{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/33.2-1514.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/33.2-1514.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/33.2-1514.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/33.2-1514.html"}],"law_id":82093,"edition_id":1,"section_id":82093,"structure_id":16379,"section_number":"33.2-1514","catch_line":"Details of Notes","history":"2011, cc. 830, 868, \u00a7 33.1-23.17; 2014, c. 805.","full_text":"A\n\nThe terms and structure of each issue of Notes shall be determined by the Board, subject to approval by the Treasury Board if required in accordance with § 2.2-2416. The Notes of each issue shall be dated; shall be issued in a principal amount (subject to the limitation as to amount outstanding at any one time set forth in § 33.2-1512); shall bear interest at such rate or rates that may be fixed, adjustable, variable, or a combination thereof, and may be determined by a formula or other method; shall mature at such time or times not exceeding 20 years after the issuance thereof; and may be made subject to purchase or redemption before their maturity or maturities, at such price or prices and under such terms and conditions, all as may be determined by the Board. The Board shall determine the form and series designations of Notes, whether Notes are certificated or uncertificated, and fix the authorized denomination or denominations of Notes and the place or places of payment of principal or purchase price of, and redemption premium, if any, and interest on, Notes, which may be at the office of the State Treasurer or any bank or trust company within or outside of the Commonwealth. The principal or purchase price of, and redemption premium, if any, and interest on, Notes shall be made payable in lawful money of the United States of America. Each issue of Notes may be issued under a system of book entry for recording the ownership and transfer of ownership of rights to receive payments of principal or purchase price of and redemption premium, if any, and interest on such Notes. All Notes shall have and are hereby declared to have, as between successive holders, all the qualities and incidents of negotiable instruments under the negotiable instruments law of the Commonwealth.B\n\nThe Board may sell Notes from time to time at public or private sale, by competitive bidding, negotiated sale, or private placement, for such price or prices as it may determine to be in the best interests of the Commonwealth.","order_by":null,"text":{"0":{"id":294234,"text":"The terms and structure of each issue of Notes shall be determined by the Board, subject to approval by the Treasury Board if required in accordance with § 2.2-2416. The Notes of each issue shall be dated; shall be issued in a principal amount (subject to the limitation as to amount outstanding at any one time set forth in § 33.2-1512); shall bear interest at such rate or rates that may be fixed, adjustable, variable, or a combination thereof, and may be determined by a formula or other method; shall mature at such time or times not exceeding 20 years after the issuance thereof; and may be made subject to purchase or redemption before their maturity or maturities, at such price or prices and under such terms and conditions, all as may be determined by the Board. The Board shall determine the form and series designations of Notes, whether Notes are certificated or uncertificated, and fix the authorized denomination or denominations of Notes and the place or places of payment of principal or purchase price of, and redemption premium, if any, and interest on, Notes, which may be at the office of the State Treasurer or any bank or trust company within or outside of the Commonwealth. The principal or purchase price of, and redemption premium, if any, and interest on, Notes shall be made payable in lawful money of the United States of America. Each issue of Notes may be issued under a system of book entry for recording the ownership and transfer of ownership of rights to receive payments of principal or purchase price of and redemption premium, if any, and interest on such Notes. All Notes shall have and are hereby declared to have, as between successive holders, all the qualities and incidents of negotiable instruments under the negotiable instruments law of the Commonwealth.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":294235,"text":"The Board may sell Notes from time to time at public or private sale, by competitive bidding, negotiated sale, or private placement, for such price or prices as it may determine to be in the best interests of the Commonwealth.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":16379,"edition_id":1,"name":"Commonwealth of Virginia Federal Transportation Grant Anticipation Revenue Notes Act of 2011","identifier":"4","label":"article","depth":4,"order_by":1,"parent_id":13147,"metadata":{},"date_created":"2026-06-26 04:15:50","date_modified":"2026-06-26 04:15:50","permalink":{"id":206541,"object_type":"structure","relational_id":16379,"identifier":"4","token":"33.2\/III\/15\/4","url":"\/33.2\/III\/15\/4\/","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":80941,"structure_id":16379,"section_number":"33.2-1511","catch_line":"Definitions","url":"\/33.2-1511\/","token":"33.2\/III\/15\/4\/33.2-1511","metadata":false},{"id":79388,"structure_id":16379,"section_number":"33.2-1512","catch_line":"Authorization of Notes","url":"\/33.2-1512\/","token":"33.2\/III\/15\/4\/33.2-1512","metadata":false},{"id":87385,"structure_id":16379,"section_number":"33.2-1513","catch_line":"Use of proceeds of Notes","url":"\/33.2-1513\/","token":"33.2\/III\/15\/4\/33.2-1513","metadata":false},{"id":82093,"structure_id":16379,"section_number":"33.2-1514","catch_line":"Details of Notes","url":"\/33.2-1514\/","token":"33.2\/III\/15\/4\/33.2-1514","metadata":false},{"id":67585,"structure_id":16379,"section_number":"33.2-1515","catch_line":"Form and manner of execution; signature of person ceasing to be officer","url":"\/33.2-1515\/","token":"33.2\/III\/15\/4\/33.2-1515","metadata":false},{"id":72010,"structure_id":16379,"section_number":"33.2-1516","catch_line":"Authority to obtain GARVEE approval","url":"\/33.2-1516\/","token":"33.2\/III\/15\/4\/33.2-1516","metadata":false},{"id":84338,"structure_id":16379,"section_number":"33.2-1517","catch_line":"Expenses","url":"\/33.2-1517\/","token":"33.2\/III\/15\/4\/33.2-1517","metadata":false},{"id":78007,"structure_id":16379,"section_number":"33.2-1518","catch_line":"Deposit of proceeds","url":"\/33.2-1518\/","token":"33.2\/III\/15\/4\/33.2-1518","metadata":false},{"id":81558,"structure_id":16379,"section_number":"33.2-1519","catch_line":"Other funds","url":"\/33.2-1519\/","token":"33.2\/III\/15\/4\/33.2-1519","metadata":false},{"id":77654,"structure_id":16379,"section_number":"33.2-1520","catch_line":"Application of project-specific reimbursements","url":"\/33.2-1520\/","token":"33.2\/III\/15\/4\/33.2-1520","metadata":false},{"id":70331,"structure_id":16379,"section_number":"33.2-1521","catch_line":"Investment of proceeds and other amounts","url":"\/33.2-1521\/","token":"33.2\/III\/15\/4\/33.2-1521","metadata":false},{"id":81159,"structure_id":16379,"section_number":"33.2-1522","catch_line":"Exemption from taxation","url":"\/33.2-1522\/","token":"33.2\/III\/15\/4\/33.2-1522","metadata":false},{"id":86711,"structure_id":16379,"section_number":"33.2-1523","catch_line":"Notes as eligible securities","url":"\/33.2-1523\/","token":"33.2\/III\/15\/4\/33.2-1523","metadata":false}],"previous_section":{"id":87385,"structure_id":16379,"section_number":"33.2-1513","catch_line":"Use of proceeds of Notes","url":"\/33.2-1513\/","token":"33.2\/III\/15\/4\/33.2-1513","metadata":false},"next_section":{"id":67585,"structure_id":16379,"section_number":"33.2-1515","catch_line":"Form and manner of execution; signature of person ceasing to be officer","url":"\/33.2-1515\/","token":"33.2\/III\/15\/4\/33.2-1515","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/33.2-1514\/","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 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 2014, chapter 805<\/a>.<\/p>","references":false,"refers_to":[{"id":82247,"section_number":"2.2-2416","catch_line":"Powers and duties of Treasury Board","order_by":null,"url":"\/2.2-2416\/"},{"id":79388,"section_number":"33.2-1512","catch_line":"Authorization of Notes","order_by":null,"url":"\/33.2-1512\/"}],"permalink":{"id":206555,"object_type":"law","relational_id":82093,"identifier":"33.2-1514","token":"33.2\/III\/15\/4\/33.2-1514","url":"\/33.2-1514\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/33.2-1514\/","token":"33.2\/III\/15\/4\/33.2-1514","dublin_core":{"Title":"Details of Notes","Type":"Text","Format":"text\/html","Identifier":"\u00a7 33.2-1514","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The terms and structure of each issue<\/span> of Notes<\/span> shall be determined by the Board<\/span>, subject to approval by the Treasury Board<\/span> if required in accordance with § 2.2-2416<\/a>. The Notes<\/span> of each issue<\/span> shall be dated; shall be issued in a principal amount (subject to the limitation as to amount outstanding at any one time set forth in § 33.2-1512<\/a>); shall bear interest at such rate or rates that may be fixed, adjustable, variable, or a combination thereof, and may be determined by a formula or other method; shall mature at such time or times not exceeding 20 years after the issuance thereof; and may be made subject to purchase or redemption<\/span> before their maturity or maturities, at such price or prices and under such terms and conditions, all as may be determined by the Board<\/span>. The Board<\/span> shall determine the form and series<\/span> designations of Notes<\/span>, whether Notes<\/span> are certificated or uncertificated, and fix the authorized denomination or denominations of Notes<\/span> and the place or places of payment of principal or purchase price of, and redemption<\/span> premium, if any, and interest on, Notes<\/span>, which may be at the office of the State Treasurer or any bank or trust company within or outside of the Commonwealth. The principal or purchase price of, and redemption<\/span> premium, if any, and interest on, Notes<\/span> shall be made payable in lawful money of the United States of America. Each issue<\/span> of Notes<\/span> may be issued under a system of book entry for recording the ownership and transfer of ownership of rights to receive payments of principal or purchase price of and redemption<\/span> premium, if any, and interest on such Notes<\/span>. All Notes<\/span> shall have and are hereby declared to have, as between successive holders, all the qualities and incidents of negotiable instruments under the negotiable instruments law<\/span> of the Commonwealth. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Board<\/span> may sell Notes<\/span> from time to time at public or private sale, by competitive bidding, negotiated sale, or private placement, for such price or prices as it may determine to be in the best interests of the Commonwealth. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDETAILS OF NOTES (\u00a7 33.2-1514)\n\nA. The terms and structure of each issue of Notes shall be determined by the\nBoard, subject to approval by the Treasury Board if required in accordance with\n§ 2.2-2416. The Notes of each issue shall be dated; shall be issued in a\nprincipal amount (subject to the limitation as to amount outstanding at any one\ntime set forth in § 33.2-1512); shall bear interest at such rate or rates\nthat may be fixed, adjustable, variable, or a combination thereof, and may be\ndetermined by a formula or other method; shall mature at such time or times not\nexceeding 20 years after the issuance thereof; and may be made subject to\npurchase or redemption before their maturity or maturities, at such price or\nprices and under such terms and conditions, all as may be determined by the\nBoard. The Board shall determine the form and series designations of Notes,\nwhether Notes are certificated or uncertificated, and fix the authorized\ndenomination or denominations of Notes and the place or places of payment of\nprincipal or purchase price of, and redemption premium, if any, and interest on,\nNotes, which may be at the office of the State Treasurer or any bank or trust\ncompany within or outside of the Commonwealth. The principal or purchase price\nof, and redemption premium, if any, and interest on, Notes shall be made payable\nin lawful money of the United States of America. Each issue of Notes may be\nissued under a system of book entry for recording the ownership and transfer of\nownership of rights to receive payments of principal or purchase price of and\nredemption premium, if any, and interest on such Notes. All Notes shall have and\nare hereby declared to have, as between successive holders, all the qualities\nand incidents of negotiable instruments under the negotiable instruments law of\nthe Commonwealth.\n\nB. The Board may sell Notes from time to time at public or private sale, by\ncompetitive bidding, negotiated sale, or private placement, for such price or\nprices as it may determine to be in the best interests of the Commonwealth.\n\nHISTORY: 2011, cc. 830, 868, \u00a7 33.1-23.17; 2014, c. 805.","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}}