{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/33.2-1505.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/33.2-1505.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/33.2-1505.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/33.2-1505.html"}],"law_id":74721,"edition_id":1,"section_id":74721,"structure_id":13651,"section_number":"33.2-1505","catch_line":"Project obligations","history":"2011, cc. 830, 868, \u00a7 33.1-23.11; 2014, c. 805; 2015, c. 684.","full_text":"A\n\nSubject to the terms determined by the manager in accordance with the management agreement, each loan or other financial assistance shall be evidenced or guaranteed by project obligations provided to finance the costs of any project. The manager may also sell any project obligations so acquired and apply the proceeds of such a sale to the making of additional loans and the provision of other financial assistance for financing the cost of any project or for any other corporate purpose of the Bank.B\n\nThe manager may require, as a condition to provision of a loan or other financial assistance and the acquisition of any project obligations, that the eligible borrower or any other project sponsor covenant to perform any of the following:1\n\nEstablish and collect tolls, rents, rates, fees, and other charges to produce revenue sufficient to pay all or a specified portion of (i) the costs of operation, maintenance, replacement, renewal, and repairs of the project; (ii) any outstanding indebtedness incurred for the purposes of the project, including the principal of and premium, if any, and interest on the project obligations; and (iii) any amounts necessary to create and maintain any required reserve, including any rate stabilization fund deemed necessary or appropriate by the manager to offset the need, in whole or part, for future increases in tolls, rents, rates, fees, or charges;2\n\nCreate and maintain a special fund or funds as security for or the source of the scheduled payments on the project obligations or for the operation, maintenance, repair, or replacement of the project or any portions thereof or other property of the eligible borrower or any other project sponsor and deposit into any fund or funds amounts sufficient to make any payments as they become due and payable;3\n\nCreate and maintain other special funds as required by the manager; and4\n\nPerform other acts, including the conveyance or mortgaging of real and personal property together with all right, title, and interest therein to secure project obligations, or take other actions as may be deemed necessary or desirable by the manager to secure payment of the project obligations and to provide for remedies in the event of any default or nonpayment by the eligible borrower or any other project sponsor, including any of the following:\n\t\t\t\ta. The procurement of credit enhancements or liquidity arrangements for project obligations from any source, public or private, and the payment therefor of premiums, fees, or other charges.\n\t\t\t\tb. The combination of one or more projects, or the combination of one or more projects with one or more other undertakings, facilities, or systems, for the purpose of operations and financing, and the pledging of the revenues from such combined projects, undertakings, facilities, and systems to secure project obligations issued in connection with such combination or any part or parts thereof.\n\t\t\t\tc. The payment of such fees and charges in connection with the acquisition of the project obligations as may be determined by the manager.C\n\nAll eligible borrowers and other project sponsors, including any governmental entities, providing project obligations to the Bank are authorized to perform any acts, take any action, adopt any proceedings, and make and carry out any contracts with the Bank, the manager, or the Board that are contemplated by this article. Such contracts need not be identical among all eligible borrowers or other project sponsors, but may be structured as determined by the manager according to the needs of the contracting eligible borrowers and other project sponsors and the purposes of the Bank.\n\t\t\tIn addition, subject to the approval of the manager, any project sponsor is authorized to establish and contract with a special purpose or limited purpose instrumentality, corporation, or other entity for the purpose of having such entity serve as the eligible borrower with respect to a particular project.","order_by":null,"text":{"0":{"id":268550,"text":"Subject to the terms determined by the manager in accordance with the management agreement, each loan or other financial assistance shall be evidenced or guaranteed by project obligations provided to finance the costs of any project. The manager may also sell any project obligations so acquired and apply the proceeds of such a sale to the making of additional loans and the provision of other financial assistance for financing the cost of any project or for any other corporate purpose of the Bank.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":268551,"text":"The manager may require, as a condition to provision of a loan or other financial assistance and the acquisition of any project obligations, that the eligible borrower or any other project sponsor covenant to perform any of the following:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":268552,"text":"Establish and collect tolls, rents, rates, fees, and other charges to produce revenue sufficient to pay all or a specified portion of (i) the costs of operation, maintenance, replacement, renewal, and repairs of the project; (ii) any outstanding indebtedness incurred for the purposes of the project, including the principal of and premium, if any, and interest on the project obligations; and (iii) any amounts necessary to create and maintain any required reserve, including any rate stabilization fund deemed necessary or appropriate by the manager to offset the need, in whole or part, for future increases in tolls, rents, rates, fees, or charges;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":268553,"text":"Create and maintain a special fund or funds as security for or the source of the scheduled payments on the project obligations or for the operation, maintenance, repair, or replacement of the project or any portions thereof or other property of the eligible borrower or any other project sponsor and deposit into any fund or funds amounts sufficient to make any payments as they become due and payable;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":268554,"text":"Create and maintain other special funds as required by the manager; and","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"5":{"id":268555,"text":"Perform other acts, including the conveyance or mortgaging of real and personal property together with all right, title, and interest therein to secure project obligations, or take other actions as may be deemed necessary or desirable by the manager to secure payment of the project obligations and to provide for remedies in the event of any default or nonpayment by the eligible borrower or any other project sponsor, including any of the following:\n\t\t\t\ta. The procurement of credit enhancements or liquidity arrangements for project obligations from any source, public or private, and the payment therefor of premiums, fees, or other charges.\n\t\t\t\tb. The combination of one or more projects, or the combination of one or more projects with one or more other undertakings, facilities, or systems, for the purpose of operations and financing, and the pledging of the revenues from such combined projects, undertakings, facilities, and systems to secure project obligations issued in connection with such combination or any part or parts thereof.\n\t\t\t\tc. The payment of such fees and charges in connection with the acquisition of the project obligations as may be determined by the manager.","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3","next_prefix":"C"},"6":{"id":268556,"text":"All eligible borrowers and other project sponsors, including any governmental entities, providing project obligations to the Bank are authorized to perform any acts, take any action, adopt any proceedings, and make and carry out any contracts with the Bank, the manager, or the Board that are contemplated by this article. Such contracts need not be identical among all eligible borrowers or other project sponsors, but may be structured as determined by the manager according to the needs of the contracting eligible borrowers and other project sponsors and the purposes of the Bank.\n\t\t\tIn addition, subject to the approval of the manager, any project sponsor is authorized to establish and contract with a special purpose or limited purpose instrumentality, corporation, or other entity for the purpose of having such entity serve as the eligible borrower with respect to a particular project.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B4"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/33.2-1505\/","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 2 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>.<\/p>","references":[{"id":62146,"section_number":"33.2-1501","catch_line":"Definitions","order_by":null,"url":"\/33.2-1501\/"},{"id":83639,"section_number":"33.2-1502","catch_line":"Creation of the Virginia Transportation Infrastructure Bank","order_by":null,"url":"\/33.2-1502\/"}],"refers_to":false,"permalink":{"id":206509,"object_type":"law","relational_id":74721,"identifier":"33.2-1505","token":"33.2\/III\/15\/1\/33.2-1505","url":"\/33.2-1505\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/33.2-1505\/","token":"33.2\/III\/15\/1\/33.2-1505","dublin_core":{"Title":"Project obligations","Type":"Text","Format":"text\/html","Identifier":"\u00a7 33.2-1505","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Subject to the terms determined by the manager<\/span> in accordance with the management agreement<\/span>, each loan<\/span> or other financial assistance<\/span> shall be evidenced or guaranteed by project obligations<\/span> provided to finance<\/span> the costs<\/span> of any project. The manager<\/span> may also sell any project obligations<\/span> so acquired and apply the proceeds of such a sale to the making of additional loans<\/span> and the provision of other financial assistance<\/span> for financing the cost<\/span> of any project or for any other corporate purpose of the Bank<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The manager<\/span> may require, as a condition to provision of a loan<\/span> or other financial assistance<\/span> and the acquisition of any project obligations<\/span>, that the eligible borrower<\/span> or any other project sponsor<\/span> covenant to perform any of the following: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Establish and collect tolls, rents, rates, fees, and other charges to produce revenue sufficient to pay all or a specified portion of (i) the costs<\/span> of operation, maintenance<\/span>, replacement, renewal, and repairs of the project; (ii) any outstanding indebtedness incurred for the purposes of the project, including the principal of and premium, if any, and interest on the project obligations<\/span>; and (iii) any amounts necessary to create and maintain any required reserve, including any rate stabilization fund deemed necessary or appropriate by the manager<\/span> to offset the need, in whole or part, for future increases in tolls, rents, rates, fees, or charges; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Create and maintain a special fund or funds as security for or the source of the scheduled payments on the project obligations<\/span> or for the operation, maintenance<\/span>, repair, or replacement of the project or any portions thereof or other property of the eligible borrower<\/span> or any other project sponsor<\/span> and deposit into any fund or funds amounts sufficient to make any payments as they become due and payable; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Create and maintain other special funds as required by the manager<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Perform other acts, including the conveyance or mortgaging of real and personal property together with all right, title, and interest therein to secure project obligations<\/span>, or take other actions as may be deemed necessary or desirable by the manager<\/span> to secure payment of the project obligations<\/span> and to provide for remedies in the event of any default<\/span> or nonpayment by the eligible borrower<\/span> or any other project sponsor<\/span>, including any of the following:\n\t\t\t\ta. The procurement of credit enhancements<\/span> or liquidity arrangements for project obligations<\/span> from any source, public or private, and the payment therefor of premiums, fees, or other charges.\n\t\t\t\tb. The combination of one or more projects<\/span>, or the combination of one or more projects<\/span> with one or more other undertakings, facilities, or systems, for the purpose of operations and financing, and the pledging of the revenues from such combined projects<\/span>, undertakings, facilities, and systems to secure project obligations<\/span> issued in connection with such combination or any part or parts thereof.\n\t\t\t\tc. The payment of such fees and charges in connection with the acquisition of the project obligations<\/span> as may be determined by the manager<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> All eligible borrowers<\/span> and other project sponsors<\/span>, including any governmental entities, providing project obligations<\/span> to the Bank<\/span> are authorized to perform any acts, take any action, adopt any proceedings, and make and carry out any contracts<\/span> with the Bank<\/span>, the manager<\/span>, or the Board<\/span> that are contemplated by this article. Such contracts<\/span> need not be identical among all eligible borrowers<\/span> or other project sponsors<\/span>, but may be structured as determined by the manager<\/span> according to the needs of the contracting eligible borrowers<\/span> and other project sponsors<\/span> and the purposes of the Bank<\/span>.\n\t\t\tIn addition, subject to the approval of the manager<\/span>, any project sponsor<\/span> is authorized to establish and contract<\/span> with a special purpose or limited purpose instrumentality, corporation, or other entity for the purpose of having such entity serve as the eligible borrower<\/span> with respect to a particular project. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPROJECT OBLIGATIONS (\u00a7 33.2-1505)\n\nA. Subject to the terms determined by the manager in accordance with the\nmanagement agreement, each loan or other financial assistance shall be evidenced\nor guaranteed by project obligations provided to finance the costs of any\nproject. The manager may also sell any project obligations so acquired and apply\nthe proceeds of such a sale to the making of additional loans and the provision\nof other financial assistance for financing the cost of any project or for any\nother corporate purpose of the Bank.\n\nB. The manager may require, as a condition to provision of a loan or other\nfinancial assistance and the acquisition of any project obligations, that the\neligible borrower or any other project sponsor covenant to perform any of the\nfollowing:\n\n 1. Establish and collect tolls, rents, rates, fees, and other charges to\n produce revenue sufficient to pay all or a specified portion of (i) the costs\n of operation, maintenance, replacement, renewal, and repairs of the project;\n (ii) any outstanding indebtedness incurred for the purposes of the project,\n including the principal of and premium, if any, and interest on the project\n obligations; and (iii) any amounts necessary to create and maintain any\n required reserve, including any rate stabilization fund deemed necessary or\n appropriate by the manager to offset the need, in whole or part, for future\n increases in tolls, rents, rates, fees, or charges;\n\n 2. Create and maintain a special fund or funds as security for or the source\n of the scheduled payments on the project obligations or for the operation,\n maintenance, repair, or replacement of the project or any portions thereof or\n other property of the eligible borrower or any other project sponsor and\n deposit into any fund or funds amounts sufficient to make any payments as they\n become due and payable;\n\n 3. Create and maintain other special funds as required by the manager; and\n\n 4. Perform other acts, including the conveyance or mortgaging of real and\n personal property together with all right, title, and interest therein to\n secure project obligations, or take other actions as may be deemed necessary\n or desirable by the manager to secure payment of the project obligations and\n to provide for remedies in the event of any default or nonpayment by the\n eligible borrower or any other project sponsor, including any of the\n following:\n \t\t\t\ta. The procurement of credit enhancements or liquidity arrangements for\n project obligations from any source, public or private, and the payment\n therefor of premiums, fees, or other charges.\n \t\t\t\tb. The combination of one or more projects, or the combination of one or\n more projects with one or more other undertakings, facilities, or systems, for\n the purpose of operations and financing, and the pledging of the revenues from\n such combined projects, undertakings, facilities, and systems to secure\n project obligations issued in connection with such combination or any part or\n parts thereof.\n \t\t\t\tc. The payment of such fees and charges in connection with the acquisition\n of the project obligations as may be determined by the manager.\n\nC. All eligible borrowers and other project sponsors, including any governmental\nentities, providing project obligations to the Bank are authorized to perform\nany acts, take any action, adopt any proceedings, and make and carry out any\ncontracts with the Bank, the manager, or the Board that are contemplated by this\narticle. Such contracts need not be identical among all eligible borrowers or\nother project sponsors, but may be structured as determined by the manager\naccording to the needs of the contracting eligible borrowers and other project\nsponsors and the purposes of the Bank.\n\t\t\tIn addition, subject to the approval of the manager, any project sponsor is\nauthorized to establish and contract with a special purpose or limited purpose\ninstrumentality, corporation, or other entity for the purpose of having such\nentity serve as the eligible borrower with respect to a particular project.\n\nHISTORY: 2011, cc. 830, 868, \u00a7 33.1-23.11; 2014, c. 805; 2015, c. 684.","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}}