false},{"id":61249,"structure_id":14222,"section_number":"22.1-166.1","catch_line":"Loans to local school boards","url":"\/22.1-166.1\/","token":"22.1\/11\/22.1-166.1","metadata":false},{"id":71860,"structure_id":14222,"section_number":"22.1-166.2","catch_line":"Grants to local school boards","url":"\/22.1-166.2\/","token":"22.1\/11\/22.1-166.2","metadata":false},{"id":78885,"structure_id":14222,"section_number":"22.1-167","catch_line":"Issuance of bonds of Authority","url":"\/22.1-167\/","token":"22.1\/11\/22.1-167","metadata":false},{"id":73854,"structure_id":14222,"section_number":"22.1-167.1","catch_line":"Refunding issues; pass-through of savings realized","url":"\/22.1-167.1\/","token":"22.1\/11\/22.1-167.1","metadata":false},{"id":85235,"structure_id":14222,"section_number":"22.1-167.2","catch_line":"Security for payment; appropriations","url":"\/22.1-167.2\/","token":"22.1\/11\/22.1-167.2","metadata":false},{"id":68625,"structure_id":14222,"section_number":"22.1-167.3","catch_line":"Bonds or notes issued for the purpose of making grants; security for payment; appropriations","url":"\/22.1-167.3\/","token":"22.1\/11\/22.1-167.3","metadata":false},{"id":73276,"structure_id":14222,"section_number":"22.1-168","catch_line":"Security for payment and bonds; provisions of trust indenture or resolution of Board","url":"\/22.1-168\/","token":"22.1\/11\/22.1-168","metadata":false},{"id":80085,"structure_id":14222,"section_number":"22.1-168.1","catch_line":"Reserve fund; limitations","url":"\/22.1-168.1\/","token":"22.1\/11\/22.1-168.1","metadata":false},{"id":59087,"structure_id":14222,"section_number":"22.1-169","catch_line":"Investment of funds","url":"\/22.1-169\/","token":"22.1\/11\/22.1-169","metadata":false},{"id":69727,"structure_id":14222,"section_number":"22.1-170","catch_line":"Repayments to Literary Fund","url":"\/22.1-170\/","token":"22.1\/11\/22.1-170","metadata":false},{"id":74494,"structure_id":14222,"section_number":"22.1-171","catch_line":"Powers of Authority enumerated","url":"\/22.1-171\/","token":"22.1\/11\/22.1-171","metadata":false},{"id":72150,"structure_id":14222,"section_number":"22.1-172","catch_line":"Bonds exempt from taxation","url":"\/22.1-172\/","token":"22.1\/11\/22.1-172","metadata":false},{"id":72965,"structure_id":14222,"section_number":"22.1-173","catch_line":"Bonds legal investments","url":"\/22.1-173\/","token":"22.1\/11\/22.1-173","metadata":false},{"id":77783,"structure_id":14222,"section_number":"22.1-174","catch_line":"Jurisdiction of suits against Authority; service of process","url":"\/22.1-174\/","token":"22.1\/11\/22.1-174","metadata":false},{"id":55435,"structure_id":14222,"section_number":"22.1-175","catch_line":"Transfers from Literary Fund to Authority","url":"\/22.1-175\/","token":"22.1\/11\/22.1-175","metadata":false}],"previous_section":{"id":79420,"structure_id":14222,"section_number":"22.1-165","catch_line":"Management and administration of moneys, etc., transferred from Literary Fund","url":"\/22.1-165\/","token":"22.1\/11\/22.1-165","metadata":false},"next_section":{"id":61249,"structure_id":14222,"section_number":"22.1-166.1","catch_line":"Loans to local school boards","url":"\/22.1-166.1\/","token":"22.1\/11\/22.1-166.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/22.1-166\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 6 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 1962, chapter 194; in 1972, chapter 745; in 1975, chapter 434; in 1976, chapter 491; in 1980, chapter 559; in 1989, chapter 456.<\/p>","references":[{"id":78885,"section_number":"22.1-167","catch_line":"Issuance of bonds of Authority","order_by":null,"url":"\/22.1-167\/"}],"refers_to":false,"permalink":{"id":181159,"object_type":"law","relational_id":69519,"identifier":"22.1-166","token":"22.1\/11\/22.1-166","url":"\/22.1-166\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/22.1-166\/","token":"22.1\/11\/22.1-166","dublin_core":{"Title":"Purchase and sale of local school bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 22.1-166","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The Authority is authorized to purchase local school bonds<\/span> with any funds of the Authority available for such purpose, at public or private sale and for such price and on such terms as it shall determine. The Authority may pledge to the payment of the interest on and the principal of any bonds of the Authority<\/span> all or any part of the local school bonds<\/span> so purchased, including payments of principal and interest thereon as they shall become due. The Authority may also, subject to any such pledge, sell any such local school bonds<\/span> so purchased and apply the proceeds of such sale in the purchase of other like local school bonds<\/span> or for such purpose and in such manner as shall be provided by any resolution authorizing the issuance of bonds of the Authority<\/span>, or the Authority may transfer such proceeds to the Literary Fund. For the purpose of Article VII, Section 10(b) of the Constitution of Virginia, the Authority shall be deemed a state agency authorized to purchase bonds issued with the consent of the school board<\/span> and the governing body<\/span> of the county by or on behalf of a county or district thereof for capital projects for school purposes.\n\t\tNotwithstanding the provisions of any general or special law<\/span> to the contrary, any city completely surrounded by a county having the urban county executive form of government may finance capital projects for school purposes through the Authority without the requirement of a voter referendum<\/span> if the financing for the capital project is requested by both the city council and the school board<\/span>.\n\t\tThe proceeds of all local school bonds<\/span> issued pursuant to this chapter prior to July 1, 1975, may be used for any capital project for public schools as provided in the resolution by which their issuance was authorized.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPURCHASE AND SALE OF LOCAL SCHOOL BONDS (\u00a7 22.1-166)\n\nThe Authority is authorized to purchase local school bonds with any funds of the\nAuthority available for such purpose, at public or private sale and for such\nprice and on such terms as it shall determine. The Authority may pledge to the\npayment of the interest on and the principal of any bonds of the Authority all\nor any part of the local school bonds so purchased, including payments of\nprincipal and interest thereon as they shall become due. The Authority may also,\nsubject to any such pledge, sell any such local school bonds so purchased and\napply the proceeds of such sale in the purchase of other like local school bonds\nor for such purpose and in such manner as shall be provided by any resolution\nauthorizing the issuance of bonds of the Authority, or the Authority may\ntransfer such proceeds to the Literary Fund. For the purpose of Article VII,\nSection 10(b) of the Constitution of Virginia, the Authority shall be deemed a\nstate agency authorized to purchase bonds issued with the consent of the school\nboard and the governing body of the county by or on behalf of a county or\ndistrict thereof for capital projects for school purposes.\n\t\tNotwithstanding the provisions of any general or special law to the contrary,\nany city completely surrounded by a county having the urban county executive\nform of government may finance capital projects for school purposes through the\nAuthority without the requirement of a voter referendum if the financing for the\ncapital project is requested by both the city council and the school board.\n\t\tThe proceeds of all local school bonds issued pursuant to this chapter prior\nto July 1, 1975, may be used for any capital project for public schools as\nprovided in the resolution by which their issuance was authorized.\n\nHISTORY: Code 1950, \u00a7 22-29.6; 1962, c. 194; 1971, Ex. Sess., c. 87; 1972, c.\n745; 1975, c. 434; 1976, c. 491; 1980, c. 559; 1989, c. 456.","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}}