{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/22.1-168.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/22.1-168.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/22.1-168.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/22.1-168.1.html"}],"law_id":80085,"edition_id":1,"section_id":80085,"structure_id":14222,"section_number":"22.1-168.1","catch_line":"Reserve fund; limitations","history":"1991, c. 543; 1995, cc. 188, 233.","full_text":"A\n\nIf the Board of Commissioners deems it proper to create a reserve fund or funds from bond proceeds to support an issuance of bonds in accordance with the provisions of this section, all moneys held in such reserve fund, except as hereinafter provided, shall be pledged solely for the payment of the principal and interest on the bonds secured in whole or in part by such a fund. Any income or interest earned on, or increment to, any reserve fund may be transferred by the Board of Commissioners to other funds or accounts of the Authority to the extent it does not reduce the amount of the reserve fund below its minimum requirement.B\n\nThe Board of Commissioners shall not at any time issue bonds secured in whole or in part by any reserve fund referred to in subsection C, if upon the issuance of the bonds, the amount in the reserve fund will be less than its minimum requirement unless the Board of Commissioners, at the time of issuance of the bonds, deposits in the fund an amount which, together with the amount then in the fund, will not be less than the fund’s minimum reserve requirement.C\n\nIn order to ensure further the maintenance of reserve funds established in accordance with the provisions of this section, the chairman of the Board of Commissioners shall annually, on or before December 1, make and deliver to the Governor and the Secretary of Administration a certificate stating the sum, if any, required to restore each reserve fund to its minimum requirement. Within five days after the beginning of each session of the General Assembly, the Governor shall submit to the presiding officer of each house of the General Assembly printed copies of a budget including the sum, if any, required to restore each reserve fund to its minimum requirement. All sums, if any, which may be appropriated by the General Assembly for any restoration and paid to the Authority shall be deposited by the Authority in the applicable reserve fund. All amounts paid to the Board of Commissioners by the Commonwealth pursuant to the provisions of this section shall constitute and be accounted for as advances by the Commonwealth to the Authority and, subject to the rights of the holders of any bonds of the Authority, shall be repaid to the Commonwealth without interest from available revenues of the Authority in excess of the amounts required for the payment of bonds or other obligations of the Authority, the maintenance of reserve funds, and operating expenses.D\n\nExcluding bonds issued prior to July 1, 1991, the total principal amount of bonds outstanding at any one time, issued by the Board of Commissioners in accordance with the provisions of this section, shall not exceed the sum of $800 million without the prior approval of the General Assembly.E\n\nNothing in this section shall be construed as limiting the power of the Board of Commissioners to issue bonds (i) not secured by a reserve fund or (ii) secured by a reserve fund not described in this section.","order_by":null,"text":{"0":{"id":286769,"text":"If the Board of Commissioners deems it proper to create a reserve fund or funds from bond proceeds to support an issuance of bonds in accordance with the provisions of this section, all moneys held in such reserve fund, except as hereinafter provided, shall be pledged solely for the payment of the principal and interest on the bonds secured in whole or in part by such a fund. Any income or interest earned on, or increment to, any reserve fund may be transferred by the Board of Commissioners to other funds or accounts of the Authority to the extent it does not reduce the amount of the reserve fund below its minimum requirement.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":286770,"text":"The Board of Commissioners shall not at any time issue bonds secured in whole or in part by any reserve fund referred to in subsection C, if upon the issuance of the bonds, the amount in the reserve fund will be less than its minimum requirement unless the Board of Commissioners, at the time of issuance of the bonds, deposits in the fund an amount which, together with the amount then in the fund, will not be less than the fund’s minimum reserve requirement.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":286771,"text":"In order to ensure further the maintenance of reserve funds established in accordance with the provisions of this section, the chairman of the Board of Commissioners shall annually, on or before December 1, make and deliver to the Governor and the Secretary of Administration a certificate stating the sum, if any, required to restore each reserve fund to its minimum requirement. Within five days after the beginning of each session of the General Assembly, the Governor shall submit to the presiding officer of each house of the General Assembly printed copies of a budget including the sum, if any, required to restore each reserve fund to its minimum requirement. All sums, if any, which may be appropriated by the General Assembly for any restoration and paid to the Authority shall be deposited by the Authority in the applicable reserve fund. All amounts paid to the Board of Commissioners by the Commonwealth pursuant to the provisions of this section shall constitute and be accounted for as advances by the Commonwealth to the Authority and, subject to the rights of the holders of any bonds of the Authority, shall be repaid to the Commonwealth without interest from available revenues of the Authority in excess of the amounts required for the payment of bonds or other obligations of the Authority, the maintenance of reserve funds, and operating expenses.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":286772,"text":"Excluding bonds issued prior to July 1, 1991, the total principal amount of bonds outstanding at any one time, issued by the Board of Commissioners in accordance with the provisions of this section, shall not exceed the sum of $800 million without the prior approval of the General Assembly.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":286773,"text":"Nothing in this section shall be construed as limiting the power of the Board of Commissioners to issue bonds (i) not secured by a reserve fund or (ii) secured by a reserve fund not described in this section.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/22.1-168.1\/","history_text":"

This law was first created in 1991. The record of its establishment is cataloged in chapter 543 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 1991 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. 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. That modification is as follows: in 1995, chapters 188<\/a> and 233<\/a>.<\/p>","references":[{"id":68625,"section_number":"22.1-167.3","catch_line":"Bonds or notes issued for the purpose of making grants; security for payment; appropriations","order_by":null,"url":"\/22.1-167.3\/"}],"refers_to":false,"permalink":{"id":181191,"object_type":"law","relational_id":80085,"identifier":"22.1-168.1","token":"22.1\/11\/22.1-168.1","url":"\/22.1-168.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/22.1-168.1\/","token":"22.1\/11\/22.1-168.1","dublin_core":{"Title":"Reserve fund; limitations","Type":"Text","Format":"text\/html","Identifier":"\u00a7 22.1-168.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> If the Board of Commissioners<\/span> deems it proper to create a reserve fund or funds from bond<\/span> proceeds to support an issuance of bonds<\/span> in accordance with the provisions of this section, all moneys held in such reserve fund, except as hereinafter provided, shall be pledged solely for the payment of the principal and interest on the bonds<\/span> secured in whole or in part by such a fund. Any income or interest earned on, or increment to, any reserve fund may be transferred by the Board of Commissioners<\/span> to other funds or accounts of the Authority<\/span> to the extent it does not reduce the amount of the reserve fund below its minimum requirement. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Board of Commissioners<\/span> shall not at any time issue<\/span> bonds<\/span> secured in whole or in part by any reserve fund referred to in subsection C, if upon the issuance of the bonds<\/span>, the amount in the reserve fund will be less than its minimum requirement unless the Board of Commissioners<\/span>, at the time of issuance of the bonds<\/span>, deposits in the fund an amount which, together with the amount then in the fund, will not be less than the fund’s minimum reserve requirement. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> In order<\/span> to ensure further the maintenance of reserve funds established in accordance with the provisions of this section, the chairman of the Board of Commissioners<\/span> shall annually, on or before December 1, make and deliver to the Governor and the Secretary of Administration a certificate stating the sum, if any, required to restore each reserve fund to its minimum requirement. Within five days after the beginning of each session of the General Assembly, the Governor shall submit to the presiding officer of each house of the General Assembly printed copies of a budget including the sum, if any, required to restore each reserve fund to its minimum requirement. All sums, if any, which may be appropriated by the General Assembly for any restoration and paid to the Authority shall be deposited by the Authority in the applicable reserve fund. All amounts paid to the Board of Commissioners<\/span> by the Commonwealth pursuant to the provisions of this section shall constitute and be accounted for as advances by the Commonwealth to the Authority and, subject to the rights of the holders of any bonds of the Authority<\/span>, shall be repaid to the Commonwealth without interest from available revenues of the Authority in excess of the amounts required for the payment of bonds or other obligations of the Authority, the maintenance of reserve funds, and operating expenses. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Excluding bonds issued prior to July 1, 1991, the total principal amount of bonds outstanding at any one time, issued by the Board of Commissioners<\/span> in accordance with the provisions of this section, shall not exceed the sum of $800 million without the prior approval of the General Assembly. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Nothing in this section shall be construed as limiting the power of the Board of Commissioners<\/span> to issue<\/span> bonds (i) not secured by a reserve fund or (ii) secured by a reserve fund not described in this section. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRESERVE FUND; LIMITATIONS (\u00a7 22.1-168.1)\n\nA. If the Board of Commissioners deems it proper to create a reserve fund or\nfunds from bond proceeds to support an issuance of bonds in accordance with the\nprovisions of this section, all moneys held in such reserve fund, except as\nhereinafter provided, shall be pledged solely for the payment of the principal\nand interest on the bonds secured in whole or in part by such a fund. Any income\nor interest earned on, or increment to, any reserve fund may be transferred by\nthe Board of Commissioners to other funds or accounts of the Authority to the\nextent it does not reduce the amount of the reserve fund below its minimum\nrequirement.\n\nB. The Board of Commissioners shall not at any time issue bonds secured in whole\nor in part by any reserve fund referred to in subsection C, if upon the issuance\nof the bonds, the amount in the reserve fund will be less than its minimum\nrequirement unless the Board of Commissioners, at the time of issuance of the\nbonds, deposits in the fund an amount which, together with the amount then in\nthe fund, will not be less than the fund’s minimum reserve requirement.\n\nC. In order to ensure further the maintenance of reserve funds established in\naccordance with the provisions of this section, the chairman of the Board of\nCommissioners shall annually, on or before December 1, make and deliver to the\nGovernor and the Secretary of Administration a certificate stating the sum, if\nany, required to restore each reserve fund to its minimum requirement. Within\nfive days after the beginning of each session of the General Assembly, the\nGovernor shall submit to the presiding officer of each house of the General\nAssembly printed copies of a budget including the sum, if any, required to\nrestore each reserve fund to its minimum requirement. All sums, if any, which\nmay be appropriated by the General Assembly for any restoration and paid to the\nAuthority shall be deposited by the Authority in the applicable reserve fund.\nAll amounts paid to the Board of Commissioners by the Commonwealth pursuant to\nthe provisions of this section shall constitute and be accounted for as advances\nby the Commonwealth to the Authority and, subject to the rights of the holders\nof any bonds of the Authority, shall be repaid to the Commonwealth without\ninterest from available revenues of the Authority in excess of the amounts\nrequired for the payment of bonds or other obligations of the Authority, the\nmaintenance of reserve funds, and operating expenses.\n\nD. Excluding bonds issued prior to July 1, 1991, the total principal amount of\nbonds outstanding at any one time, issued by the Board of Commissioners in\naccordance with the provisions of this section, shall not exceed the sum of $800\nmillion without the prior approval of the General Assembly.\n\nE. Nothing in this section shall be construed as limiting the power of the Board\nof Commissioners to issue bonds (i) not secured by a reserve fund or (ii)\nsecured by a reserve fund not described in this section.\n\nHISTORY: 1991, c. 543; 1995, cc. 188, 233.","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}}