{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/33.2-2906.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/33.2-2906.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/33.2-2906.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/33.2-2906.html"}],"law_id":85918,"edition_id":1,"section_id":85918,"structure_id":13979,"section_number":"33.2-2906","catch_line":"Refunding bonds","history":"2009, c. 471, \u00a7 15.2-7006; 2014, c. 805.","full_text":"The Authority is hereby authorized by resolution to provide for the issuance of refunding revenue bonds with which to refund outstanding revenue bonds or any issue or series of such outstanding bonds, which refunding revenue bonds may be issued at or before the maturity or redemption date of the bonds to be refunded, and to include different issues or series of such outstanding revenue bonds by a single issue of refunding revenue bonds, and to issue refunding revenue bonds to pay any redemption premium and interest to accrue and become payable on the outstanding revenue bonds being refunded to the date of payment or redemption, and to establish reserves for such refunding revenue bonds. Such refunding revenue bonds shall be payable solely from all or that portion of the revenues of the Authority facilities pledged to the payment thereof in the bond resolution pursuant to which such bonds were issued. Such refunding revenue bonds may, in the discretion of the Authority, be exchanged at par for the revenue bonds that are being refunded or may be sold at public or private sale in such manner and at such price as the Authority shall deem for the best interests of the Authority, but no such sale shall be made at a price so low as to require the payment of interest on the money received therefor at more than six percent per year, computed with relation to the absolute maturity of the bonds in accordance with standard tables of bond values, excluding from such computation the amount of any premium to be paid on the redemption of any bonds prior to maturity, and may be issued and delivered at any time prior to the date of redemption or maturity date of the bonds to be refunded as the Authority determines to be in the best interests of the Authority. The interest rate or rates on refunding revenue bonds shall not be limited by the interest rate or rates borne by any of the revenue bonds to be refunded thereby. The proceeds derived from the sale of refunding revenue bonds issued under this chapter shall be invested in obligations of or guaranteed by the United States government pending the application of such proceeds to the purpose for which such refunding revenue bonds have been issued. To further secure such refunding revenue bonds, the Authority may contract with the purchasers thereof with respect to the safekeeping and application of the proceeds thereof and the safekeeping and application of the earnings of such investments. The determination of the Authority with respect to the financial soundness and advantage of the issuance and delivery of refunding revenue bonds authorized under this chapter shall be conclusive, but nothing contained in this section shall require the holders of any outstanding revenue bonds being refunded to accept payment thereof otherwise than as provided in the outstanding bonds.","order_by":null,"text":{"0":{"id":307734,"text":"The Authority is hereby authorized by resolution to provide for the issuance of refunding revenue bonds with which to refund outstanding revenue bonds or any issue or series of such outstanding bonds, which refunding revenue bonds may be issued at or before the maturity or redemption date of the bonds to be refunded, and to include different issues or series of such outstanding revenue bonds by a single issue of refunding revenue bonds, and to issue refunding revenue bonds to pay any redemption premium and interest to accrue and become payable on the outstanding revenue bonds being refunded to the date of payment or redemption, and to establish reserves for such refunding revenue bonds. Such refunding revenue bonds shall be payable solely from all or that portion of the revenues of the Authority facilities pledged to the payment thereof in the bond resolution pursuant to which such bonds were issued. Such refunding revenue bonds may, in the discretion of the Authority, be exchanged at par for the revenue bonds that are being refunded or may be sold at public or private sale in such manner and at such price as the Authority shall deem for the best interests of the Authority, but no such sale shall be made at a price so low as to require the payment of interest on the money received therefor at more than six percent per year, computed with relation to the absolute maturity of the bonds in accordance with standard tables of bond values, excluding from such computation the amount of any premium to be paid on the redemption of any bonds prior to maturity, and may be issued and delivered at any time prior to the date of redemption or maturity date of the bonds to be refunded as the Authority determines to be in the best interests of the Authority. The interest rate or rates on refunding revenue bonds shall not be limited by the interest rate or rates borne by any of the revenue bonds to be refunded thereby. The proceeds derived from the sale of refunding revenue bonds issued under this chapter shall be invested in obligations of or guaranteed by the United States government pending the application of such proceeds to the purpose for which such refunding revenue bonds have been issued. To further secure such refunding revenue bonds, the Authority may contract with the purchasers thereof with respect to the safekeeping and application of the proceeds thereof and the safekeeping and application of the earnings of such investments. The determination of the Authority with respect to the financial soundness and advantage of the issuance and delivery of refunding revenue bonds authorized under this chapter shall be conclusive, but nothing contained in this section shall require the holders of any outstanding revenue bonds being refunded to accept payment thereof otherwise than as provided in the outstanding bonds.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13979,"edition_id":1,"name":"Richmond Metropolitan Transportation Authority","identifier":"29","label":"chapter","depth":3,"order_by":1,"parent_id":12807,"metadata":{},"date_created":"2026-06-26 03:46:29","date_modified":"2026-06-26 03:46:29","permalink":{"id":207599,"object_type":"structure","relational_id":13979,"identifier":"29","token":"33.2\/IV\/29","url":"\/33.2\/IV\/29\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12807,"edition_id":1,"name":"Local and Regional Transportation","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12806,"metadata":{},"date_created":"2026-06-26 03:43:54","date_modified":"2026-06-26 03:43:54","permalink":{"id":206943,"object_type":"structure","relational_id":12807,"identifier":"IV","token":"33.2\/IV","url":"\/33.2\/IV\/","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":55318,"structure_id":13979,"section_number":"33.2-2900","catch_line":"Definitions","url":"\/33.2-2900\/","token":"33.2\/IV\/29\/33.2-2900","metadata":false},{"id":66763,"structure_id":13979,"section_number":"33.2-2901","catch_line":"Creation of the Richmond Metropolitan Transportation Authority","url":"\/33.2-2901\/","token":"33.2\/IV\/29\/33.2-2901","metadata":false},{"id":55049,"structure_id":13979,"section_number":"33.2-2902","catch_line":"Powers of the Richmond Metropolitan Transportation Authority","url":"\/33.2-2902\/","token":"33.2\/IV\/29\/33.2-2902","metadata":false},{"id":55181,"structure_id":13979,"section_number":"33.2-2903","catch_line":"Issuance of revenue bonds","url":"\/33.2-2903\/","token":"33.2\/IV\/29\/33.2-2903","metadata":false},{"id":61770,"structure_id":13979,"section_number":"33.2-2904","catch_line":"Rates and charges","url":"\/33.2-2904\/","token":"33.2\/IV\/29\/33.2-2904","metadata":false},{"id":75031,"structure_id":13979,"section_number":"33.2-2905","catch_line":"Use of state highway maintenance and construction funds for Authority facilities","url":"\/33.2-2905\/","token":"33.2\/IV\/29\/33.2-2905","metadata":false},{"id":85918,"structure_id":13979,"section_number":"33.2-2906","catch_line":"Refunding bonds","url":"\/33.2-2906\/","token":"33.2\/IV\/29\/33.2-2906","metadata":false},{"id":56386,"structure_id":13979,"section_number":"33.2-2907","catch_line":"Trust agreement","url":"\/33.2-2907\/","token":"33.2\/IV\/29\/33.2-2907","metadata":false},{"id":76945,"structure_id":13979,"section_number":"33.2-2908","catch_line":"Covenants to secure bonds","url":"\/33.2-2908\/","token":"33.2\/IV\/29\/33.2-2908","metadata":false},{"id":57645,"structure_id":13979,"section_number":"33.2-2909","catch_line":"Revenue bonds eligible for investment","url":"\/33.2-2909\/","token":"33.2\/IV\/29\/33.2-2909","metadata":false},{"id":71137,"structure_id":13979,"section_number":"33.2-2910","catch_line":"Authority obligations to be negotiable instruments; enforcement of bonds","url":"\/33.2-2910\/","token":"33.2\/IV\/29\/33.2-2910","metadata":false},{"id":77368,"structure_id":13979,"section_number":"33.2-2911","catch_line":"Exemption from taxation","url":"\/33.2-2911\/","token":"33.2\/IV\/29\/33.2-2911","metadata":false},{"id":86123,"structure_id":13979,"section_number":"33.2-2912","catch_line":"General powers of City of Richmond and Counties of Henrico and Chesterfield","url":"\/33.2-2912\/","token":"33.2\/IV\/29\/33.2-2912","metadata":false},{"id":67619,"structure_id":13979,"section_number":"33.2-2913","catch_line":"Powers of City of Richmond and Counties of Henrico and Chesterfield with respect to revenue bonds issued by the Authority","url":"\/33.2-2913\/","token":"33.2\/IV\/29\/33.2-2913","metadata":false},{"id":74847,"structure_id":13979,"section_number":"33.2-2914","catch_line":"Powers of the Commonwealth Transportation Board","url":"\/33.2-2914\/","token":"33.2\/IV\/29\/33.2-2914","metadata":false},{"id":71495,"structure_id":13979,"section_number":"33.2-2915","catch_line":"Acquisition of property","url":"\/33.2-2915\/","token":"33.2\/IV\/29\/33.2-2915","metadata":false},{"id":75436,"structure_id":13979,"section_number":"33.2-2916","catch_line":"Transfer to City of Richmond","url":"\/33.2-2916\/","token":"33.2\/IV\/29\/33.2-2916","metadata":false},{"id":74886,"structure_id":13979,"section_number":"33.2-2917","catch_line":"Miscellaneous","url":"\/33.2-2917\/","token":"33.2\/IV\/29\/33.2-2917","metadata":false},{"id":75812,"structure_id":13979,"section_number":"33.2-2918","catch_line":"Approval by Commonwealth Transportation Board","url":"\/33.2-2918\/","token":"33.2\/IV\/29\/33.2-2918","metadata":false},{"id":64414,"structure_id":13979,"section_number":"33.2-2919","catch_line":"Liberal construction","url":"\/33.2-2919\/","token":"33.2\/IV\/29\/33.2-2919","metadata":false},{"id":78932,"structure_id":13979,"section_number":"33.2-2920","catch_line":"Repealed","url":"\/33.2-2920\/","token":"33.2\/IV\/29\/33.2-2920","metadata":false},{"id":78026,"structure_id":13979,"section_number":"33.2-2921","catch_line":"Inconsistent laws inapplicable","url":"\/33.2-2921\/","token":"33.2\/IV\/29\/33.2-2921","metadata":false}],"previous_section":{"id":75031,"structure_id":13979,"section_number":"33.2-2905","catch_line":"Use of state highway maintenance and construction funds for Authority facilities","url":"\/33.2-2905\/","token":"33.2\/IV\/29\/33.2-2905","metadata":false},"next_section":{"id":56386,"structure_id":13979,"section_number":"33.2-2907","catch_line":"Trust agreement","url":"\/33.2-2907\/","token":"33.2\/IV\/29\/33.2-2907","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/33.2-2906\/","history_text":"

This law was first created in 2009. The record of its establishment is cataloged in chapter 471<\/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":false,"permalink":{"id":207625,"object_type":"law","relational_id":85918,"identifier":"33.2-2906","token":"33.2\/IV\/29\/33.2-2906","url":"\/33.2-2906\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/33.2-2906\/","token":"33.2\/IV\/29\/33.2-2906","dublin_core":{"Title":"Refunding bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 33.2-2906","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The Authority<\/span> is hereby authorized by resolution to provide for the issuance of refunding revenue bonds<\/span> with which to refund outstanding revenue bonds<\/span> or any issue<\/span> or series of such outstanding bonds, which refunding revenue bonds<\/span> may be issued at or before the maturity or redemption<\/span> date of the bonds to be refunded, and to include different issues<\/span> or series of such outstanding revenue bonds<\/span> by a single issue<\/span> of refunding revenue bonds<\/span>, and to issue<\/span> refunding revenue bonds<\/span> to pay any redemption<\/span> premium and interest to accrue and become payable on the outstanding revenue bonds<\/span> being refunded to the date of payment or redemption<\/span>, and to establish reserves for such refunding revenue bonds<\/span>. Such refunding revenue bonds<\/span> shall be payable solely from all or that portion of the revenues<\/span> of the Authority<\/span> facilities pledged to the payment thereof in the bond<\/span> resolution pursuant to which such bonds were issued. Such refunding revenue bonds<\/span> may, in the discretion of the Authority<\/span>, be exchanged at par for the revenue bonds<\/span> that are being refunded or may be sold at public or private sale in such manner and at such price as the Authority<\/span> shall deem for the best interests of the Authority<\/span>, but no such sale shall be made at a price so low as to require the payment of interest on the money received therefor at more than six percent per year, computed with relation to the absolute maturity of the bonds in accordance with standard tables of bond<\/span> values, excluding from such computation the amount of any premium to be paid on the redemption<\/span> of any bonds prior to maturity, and may be issued and delivered at any time prior to the date of redemption<\/span> or maturity date of the bonds to be refunded as the Authority<\/span> determines to be in the best interests of the Authority<\/span>. The interest rate or rates on refunding revenue bonds<\/span> shall not be limited by the interest rate or rates borne by any of the revenue bonds<\/span> to be refunded thereby. The proceeds derived from the sale of refunding revenue bonds<\/span> issued under this chapter shall be invested in obligations of or guaranteed by the United States government pending the application of such proceeds to the purpose for which such refunding revenue bonds<\/span> have been issued. To further secure such refunding revenue bonds<\/span>, the Authority<\/span> may contract<\/span> with the purchasers thereof with respect to the safekeeping and application of the proceeds thereof and the safekeeping and application of the earnings of such investments. The determination of the Authority<\/span> with respect to the financial soundness and advantage of the issuance and delivery of refunding revenue bonds<\/span> authorized under this chapter shall be conclusive, but nothing contained in this section shall require the holders of any outstanding revenue bonds<\/span> being refunded to accept payment thereof otherwise than as provided in the outstanding bonds.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREFUNDING BONDS (\u00a7 33.2-2906)\n\nThe Authority is hereby authorized by resolution to provide for the issuance of\nrefunding revenue bonds with which to refund outstanding revenue bonds or any\nissue or series of such outstanding bonds, which refunding revenue bonds may be\nissued at or before the maturity or redemption date of the bonds to be refunded,\nand to include different issues or series of such outstanding revenue bonds by a\nsingle issue of refunding revenue bonds, and to issue refunding revenue bonds to\npay any redemption premium and interest to accrue and become payable on the\noutstanding revenue bonds being refunded to the date of payment or redemption,\nand to establish reserves for such refunding revenue bonds. Such refunding\nrevenue bonds shall be payable solely from all or that portion of the revenues\nof the Authority facilities pledged to the payment thereof in the bond\nresolution pursuant to which such bonds were issued. Such refunding revenue\nbonds may, in the discretion of the Authority, be exchanged at par for the\nrevenue bonds that are being refunded or may be sold at public or private sale\nin such manner and at such price as the Authority shall deem for the best\ninterests of the Authority, but no such sale shall be made at a price so low as\nto require the payment of interest on the money received therefor at more than\nsix percent per year, computed with relation to the absolute maturity of the\nbonds in accordance with standard tables of bond values, excluding from such\ncomputation the amount of any premium to be paid on the redemption of any bonds\nprior to maturity, and may be issued and delivered at any time prior to the date\nof redemption or maturity date of the bonds to be refunded as the Authority\ndetermines to be in the best interests of the Authority. The interest rate or\nrates on refunding revenue bonds shall not be limited by the interest rate or\nrates borne by any of the revenue bonds to be refunded thereby. The proceeds\nderived from the sale of refunding revenue bonds issued under this chapter shall\nbe invested in obligations of or guaranteed by the United States government\npending the application of such proceeds to the purpose for which such refunding\nrevenue bonds have been issued. To further secure such refunding revenue bonds,\nthe Authority may contract with the purchasers thereof with respect to the\nsafekeeping and application of the proceeds thereof and the safekeeping and\napplication of the earnings of such investments. The determination of the\nAuthority with respect to the financial soundness and advantage of the issuance\nand delivery of refunding revenue bonds authorized under this chapter shall be\nconclusive, but nothing contained in this section shall require the holders of\nany outstanding revenue bonds being refunded to accept payment thereof otherwise\nthan as provided in the outstanding bonds.\n\nHISTORY: 2009, c. 471, \u00a7 15.2-7006; 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}}