{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/33.2-1502.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/33.2-1502.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/33.2-1502.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/33.2-1502.html"}],"law_id":83639,"edition_id":1,"section_id":83639,"structure_id":13651,"section_number":"33.2-1502","catch_line":"Creation of the Virginia Transportation Infrastructure Bank","history":"2011, cc. 830, 868, \u00a7 33.1-23.8; 2014, c. 805; 2015, c. 684; 2020, cc. 1230, 1275.","full_text":"A\n\nThere is hereby created in the state treasury a special nonreverting, revolving loan fund, known as the Virginia Transportation Infrastructure Bank, that is a subfund of the Transportation Trust Fund established pursuant to § 33.2-1524.1. The Bank shall be established on the books of the Comptroller. The Bank shall be capitalized with (i) funds pursuant to subdivision B 3 of § 33.2-1524 and (ii) moneys appropriated by the General Assembly and credited to the Bank. Disbursements from the Bank shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the Commissioner of Highways or his designee. Payments on project obligations and interest earned on the moneys in the Bank shall be credited to the Bank. Any moneys remaining in the Bank, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Bank. Notwithstanding anything to the contrary set forth in this article or in the management agreement, the Board will have the right to determine the projects for which loans or other financial assistance may be provided by the Bank. Moneys in the Bank shall be used solely for the purposes enumerated in subsection C.B\n\nThe Board, the manager, and the Secretary of Finance are authorized to enter into a management agreement which may include provisions (i) setting forth the terms and conditions under which the manager will advise the Board on the financial propriety of providing particular loans or other financial assistance; (ii) setting forth the terms and conditions under which the substantive requirements of subsections C, D, and E and § 33.2-1505 will be applied and administered; and (iii) authorizing the manager to request the Board to disburse from the moneys in the Bank the reasonable costs and expenses the manager may incur in the management and administration of the Bank and a reasonable fee to be approved by the Board for the manager’s management and administrative services.C\n\n1. Moneys deposited in the Bank shall be used for the purpose of making loans and other financial assistance to finance projects.2\n\nEach project obligation shall be payable, in whole or in part, from reliable repayment sources pledged for such purpose.3\n\nThe interest rate on a project obligation shall be determined by reference to the current market rates for comparable obligations, the nature of the project and the financing structure therefor, and the creditworthiness of the eligible borrower and other project sponsors.4\n\nThe repayment schedule for each project obligation shall require (i) the amortization of principal beginning within five years following the later of substantial project completion or the date of incurrence of the project obligation and (ii) a final maturity date of not more than 35 years following substantial project completion.D\n\nThe pledge of reliable repayment sources and other property securing any project obligation may be subordinate to the pledge securing any other senior debt obligations incurred to finance the project.E\n\nNotwithstanding subdivision C 4, the manager may at any time following substantial project completion defer payments on a project obligation if the project is unable to generate sufficient revenues to pay the scheduled payments.F\n\nNo loan or other financial assistance may be provided or committed to be provided by the Bank in a manner that would cause such loan or other financial assistance to be tax-supported debt within the meaning of § 2.2-2713 or be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth but shall be payable solely from legally available moneys held by the Bank.G\n\nNeither the Bank nor the manager is authorized or empowered to be or to constitute (i) a bank or trust company within the jurisdiction or under the control of the Commonwealth or an agency thereof or the Comptroller of Currency of the U.S. Treasury Department or (ii) a bank, banker, or dealer in securities within the meaning of, or subject to the provisions of, any securities, securities exchange, or securities dealers law of the United States or of the Commonwealth.H\n\nThe Board or the manager may establish or direct the establishment of federal and state accounts or subaccounts as may be necessary to meet any applicable federal law requirements or desirable for the efficient administration of the Bank in accordance with this article.","order_by":null,"text":{"0":{"id":299788,"text":"There is hereby created in the state treasury a special nonreverting, revolving loan fund, known as the Virginia Transportation Infrastructure Bank, that is a subfund of the Transportation Trust Fund established pursuant to § 33.2-1524.1. The Bank shall be established on the books of the Comptroller. The Bank shall be capitalized with (i) funds pursuant to subdivision B 3 of § 33.2-1524 and (ii) moneys appropriated by the General Assembly and credited to the Bank. Disbursements from the Bank shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the Commissioner of Highways or his designee. Payments on project obligations and interest earned on the moneys in the Bank shall be credited to the Bank. Any moneys remaining in the Bank, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Bank. Notwithstanding anything to the contrary set forth in this article or in the management agreement, the Board will have the right to determine the projects for which loans or other financial assistance may be provided by the Bank. Moneys in the Bank shall be used solely for the purposes enumerated in subsection C.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":299789,"text":"The Board, the manager, and the Secretary of Finance are authorized to enter into a management agreement which may include provisions (i) setting forth the terms and conditions under which the manager will advise the Board on the financial propriety of providing particular loans or other financial assistance; (ii) setting forth the terms and conditions under which the substantive requirements of subsections C, D, and E and § 33.2-1505 will be applied and administered; and (iii) authorizing the manager to request the Board to disburse from the moneys in the Bank the reasonable costs and expenses the manager may incur in the management and administration of the Bank and a reasonable fee to be approved by the Board for the manager’s management and administrative services.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":299790,"text":"1. Moneys deposited in the Bank shall be used for the purpose of making loans and other financial assistance to finance projects.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C2"},"3":{"id":299791,"text":"Each project obligation shall be payable, in whole or in part, from reliable repayment sources pledged for such purpose.","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C","next_prefix":"C3"},"4":{"id":299792,"text":"The interest rate on a project obligation shall be determined by reference to the current market rates for comparable obligations, the nature of the project and the financing structure therefor, and the creditworthiness of the eligible borrower and other project sponsors.","type":"section","prefixes":["C","3"],"prefix":"3","entire_prefix":"C3","prefix_anchor":"C3","level":2,"prior_prefix":"C2","next_prefix":"C4"},"5":{"id":299793,"text":"The repayment schedule for each project obligation shall require (i) the amortization of principal beginning within five years following the later of substantial project completion or the date of incurrence of the project obligation and (ii) a final maturity date of not more than 35 years following substantial project completion.","type":"section","prefixes":["C","4"],"prefix":"4","entire_prefix":"C4","prefix_anchor":"C4","level":2,"prior_prefix":"C3","next_prefix":"D"},"6":{"id":299794,"text":"The pledge of reliable repayment sources and other property securing any project obligation may be subordinate to the pledge securing any other senior debt obligations incurred to finance the project.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C4","next_prefix":"E"},"7":{"id":299795,"text":"Notwithstanding subdivision C 4, the manager may at any time following substantial project completion defer payments on a project obligation if the project is unable to generate sufficient revenues to pay the scheduled payments.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"8":{"id":299796,"text":"No loan or other financial assistance may be provided or committed to be provided by the Bank in a manner that would cause such loan or other financial assistance to be tax-supported debt within the meaning of § 2.2-2713 or be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth but shall be payable solely from legally available moneys held by the Bank.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"9":{"id":299797,"text":"Neither the Bank nor the manager is authorized or empowered to be or to constitute (i) a bank or trust company within the jurisdiction or under the control of the Commonwealth or an agency thereof or the Comptroller of Currency of the U.S. Treasury Department or (ii) a bank, banker, or dealer in securities within the meaning of, or subject to the provisions of, any securities, securities exchange, or securities dealers law of the United States or of the Commonwealth.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F","next_prefix":"H"},"10":{"id":299798,"text":"The Board or the manager may establish or direct the establishment of federal and state accounts or subaccounts as may be necessary to meet any applicable federal law requirements or desirable for the efficient administration of the Bank in accordance with this article.","type":"section","prefixes":["H"],"prefix":"H","entire_prefix":"H","prefix_anchor":"H","level":1,"prior_prefix":"G"}},"ancestry":[{"id":13651,"edition_id":1,"name":"Virginia Transportation Infrastructure Bank","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":13147,"metadata":{},"date_created":"2026-06-26 03:45:28","date_modified":"2026-06-26 03:45:28","permalink":{"id":206487,"object_type":"structure","relational_id":13651,"identifier":"1","token":"33.2\/III\/15\/1","url":"\/33.2\/III\/15\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13147,"edition_id":1,"name":"Transportation Funding","identifier":"15","label":"chapter","depth":3,"order_by":1,"parent_id":13146,"metadata":{},"date_created":"2026-06-26 03:44:21","date_modified":"2026-06-26 03:44:21","permalink":{"id":206485,"object_type":"structure","relational_id":13147,"identifier":"15","token":"33.2\/III\/15","url":"\/33.2\/III\/15\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13146,"edition_id":1,"name":"Transportation Funding and Development","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12806,"metadata":{},"date_created":"2026-06-26 03:44:21","date_modified":"2026-06-26 03:44:21","permalink":{"id":206483,"object_type":"structure","relational_id":13146,"identifier":"III","token":"33.2\/III","url":"\/33.2\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12806,"edition_id":1,"name":"Highways and Other Surface Transportation Systems","identifier":"33.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:54","date_modified":"2026-06-26 03:43:54","permalink":{"id":204785,"object_type":"structure","relational_id":12806,"identifier":"33.2","token":"33.2","url":"\/33.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":56384,"structure_id":13651,"section_number":"33.2-1500","catch_line":"Legislative findings and purposes","url":"\/33.2-1500\/","token":"33.2\/III\/15\/1\/33.2-1500","metadata":false},{"id":62146,"structure_id":13651,"section_number":"33.2-1501","catch_line":"Definitions","url":"\/33.2-1501\/","token":"33.2\/III\/15\/1\/33.2-1501","metadata":false},{"id":83639,"structure_id":13651,"section_number":"33.2-1502","catch_line":"Creation of the Virginia Transportation Infrastructure Bank","url":"\/33.2-1502\/","token":"33.2\/III\/15\/1\/33.2-1502","metadata":false},{"id":66089,"structure_id":13651,"section_number":"33.2-1503","catch_line":"Eligibility and project selection","url":"\/33.2-1503\/","token":"33.2\/III\/15\/1\/33.2-1503","metadata":false},{"id":73129,"structure_id":13651,"section_number":"33.2-1504","catch_line":"Grants from the Commonwealth Transportation Board","url":"\/33.2-1504\/","token":"33.2\/III\/15\/1\/33.2-1504","metadata":false},{"id":74721,"structure_id":13651,"section_number":"33.2-1505","catch_line":"Project obligations","url":"\/33.2-1505\/","token":"33.2\/III\/15\/1\/33.2-1505","metadata":false},{"id":71556,"structure_id":13651,"section_number":"33.2-1506","catch_line":"Exemption from taxation; exemption from Virginia Public Procurement Act","url":"\/33.2-1506\/","token":"33.2\/III\/15\/1\/33.2-1506","metadata":false},{"id":54624,"structure_id":13651,"section_number":"33.2-1507","catch_line":" Reporting requirement","url":"\/33.2-1507\/","token":"33.2\/III\/15\/1\/33.2-1507","metadata":false}],"previous_section":{"id":62146,"structure_id":13651,"section_number":"33.2-1501","catch_line":"Definitions","url":"\/33.2-1501\/","token":"33.2\/III\/15\/1\/33.2-1501","metadata":false},"next_section":{"id":66089,"structure_id":13651,"section_number":"33.2-1503","catch_line":"Eligibility and project selection","url":"\/33.2-1503\/","token":"33.2\/III\/15\/1\/33.2-1503","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/33.2-1502\/","history_text":"

This law was first created in 2011. The record of its establishment is cataloged in chapters 830<\/a> and 868<\/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 3 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 2014, chapter 805<\/a>; in 2015, chapter 684<\/a>; in 2020, chapters 1230<\/a> and 1275<\/a>.<\/p>","references":[{"id":75538,"section_number":"2.2-229","catch_line":"Office of Intermodal Planning and Investment of the Secretary of Transportation","order_by":null,"url":"\/2.2-229\/"},{"id":62146,"section_number":"33.2-1501","catch_line":"Definitions","order_by":null,"url":"\/33.2-1501\/"}],"refers_to":[{"id":54236,"section_number":"2.2-2713","catch_line":"Powers and duties of the Committee","order_by":null,"url":"\/2.2-2713\/"},{"id":74721,"section_number":"33.2-1505","catch_line":"Project obligations","order_by":null,"url":"\/33.2-1505\/"},{"id":72795,"section_number":"33.2-1524","catch_line":"Commonwealth Transportation Fund","order_by":null,"url":"\/33.2-1524\/"},{"id":77204,"section_number":"33.2-1524.1","catch_line":"Transportation Trust Fund","order_by":null,"url":"\/33.2-1524.1\/"}],"permalink":{"id":206497,"object_type":"law","relational_id":83639,"identifier":"33.2-1502","token":"33.2\/III\/15\/1\/33.2-1502","url":"\/33.2-1502\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/33.2-1502\/","token":"33.2\/III\/15\/1\/33.2-1502","dublin_core":{"Title":"Creation of the Virginia Transportation Infrastructure Bank","Type":"Text","Format":"text\/html","Identifier":"\u00a7 33.2-1502","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> There is hereby created in the state treasury a special nonreverting, revolving loan<\/span> fund, known as the Virginia Transportation Infrastructure Bank<\/span>, that is a subfund of the Transportation Trust Fund established pursuant to § 33.2-1524.1<\/a>. The Bank<\/span> shall be established on the books of the Comptroller. The Bank<\/span> shall be capitalized with (i) funds pursuant to subdivision B 3 of § 33.2-1524<\/a> and (ii) moneys appropriated by the General Assembly and credited to the Bank<\/span>. Disbursements from the Bank<\/span> shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the Commissioner of Highways<\/span> or his designee. Payments on project obligations<\/span> and interest earned on the moneys in the Bank<\/span> shall be credited to the Bank<\/span>. Any moneys remaining in the Bank<\/span>, including interest thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Bank<\/span>. Notwithstanding anything to the contrary set forth in this article or in the management agreement<\/span>, the Board<\/span> will have the right to determine the projects<\/span> for which loans<\/span> or other financial assistance<\/span> may be provided by the Bank<\/span>. Moneys in the Bank<\/span> shall be used solely for the purposes enumerated in subsection C. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Board<\/span>, the manager<\/span>, and the Secretary<\/span> of Finance<\/span> are authorized to enter into a management agreement<\/span> which may include provisions (i) setting forth the terms and conditions under which the manager<\/span> will advise the Board<\/span> on the financial propriety of providing particular loans<\/span> or other financial assistance<\/span>; (ii) setting forth the terms and conditions under which the substantive requirements of subsections C, D, and E and § 33.2-1505<\/a> will be applied and administered; and (iii) authorizing the manager<\/span> to request the Board<\/span> to disburse from the moneys in the Bank<\/span> the reasonable costs<\/span> and expenses the manager<\/span> may incur in the management and administration of the Bank<\/span> and a reasonable fee to be approved by the Board<\/span> for the manager<\/span>’s management and administrative services. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> 1. Moneys deposited in the Bank<\/span> shall be used for the purpose of making loans<\/span> and other financial assistance<\/span> to finance<\/span> projects<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Each project obligation<\/span> shall be payable, in whole or in part, from reliable repayment sources<\/span> pledged for such purpose. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The interest rate on a project obligation<\/span> shall be determined by reference to the current market rates for comparable obligations, the nature of the project and the financing structure therefor, and the creditworthiness<\/span> of the eligible borrower<\/span> and other project sponsors<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The repayment schedule for each project obligation<\/span> shall require (i) the amortization of principal beginning within five years following the later of substantial project completion<\/span> or the date of incurrence of the project obligation<\/span> and (ii) a final maturity date of not more than 35 years following substantial project completion<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The pledge of reliable repayment sources<\/span> and other property securing any project obligation<\/span> may be subordinate to the pledge securing any other senior debt obligations incurred to finance<\/span> the project. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Notwithstanding subdivision C 4, the manager<\/span> may at any time following substantial project completion<\/span> defer payments on a project obligation<\/span> if the project is unable to generate sufficient revenues to pay the scheduled payments. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> No loan<\/span> or other financial assistance<\/span> may be provided or committed to be provided by the Bank<\/span> in a manner that would cause such loan<\/span> or other financial assistance<\/span> to be tax-supported debt within the meaning of § 2.2-2713<\/a> or be deemed to constitute a debt of the Commonwealth or a pledge of the full faith and credit of the Commonwealth but shall be payable solely from legally available moneys held by the Bank<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> Neither the Bank<\/span> nor the manager<\/span> is authorized or empowered to be or to constitute (i) a bank<\/span> or trust company within the jurisdiction<\/span> or under the control of the Commonwealth or an agency thereof or the Comptroller of Currency of the U.S. Treasury Department<\/span> or (ii) a bank<\/span>, banker, or dealer in securities within the meaning of, or subject to the provisions of, any securities, securities exchange, or securities dealers law<\/span> of the United States or of the Commonwealth. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

H.<\/span> The Board<\/span> or the manager<\/span> may establish or direct the establishment of federal and state accounts or subaccounts as may be necessary to meet any applicable federal law<\/span> requirements or desirable for the efficient administration of the Bank<\/span> in accordance with this article. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCREATION OF THE VIRGINIA TRANSPORTATION INFRASTRUCTURE BANK (\u00a7 33.2-1502)\n\nA. There is hereby created in the state treasury a special nonreverting,\nrevolving loan fund, known as the Virginia Transportation Infrastructure Bank,\nthat is a subfund of the Transportation Trust Fund established pursuant to\n§ 33.2-1524.1. The Bank shall be established on the books of the\nComptroller. The Bank shall be capitalized with (i) funds pursuant to\nsubdivision B 3 of § 33.2-1524 and (ii) moneys appropriated by the General\nAssembly and credited to the Bank. Disbursements from the Bank shall be made by\nthe State Treasurer on warrants issued by the Comptroller upon written request\nsigned by the Commissioner of Highways or his designee. Payments on project\nobligations and interest earned on the moneys in the Bank shall be credited to\nthe Bank. Any moneys remaining in the Bank, including interest thereon, at the\nend of each fiscal year shall not revert to the general fund but shall remain in\nthe Bank. Notwithstanding anything to the contrary set forth in this article or\nin the management agreement, the Board will have the right to determine the\nprojects for which loans or other financial assistance may be provided by the\nBank. Moneys in the Bank shall be used solely for the purposes enumerated in\nsubsection C.\n\nB. The Board, the manager, and the Secretary of Finance are authorized to enter\ninto a management agreement which may include provisions (i) setting forth the\nterms and conditions under which the manager will advise the Board on the\nfinancial propriety of providing particular loans or other financial assistance;\n(ii) setting forth the terms and conditions under which the substantive\nrequirements of subsections C, D, and E and § 33.2-1505 will be applied and\nadministered; and (iii) authorizing the manager to request the Board to disburse\nfrom the moneys in the Bank the reasonable costs and expenses the manager may\nincur in the management and administration of the Bank and a reasonable fee to\nbe approved by the Board for the manager’s management and administrative\nservices.\n\nC. 1. Moneys deposited in the Bank shall be used for the purpose of making loans\nand other financial assistance to finance projects.\n\n 2. Each project obligation shall be payable, in whole or in part, from\n reliable repayment sources pledged for such purpose.\n\n 3. The interest rate on a project obligation shall be determined by reference\n to the current market rates for comparable obligations, the nature of the\n project and the financing structure therefor, and the creditworthiness of the\n eligible borrower and other project sponsors.\n\n 4. The repayment schedule for each project obligation shall require (i) the\n amortization of principal beginning within five years following the later of\n substantial project completion or the date of incurrence of the project\n obligation and (ii) a final maturity date of not more than 35 years following\n substantial project completion.\n\nD. The pledge of reliable repayment sources and other property securing any\nproject obligation may be subordinate to the pledge securing any other senior\ndebt obligations incurred to finance the project.\n\nE. Notwithstanding subdivision C 4, the manager may at any time following\nsubstantial project completion defer payments on a project obligation if the\nproject is unable to generate sufficient revenues to pay the scheduled payments.\n\nF. No loan or other financial assistance may be provided or committed to be\nprovided by the Bank in a manner that would cause such loan or other financial\nassistance to be tax-supported debt within the meaning of § 2.2-2713 or be\ndeemed to constitute a debt of the Commonwealth or a pledge of the full faith\nand credit of the Commonwealth but shall be payable solely from legally\navailable moneys held by the Bank.\n\nG. Neither the Bank nor the manager is authorized or empowered to be or to\nconstitute (i) a bank or trust company within the jurisdiction or under the\ncontrol of the Commonwealth or an agency thereof or the Comptroller of Currency\nof the U.S. Treasury Department or (ii) a bank, banker, or dealer in securities\nwithin the meaning of, or subject to the provisions of, any securities,\nsecurities exchange, or securities dealers law of the United States or of the\nCommonwealth.\n\nH. The Board or the manager may establish or direct the establishment of federal\nand state accounts or subaccounts as may be necessary to meet any applicable\nfederal law requirements or desirable for the efficient administration of the\nBank in accordance with this article.\n\nHISTORY: 2011, cc. 830, 868, \u00a7 33.1-23.8; 2014, c. 805; 2015, c. 684; 2020, cc.\n1230, 1275.","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}}