{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/22.1-167.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/22.1-167.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/22.1-167.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/22.1-167.html"}],"law_id":78885,"edition_id":1,"section_id":78885,"structure_id":14222,"section_number":"22.1-167","catch_line":"Issuance of bonds of Authority","history":"Code 1950, \u00a7 22-29.7; 1962, c. 194; 1972, c. 745; 1980, c. 559; 1990, c. 909.","full_text":"In order to provide funds for the purchase of local school bonds as authorized by \u00a7 22.1-166, to provide funds for the making of loans to local school boards as authorized by \u00a7 22.1-166.1, or to provide funds for the making of grants to local school boards as authorized by \u00a7 22.1-166.2, the Board of Commissioners is hereby authorized to provide by resolution, at one time or from time to time, for the issuance of bonds of the Authority in such amount or amounts as the Board of Commissioners shall determine. Such bonds of the Authority shall be payable solely from funds of the Authority, including, without limitation, all or any combination of the following sources: (i) payments of principal of and interest on local school bonds purchased by the Authority, (ii) the proceeds of the sale of any such local school bonds, (iii) payments of principal of and interest on obligations transferred to the Authority from the Literary Fund, (iv) the proceeds of the sale of any such obligations, (v) any moneys transferred to the Authority from the Literary Fund, (vi) payments of principal of and interest on loans made to local school boards, and (vii) any funds authorized by the General Assembly from the Literary Fund or otherwise appropriated by the General Assembly, as shall be provided by the resolution of the Board of Commissioners authorizing any such bonds. Bonds of the Authority issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the faith or credit of the Commonwealth, and all bonds of the Authority shall contain on the face thereof a statement to the effect that neither the faith and credit nor the taxing power of the Commonwealth or of any political subdivision thereof is or shall be pledged to the payment of the principal of or the interest on such bonds.\n\t\tThe bonds of each issue shall be dated, shall bear interest and shall mature at such time or times, not exceeding thirty years from their date or dates, as may be determined by the Board of Commissioners and may be made redeemable before maturity, at the option of the Board of Commissioners, at such price or prices and under such terms and conditions as may be fixed by the Board of Commissioners prior to the issuance of the bonds. The principal and interest of such bonds may be made payable in any lawful medium. The Board of Commissioners shall determine the form of the bonds, including any interest coupons to be attached thereto, and the manner of execution of the bonds and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest thereof, which may be at the office of the State Treasurer or at any bank or trust company within or without the Commonwealth. If any officer whose signature or a facsimile of whose signature appears on any bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. All bonds issued under the provisions of this chapter shall have and are hereby declared to have, as between successive holders, all the qualities and incidents of negotiable instruments under the negotiable instruments law of the Commonwealth. The bonds may be issued in coupon or in registered form or both, as the Board of Commissioners may determine, and provision may be made for the registration of any coupon bonds as to principal alone and as to both principal and interest and for the reconversion of any bonds registered as to both principal and interest into coupon bonds. The Board of Commissioners may sell such bonds in such manner, either at public or at private sale, and for such price as it may determine to be for the best interests of the Authority. The proceeds of such bonds shall be disbursed for the purposes for which such bonds were issued under such restrictions, if any, as the resolution authorizing the issuance of such bonds or the trust indenture provided for in \u00a7 22.1-171 may provide. Prior to the preparation of definitive bonds, the Board of Commissioners may under like restrictions issue temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds shall have been executed and are available for delivery. The Board of Commissioners may also provide for the replacement of any bond which shall become mutilated or shall be destroyed or lost. Such bonds may be issued without any other proceedings or the happening of any other conditions or things than the proceedings, conditions, and things which are specified and required by this chapter.","order_by":null,"text":{"0":{"id":282544,"text":"In order to provide funds for the purchase of local school bonds as authorized by \u00a7 22.1-166, to provide funds for the making of loans to local school boards as authorized by \u00a7 22.1-166.1, or to provide funds for the making of grants to local school boards as authorized by \u00a7 22.1-166.2, the Board of Commissioners is hereby authorized to provide by resolution, at one time or from time to time, for the issuance of bonds of the Authority in such amount or amounts as the Board of Commissioners shall determine. Such bonds of the Authority shall be payable solely from funds of the Authority, including, without limitation, all or any combination of the following sources: (i) payments of principal of and interest on local school bonds purchased by the Authority, (ii) the proceeds of the sale of any such local school bonds, (iii) payments of principal of and interest on obligations transferred to the Authority from the Literary Fund, (iv) the proceeds of the sale of any such obligations, (v) any moneys transferred to the Authority from the Literary Fund, (vi) payments of principal of and interest on loans made to local school boards, and (vii) any funds authorized by the General Assembly from the Literary Fund or otherwise appropriated by the General Assembly, as shall be provided by the resolution of the Board of Commissioners authorizing any such bonds. Bonds of the Authority issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the faith or credit of the Commonwealth, and all bonds of the Authority shall contain on the face thereof a statement to the effect that neither the faith and credit nor the taxing power of the Commonwealth or of any political subdivision thereof is or shall be pledged to the payment of the principal of or the interest on such bonds.\n\t\tThe bonds of each issue shall be dated, shall bear interest and shall mature at such time or times, not exceeding thirty years from their date or dates, as may be determined by the Board of Commissioners and may be made redeemable before maturity, at the option of the Board of Commissioners, at such price or prices and under such terms and conditions as may be fixed by the Board of Commissioners prior to the issuance of the bonds. The principal and interest of such bonds may be made payable in any lawful medium. The Board of Commissioners shall determine the form of the bonds, including any interest coupons to be attached thereto, and the manner of execution of the bonds and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest thereof, which may be at the office of the State Treasurer or at any bank or trust company within or without the Commonwealth. If any officer whose signature or a facsimile of whose signature appears on any bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. All bonds issued under the provisions of this chapter shall have and are hereby declared to have, as between successive holders, all the qualities and incidents of negotiable instruments under the negotiable instruments law of the Commonwealth. The bonds may be issued in coupon or in registered form or both, as the Board of Commissioners may determine, and provision may be made for the registration of any coupon bonds as to principal alone and as to both principal and interest and for the reconversion of any bonds registered as to both principal and interest into coupon bonds. The Board of Commissioners may sell such bonds in such manner, either at public or at private sale, and for such price as it may determine to be for the best interests of the Authority. The proceeds of such bonds shall be disbursed for the purposes for which such bonds were issued under such restrictions, if any, as the resolution authorizing the issuance of such bonds or the trust indenture provided for in \u00a7 22.1-171 may provide. Prior to the preparation of definitive bonds, the Board of Commissioners may under like restrictions issue temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds shall have been executed and are available for delivery. The Board of Commissioners may also provide for the replacement of any bond which shall become mutilated or shall be destroyed or lost. Such bonds may be issued without any other proceedings or the happening of any other conditions or things than the proceedings, conditions, and things which are specified and required by this chapter.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/22.1-167\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 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 1980, chapter 559; in 1990, chapter 909.<\/p>","references":false,"refers_to":[{"id":69519,"section_number":"22.1-166","catch_line":"Purchase and sale of local school bonds","order_by":null,"url":"\/22.1-166\/"},{"id":61249,"section_number":"22.1-166.1","catch_line":"Loans to local school boards","order_by":null,"url":"\/22.1-166.1\/"},{"id":71860,"section_number":"22.1-166.2","catch_line":"Grants to local school boards","order_by":null,"url":"\/22.1-166.2\/"},{"id":74494,"section_number":"22.1-171","catch_line":"Powers of Authority enumerated","order_by":null,"url":"\/22.1-171\/"}],"permalink":{"id":181171,"object_type":"law","relational_id":78885,"identifier":"22.1-167","token":"22.1\/11\/22.1-167","url":"\/22.1-167\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/22.1-167\/","token":"22.1\/11\/22.1-167","dublin_core":{"Title":"Issuance of bonds of Authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 22.1-167","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

In order<\/span> to provide funds for the purchase of local school bonds<\/span> as authorized by \u00a7 22.1-166<\/a>, to provide funds for the making of loans to local school boards<\/span> as authorized by \u00a7 22.1-166.1<\/a>, or to provide funds for the making of grants to local school boards<\/span> as authorized by \u00a7 22.1-166.2<\/a>, the Board of Commissioners<\/span> is hereby authorized to provide by resolution, at one time or from time to time, for the issuance of bonds of the Authority<\/span> in such amount or amounts as the Board of Commissioners<\/span> shall determine. Such bonds of the Authority<\/span> shall be payable solely from funds of the Authority, including, without limitation, all or any combination of the following sources: (i) payments of principal of and interest on local school bonds<\/span> purchased by the Authority, (ii) the proceeds of the sale of any such local school bonds<\/span>, (iii) payments of principal of and interest on obligations transferred to the Authority from the Literary Fund, (iv) the proceeds of the sale of any such obligations, (v) any moneys transferred to the Authority from the Literary Fund, (vi) payments of principal of and interest on loans made to local school boards<\/span>, and (vii) any funds authorized by the General Assembly from the Literary Fund or otherwise appropriated by the General Assembly, as shall be provided by the resolution of the Board of Commissioners<\/span> authorizing any such bonds. Bonds of the Authority<\/span> issued under the provisions of this chapter shall not be deemed to constitute a debt of the Commonwealth or a pledge of the faith or credit of the Commonwealth, and all bonds of the Authority<\/span> shall contain on the face thereof a statement to the effect that neither the faith and credit nor the taxing power of the Commonwealth or of any political subdivision thereof is or shall be pledged to the payment of the principal of or the interest on such bonds.\n\t\tThe bonds of each issue<\/span> shall be dated, shall bear interest and shall mature at such time or times, not exceeding thirty years from their date or dates, as may be determined by the Board of Commissioners<\/span> and may be made redeemable before maturity, at the option of the Board of Commissioners<\/span>, at such price or prices and under such terms and conditions as may be fixed by the Board of Commissioners<\/span> prior to the issuance of the bonds. The principal and interest of such bonds may be made payable in any lawful medium. The Board of Commissioners<\/span> shall determine the form of the bonds, including any interest coupons to be attached thereto, and the manner of execution of the bonds and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest thereof, which may be at the office of the State Treasurer or at any bank or trust company within or without the Commonwealth. If any officer whose signature or a facsimile of whose signature appears on any bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. All bonds issued under the provisions of this chapter shall have and are hereby declared to have, as between successive holders, all the qualities and incidents of negotiable instruments under the negotiable instruments law<\/span> of the Commonwealth. The bonds may be issued in coupon or in registered form or both, as the Board of Commissioners<\/span> may determine, and provision may be made for the registration of any coupon bonds as to principal alone and as to both principal and interest and for the reconversion of any bonds registered as to both principal and interest into coupon bonds. The Board of Commissioners<\/span> may sell such bonds in such manner, either at public or at private sale, and for such price as it may determine to be for the best interests of the Authority. The proceeds of such bonds shall be disbursed for the purposes for which such bonds were issued under such restrictions, if any, as the resolution authorizing the issuance of such bonds or the trust indenture provided for in \u00a7 22.1-171<\/a> may provide. Prior to the preparation of definitive bonds, the Board of Commissioners<\/span> may under like restrictions issue<\/span> temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds shall have been executed and are available for delivery. The Board of Commissioners<\/span> may also provide for the replacement of any bond<\/span> which shall become mutilated or shall be destroyed or lost. Such bonds may be issued without any other proceedings or the happening of any other conditions or things than the proceedings, conditions, and things which are specified and required by this chapter.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nISSUANCE OF BONDS OF AUTHORITY (\u00a7 22.1-167)\n\nIn order to provide funds for the purchase of local school bonds as authorized\nby \u00a7 22.1-166, to provide funds for the making of loans to local school boards\nas authorized by \u00a7 22.1-166.1, or to provide funds for the making of grants to\nlocal school boards as authorized by \u00a7 22.1-166.2, the Board of Commissioners\nis hereby authorized to provide by resolution, at one time or from time to time,\nfor the issuance of bonds of the Authority in such amount or amounts as the\nBoard of Commissioners shall determine. Such bonds of the Authority shall be\npayable solely from funds of the Authority, including, without limitation, all\nor any combination of the following sources: (i) payments of principal of and\ninterest on local school bonds purchased by the Authority, (ii) the proceeds of\nthe sale of any such local school bonds, (iii) payments of principal of and\ninterest on obligations transferred to the Authority from the Literary Fund,\n(iv) the proceeds of the sale of any such obligations, (v) any moneys\ntransferred to the Authority from the Literary Fund, (vi) payments of principal\nof and interest on loans made to local school boards, and (vii) any funds\nauthorized by the General Assembly from the Literary Fund or otherwise\nappropriated by the General Assembly, as shall be provided by the resolution of\nthe Board of Commissioners authorizing any such bonds. Bonds of the Authority\nissued under the provisions of this chapter shall not be deemed to constitute a\ndebt of the Commonwealth or a pledge of the faith or credit of the Commonwealth,\nand all bonds of the Authority shall contain on the face thereof a statement to\nthe effect that neither the faith and credit nor the taxing power of the\nCommonwealth or of any political subdivision thereof is or shall be pledged to\nthe payment of the principal of or the interest on such bonds.\n\t\tThe bonds of each issue shall be dated, shall bear interest and shall mature\nat such time or times, not exceeding thirty years from their date or dates, as\nmay be determined by the Board of Commissioners and may be made redeemable\nbefore maturity, at the option of the Board of Commissioners, at such price or\nprices and under such terms and conditions as may be fixed by the Board of\nCommissioners prior to the issuance of the bonds. The principal and interest of\nsuch bonds may be made payable in any lawful medium. The Board of Commissioners\nshall determine the form of the bonds, including any interest coupons to be\nattached thereto, and the manner of execution of the bonds and shall fix the\ndenomination or denominations of the bonds and the place or places of payment of\nprincipal and interest thereof, which may be at the office of the State\nTreasurer or at any bank or trust company within or without the Commonwealth. If\nany officer whose signature or a facsimile of whose signature appears on any\nbonds or coupons shall cease to be such officer before the delivery of such\nbonds, such signature or such facsimile shall nevertheless be valid and\nsufficient for all purposes the same as if he had remained in office until such\ndelivery. All bonds issued under the provisions of this chapter shall have and\nare hereby declared to have, as between successive holders, all the qualities\nand incidents of negotiable instruments under the negotiable instruments law of\nthe Commonwealth. The bonds may be issued in coupon or in registered form or\nboth, as the Board of Commissioners may determine, and provision may be made for\nthe registration of any coupon bonds as to principal alone and as to both\nprincipal and interest and for the reconversion of any bonds registered as to\nboth principal and interest into coupon bonds. The Board of Commissioners may\nsell such bonds in such manner, either at public or at private sale, and for\nsuch price as it may determine to be for the best interests of the Authority.\nThe proceeds of such bonds shall be disbursed for the purposes for which such\nbonds were issued under such restrictions, if any, as the resolution authorizing\nthe issuance of such bonds or the trust indenture provided for in \u00a7 22.1-171\nmay provide. Prior to the preparation of definitive bonds, the Board of\nCommissioners may under like restrictions issue temporary bonds, with or without\ncoupons, exchangeable for definitive bonds when such bonds shall have been\nexecuted and are available for delivery. The Board of Commissioners may also\nprovide for the replacement of any bond which shall become mutilated or shall be\ndestroyed or lost. Such bonds may be issued without any other proceedings or the\nhappening of any other conditions or things than the proceedings, conditions,\nand things which are specified and required by this chapter.\n\nHISTORY: Code 1950, \u00a7 22-29.7; 1962, c. 194; 1972, c. 745; 1980, c. 559; 1990,\nc. 909.","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}}