{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/33.2-1710.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/33.2-1710.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/33.2-1710.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/33.2-1710.html"}],"law_id":54493,"edition_id":1,"section_id":54493,"structure_id":13528,"section_number":"33.2-1710","catch_line":"Form and terms of bonds","history":"Code 1950, \u00a7 33-238; 1958, c. 485; 1970, c. 322, \u00a7 33.1-278; 1983, c. 245; 1986, Sp. Sess., c. 13; 2000, cc. 1019, 1044; 2014, c. 805.","full_text":"The bonds of such issue shall be dated, shall bear interest at such rate or rates, and shall mature at such time or times, not exceeding 40 years from their date or dates, as may be determined by the Board or by formula or method established by resolution of the Board, and may be made redeemable before maturity, at the option of the Board, at such price or prices and under such terms and conditions as may be fixed by the Board prior to the issuance of the bonds. The principal or purchase price of and redemption premium, if any, and interest on such bonds may be made payable in any lawful medium. The payments of principal and interest may be uniform in amount over the life of the bond; however, such uniformity shall not be a prerequisite to the issuance of such bonds. The Board shall determine the form of the bonds, including any interest coupons to be attached thereto, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest thereof, which may be at any bank or trust company within or without the Commonwealth. The bonds shall be signed by the chairman or vice-chairman of the Board, and the official seal of the Board shall be affixed thereto and attested by the secretary or assistant secretary of the Board, and any coupons attached thereto shall bear the facsimile signatures of the chairman or vice-chairman of the Board. When any officer whose signature appears on the bonds or coupons ceases to be such officer before the delivery of such bonds, such signature shall nevertheless be valid and sufficient for all purposes the same as if such officer had remained in office until such delivery. All revenue bonds issued under the provisions of this chapter 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. Such bonds and the income thereof shall be exempt from all taxation within the Commonwealth. The bonds may be issued in coupon or in registered form, or both, as the Board may determine, and provision may be made for the registration of any coupon bond as to principal alone and also as to both principal and interest and for the reconversion of any bonds registered as to both principal and interest into coupon bonds. Prior to the preparation of definite bonds, the Board, under like restrictions, may issue temporary bonds with or without coupons, exchangeable for definitive bonds upon the issuance of the latter. The Board may also provide for the replacement of any bond that is mutilated, destroyed, or lost.","order_by":null,"text":{"0":{"id":200098,"text":"The bonds of such issue shall be dated, shall bear interest at such rate or rates, and shall mature at such time or times, not exceeding 40 years from their date or dates, as may be determined by the Board or by formula or method established by resolution of the Board, and may be made redeemable before maturity, at the option of the Board, at such price or prices and under such terms and conditions as may be fixed by the Board prior to the issuance of the bonds. The principal or purchase price of and redemption premium, if any, and interest on such bonds may be made payable in any lawful medium. The payments of principal and interest may be uniform in amount over the life of the bond; however, such uniformity shall not be a prerequisite to the issuance of such bonds. The Board shall determine the form of the bonds, including any interest coupons to be attached thereto, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest thereof, which may be at any bank or trust company within or without the Commonwealth. The bonds shall be signed by the chairman or vice-chairman of the Board, and the official seal of the Board shall be affixed thereto and attested by the secretary or assistant secretary of the Board, and any coupons attached thereto shall bear the facsimile signatures of the chairman or vice-chairman of the Board. When any officer whose signature appears on the bonds or coupons ceases to be such officer before the delivery of such bonds, such signature shall nevertheless be valid and sufficient for all purposes the same as if such officer had remained in office until such delivery. All revenue bonds issued under the provisions of this chapter 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. Such bonds and the income thereof shall be exempt from all taxation within the Commonwealth. The bonds may be issued in coupon or in registered form, or both, as the Board may determine, and provision may be made for the registration of any coupon bond as to principal alone and also as to both principal and interest and for the reconversion of any bonds registered as to both principal and interest into coupon bonds. Prior to the preparation of definite bonds, the Board, under like restrictions, may issue temporary bonds with or without coupons, exchangeable for definitive bonds upon the issuance of the latter. The Board may also provide for the replacement of any bond that is mutilated, destroyed, or lost.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13528,"edition_id":1,"name":"Transportation Development and Revenue Bond Act","identifier":"17","label":"chapter","depth":3,"order_by":1,"parent_id":13146,"metadata":{},"date_created":"2026-06-26 03:45:07","date_modified":"2026-06-26 03:45:07","permalink":{"id":206695,"object_type":"structure","relational_id":13528,"identifier":"17","token":"33.2\/III\/17","url":"\/33.2\/III\/17\/","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":63551,"structure_id":13528,"section_number":"33.2-1700","catch_line":"Definitions","url":"\/33.2-1700\/","token":"33.2\/III\/17\/33.2-1700","metadata":false},{"id":84701,"structure_id":13528,"section_number":"33.2-1701","catch_line":"General powers of Commonwealth Transportation Board","url":"\/33.2-1701\/","token":"33.2\/III\/17\/33.2-1701","metadata":false},{"id":80449,"structure_id":13528,"section_number":"33.2-1702","catch_line":"Acquisition and construction of projects","url":"\/33.2-1702\/","token":"33.2\/III\/17\/33.2-1702","metadata":false},{"id":86114,"structure_id":13528,"section_number":"33.2-1703","catch_line":"Purchase of projects","url":"\/33.2-1703\/","token":"33.2\/III\/17\/33.2-1703","metadata":false},{"id":60370,"structure_id":13528,"section_number":"33.2-1704","catch_line":"Condemnation of projects and property","url":"\/33.2-1704\/","token":"33.2\/III\/17\/33.2-1704","metadata":false},{"id":76541,"structure_id":13528,"section_number":"33.2-1705","catch_line":"Improvement of projects acquired","url":"\/33.2-1705\/","token":"33.2\/III\/17\/33.2-1705","metadata":false},{"id":55097,"structure_id":13528,"section_number":"33.2-1706","catch_line":"Construction of projects","url":"\/33.2-1706\/","token":"33.2\/III\/17\/33.2-1706","metadata":false},{"id":55698,"structure_id":13528,"section_number":"33.2-1707","catch_line":"Highway connections","url":"\/33.2-1707\/","token":"33.2\/III\/17\/33.2-1707","metadata":false},{"id":65580,"structure_id":13528,"section_number":"33.2-1708","catch_line":"Revenue bonds","url":"\/33.2-1708\/","token":"33.2\/III\/17\/33.2-1708","metadata":false},{"id":82704,"structure_id":13528,"section_number":"33.2-1709","catch_line":"Credit of Commonwealth not pledged","url":"\/33.2-1709\/","token":"33.2\/III\/17\/33.2-1709","metadata":false},{"id":54493,"structure_id":13528,"section_number":"33.2-1710","catch_line":"Form and terms of bonds","url":"\/33.2-1710\/","token":"33.2\/III\/17\/33.2-1710","metadata":false},{"id":69964,"structure_id":13528,"section_number":"33.2-1711","catch_line":"No other prerequisites to issue of bonds","url":"\/33.2-1711\/","token":"33.2\/III\/17\/33.2-1711","metadata":false},{"id":57059,"structure_id":13528,"section_number":"33.2-1712","catch_line":"Limitations and approvals for certain revenue bonds","url":"\/33.2-1712\/","token":"33.2\/III\/17\/33.2-1712","metadata":false},{"id":57433,"structure_id":13528,"section_number":"33.2-1713","catch_line":"Sale of bonds; bonds as legal investments","url":"\/33.2-1713\/","token":"33.2\/III\/17\/33.2-1713","metadata":false},{"id":58119,"structure_id":13528,"section_number":"33.2-1714","catch_line":"Use of proceeds of sale of bonds","url":"\/33.2-1714\/","token":"33.2\/III\/17\/33.2-1714","metadata":false},{"id":82268,"structure_id":13528,"section_number":"33.2-1715","catch_line":"Financing two or more projects together","url":"\/33.2-1715\/","token":"33.2\/III\/17\/33.2-1715","metadata":false},{"id":73006,"structure_id":13528,"section_number":"33.2-1716","catch_line":"All moneys to be trust funds","url":"\/33.2-1716\/","token":"33.2\/III\/17\/33.2-1716","metadata":false},{"id":73553,"structure_id":13528,"section_number":"33.2-1717","catch_line":"Trust indenture","url":"\/33.2-1717\/","token":"33.2\/III\/17\/33.2-1717","metadata":false},{"id":80373,"structure_id":13528,"section_number":"33.2-1718","catch_line":"Revenues","url":"\/33.2-1718\/","token":"33.2\/III\/17\/33.2-1718","metadata":false},{"id":74535,"structure_id":13528,"section_number":"33.2-1719","catch_line":"Reserve funds and appropriations","url":"\/33.2-1719\/","token":"33.2\/III\/17\/33.2-1719","metadata":false},{"id":85790,"structure_id":13528,"section_number":"33.2-1720","catch_line":"Sinking fund","url":"\/33.2-1720\/","token":"33.2\/III\/17\/33.2-1720","metadata":false},{"id":63337,"structure_id":13528,"section_number":"33.2-1721","catch_line":" Cessation of tolls","url":"\/33.2-1721\/","token":"33.2\/III\/17\/33.2-1721","metadata":false},{"id":86949,"structure_id":13528,"section_number":"33.2-1722","catch_line":"Use of certain funds by Board","url":"\/33.2-1722\/","token":"33.2\/III\/17\/33.2-1722","metadata":false},{"id":83568,"structure_id":13528,"section_number":"33.2-1723","catch_line":"Contributions","url":"\/33.2-1723\/","token":"33.2\/III\/17\/33.2-1723","metadata":false},{"id":83320,"structure_id":13528,"section_number":"33.2-1724","catch_line":"Remedies of bondholders and trustee","url":"\/33.2-1724\/","token":"33.2\/III\/17\/33.2-1724","metadata":false},{"id":78310,"structure_id":13528,"section_number":"33.2-1725","catch_line":"Competing bridges, ferries, and tunnels","url":"\/33.2-1725\/","token":"33.2\/III\/17\/33.2-1725","metadata":false},{"id":60374,"structure_id":13528,"section_number":"33.2-1726","catch_line":"Incidental powers of the Board","url":"\/33.2-1726\/","token":"33.2\/III\/17\/33.2-1726","metadata":false},{"id":60094,"structure_id":13528,"section_number":"33.2-1727","catch_line":"Revenue refunding bonds and revenue bonds for combined purposes","url":"\/33.2-1727\/","token":"33.2\/III\/17\/33.2-1727","metadata":false},{"id":54553,"structure_id":13528,"section_number":"33.2-1728","catch_line":"Chapter provides alternative method","url":"\/33.2-1728\/","token":"33.2\/III\/17\/33.2-1728","metadata":false},{"id":72521,"structure_id":13528,"section_number":"33.2-1729","catch_line":"Chapter liberally construed","url":"\/33.2-1729\/","token":"33.2\/III\/17\/33.2-1729","metadata":false}],"previous_section":{"id":82704,"structure_id":13528,"section_number":"33.2-1709","catch_line":"Credit of Commonwealth not pledged","url":"\/33.2-1709\/","token":"33.2\/III\/17\/33.2-1709","metadata":false},"next_section":{"id":69964,"structure_id":13528,"section_number":"33.2-1711","catch_line":"No other prerequisites to issue of bonds","url":"\/33.2-1711\/","token":"33.2\/III\/17\/33.2-1711","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/33.2-1710\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 5 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 1958, chapter 485; in 1970, chapter 322; in 1983, chapter 245; in 2000, chapters 1019<\/a> and 1044<\/a>; in 2014, chapter 805<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":206737,"object_type":"law","relational_id":54493,"identifier":"33.2-1710","token":"33.2\/III\/17\/33.2-1710","url":"\/33.2-1710\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/33.2-1710\/","token":"33.2\/III\/17\/33.2-1710","dublin_core":{"Title":"Form and terms of bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 33.2-1710","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The bonds<\/span> of such issue<\/span> shall be dated, shall bear interest at such rate or rates, and shall mature at such time or times, not exceeding 40 years from their date or dates, as may be determined by the Board<\/span> or by formula or method established by resolution of the Board<\/span>, and may be made redeemable before maturity, at the option of the Board<\/span>, at such price or prices and under such terms and conditions as may be fixed by the Board<\/span> prior to the issuance of the bonds<\/span>. The principal or purchase price of and redemption<\/span> premium, if any, and interest on such bonds<\/span> may be made payable in any lawful medium. The payments of principal and interest may be uniform in amount over the life of the bond<\/span>; however, such uniformity shall not be a prerequisite to the issuance of such bonds<\/span>. The Board<\/span> shall determine the form of the bonds<\/span>, including any interest coupons to be attached thereto, and shall fix the denomination or denominations of the bonds<\/span> and the place or places of payment of principal and interest thereof, which may be at any bank or trust company within or without the Commonwealth. The bonds<\/span> shall be signed by the chairman or vice-chairman of the Board<\/span>, and the official seal of the Board<\/span> shall be affixed thereto and attested by the secretary<\/span> or assistant secretary<\/span> of the Board<\/span>, and any coupons attached thereto shall bear the facsimile signatures of the chairman or vice-chairman of the Board<\/span>. When any officer whose signature appears on the bonds<\/span> or coupons ceases to be such officer before the delivery of such bonds<\/span>, such signature shall nevertheless be valid and sufficient for all purposes the same as if such officer had remained in office until such delivery. All revenue bonds<\/span> issued under the provisions of this chapter 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. Such bonds<\/span> and the income thereof shall be exempt from all taxation within the Commonwealth. The bonds<\/span> may be issued in coupon or in registered form, or both, as the Board<\/span> may determine, and provision may be made for the registration of any coupon bond<\/span> as to principal alone and also as to both principal and interest and for the reconversion of any bonds<\/span> registered as to both principal and interest into coupon bonds<\/span>. Prior to the preparation of definite bonds<\/span>, the Board<\/span>, under like restrictions, may issue<\/span> temporary bonds<\/span> with or without coupons, exchangeable for definitive bonds<\/span> upon the issuance of the latter. The Board<\/span> may also provide for the replacement of any bond<\/span> that is mutilated, destroyed, or lost.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nFORM AND TERMS OF BONDS (\u00a7 33.2-1710)\n\nThe bonds of such issue shall be dated, shall bear interest at such rate or\nrates, and shall mature at such time or times, not exceeding 40 years from their\ndate or dates, as may be determined by the Board or by formula or method\nestablished by resolution of the Board, and may be made redeemable before\nmaturity, at the option of the Board, at such price or prices and under such\nterms and conditions as may be fixed by the Board prior to the issuance of the\nbonds. The principal or purchase price of and redemption premium, if any, and\ninterest on such bonds may be made payable in any lawful medium. The payments of\nprincipal and interest may be uniform in amount over the life of the bond;\nhowever, such uniformity shall not be a prerequisite to the issuance of such\nbonds. The Board shall determine the form of the bonds, including any interest\ncoupons to be attached thereto, and shall fix the denomination or denominations\nof the bonds and the place or places of payment of principal and interest\nthereof, which may be at any bank or trust company within or without the\nCommonwealth. The bonds shall be signed by the chairman or vice-chairman of the\nBoard, and the official seal of the Board shall be affixed thereto and attested\nby the secretary or assistant secretary of the Board, and any coupons attached\nthereto shall bear the facsimile signatures of the chairman or vice-chairman of\nthe Board. When any officer whose signature appears on the bonds or coupons\nceases to be such officer before the delivery of such bonds, such signature\nshall nevertheless be valid and sufficient for all purposes the same as if such\nofficer had remained in office until such delivery. All revenue bonds issued\nunder the provisions of this chapter shall have and are hereby declared to have,\nas between successive holders, all the qualities and incidents of negotiable\ninstruments under the negotiable instruments law of the Commonwealth. Such bonds\nand the income thereof shall be exempt from all taxation within the\nCommonwealth. The bonds may be issued in coupon or in registered form, or both,\nas the Board may determine, and provision may be made for the registration of\nany coupon bond as to principal alone and also as to both principal and interest\nand for the reconversion of any bonds registered as to both principal and\ninterest into coupon bonds. Prior to the preparation of definite bonds, the\nBoard, under like restrictions, may issue temporary bonds with or without\ncoupons, exchangeable for definitive bonds upon the issuance of the latter. The\nBoard may also provide for the replacement of any bond that is mutilated,\ndestroyed, or lost.\n\nHISTORY: Code 1950, \u00a7 33-238; 1958, c. 485; 1970, c. 322, \u00a7 33.1-278; 1983, c.\n245; 1986, Sp. Sess., c. 13; 2000, cc. 1019, 1044; 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}}