{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/33.2-1717.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/33.2-1717.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/33.2-1717.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/33.2-1717.html"}],"law_id":73553,"edition_id":1,"section_id":73553,"structure_id":13528,"section_number":"33.2-1717","catch_line":"Trust indenture","history":"Code 1950, \u00a7 33-244; 1970, c. 322, \u00a7 33.1-284; 2000, cc. 1019, 1044; 2014, c. 805.","full_text":"In the discretion of the Board, each or any issue of revenue bonds may be secured by a trust indenture by and between the Board and a corporate trustee, which may be any trust company or bank having trust powers within or outside of the Commonwealth. Such trust indenture may pledge tolls and revenues to be received, but no such trust indenture shall convey or mortgage any project or any part thereof. Either the resolution providing for the issuance of revenue bonds or such trust indenture may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the Board in relation to the acquisition, construction, improvement, maintenance, operation, repair, and insurance of the projects and the custody, safeguarding, and application of all moneys. Such resolution or trust indenture may also provide that the project shall be acquired, or acquired and improved, or constructed, and paid for under the supervision and approval of consulting engineers employed or designated by the Board and satisfactory to the original purchasers of the bonds issued therefor and may also require that the security given by contractors and by any depository of the proceeds of the bonds or revenues of the project or other moneys pertaining thereto be satisfactory to such purchasers. Any bank or trust company within or without the Commonwealth may act as such depository and furnish such indemnifying bonds or pledge such securities as may be required by the Board. Such indenture may set forth the rights and remedies of the bondholders and of the trustee and may restrict the individual right of action of bondholders as is customary in trust indentures securing bonds and debentures of corporations. In addition to the foregoing, such trust indenture may contain such other provisions as the Board may deem reasonable and proper for the security of the bondholders. Except as otherwise provided in this chapter, the Board may provide, by resolution or by such trust indenture, that after the payment of the proceeds of the sale of the bonds and the revenues of the project into the state treasury the Board will immediately transfer or pay same over to such officer, board, or depository as it may determine for the custody thereof and for the method of disbursement thereof, with such safeguards and restrictions as it may determine. All expenses incurred in carrying out such trust indenture may be treated as a part of the cost of maintenance, operation, and repairs of the project affected by such indenture.","order_by":null,"text":{"0":{"id":264626,"text":"In the discretion of the Board, each or any issue of revenue bonds may be secured by a trust indenture by and between the Board and a corporate trustee, which may be any trust company or bank having trust powers within or outside of the Commonwealth. Such trust indenture may pledge tolls and revenues to be received, but no such trust indenture shall convey or mortgage any project or any part thereof. Either the resolution providing for the issuance of revenue bonds or such trust indenture may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the Board in relation to the acquisition, construction, improvement, maintenance, operation, repair, and insurance of the projects and the custody, safeguarding, and application of all moneys. Such resolution or trust indenture may also provide that the project shall be acquired, or acquired and improved, or constructed, and paid for under the supervision and approval of consulting engineers employed or designated by the Board and satisfactory to the original purchasers of the bonds issued therefor and may also require that the security given by contractors and by any depository of the proceeds of the bonds or revenues of the project or other moneys pertaining thereto be satisfactory to such purchasers. Any bank or trust company within or without the Commonwealth may act as such depository and furnish such indemnifying bonds or pledge such securities as may be required by the Board. Such indenture may set forth the rights and remedies of the bondholders and of the trustee and may restrict the individual right of action of bondholders as is customary in trust indentures securing bonds and debentures of corporations. In addition to the foregoing, such trust indenture may contain such other provisions as the Board may deem reasonable and proper for the security of the bondholders. Except as otherwise provided in this chapter, the Board may provide, by resolution or by such trust indenture, that after the payment of the proceeds of the sale of the bonds and the revenues of the project into the state treasury the Board will immediately transfer or pay same over to such officer, board, or depository as it may determine for the custody thereof and for the method of disbursement thereof, with such safeguards and restrictions as it may determine. All expenses incurred in carrying out such trust indenture may be treated as a part of the cost of maintenance, operation, and repairs of the project affected by such indenture.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/33.2-1717\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. 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 1970, chapter 322; in 2000, chapters <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?001+ful+CHAP1019\">1019<\/a> and <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?001+ful+CHAP1044\">1044<\/a>; in 2014, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?141+ful+CHAP0805\">805<\/a>.<\/p>","references":[{"id":58119,"section_number":"33.2-1714","catch_line":"Use of proceeds of sale of bonds","order_by":null,"url":"\/33.2-1714\/"}],"refers_to":false,"permalink":{"id":206765,"object_type":"law","relational_id":73553,"identifier":"33.2-1717","token":"33.2\/III\/17\/33.2-1717","url":"\/33.2-1717\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/33.2-1717\/","token":"33.2\/III\/17\/33.2-1717","dublin_core":{"Title":"Trust indenture","Type":"Text","Format":"text\/html","Identifier":"\u00a7 33.2-1717","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>In the discretion of the <span class=\"dictionary\">Board<\/span>, each or any <span class=\"dictionary\">issue<\/span> of revenue <span class=\"dictionary\">bonds<\/span> may be secured by a trust indenture by and between the <span class=\"dictionary\">Board<\/span> and a corporate trustee, which may be any trust company or bank having trust powers within or outside of the Commonwealth. Such trust indenture may pledge tolls and <span class=\"dictionary\">revenues<\/span> to be received, but no such trust indenture shall convey or mortgage any <span class=\"dictionary\">project<\/span> or any part thereof. Either the resolution providing for the issuance of revenue <span class=\"dictionary\">bonds<\/span> or such trust indenture may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of <span class=\"dictionary\">law<\/span>, including covenants setting forth the duties of the <span class=\"dictionary\">Board<\/span> in relation to the acquisition, construction, improvement, <span class=\"dictionary\">maintenance<\/span>, operation, repair, and insurance of the <span class=\"dictionary\">projects<\/span> and the <span class=\"dictionary\">custody<\/span>, safeguarding, and application of all moneys. Such resolution or trust indenture may also provide that the <span class=\"dictionary\">project<\/span> shall be acquired, or acquired and improved, or constructed, and paid for under the supervision and approval of consulting engineers employed or designated by the <span class=\"dictionary\">Board<\/span> and satisfactory to the original purchasers of the <span class=\"dictionary\">bonds<\/span> issued therefor and may also require that the security given by contractors and by any depository of the proceeds of the <span class=\"dictionary\">bonds<\/span> or <span class=\"dictionary\">revenues<\/span> of the <span class=\"dictionary\">project<\/span> or other moneys pertaining thereto be satisfactory to such purchasers. Any bank or trust company within or without the Commonwealth may act as such depository and furnish such indemnifying <span class=\"dictionary\">bonds<\/span> or pledge such securities as may be required by the <span class=\"dictionary\">Board<\/span>. Such indenture may set forth the rights and remedies of the bondholders and of the trustee and may restrict the individual right of action of bondholders as is customary in trust indentures securing <span class=\"dictionary\">bonds<\/span> and debentures of corporations. In addition to the foregoing, such trust indenture may contain such other provisions as the <span class=\"dictionary\">Board<\/span> may deem reasonable and proper for the security of the bondholders. Except as otherwise provided in this chapter, the <span class=\"dictionary\">Board<\/span> may provide, by resolution or by such trust indenture, that after the payment of the proceeds of the sale of the <span class=\"dictionary\">bonds<\/span> and the <span class=\"dictionary\">revenues<\/span> of the <span class=\"dictionary\">project<\/span> into the state treasury the <span class=\"dictionary\">Board<\/span> will immediately transfer or pay same over to such officer, <span class=\"dictionary\">board<\/span>, or depository as it may determine for the <span class=\"dictionary\">custody<\/span> thereof and for the method of disbursement thereof, with such safeguards and restrictions as it may determine. All expenses incurred in carrying out such trust indenture may be treated as a part of the cost of <span class=\"dictionary\">maintenance<\/span>, operation, and repairs of the <span class=\"dictionary\">project<\/span> affected by such indenture.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nTRUST INDENTURE (\u00a7 33.2-1717)\n\nIn the discretion of the Board, each or any issue of revenue bonds may be\nsecured by a trust indenture by and between the Board and a corporate trustee,\nwhich may be any trust company or bank having trust powers within or outside of\nthe Commonwealth. Such trust indenture may pledge tolls and revenues to be\nreceived, but no such trust indenture shall convey or mortgage any project or\nany part thereof. Either the resolution providing for the issuance of revenue\nbonds or such trust indenture may contain such provisions for protecting and\nenforcing the rights and remedies of the bondholders as may be reasonable and\nproper and not in violation of law, including covenants setting forth the duties\nof the Board in relation to the acquisition, construction, improvement,\nmaintenance, operation, repair, and insurance of the projects and the custody,\nsafeguarding, and application of all moneys. Such resolution or trust indenture\nmay also provide that the project shall be acquired, or acquired and improved,\nor constructed, and paid for under the supervision and approval of consulting\nengineers employed or designated by the Board and satisfactory to the original\npurchasers of the bonds issued therefor and may also require that the security\ngiven by contractors and by any depository of the proceeds of the bonds or\nrevenues of the project or other moneys pertaining thereto be satisfactory to\nsuch purchasers. Any bank or trust company within or without the Commonwealth\nmay act as such depository and furnish such indemnifying bonds or pledge such\nsecurities as may be required by the Board. Such indenture may set forth the\nrights and remedies of the bondholders and of the trustee and may restrict the\nindividual right of action of bondholders as is customary in trust indentures\nsecuring bonds and debentures of corporations. In addition to the foregoing,\nsuch trust indenture may contain such other provisions as the Board may deem\nreasonable and proper for the security of the bondholders. Except as otherwise\nprovided in this chapter, the Board may provide, by resolution or by such trust\nindenture, that after the payment of the proceeds of the sale of the bonds and\nthe revenues of the project into the state treasury the Board will immediately\ntransfer or pay same over to such officer, board, or depository as it may\ndetermine for the custody thereof and for the method of disbursement thereof,\nwith such safeguards and restrictions as it may determine. All expenses incurred\nin carrying out such trust indenture may be treated as a part of the cost of\nmaintenance, operation, and repairs of the project affected by such indenture.\n\nHISTORY: Code 1950, \u00a7 33-244; 1970, c. 322, \u00a7 33.1-284; 2000, cc. 1019, 1044;\n2014, 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}}