{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/33.2-1720.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/33.2-1720.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/33.2-1720.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/33.2-1720.html"}],"law_id":85790,"edition_id":1,"section_id":85790,"structure_id":13528,"section_number":"33.2-1720","catch_line":"Sinking fund","history":"Code 1950, \u00a7 33-246; 1970, c. 322, \u00a7 33.1-286; 2014, c. 805.","full_text":"The tolls and all other revenues derived from the project for which a single issue of bonds is issued, except such part thereof as may be required to pay the cost of maintaining, repairing, and operating such project and to provide such reserves therefor as may be provided for in the resolution authorizing the issuance of such bonds or in the trust indenture, shall be set aside at such regular intervals as may be provided in such resolution or such trust indenture, in a sinking fund that is hereby pledged to and charged with the payment of (i) the interest upon such bonds as such interest shall fall due, (ii) the principal of the bonds as the same shall fall due, (iii) the necessary charges of paying agents for paying principal and interest, and (iv) any premium upon bonds retired by call or purchase as provided in this section.\n\t\tThe use and disposition of such sinking fund shall be subject to such regulations as may be provided in the resolution authorizing the issuance of the bonds or in the trust indenture but, except as may otherwise be provided in such resolution or trust indenture, such sinking fund shall be a fund for all such bonds without distinction or priority of one over another. Subject to the provisions of the resolution authorizing the issuance of the bonds or of the trust indenture, any moneys in such sinking fund in excess of an amount equal to one year’s interest on all bonds then outstanding may be applied to the purchase or redemption of bonds. All bonds so purchased or redeemed shall forthwith be cancelled and shall not again be issued.","order_by":null,"text":{"0":{"id":307231,"text":"The tolls and all other revenues derived from the project for which a single issue of bonds is issued, except such part thereof as may be required to pay the cost of maintaining, repairing, and operating such project and to provide such reserves therefor as may be provided for in the resolution authorizing the issuance of such bonds or in the trust indenture, shall be set aside at such regular intervals as may be provided in such resolution or such trust indenture, in a sinking fund that is hereby pledged to and charged with the payment of (i) the interest upon such bonds as such interest shall fall due, (ii) the principal of the bonds as the same shall fall due, (iii) the necessary charges of paying agents for paying principal and interest, and (iv) any premium upon bonds retired by call or purchase as provided in this section.\n\t\tThe use and disposition of such sinking fund shall be subject to such regulations as may be provided in the resolution authorizing the issuance of the bonds or in the trust indenture but, except as may otherwise be provided in such resolution or trust indenture, such sinking fund shall be a fund for all such bonds without distinction or priority of one over another. Subject to the provisions of the resolution authorizing the issuance of the bonds or of the trust indenture, any moneys in such sinking fund in excess of an amount equal to one year’s interest on all bonds then outstanding may be applied to the purchase or redemption of bonds. All bonds so purchased or redeemed shall forthwith be cancelled and shall not again be issued.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/33.2-1720\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. 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 1970, chapter 322; in 2014, chapter 805<\/a>.<\/p>","references":[{"id":77654,"section_number":"33.2-1520","catch_line":"Application of project-specific reimbursements","order_by":null,"url":"\/33.2-1520\/"}],"refers_to":false,"permalink":{"id":206777,"object_type":"law","relational_id":85790,"identifier":"33.2-1720","token":"33.2\/III\/17\/33.2-1720","url":"\/33.2-1720\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/33.2-1720\/","token":"33.2\/III\/17\/33.2-1720","dublin_core":{"Title":"Sinking fund","Type":"Text","Format":"text\/html","Identifier":"\u00a7 33.2-1720","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The tolls and all other revenues<\/span> derived from the project<\/span> for which a single issue<\/span> of bonds<\/span> is issued, except such part thereof as may be required to pay the cost of maintaining, repairing, and operating such project<\/span> and to provide such reserves therefor as may be provided for in the resolution authorizing the issuance of such bonds<\/span> or in the trust indenture, shall be set aside at such regular intervals as may be provided in such resolution or such trust indenture, in a sinking fund that is hereby pledged to and charged with the payment of (i) the interest upon such bonds<\/span> as such interest shall fall due, (ii) the principal of the bonds<\/span> as the same shall fall due, (iii) the necessary charges of paying agents for paying principal and interest, and (iv) any premium upon bonds<\/span> retired by call or purchase as provided in this section.\n\t\tThe use and disposition<\/span> of such sinking fund shall be subject to such regulations as may be provided in the resolution authorizing the issuance of the bonds<\/span> or in the trust indenture but, except as may otherwise be provided in such resolution or trust indenture, such sinking fund shall be a fund for all such bonds<\/span> without distinction or priority of one over another. Subject to the provisions of the resolution authorizing the issuance of the bonds<\/span> or of the trust indenture, any moneys in such sinking fund in excess of an amount equal to one year’s interest on all bonds<\/span> then outstanding may be applied to the purchase or redemption<\/span> of bonds<\/span>. All bonds<\/span> so purchased or redeemed shall forthwith be cancelled and shall not again be issued.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSINKING FUND (\u00a7 33.2-1720)\n\nThe tolls and all other revenues derived from the project for which a single\nissue of bonds is issued, except such part thereof as may be required to pay the\ncost of maintaining, repairing, and operating such project and to provide such\nreserves therefor as may be provided for in the resolution authorizing the\nissuance of such bonds or in the trust indenture, shall be set aside at such\nregular intervals as may be provided in such resolution or such trust indenture,\nin a sinking fund that is hereby pledged to and charged with the payment of (i)\nthe interest upon such bonds as such interest shall fall due, (ii) the principal\nof the bonds as the same shall fall due, (iii) the necessary charges of paying\nagents for paying principal and interest, and (iv) any premium upon bonds\nretired by call or purchase as provided in this section.\n\t\tThe use and disposition of such sinking fund shall be subject to such\nregulations as may be provided in the resolution authorizing the issuance of the\nbonds or in the trust indenture but, except as may otherwise be provided in such\nresolution or trust indenture, such sinking fund shall be a fund for all such\nbonds without distinction or priority of one over another. Subject to the\nprovisions of the resolution authorizing the issuance of the bonds or of the\ntrust indenture, any moneys in such sinking fund in excess of an amount equal to\none year’s interest on all bonds then outstanding may be applied to the\npurchase or redemption of bonds. All bonds so purchased or redeemed shall\nforthwith be cancelled and shall not again be issued.\n\nHISTORY: Code 1950, \u00a7 33-246; 1970, c. 322, \u00a7 33.1-286; 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}}