{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/22.1-168.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/22.1-168.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/22.1-168.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/22.1-168.html"}],"law_id":73276,"edition_id":1,"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","history":"Code 1950, \u00a7 22-29.8; 1962, c. 194; 1972, c. 745; 1980, c. 559; 1990, c. 909.","full_text":"In the discretion of the Board of Commissioners any bonds issued under the provisions of this chapter may be secured by a trust indenture by and between the Authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the Commonwealth. Such trust indenture or the resolution providing for the issuance of such bonds may pledge or assign all or any part of the funds of the Authority available for such purpose including, but 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 for such purpose from the Literary Fund or otherwise appropriated by the General Assembly. Such trust indenture or resolution providing for the issuance of such bonds may provide for the creation and maintenance of such reserves as the Board of Commissioners shall determine to be proper and may include covenants setting forth the duties of the Board of Commissioners in relation to the acquisition of any local school bonds, the substitution of any local school bonds as security for payment of the bonds of the Authority, the collection of payments of principal and interest on (i) any local school bonds, (ii) on any obligations transferred to the Authority from the Literary Fund, and (iii) on any loans made to local school boards. Such trust indenture or resolution may include provisions requiring the Authority or the trustee under such trust indenture or any depository to file a petition with the Governor and to take any and all other action required under \u00a7 15.2-2659 to secure payment of all sums necessary to cover any default as to any bonds or the interest thereon held by the Authority or by such trustee or depository to which \u00a7 15.2-2659 shall be applicable. Such trust indenture or resolution may contain provisions respecting the custody, safeguarding and application of all moneys and securities including local school bonds purchased by the Authority and obligations transferred to the Authority from the Literary Fund and may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law. It shall be lawful for any bank or trust company incorporated under the laws of the Commonwealth which may act as depository of the proceeds of bonds or of any other funds or obligations received on behalf of the Authority to furnish such indemnifying bonds or to pledge such securities as may be required by the Board of Commissioners. Any such trust indenture or resolution may contain such other provisions as the Board may deem reasonable and proper for the security of the bondholders. Any reference in this chapter to a resolution of the Board of Commissioners shall include any trust indenture authorized thereby.","order_by":null,"text":{"0":{"id":263718,"text":"In the discretion of the Board of Commissioners any bonds issued under the provisions of this chapter may be secured by a trust indenture by and between the Authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the Commonwealth. Such trust indenture or the resolution providing for the issuance of such bonds may pledge or assign all or any part of the funds of the Authority available for such purpose including, but 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 for such purpose from the Literary Fund or otherwise appropriated by the General Assembly. Such trust indenture or resolution providing for the issuance of such bonds may provide for the creation and maintenance of such reserves as the Board of Commissioners shall determine to be proper and may include covenants setting forth the duties of the Board of Commissioners in relation to the acquisition of any local school bonds, the substitution of any local school bonds as security for payment of the bonds of the Authority, the collection of payments of principal and interest on (i) any local school bonds, (ii) on any obligations transferred to the Authority from the Literary Fund, and (iii) on any loans made to local school boards. Such trust indenture or resolution may include provisions requiring the Authority or the trustee under such trust indenture or any depository to file a petition with the Governor and to take any and all other action required under \u00a7 15.2-2659 to secure payment of all sums necessary to cover any default as to any bonds or the interest thereon held by the Authority or by such trustee or depository to which \u00a7 15.2-2659 shall be applicable. Such trust indenture or resolution may contain provisions respecting the custody, safeguarding and application of all moneys and securities including local school bonds purchased by the Authority and obligations transferred to the Authority from the Literary Fund and may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law. It shall be lawful for any bank or trust company incorporated under the laws of the Commonwealth which may act as depository of the proceeds of bonds or of any other funds or obligations received on behalf of the Authority to furnish such indemnifying bonds or to pledge such securities as may be required by the Board of Commissioners. Any such trust indenture or resolution may contain such other provisions as the Board may deem reasonable and proper for the security of the bondholders. Any reference in this chapter to a resolution of the Board of Commissioners shall include any trust indenture authorized thereby.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/22.1-168\/","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":[{"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":[{"id":78015,"section_number":"15.2-2659","catch_line":"Investigation by Governor of alleged defaults; withholding state funds from defaulting locality; payment of funds withheld; receipts, reports, etc.; magisterial and school district defaults included","order_by":null,"url":"\/15.2-2659\/"}],"permalink":{"id":181187,"object_type":"law","relational_id":73276,"identifier":"22.1-168","token":"22.1\/11\/22.1-168","url":"\/22.1-168\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/22.1-168\/","token":"22.1\/11\/22.1-168","dublin_core":{"Title":"Security for payment and bonds; provisions of trust indenture or resolution of Board","Type":"Text","Format":"text\/html","Identifier":"\u00a7 22.1-168","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

In the discretion of the Board of Commissioners<\/span> any bonds issued under the provisions of this chapter may be secured by a trust indenture by and between the Authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the Commonwealth. Such trust indenture or the resolution providing for the issuance of such bonds may pledge or assign all or any part of the funds of the Authority available for such purpose including, but 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 for such purpose from the Literary Fund or otherwise appropriated by the General Assembly. Such trust indenture or resolution providing for the issuance of such bonds may provide for the creation and maintenance of such reserves as the Board of Commissioners<\/span> shall determine to be proper and may include covenants setting forth the duties of the Board of Commissioners<\/span> in relation to the acquisition of any local school bonds<\/span>, the substitution of any local school bonds<\/span> as security for payment of the bonds of the Authority<\/span>, the collection of payments of principal and interest on (i) any local school bonds<\/span>, (ii) on any obligations transferred to the Authority from the Literary Fund, and (iii) on any loans made to local school boards<\/span>. Such trust indenture or resolution may include provisions requiring the Authority or the trustee under such trust indenture or any depository to file a petition<\/span> with the Governor and to take any and all other action required under \u00a7 15.2-2659<\/a> to secure payment of all sums necessary to cover any default<\/span> as to any bonds or the interest thereon held by the Authority or by such trustee or depository to which \u00a7 15.2-2659<\/a> shall be applicable. Such trust indenture or resolution may contain provisions respecting the custody<\/span>, safeguarding and application of all moneys and securities including local school bonds<\/span> purchased by the Authority and obligations transferred to the Authority from the Literary Fund and may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law<\/span>. It shall be lawful for any bank or trust company incorporated under the laws<\/span> of the Commonwealth which may act as depository of the proceeds of bonds or of any other funds or obligations received on behalf of the Authority to furnish such indemnifying bonds or to pledge such securities as may be required by the Board of Commissioners<\/span>. Any such trust indenture or resolution may contain such other provisions as the Board may deem reasonable and proper for the security of the bondholders. Any reference in this chapter to a resolution of the Board of Commissioners<\/span> shall include any trust indenture authorized thereby.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSECURITY FOR PAYMENT AND BONDS; PROVISIONS OF TRUST INDENTURE OR RESOLUTION OF\nBOARD (\u00a7 22.1-168)\n\nIn the discretion of the Board of Commissioners any bonds issued under the\nprovisions of this chapter may be secured by a trust indenture by and between\nthe Authority and a corporate trustee, which may be any trust company or bank\nhaving the powers of a trust company within or without the Commonwealth. Such\ntrust indenture or the resolution providing for the issuance of such bonds may\npledge or assign all or any part of the funds of the Authority available for\nsuch purpose including, but without limitation, all or any combination of the\nfollowing sources: (i) payments of principal of and interest on local school\nbonds purchased by the Authority, (ii) the proceeds of the sale of any such\nlocal school bonds, (iii) payments of principal of and interest on obligations\ntransferred to the Authority from the Literary Fund, (iv) the proceeds of the\nsale of any such obligations, (v) any moneys transferred to the Authority from\nthe Literary Fund, (vi) payments of principal of and interest on loans made to\nlocal school boards, and (vii) any funds authorized by the General Assembly for\nsuch purpose from the Literary Fund or otherwise appropriated by the General\nAssembly. Such trust indenture or resolution providing for the issuance of such\nbonds may provide for the creation and maintenance of such reserves as the Board\nof Commissioners shall determine to be proper and may include covenants setting\nforth the duties of the Board of Commissioners in relation to the acquisition of\nany local school bonds, the substitution of any local school bonds as security\nfor payment of the bonds of the Authority, the collection of payments of\nprincipal and interest on (i) any local school bonds, (ii) on any obligations\ntransferred to the Authority from the Literary Fund, and (iii) on any loans made\nto local school boards. Such trust indenture or resolution may include\nprovisions requiring the Authority or the trustee under such trust indenture or\nany depository to file a petition with the Governor and to take any and all\nother action required under \u00a7 15.2-2659 to secure payment of all sums necessary\nto cover any default as to any bonds or the interest thereon held by the\nAuthority or by such trustee or depository to which \u00a7 15.2-2659 shall be\napplicable. Such trust indenture or resolution may contain provisions respecting\nthe custody, safeguarding and application of all moneys and securities including\nlocal school bonds purchased by the Authority and obligations transferred to the\nAuthority from the Literary Fund and may contain such provisions for protecting\nand enforcing the rights and remedies of the bondholders as may be reasonable\nand proper and not in violation of law. It shall be lawful for any bank or trust\ncompany incorporated under the laws of the Commonwealth which may act as\ndepository of the proceeds of bonds or of any other funds or obligations\nreceived on behalf of the Authority to furnish such indemnifying bonds or to\npledge such securities as may be required by the Board of Commissioners. Any\nsuch trust indenture or resolution may contain such other provisions as the\nBoard may deem reasonable and proper for the security of the bondholders. Any\nreference in this chapter to a resolution of the Board of Commissioners shall\ninclude any trust indenture authorized thereby.\n\nHISTORY: Code 1950, \u00a7 22-29.8; 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}}