{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/22.1-167.3.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/22.1-167.3.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/22.1-167.3.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/22.1-167.3.html"}],"law_id":68625,"edition_id":1,"section_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","history":"2001, cc. 431, 456.","full_text":"A\n\nThe Authority is authorized to pledge to the bonds or notes of the Authority (i) authorized under the provisions of a resolution adopted subsequent to June 30, 2000, for the purpose described in § 22.1-166.2, (ii) issued subsequent to June 30, 2000, and (iii) not benefiting from the provisions of either clause (iii) or (iv) of § 22.1-168, or § 22.1-168.1, in addition to other sources available for such purpose, any funds in the general fund of the Commonwealth appropriated for such purpose.B\n\nThe Governor’s budget bill presented each year to the General Assembly pursuant to § 2.2-1509 shall include an appropriation to the Authority of a sum sufficient from the general fund of the Commonwealth to cure any shortfall in pledged primary revenues on any debt service payment date on the bonds or notes of the Authority described by this section. A shortfall in pledged primary revenues shall exist when the available moneys in the Literary Fund as of such date are less than the amount required to pay the debt service due on such bonds or notes on such date. For purposes of this subsection “available moneys in the Literary Fund” means moneys remaining after the payment, or provision for payment, of debt service on bonds or notes like those described in this section and payable from the Literary Fund, but issued prior to July 1, 2000.C\n\nOn or before September 30 of each year, the Authority shall submit to the Governor and the chairmen of the House Committee on Appropriations, the House Committee on Finance, and the Senate Committee on Finance and Appropriations a report as of the end of the prior fiscal year detailing the total amount of the Authority’s outstanding bonds and notes secured by an appropriation of a sum sufficient from the general fund of the Commonwealth as described in subsection B. The report shall also describe any instances where any such appropriation has been used.","order_by":null,"text":{"0":{"id":248367,"text":"The Authority is authorized to pledge to the bonds or notes of the Authority (i) authorized under the provisions of a resolution adopted subsequent to June 30, 2000, for the purpose described in § 22.1-166.2, (ii) issued subsequent to June 30, 2000, and (iii) not benefiting from the provisions of either clause (iii) or (iv) of § 22.1-168, or § 22.1-168.1, in addition to other sources available for such purpose, any funds in the general fund of the Commonwealth appropriated for such purpose.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":248368,"text":"The Governor’s budget bill presented each year to the General Assembly pursuant to § 2.2-1509 shall include an appropriation to the Authority of a sum sufficient from the general fund of the Commonwealth to cure any shortfall in pledged primary revenues on any debt service payment date on the bonds or notes of the Authority described by this section. A shortfall in pledged primary revenues shall exist when the available moneys in the Literary Fund as of such date are less than the amount required to pay the debt service due on such bonds or notes on such date. For purposes of this subsection “available moneys in the Literary Fund” means moneys remaining after the payment, or provision for payment, of debt service on bonds or notes like those described in this section and payable from the Literary Fund, but issued prior to July 1, 2000.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":248369,"text":"On or before September 30 of each year, the Authority shall submit to the Governor and the chairmen of the House Committee on Appropriations, the House Committee on Finance, and the Senate Committee on Finance and Appropriations a report as of the end of the prior fiscal year detailing the total amount of the Authority’s outstanding bonds and notes secured by an appropriation of a sum sufficient from the general fund of the Commonwealth as described in subsection B. The report shall also describe any instances where any such appropriation has been used.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/22.1-167.3\/","history_text":"

This law was first created in 2001. The record of its establishment is cataloged in chapters 431<\/a> and 456<\/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":59447,"section_number":"2.2-1509","catch_line":"Budget Bill","order_by":null,"url":"\/2.2-1509\/"},{"id":71860,"section_number":"22.1-166.2","catch_line":"Grants to local school boards","order_by":null,"url":"\/22.1-166.2\/"},{"id":73276,"section_number":"22.1-168","catch_line":"Security for payment and bonds; provisions of trust indenture or resolution of Board","order_by":null,"url":"\/22.1-168\/"},{"id":80085,"section_number":"22.1-168.1","catch_line":"Reserve fund; limitations","order_by":null,"url":"\/22.1-168.1\/"}],"permalink":{"id":181183,"object_type":"law","relational_id":68625,"identifier":"22.1-167.3","token":"22.1\/11\/22.1-167.3","url":"\/22.1-167.3\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/22.1-167.3\/","token":"22.1\/11\/22.1-167.3","dublin_core":{"Title":"Bonds or notes issued for the purpose of making grants; security for payment; appropriations","Type":"Text","Format":"text\/html","Identifier":"\u00a7 22.1-167.3","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Authority<\/span> is authorized to pledge to the bonds<\/span> or notes of the Authority<\/span> (i) authorized under the provisions of a resolution adopted subsequent to June 30, 2000, for the purpose described in § 22.1-166.2<\/a>, (ii) issued subsequent to June 30, 2000, and (iii) not benefiting from the provisions of either clause (iii) or (iv) of § 22.1-168<\/a>, or § 22.1-168.1<\/a>, in addition to other sources available for such purpose, any funds in the general fund of the Commonwealth appropriated for such purpose. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Governor’s budget bill presented each year to the General Assembly pursuant to § 2.2-1509<\/a> shall include an appropriation to the Authority<\/span> of a sum sufficient from the general fund of the Commonwealth to cure any shortfall in pledged primary revenues on any debt service payment date on the bonds<\/span> or notes of the Authority<\/span> described by this section. A shortfall in pledged primary revenues shall exist when the available moneys in the Literary Fund<\/span> as of such date are less than the amount required to pay the debt service due on such bonds<\/span> or notes on such date. For purposes of this subsection “available moneys in the Literary Fund<\/span>” means moneys remaining after the payment, or provision for payment, of debt service on bonds<\/span> or notes like those described in this section and payable from the Literary Fund, but issued prior to July 1, 2000. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> On or before September 30 of each year, the Authority<\/span> shall submit to the Governor and the chairmen of the House Committee on Appropriations, the House Committee on Finance, and the Senate Committee on Finance and Appropriations a report as of the end of the prior fiscal year detailing the total amount of the Authority<\/span>’s outstanding bonds<\/span> and notes secured by an appropriation of a sum sufficient from the general fund of the Commonwealth as described in subsection B. The report shall also describe any instances where any such appropriation has been used. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBONDS OR NOTES ISSUED FOR THE PURPOSE OF MAKING GRANTS; SECURITY FOR PAYMENT;\nAPPROPRIATIONS (\u00a7 22.1-167.3)\n\nA. The Authority is authorized to pledge to the bonds or notes of the Authority\n(i) authorized under the provisions of a resolution adopted subsequent to June\n30, 2000, for the purpose described in § 22.1-166.2, (ii) issued subsequent\nto June 30, 2000, and (iii) not benefiting from the provisions of either clause\n(iii) or (iv) of § 22.1-168, or § 22.1-168.1, in addition to other\nsources available for such purpose, any funds in the general fund of the\nCommonwealth appropriated for such purpose.\n\nB. The Governor’s budget bill presented each year to the General Assembly\npursuant to § 2.2-1509 shall include an appropriation to the Authority of a\nsum sufficient from the general fund of the Commonwealth to cure any shortfall\nin pledged primary revenues on any debt service payment date on the bonds or\nnotes of the Authority described by this section. A shortfall in pledged primary\nrevenues shall exist when the available moneys in the Literary Fund as of such\ndate are less than the amount required to pay the debt service due on such bonds\nor notes on such date. For purposes of this subsection “available moneys\nin the Literary Fund” means moneys remaining after the payment, or\nprovision for payment, of debt service on bonds or notes like those described in\nthis section and payable from the Literary Fund, but issued prior to July 1,\n2000.\n\nC. On or before September 30 of each year, the Authority shall submit to the\nGovernor and the chairmen of the House Committee on Appropriations, the House\nCommittee on Finance, and the Senate Committee on Finance and Appropriations a\nreport as of the end of the prior fiscal year detailing the total amount of the\nAuthority’s outstanding bonds and notes secured by an appropriation of a\nsum sufficient from the general fund of the Commonwealth as described in\nsubsection B. The report shall also describe any instances where any such\nappropriation has been used.\n\nHISTORY: 2001, cc. 431, 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}}