{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/23.1-2420.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/23.1-2420.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/23.1-2420.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/23.1-2420.html"}],"law_id":79367,"edition_id":1,"section_id":79367,"structure_id":13799,"section_number":"23.1-2420","catch_line":"Form of bonds","history":"1996, cc. 905, 1046, \u00a7 23-50.16:27; 2016, c. 588.","full_text":"A\n\nBonds of the Authority shall (i) be authorized by resolution setting forth the maximum principal amount issuable, (ii) be dated, and (iii) mature not more than 40 years from their date and may be (a) issued in one or more series and (b) made redeemable or subject to tender before maturity, at the option of the Authority, at such price or under such terms and conditions as may be fixed by the Authority or its agents prior to issuance.B\n\nBonds of the Authority shall bear interest payable at such times and rates and in such manner as the Authority or its agents may determine, including rates approved by officers of the Authority under authorization of the board, rates tied to indices, rates of other securities, or other standards and determinations by agents designated by the Authority under guidelines established by the Authority.C\n\nThe Authority shall determine the form, manner of execution, and denominations of its bonds and the place of payment of principal and interest, which may be at any bank or trust company or securities depository within or outside the Commonwealth. The bonds may be issued in coupon or registered form, or both, and provision may be made for their registration in whole or in part. Bonds issued in registered form may be issued under a system of book-entry for recording the ownership and transfer of ownership of rights to receive payments on the bonds.D\n\nIf any officer whose signature or a facsimile of whose signature appears on any bonds or coupons ceases to hold such office before delivery of such bond, such signature or facsimile is nevertheless valid and sufficient for all purposes.E\n\nThe Authority may contract for the services of one or more banks, trust companies, financial institutions, or other entities or persons within or outside the Commonwealth for the authentication, registration, transfer, exchange, and payment of bonds or provide such services itself. The Authority may sell such bonds at public or private sale and for such price as it determines.F\n\nNotwithstanding any other provision of this chapter or any recitals in any bonds issued under the provisions of this chapter, all such bonds are negotiable instruments under the laws of the Commonwealth.G\n\nPrior to the preparation of definitive bonds, the Authority may issue interim receipts or temporary bonds that are exchangeable for definitive bonds when such bonds are executed and available for delivery.H\n\nThe Authority may provide for the replacement of any mutilated, destroyed, stolen, or lost bonds.","order_by":null,"text":{"0":{"id":284137,"text":"Bonds of the Authority shall (i) be authorized by resolution setting forth the maximum principal amount issuable, (ii) be dated, and (iii) mature not more than 40 years from their date and may be (a) issued in one or more series and (b) made redeemable or subject to tender before maturity, at the option of the Authority, at such price or under such terms and conditions as may be fixed by the Authority or its agents prior to issuance.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":284138,"text":"Bonds of the Authority shall bear interest payable at such times and rates and in such manner as the Authority or its agents may determine, including rates approved by officers of the Authority under authorization of the board, rates tied to indices, rates of other securities, or other standards and determinations by agents designated by the Authority under guidelines established by the Authority.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":284139,"text":"The Authority shall determine the form, manner of execution, and denominations of its bonds and the place of payment of principal and interest, which may be at any bank or trust company or securities depository within or outside the Commonwealth. The bonds may be issued in coupon or registered form, or both, and provision may be made for their registration in whole or in part. Bonds issued in registered form may be issued under a system of book-entry for recording the ownership and transfer of ownership of rights to receive payments on the bonds.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":284140,"text":"If any officer whose signature or a facsimile of whose signature appears on any bonds or coupons ceases to hold such office before delivery of such bond, such signature or facsimile is nevertheless valid and sufficient for all purposes.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":284141,"text":"The Authority may contract for the services of one or more banks, trust companies, financial institutions, or other entities or persons within or outside the Commonwealth for the authentication, registration, transfer, exchange, and payment of bonds or provide such services itself. The Authority may sell such bonds at public or private sale and for such price as it determines.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":284142,"text":"Notwithstanding any other provision of this chapter or any recitals in any bonds issued under the provisions of this chapter, all such bonds are negotiable instruments under the laws of the Commonwealth.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"6":{"id":284143,"text":"Prior to the preparation of definitive bonds, the Authority may issue interim receipts or temporary bonds that are exchangeable for definitive bonds when such bonds are executed and available for delivery.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F","next_prefix":"H"},"7":{"id":284144,"text":"The Authority may provide for the replacement of any mutilated, destroyed, stolen, or lost bonds.","type":"section","prefixes":["H"],"prefix":"H","entire_prefix":"H","prefix_anchor":"H","level":1,"prior_prefix":"G"}},"ancestry":[{"id":13799,"edition_id":1,"name":"Virginia Commonwealth University Health System Authority","identifier":"24","label":"chapter","depth":3,"order_by":1,"parent_id":13798,"metadata":{},"date_created":"2026-06-26 03:45:54","date_modified":"2026-06-26 03:45:54","permalink":{"id":186325,"object_type":"structure","relational_id":13799,"identifier":"24","token":"23.1\/IV\/24","url":"\/23.1\/IV\/24\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13798,"edition_id":1,"name":"Public Institutions of Higher Education","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":13111,"metadata":{},"date_created":"2026-06-26 03:45:54","date_modified":"2026-06-26 03:45:54","permalink":{"id":185925,"object_type":"structure","relational_id":13798,"identifier":"IV","token":"23.1\/IV","url":"\/23.1\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13111,"edition_id":1,"name":"Institutions of Higher Education; Other Educational and Cultural Institutions","identifier":"23.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":184581,"object_type":"structure","relational_id":13111,"identifier":"23.1","token":"23.1","url":"\/23.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":65528,"structure_id":13799,"section_number":"23.1-2400","catch_line":"Definitions","url":"\/23.1-2400\/","token":"23.1\/IV\/24\/23.1-2400","metadata":false},{"id":87275,"structure_id":13799,"section_number":"23.1-2401","catch_line":"Authority established; powers, purposes, and duties","url":"\/23.1-2401\/","token":"23.1\/IV\/24\/23.1-2401","metadata":false},{"id":83861,"structure_id":13799,"section_number":"23.1-2402","catch_line":"Board of directors; membership; meetings; officers; employees","url":"\/23.1-2402\/","token":"23.1\/IV\/24\/23.1-2402","metadata":false},{"id":65699,"structure_id":13799,"section_number":"23.1-2403","catch_line":"Chief executive officer of the Authority","url":"\/23.1-2403\/","token":"23.1\/IV\/24\/23.1-2403","metadata":false},{"id":84554,"structure_id":13799,"section_number":"23.1-2404","catch_line":"Powers of the Authority","url":"\/23.1-2404\/","token":"23.1\/IV\/24\/23.1-2404","metadata":false},{"id":79075,"structure_id":13799,"section_number":"23.1-2405","catch_line":"Additional powers of the Authority; operation of projects","url":"\/23.1-2405\/","token":"23.1\/IV\/24\/23.1-2405","metadata":false},{"id":76209,"structure_id":13799,"section_number":"23.1-2406","catch_line":"Additional powers of the Authority; police","url":"\/23.1-2406\/","token":"23.1\/IV\/24\/23.1-2406","metadata":false},{"id":70929,"structure_id":13799,"section_number":"23.1-2407","catch_line":"Public purpose","url":"\/23.1-2407\/","token":"23.1\/IV\/24\/23.1-2407","metadata":false},{"id":69160,"structure_id":13799,"section_number":"23.1-2408","catch_line":"Moneys of the Authority","url":"\/23.1-2408\/","token":"23.1\/IV\/24\/23.1-2408","metadata":false},{"id":72231,"structure_id":13799,"section_number":"23.1-2409","catch_line":"Grants and loans from localities","url":"\/23.1-2409\/","token":"23.1\/IV\/24\/23.1-2409","metadata":false},{"id":84421,"structure_id":13799,"section_number":"23.1-2410","catch_line":"Audit","url":"\/23.1-2410\/","token":"23.1\/IV\/24\/23.1-2410","metadata":false},{"id":81759,"structure_id":13799,"section_number":"23.1-2411","catch_line":"Exemption from taxation","url":"\/23.1-2411\/","token":"23.1\/IV\/24\/23.1-2411","metadata":false},{"id":64806,"structure_id":13799,"section_number":"23.1-2412","catch_line":"Transfer of existing hospital facilities","url":"\/23.1-2412\/","token":"23.1\/IV\/24\/23.1-2412","metadata":false},{"id":67264,"structure_id":13799,"section_number":"23.1-2413","catch_line":"Capital projects","url":"\/23.1-2413\/","token":"23.1\/IV\/24\/23.1-2413","metadata":false},{"id":82926,"structure_id":13799,"section_number":"23.1-2414","catch_line":"Leases of property","url":"\/23.1-2414\/","token":"23.1\/IV\/24\/23.1-2414","metadata":false},{"id":79842,"structure_id":13799,"section_number":"23.1-2415","catch_line":"Employees of the Authority","url":"\/23.1-2415\/","token":"23.1\/IV\/24\/23.1-2415","metadata":false},{"id":54806,"structure_id":13799,"section_number":"23.1-2416","catch_line":"Retirement benefits for employees of the Authority","url":"\/23.1-2416\/","token":"23.1\/IV\/24\/23.1-2416","metadata":false},{"id":63807,"structure_id":13799,"section_number":"23.1-2417","catch_line":"Insurance for employees of the Authority","url":"\/23.1-2417\/","token":"23.1\/IV\/24\/23.1-2417","metadata":false},{"id":84438,"structure_id":13799,"section_number":"23.1-2418","catch_line":"Power to issue bonds","url":"\/23.1-2418\/","token":"23.1\/IV\/24\/23.1-2418","metadata":false},{"id":81901,"structure_id":13799,"section_number":"23.1-2419","catch_line":"Liability on bonds","url":"\/23.1-2419\/","token":"23.1\/IV\/24\/23.1-2419","metadata":false},{"id":79367,"structure_id":13799,"section_number":"23.1-2420","catch_line":"Form of bonds","url":"\/23.1-2420\/","token":"23.1\/IV\/24\/23.1-2420","metadata":false},{"id":55443,"structure_id":13799,"section_number":"23.1-2421","catch_line":"Trust indentures and mortgages; security for the bonds","url":"\/23.1-2421\/","token":"23.1\/IV\/24\/23.1-2421","metadata":false},{"id":62976,"structure_id":13799,"section_number":"23.1-2422","catch_line":"Remedies of obligees of Authority","url":"\/23.1-2422\/","token":"23.1\/IV\/24\/23.1-2422","metadata":false},{"id":83360,"structure_id":13799,"section_number":"23.1-2423","catch_line":"Bonds to be legal investments","url":"\/23.1-2423\/","token":"23.1\/IV\/24\/23.1-2423","metadata":false},{"id":82595,"structure_id":13799,"section_number":"23.1-2424","catch_line":"Existing bonds","url":"\/23.1-2424\/","token":"23.1\/IV\/24\/23.1-2424","metadata":false},{"id":76552,"structure_id":13799,"section_number":"23.1-2425","catch_line":"Confidential and public information","url":"\/23.1-2425\/","token":"23.1\/IV\/24\/23.1-2425","metadata":false},{"id":61120,"structure_id":13799,"section_number":"23.1-2426","catch_line":"Chapter liberally construed","url":"\/23.1-2426\/","token":"23.1\/IV\/24\/23.1-2426","metadata":false},{"id":73772,"structure_id":13799,"section_number":"23.1-2427","catch_line":"Exemptions","url":"\/23.1-2427\/","token":"23.1\/IV\/24\/23.1-2427","metadata":false},{"id":58579,"structure_id":13799,"section_number":"23.1-2428","catch_line":"Assets of Authority; reversion to University","url":"\/23.1-2428\/","token":"23.1\/IV\/24\/23.1-2428","metadata":false}],"previous_section":{"id":81901,"structure_id":13799,"section_number":"23.1-2419","catch_line":"Liability on bonds","url":"\/23.1-2419\/","token":"23.1\/IV\/24\/23.1-2419","metadata":false},"next_section":{"id":55443,"structure_id":13799,"section_number":"23.1-2421","catch_line":"Trust indentures and mortgages; security for the bonds","url":"\/23.1-2421\/","token":"23.1\/IV\/24\/23.1-2421","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-2420\/","history_text":"

This law was first created in 1996. The record of its establishment is cataloged in chapters 905<\/a> and 1046<\/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. 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 2016, chapter 588<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":186407,"object_type":"law","relational_id":79367,"identifier":"23.1-2420","token":"23.1\/IV\/24\/23.1-2420","url":"\/23.1-2420\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/23.1-2420\/","token":"23.1\/IV\/24\/23.1-2420","dublin_core":{"Title":"Form of bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-2420","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Bonds<\/span><\/span> of the Authority<\/span> shall (i) be authorized by resolution setting forth the maximum principal amount issuable, (ii) be dated, and (iii) mature not more than 40 years from their date and may be (a) issued in one or more series and (b) made redeemable or subject to tender before maturity, at the option of the Authority<\/span>, at such price or under such terms and conditions as may be fixed by the Authority<\/span> or its agents prior to issuance. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Bonds<\/span><\/span> of the Authority<\/span> shall bear interest payable at such times and rates and in such manner as the Authority<\/span> or its agents may determine, including rates approved by officers of the Authority<\/span> under authorization of the board<\/span>, rates tied to indices, rates of other securities, or other standards and determinations by agents designated by the Authority<\/span> under guidelines established by the Authority<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Authority<\/span> shall determine the form, manner of execution, and denominations of its bonds<\/span><\/span> and the place of payment of principal and interest, which may be at any bank or trust company or securities depository within or outside the Commonwealth. The bonds<\/span><\/span> may be issued in coupon or registered form, or both, and provision may be made for their registration in whole or in part. Bonds<\/span><\/span> issued in registered form may be issued under a system<\/span> of book-entry for recording the ownership and transfer of ownership of rights to receive payments on the bonds<\/span><\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> If any officer whose signature or a facsimile of whose signature appears on any bonds<\/span><\/span> or coupons ceases to hold such office before delivery of such bond<\/span>, such signature or facsimile is nevertheless valid and sufficient for all purposes. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> The Authority<\/span> may contract<\/span> for the services of one or more banks, trust companies, financial institutions, or other entities or persons within or outside the Commonwealth for the authentication, registration, transfer, exchange, and payment of bonds<\/span><\/span> or provide such services itself. The Authority<\/span> may sell such bonds<\/span><\/span> at public or private sale and for such price as it determines. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> Notwithstanding any other provision of this chapter or any recitals in any bonds<\/span><\/span> issued under the provisions of this chapter, all such bonds<\/span><\/span> are negotiable instruments under the laws<\/span> of the Commonwealth. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> Prior to the preparation of definitive bonds<\/span><\/span>, the Authority<\/span> may issue<\/span> interim receipts or temporary bonds<\/span><\/span> that are exchangeable for definitive bonds<\/span><\/span> when such bonds<\/span><\/span> are executed and available for delivery. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

H.<\/span> The Authority<\/span> may provide for the replacement of any mutilated, destroyed, stolen, or lost bonds<\/span><\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nFORM OF BONDS (\u00a7 23.1-2420)\n\nA. Bonds of the Authority shall (i) be authorized by resolution setting forth\nthe maximum principal amount issuable, (ii) be dated, and (iii) mature not more\nthan 40 years from their date and may be (a) issued in one or more series and\n(b) made redeemable or subject to tender before maturity, at the option of the\nAuthority, at such price or under such terms and conditions as may be fixed by\nthe Authority or its agents prior to issuance.\n\nB. Bonds of the Authority shall bear interest payable at such times and rates\nand in such manner as the Authority or its agents may determine, including rates\napproved by officers of the Authority under authorization of the board, rates\ntied to indices, rates of other securities, or other standards and\ndeterminations by agents designated by the Authority under guidelines\nestablished by the Authority.\n\nC. The Authority shall determine the form, manner of execution, and\ndenominations of its bonds and the place of payment of principal and interest,\nwhich may be at any bank or trust company or securities depository within or\noutside the Commonwealth. The bonds may be issued in coupon or registered form,\nor both, and provision may be made for their registration in whole or in part.\nBonds issued in registered form may be issued under a system of book-entry for\nrecording the ownership and transfer of ownership of rights to receive payments\non the bonds.\n\nD. If any officer whose signature or a facsimile of whose signature appears on\nany bonds or coupons ceases to hold such office before delivery of such bond,\nsuch signature or facsimile is nevertheless valid and sufficient for all\npurposes.\n\nE. The Authority may contract for the services of one or more banks, trust\ncompanies, financial institutions, or other entities or persons within or\noutside the Commonwealth for the authentication, registration, transfer,\nexchange, and payment of bonds or provide such services itself. The Authority\nmay sell such bonds at public or private sale and for such price as it\ndetermines.\n\nF. Notwithstanding any other provision of this chapter or any recitals in any\nbonds issued under the provisions of this chapter, all such bonds are negotiable\ninstruments under the laws of the Commonwealth.\n\nG. Prior to the preparation of definitive bonds, the Authority may issue interim\nreceipts or temporary bonds that are exchangeable for definitive bonds when such\nbonds are executed and available for delivery.\n\nH. The Authority may provide for the replacement of any mutilated, destroyed,\nstolen, or lost bonds.\n\nHISTORY: 1996, cc. 905, 1046, \u00a7 23-50.16:27; 2016, c. 588.","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}}