{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/33.2-1727.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/33.2-1727.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/33.2-1727.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/33.2-1727.html"}],"law_id":60094,"edition_id":1,"section_id":60094,"structure_id":13528,"section_number":"33.2-1727","catch_line":"Revenue refunding bonds and revenue bonds for combined purposes","history":"Code 1950, \u00a7 33-253; 1954, c. 319; 1970, c. 322, \u00a7 33.1-293; 2013, cc. 585, 646; 2014, c. 805.","full_text":"Notwithstanding any other provision of this chapter and without regard to any other restrictions or limitations contained in this chapter, the Board is authorized to provide by resolution (i) for the issuance of revenue refunding bonds of the Commonwealth for the purpose of refunding any revenue bonds issued under the provisions of this chapter and then outstanding, including interest to the earliest call date of such outstanding bonds and premiums, if any, payable on such call date, and (ii) for the issuance of a single issue of revenue bonds of the Commonwealth for the combined purpose of providing funds (a) to pay the cost of either or both of the projects described in subdivisions 2 and 5 of the definition of “project” in \u00a7 33.2-1700 in the event the Board has decided or shall decide to construct either or both of such projects under authority granted in this chapter and (b) to refund revenue bonds of the Commonwealth issued under the provisions of this chapter and then outstanding, including interest to the earliest call date of such outstanding bonds and premiums, if any, payable on such call date. For the purposes of this section, “project,” in relation to the project described in subdivision 5 of the definition of “project” in \u00a7 33.2-1700, includes approach highways thereto and bus facilities for the transportation of passengers through or over the project if the Board deems it advisable to construct such approach highways or acquire such bus facilities, and “cost of the project,” in relation to the projects described in subdivisions 2 and 5 of the definition of “project” in \u00a7 33.2-1700, includes an amount sufficient to reimburse the Board for expenditures or advances made by the Board on account of the cost of either or both of the projects and, in relation to the project described in subdivision 5 of the definition of “project” in \u00a7 33.2-1700, includes provision of a sum deemed by the Board to be sufficient for the purpose and includes the cost of constructing approach highways and of providing bus facilities if the Board deems it expedient to construct such approach highways or acquire such facilities as a part of the project described in subdivision 5 of the definition of “project” in \u00a7 33.2-1700. In the event bonds are issued for the combined purpose set forth in clause (ii), such amount of the proceeds of such bonds as may be required, together with other funds available for such purpose, for the redemption of the outstanding bonds to be refunded shall be deposited by the Board in trust with the trustee under the trust indenture securing such outstanding bonds for the sole and exclusive purpose of paying and redeeming such bonds, and the balance of such proceeds shall be used solely for the payment of the cost of the project to be constructed.\n\t\tThe issuance of such bonds, the maturities and other details thereof, the rights of the holders thereof, and the duties of the Commonwealth and of the Board in respect to the same shall be governed by the provisions of this chapter as applicable.","order_by":null,"text":{"0":{"id":219923,"text":"Notwithstanding any other provision of this chapter and without regard to any other restrictions or limitations contained in this chapter, the Board is authorized to provide by resolution (i) for the issuance of revenue refunding bonds of the Commonwealth for the purpose of refunding any revenue bonds issued under the provisions of this chapter and then outstanding, including interest to the earliest call date of such outstanding bonds and premiums, if any, payable on such call date, and (ii) for the issuance of a single issue of revenue bonds of the Commonwealth for the combined purpose of providing funds (a) to pay the cost of either or both of the projects described in subdivisions 2 and 5 of the definition of “project” in \u00a7 33.2-1700 in the event the Board has decided or shall decide to construct either or both of such projects under authority granted in this chapter and (b) to refund revenue bonds of the Commonwealth issued under the provisions of this chapter and then outstanding, including interest to the earliest call date of such outstanding bonds and premiums, if any, payable on such call date. For the purposes of this section, “project,” in relation to the project described in subdivision 5 of the definition of “project” in \u00a7 33.2-1700, includes approach highways thereto and bus facilities for the transportation of passengers through or over the project if the Board deems it advisable to construct such approach highways or acquire such bus facilities, and “cost of the project,” in relation to the projects described in subdivisions 2 and 5 of the definition of “project” in \u00a7 33.2-1700, includes an amount sufficient to reimburse the Board for expenditures or advances made by the Board on account of the cost of either or both of the projects and, in relation to the project described in subdivision 5 of the definition of “project” in \u00a7 33.2-1700, includes provision of a sum deemed by the Board to be sufficient for the purpose and includes the cost of constructing approach highways and of providing bus facilities if the Board deems it expedient to construct such approach highways or acquire such facilities as a part of the project described in subdivision 5 of the definition of “project” in \u00a7 33.2-1700. In the event bonds are issued for the combined purpose set forth in clause (ii), such amount of the proceeds of such bonds as may be required, together with other funds available for such purpose, for the redemption of the outstanding bonds to be refunded shall be deposited by the Board in trust with the trustee under the trust indenture securing such outstanding bonds for the sole and exclusive purpose of paying and redeeming such bonds, and the balance of such proceeds shall be used solely for the payment of the cost of the project to be constructed.\n\t\tThe issuance of such bonds, the maturities and other details thereof, the rights of the holders thereof, and the duties of the Commonwealth and of the Board in respect to the same shall be governed by the provisions of this chapter as applicable.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/33.2-1727\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 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 1954, chapter 319; in 1970, chapter 322; in 2013, chapters 585<\/a> and 646<\/a>; in 2014, chapter 805<\/a>.<\/p>","references":[{"id":79388,"section_number":"33.2-1512","catch_line":"Authorization of Notes","order_by":null,"url":"\/33.2-1512\/"}],"refers_to":[{"id":63551,"section_number":"33.2-1700","catch_line":"Definitions","order_by":null,"url":"\/33.2-1700\/"}],"permalink":{"id":206805,"object_type":"law","relational_id":60094,"identifier":"33.2-1727","token":"33.2\/III\/17\/33.2-1727","url":"\/33.2-1727\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/33.2-1727\/","token":"33.2\/III\/17\/33.2-1727","dublin_core":{"Title":"Revenue refunding bonds and revenue bonds for combined purposes","Type":"Text","Format":"text\/html","Identifier":"\u00a7 33.2-1727","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Notwithstanding any other provision of this chapter and without regard to any other restrictions or limitations contained in this chapter, the Board<\/span> is authorized to provide by resolution (i) for the issuance of revenue refunding bonds<\/span> of the Commonwealth for the purpose of refunding any revenue bonds<\/span> issued under the provisions of this chapter and then outstanding, including interest to the earliest call date of such outstanding bonds<\/span> and premiums, if any, payable on such call date, and (ii) for the issuance of a single issue<\/span> of revenue bonds<\/span> of the Commonwealth for the combined purpose of providing funds (a) to pay the cost of either or both of the projects<\/span> described in subdivisions 2 and 5 of the definition of “project<\/span>” in \u00a7 33.2-1700<\/a> in the event the Board<\/span> has decided or shall decide to construct either or both of such projects<\/span> under authority granted in this chapter and (b) to refund revenue bonds<\/span> of the Commonwealth issued under the provisions of this chapter and then outstanding, including interest to the earliest call date of such outstanding bonds<\/span> and premiums, if any, payable on such call date. For the purposes of this section, “project<\/span>,” in relation to the project<\/span> described in subdivision 5 of the definition of “project<\/span>” in \u00a7 33.2-1700<\/a>, includes approach highways<\/span> thereto and bus facilities for the transportation of passengers through or over the project<\/span> if the Board<\/span> deems it advisable to construct such approach highways<\/span> or acquire such bus facilities, and “cost of the project<\/span>,” in relation to the projects<\/span> described in subdivisions 2 and 5 of the definition of “project<\/span>” in \u00a7 33.2-1700<\/a>, includes an amount sufficient to reimburse the Board<\/span> for expenditures or advances made by the Board<\/span> on account of the cost of either or both of the projects<\/span> and, in relation to the project<\/span> described in subdivision 5 of the definition of “project<\/span>” in \u00a7 33.2-1700<\/a>, includes provision of a sum deemed by the Board<\/span> to be sufficient for the purpose and includes the cost of constructing approach highways<\/span> and of providing bus facilities if the Board<\/span> deems it expedient to construct such approach highways<\/span> or acquire such facilities as a part of the project<\/span> described in subdivision 5 of the definition of “project<\/span>” in \u00a7 33.2-1700<\/a>. In the event bonds<\/span> are issued for the combined purpose set forth in clause (ii), such amount of the proceeds of such bonds<\/span> as may be required, together with other funds available for such purpose, for the redemption<\/span> of the outstanding bonds<\/span> to be refunded shall be deposited by the Board<\/span> in trust with the trustee under the trust indenture securing such outstanding bonds<\/span> for the sole and exclusive purpose of paying and redeeming such bonds<\/span>, and the balance of such proceeds shall be used solely for the payment of the cost of the project<\/span> to be constructed.\n\t\tThe issuance of such bonds<\/span>, the maturities and other details thereof, the rights of the holders thereof, and the duties of the Commonwealth and of the Board<\/span> in respect to the same shall be governed by the provisions of this chapter as applicable.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREVENUE REFUNDING BONDS AND REVENUE BONDS FOR COMBINED PURPOSES (\u00a7 33.2-1727)\n\nNotwithstanding any other provision of this chapter and without regard to any\nother restrictions or limitations contained in this chapter, the Board is\nauthorized to provide by resolution (i) for the issuance of revenue refunding\nbonds of the Commonwealth for the purpose of refunding any revenue bonds issued\nunder the provisions of this chapter and then outstanding, including interest to\nthe earliest call date of such outstanding bonds and premiums, if any, payable\non such call date, and (ii) for the issuance of a single issue of revenue bonds\nof the Commonwealth for the combined purpose of providing funds (a) to pay the\ncost of either or both of the projects described in subdivisions 2 and 5 of the\ndefinition of “project” in \u00a7 33.2-1700 in the event the Board has\ndecided or shall decide to construct either or both of such projects under\nauthority granted in this chapter and (b) to refund revenue bonds of the\nCommonwealth issued under the provisions of this chapter and then outstanding,\nincluding interest to the earliest call date of such outstanding bonds and\npremiums, if any, payable on such call date. For the purposes of this section,\n“project,” in relation to the project described in subdivision 5 of\nthe definition of “project” in \u00a7 33.2-1700, includes approach\nhighways thereto and bus facilities for the transportation of passengers through\nor over the project if the Board deems it advisable to construct such approach\nhighways or acquire such bus facilities, and “cost of the project,”\nin relation to the projects described in subdivisions 2 and 5 of the definition\nof “project” in \u00a7 33.2-1700, includes an amount sufficient to\nreimburse the Board for expenditures or advances made by the Board on account of\nthe cost of either or both of the projects and, in relation to the project\ndescribed in subdivision 5 of the definition of “project” in \u00a7\n33.2-1700, includes provision of a sum deemed by the Board to be sufficient for\nthe purpose and includes the cost of constructing approach highways and of\nproviding bus facilities if the Board deems it expedient to construct such\napproach highways or acquire such facilities as a part of the project described\nin subdivision 5 of the definition of “project” in \u00a7 33.2-1700. In\nthe event bonds are issued for the combined purpose set forth in clause (ii),\nsuch amount of the proceeds of such bonds as may be required, together with\nother funds available for such purpose, for the redemption of the outstanding\nbonds to be refunded shall be deposited by the Board in trust with the trustee\nunder the trust indenture securing such outstanding bonds for the sole and\nexclusive purpose of paying and redeeming such bonds, and the balance of such\nproceeds shall be used solely for the payment of the cost of the project to be\nconstructed.\n\t\tThe issuance of such bonds, the maturities and other details thereof, the\nrights of the holders thereof, and the duties of the Commonwealth and of the\nBoard in respect to the same shall be governed by the provisions of this chapter\nas applicable.\n\nHISTORY: Code 1950, \u00a7 33-253; 1954, c. 319; 1970, c. 322, \u00a7 33.1-293; 2013,\ncc. 585, 646; 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}}