{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/22.1-171.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/22.1-171.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/22.1-171.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/22.1-171.html"}],"law_id":74494,"edition_id":1,"section_id":74494,"structure_id":14222,"section_number":"22.1-171","catch_line":"Powers of Authority enumerated","history":"Code 1950, \u00a7 22-29.11; 1962, c. 194; 1972, c. 745; 1980, c. 559; 1984, c. 734; 1985, c. 146; 2004, c. 650.","full_text":"A\n\nIn order to enable the Authority to carry out the purposes for which it is established, the Authority is vested with the powers of a body corporate including the power to sue and be sued, to make contracts, to adopt and use a common seal and to alter the same and is authorized and empowered:1\n\nTo collect, or to authorize the trustee under any trust indenture securing any bonds of the Authority to collect, as the same shall become due, the principal of and the interest on all obligations transferred to the Authority from the Literary Fund;2\n\nTo collect, or to authorize the trustee under any trust indenture securing any bonds of the Authority to collect, as the same shall become due, the principal of and the interest on all local school bonds purchased by the Authority;3\n\nTo pay the compensation of the chief executive officer of the Authority and all such employees, agents, financial advisers and attorneys as may be employed by the Authority either from moneys received by the Authority under the provisions of this chapter or from appropriations made by the General Assembly for such purpose;4\n\nTo issue bonds of the Authority as authorized by this chapter and to refund any of such bonds;5\n\nTo adopt or alter or repeal any bylaws, rules or regulations as the Authority may deem necessary or expedient; and6\n\nTo do any and all other acts and things necessary, appropriate or incidental in carrying out the purposes of this chapter.B\n\nThe Authority is further authorized and empowered to issue notes and other obligations for any of its purposes in such form as may be authorized by resolution of the Authority. The issuance of such notes or other obligations shall be governed by the provisions of this chapter insofar as the same may be applicable.C\n\nThe Board of Commissioners shall submit an annual report to the Governor and General Assembly on or before November 1 of each year. Such report shall contain, at a minimum, the annual financial statements of the Authority for the year ending the preceding June 30.","order_by":null,"text":{"0":{"id":267718,"text":"In order to enable the Authority to carry out the purposes for which it is established, the Authority is vested with the powers of a body corporate including the power to sue and be sued, to make contracts, to adopt and use a common seal and to alter the same and is authorized and empowered:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":267719,"text":"To collect, or to authorize the trustee under any trust indenture securing any bonds of the Authority to collect, as the same shall become due, the principal of and the interest on all obligations transferred to the Authority from the Literary Fund;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":267720,"text":"To collect, or to authorize the trustee under any trust indenture securing any bonds of the Authority to collect, as the same shall become due, the principal of and the interest on all local school bonds purchased by the Authority;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":267721,"text":"To pay the compensation of the chief executive officer of the Authority and all such employees, agents, financial advisers and attorneys as may be employed by the Authority either from moneys received by the Authority under the provisions of this chapter or from appropriations made by the General Assembly for such purpose;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":267722,"text":"To issue bonds of the Authority as authorized by this chapter and to refund any of such bonds;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":267723,"text":"To adopt or alter or repeal any bylaws, rules or regulations as the Authority may deem necessary or expedient; and","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":267724,"text":"To do any and all other acts and things necessary, appropriate or incidental in carrying out the purposes of this chapter.","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"B"},"7":{"id":267725,"text":"The Authority is further authorized and empowered to issue notes and other obligations for any of its purposes in such form as may be authorized by resolution of the Authority. The issuance of such notes or other obligations shall be governed by the provisions of this chapter insofar as the same may be applicable.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A6","next_prefix":"C"},"8":{"id":267726,"text":"The Board of Commissioners shall submit an annual report to the Governor and General Assembly on or before November 1 of each year. Such report shall contain, at a minimum, the annual financial statements of the Authority for the year ending the preceding June 30.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/22.1-171\/","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 1980, chapter 559; in 1984, chapter 734; in 1985, chapter 146; in 2004, chapter 650<\/a>.<\/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":181203,"object_type":"law","relational_id":74494,"identifier":"22.1-171","token":"22.1\/11\/22.1-171","url":"\/22.1-171\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/22.1-171\/","token":"22.1\/11\/22.1-171","dublin_core":{"Title":"Powers of Authority enumerated","Type":"Text","Format":"text\/html","Identifier":"\u00a7 22.1-171","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> In order<\/span> to enable the Authority<\/span> to carry out the purposes for which it is established, the Authority<\/span> is vested with the powers of a body corporate including the power to sue and be sued, to make contracts<\/span>, to adopt and use a common seal and to alter the same and is authorized and empowered: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> To collect, or to authorize the trustee under any trust indenture securing any bonds of the Authority<\/span> to collect, as the same shall become due, the principal of and the interest on all obligations transferred to the Authority from the Literary Fund; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> To collect, or to authorize the trustee under any trust indenture securing any bonds of the Authority<\/span> to collect, as the same shall become due, the principal of and the interest on all local school bonds<\/span> purchased by the Authority; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> To pay the compensation of the chief executive officer of the Authority and all such employees, agents, financial advisers and attorneys as may be employed by the Authority either from moneys received by the Authority under the provisions of this chapter or from appropriations made by the General Assembly for such purpose; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> To issue<\/span> bonds of the Authority<\/span> as authorized by this chapter and to refund any of such bonds; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> To adopt or alter or repeal any bylaws, rules or regulations as the Authority may deem necessary or expedient; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> To do any and all other acts and things necessary, appropriate or incidental in carrying out the purposes of this chapter. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Authority is further authorized and empowered to issue<\/span> notes and other obligations for any of its purposes in such form as may be authorized by resolution of the Authority. The issuance of such notes or other obligations shall be governed by the provisions of this chapter insofar as the same may be applicable. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Board of Commissioners<\/span> shall submit an annual report to the Governor and General Assembly on or before November 1 of each year. Such report shall contain, at a minimum, the annual financial statements of the Authority for the year ending the preceding June 30. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS OF AUTHORITY ENUMERATED (\u00a7 22.1-171)\n\nA. In order to enable the Authority to carry out the purposes for which it is\nestablished, the Authority is vested with the powers of a body corporate\nincluding the power to sue and be sued, to make contracts, to adopt and use a\ncommon seal and to alter the same and is authorized and empowered:\n\n 1. To collect, or to authorize the trustee under any trust indenture securing\n any bonds of the Authority to collect, as the same shall become due, the\n principal of and the interest on all obligations transferred to the Authority\n from the Literary Fund;\n\n 2. To collect, or to authorize the trustee under any trust indenture securing\n any bonds of the Authority to collect, as the same shall become due, the\n principal of and the interest on all local school bonds purchased by the\n Authority;\n\n 3. To pay the compensation of the chief executive officer of the Authority and\n all such employees, agents, financial advisers and attorneys as may be\n employed by the Authority either from moneys received by the Authority under\n the provisions of this chapter or from appropriations made by the General\n Assembly for such purpose;\n\n 4. To issue bonds of the Authority as authorized by this chapter and to refund\n any of such bonds;\n\n 5. To adopt or alter or repeal any bylaws, rules or regulations as the\n Authority may deem necessary or expedient; and\n\n 6. To do any and all other acts and things necessary, appropriate or\n incidental in carrying out the purposes of this chapter.\n\nB. The Authority is further authorized and empowered to issue notes and other\nobligations for any of its purposes in such form as may be authorized by\nresolution of the Authority. The issuance of such notes or other obligations\nshall be governed by the provisions of this chapter insofar as the same may be\napplicable.\n\nC. The Board of Commissioners shall submit an annual report to the Governor and\nGeneral Assembly on or before November 1 of each year. Such report shall\ncontain, at a minimum, the annual financial statements of the Authority for the\nyear ending the preceding June 30.\n\nHISTORY: Code 1950, \u00a7 22-29.11; 1962, c. 194; 1972, c. 745; 1980, c. 559; 1984,\nc. 734; 1985, c. 146; 2004, c. 650.","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}}