{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/3.2-3117.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/3.2-3117.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/3.2-3117.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/3.2-3117.html"}],"law_id":80920,"edition_id":1,"section_id":80920,"structure_id":16462,"section_number":"3.2-3117","catch_line":"Pledge of loans to secure bonds of the Authority","history":"2015, cc. 399, 433.","full_text":"A\n\nThe Authority is empowered at any time and from time to time to pledge, assign, or transfer from the Fund to banks or trust companies designated by the Authority any or all of the assets of the Fund to be held in trust as security for the payment of the principal of, premium, if any, and interest on any or all of the bonds, as defined in § 62.1-199, issued to finance any project located in the tobacco-dependent communities in the Southside and Southwest regions of Virginia. The interests of the Fund in any assets so transferred shall be subordinate to the rights of the trustee under the pledge, assignment, or transfer.B\n\nTo the extent funds are not available from other sources pledged for such purpose, any of the assets or payments of principal and interest received on the assets pledged, assigned, or transferred or held in trust may be applied by the trustee thereof to the payment of the principal of, premium, if any, and interest on such bonds of the Authority secured thereby, and, if such payments are insufficient for such purpose, the trustee is empowered to sell any or all of such assets and apply the net proceeds from the sale to the payment of the principal of, premium, if any, and interest on such bonds of the Authority.C\n\nAny assets of the Fund pledged, assigned, or transferred in trust as set forth in this section and any payments of principal, interest, or earnings received thereon shall remain part of the Fund but shall be subject to the pledge, assignment, or transfer to secure the bonds of the Authority and shall be held by the trustee to which they are pledged, assigned, or transferred until no longer required for such purpose by the terms of the pledge, assignment, or transfer.","order_by":null,"text":{"0":{"id":290077,"text":"The Authority is empowered at any time and from time to time to pledge, assign, or transfer from the Fund to banks or trust companies designated by the Authority any or all of the assets of the Fund to be held in trust as security for the payment of the principal of, premium, if any, and interest on any or all of the bonds, as defined in § 62.1-199, issued to finance any project located in the tobacco-dependent communities in the Southside and Southwest regions of Virginia. The interests of the Fund in any assets so transferred shall be subordinate to the rights of the trustee under the pledge, assignment, or transfer.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":290078,"text":"To the extent funds are not available from other sources pledged for such purpose, any of the assets or payments of principal and interest received on the assets pledged, assigned, or transferred or held in trust may be applied by the trustee thereof to the payment of the principal of, premium, if any, and interest on such bonds of the Authority secured thereby, and, if such payments are insufficient for such purpose, the trustee is empowered to sell any or all of such assets and apply the net proceeds from the sale to the payment of the principal of, premium, if any, and interest on such bonds of the Authority.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":290079,"text":"Any assets of the Fund pledged, assigned, or transferred in trust as set forth in this section and any payments of principal, interest, or earnings received thereon shall remain part of the Fund but shall be subject to the pledge, assignment, or transfer to secure the bonds of the Authority and shall be held by the trustee to which they are pledged, assigned, or transferred until no longer required for such purpose by the terms of the pledge, assignment, or transfer.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":16462,"edition_id":1,"name":"Virginia Tobacco Region Revolving Fund","identifier":"31.1","label":"chapter","depth":4,"order_by":1,"parent_id":15735,"metadata":{},"date_created":"2026-06-26 04:19:20","date_modified":"2026-06-26 04:19:20","permalink":{"id":195401,"object_type":"structure","relational_id":16462,"identifier":"31.1","token":"3.2\/II\/D\/31.1","url":"\/3.2\/II\/D\/31.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":15735,"edition_id":1,"name":"Tobacco Region Revitalization Commission and Virginia Tobacco Region Revolving Fund","identifier":"D","label":"part","depth":3,"order_by":1,"parent_id":12794,"metadata":{},"date_created":"2026-06-26 03:58:43","date_modified":"2026-06-26 03:58:43","permalink":{"id":195349,"object_type":"structure","relational_id":15735,"identifier":"D","token":"3.2\/II\/D","url":"\/3.2\/II\/D\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12794,"edition_id":1,"name":"Boards, Councils, Foundations, and Commissions","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12793,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":194359,"object_type":"structure","relational_id":12794,"identifier":"II","token":"3.2\/II","url":"\/3.2\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12793,"edition_id":1,"name":"Agriculture, Animal Care, and Food","identifier":"3.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":193939,"object_type":"structure","relational_id":12793,"identifier":"3.2","token":"3.2","url":"\/3.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":83812,"structure_id":16462,"section_number":"3.2-3112","catch_line":"Definitions","url":"\/3.2-3112\/","token":"3.2\/II\/D\/31.1\/3.2-3112","metadata":false},{"id":86571,"structure_id":16462,"section_number":"3.2-3113","catch_line":"Creation and management of Virginia Tobacco Region Revolving Fund","url":"\/3.2-3113\/","token":"3.2\/II\/D\/31.1\/3.2-3113","metadata":false},{"id":74657,"structure_id":16462,"section_number":"3.2-3114","catch_line":"Deposit of money; expenditures; investments","url":"\/3.2-3114\/","token":"3.2\/II\/D\/31.1\/3.2-3114","metadata":false},{"id":80558,"structure_id":16462,"section_number":"3.2-3115","catch_line":"Collection of money due the Fund","url":"\/3.2-3115\/","token":"3.2\/II\/D\/31.1\/3.2-3115","metadata":false},{"id":86690,"structure_id":16462,"section_number":"3.2-3116","catch_line":"Loans to local governments","url":"\/3.2-3116\/","token":"3.2\/II\/D\/31.1\/3.2-3116","metadata":false},{"id":80920,"structure_id":16462,"section_number":"3.2-3117","catch_line":"Pledge of loans to secure bonds of the Authority","url":"\/3.2-3117\/","token":"3.2\/II\/D\/31.1\/3.2-3117","metadata":false},{"id":75156,"structure_id":16462,"section_number":"3.2-3118","catch_line":"Sale of loans","url":"\/3.2-3118\/","token":"3.2\/II\/D\/31.1\/3.2-3118","metadata":false},{"id":69065,"structure_id":16462,"section_number":"3.2-3119","catch_line":"Powers of the Authority","url":"\/3.2-3119\/","token":"3.2\/II\/D\/31.1\/3.2-3119","metadata":false},{"id":71825,"structure_id":16462,"section_number":"3.2-3120","catch_line":"Report to the General Assembly and the Governor","url":"\/3.2-3120\/","token":"3.2\/II\/D\/31.1\/3.2-3120","metadata":false},{"id":86665,"structure_id":16462,"section_number":"3.2-3121","catch_line":"Liberal construction of chapter","url":"\/3.2-3121\/","token":"3.2\/II\/D\/31.1\/3.2-3121","metadata":false}],"previous_section":{"id":86690,"structure_id":16462,"section_number":"3.2-3116","catch_line":"Loans to local governments","url":"\/3.2-3116\/","token":"3.2\/II\/D\/31.1\/3.2-3116","metadata":false},"next_section":{"id":75156,"structure_id":16462,"section_number":"3.2-3118","catch_line":"Sale of loans","url":"\/3.2-3118\/","token":"3.2\/II\/D\/31.1\/3.2-3118","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/3.2-3117\/","history_text":"

This law was first created in 2015. The record of its establishment is cataloged in chapters 399<\/a> and 433<\/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.<\/p>","references":[{"id":85528,"section_number":"62.1-203","catch_line":"Powers of Authority","order_by":null,"url":"\/62.1-203\/"}],"refers_to":[{"id":80022,"section_number":"62.1-199","catch_line":"Definitions","order_by":null,"url":"\/62.1-199\/"}],"permalink":{"id":195423,"object_type":"law","relational_id":80920,"identifier":"3.2-3117","token":"3.2\/II\/D\/31.1\/3.2-3117","url":"\/3.2-3117\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/3.2-3117\/","token":"3.2\/II\/D\/31.1\/3.2-3117","dublin_core":{"Title":"Pledge of loans to secure bonds of the Authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 3.2-3117","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Authority<\/span> is empowered at any time and from time to time to pledge, assign, or transfer from the Fund<\/span> to banks or trust companies designated by the Authority<\/span> any or all of the assets<\/span> of the Fund<\/span> to be held in trust as security for the payment of the principal of, premium, if any, and interest on any or all of the bonds<\/span>, as defined in § 62.1-199<\/a>, issued to finance any project<\/span> located in the tobacco-dependent communities in the Southside and Southwest regions of Virginia. The interests of the Fund<\/span> in any assets<\/span> so transferred shall be subordinate to the rights of the trustee under the pledge, assignment, or transfer. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> To the extent funds<\/span> are not available from other sources pledged for such purpose, any of the assets<\/span> or payments of principal and interest received on the assets<\/span> pledged, assigned, or transferred or held in trust may be applied by the trustee thereof to the payment of the principal of, premium, if any, and interest on such bonds<\/span> of the Authority<\/span> secured thereby, and, if such payments are insufficient for such purpose, the trustee is empowered to sell any or all of such assets<\/span> and apply the net proceeds from the sale to the payment of the principal of, premium, if any, and interest on such bonds<\/span> of the Authority<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Any assets<\/span> of the Fund<\/span> pledged, assigned, or transferred in trust as set forth in this section and any payments of principal, interest, or earnings received thereon shall remain part of the Fund<\/span> but shall be subject to the pledge, assignment, or transfer to secure the bonds<\/span> of the Authority<\/span> and shall be held by the trustee to which they are pledged, assigned, or transferred until no longer required for such purpose by the terms of the pledge, assignment, or transfer. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPLEDGE OF LOANS TO SECURE BONDS OF THE AUTHORITY (\u00a7 3.2-3117)\n\nA. The Authority is empowered at any time and from time to time to pledge,\nassign, or transfer from the Fund to banks or trust companies designated by the\nAuthority any or all of the assets of the Fund to be held in trust as security\nfor the payment of the principal of, premium, if any, and interest on any or all\nof the bonds, as defined in § 62.1-199, issued to finance any project\nlocated in the tobacco-dependent communities in the Southside and Southwest\nregions of Virginia. The interests of the Fund in any assets so transferred\nshall be subordinate to the rights of the trustee under the pledge, assignment,\nor transfer.\n\nB. To the extent funds are not available from other sources pledged for such\npurpose, any of the assets or payments of principal and interest received on the\nassets pledged, assigned, or transferred or held in trust may be applied by the\ntrustee thereof to the payment of the principal of, premium, if any, and\ninterest on such bonds of the Authority secured thereby, and, if such payments\nare insufficient for such purpose, the trustee is empowered to sell any or all\nof such assets and apply the net proceeds from the sale to the payment of the\nprincipal of, premium, if any, and interest on such bonds of the Authority.\n\nC. Any assets of the Fund pledged, assigned, or transferred in trust as set\nforth in this section and any payments of principal, interest, or earnings\nreceived thereon shall remain part of the Fund but shall be subject to the\npledge, assignment, or transfer to secure the bonds of the Authority and shall\nbe held by the trustee to which they are pledged, assigned, or transferred until\nno longer required for such purpose by the terms of the pledge, assignment, or\ntransfer.\n\nHISTORY: 2015, cc. 399, 433.","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}}