{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/33.2-2907.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/33.2-2907.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/33.2-2907.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/33.2-2907.html"}],"law_id":56386,"edition_id":1,"section_id":56386,"structure_id":13979,"section_number":"33.2-2907","catch_line":"Trust agreement","history":"2009, c. 471, \u00a7 15.2-7007; 2014, c. 805.","full_text":"In the discretion of the Authority, any bonds issued under the provisions of this chapter may be secured by a trust agreement or indenture by and between the Authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the Commonwealth, to be selected by the Authority in such manner as it may elect. Such trust agreement or the resolution providing for the issuance of such bonds may pledge or assign all or any portion of the tolls and other revenues to be received by the Authority from the ownership and operation of Authority facilities, but shall not convey or mortgage any Authority facilities or any part thereof. It shall be lawful for any bank or trust company incorporated under the laws of the Commonwealth that may act as depositary of the proceeds of bonds or of revenues to furnish such indemnifying bonds or to pledge such securities as may be required by the Authority. Any such resolution, trust agreement, or indenture may set forth the rights and remedies of the bondholders and of the trustee and may restrict the individual right of action by bondholders. In addition to the foregoing, any such resolution, trust agreement, or indenture may contain such other provisions as the Authority may deem reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of such trust agreement or resolution may be treated as a part of the cost of the operation of the Authority facilities or portion thereof.\n\t\tAll or any portion of the revenues derived from the ownership and operation of Authority facilities, as may be provided for in the resolution authorizing the issuance of such bonds or in the trust agreement or indenture securing such bonds, may be pledged to, and charged with, the payment of the principal of and the interest on such bonds as the payment shall become due, and the redemption price or the purchase price of bonds retired by call or purchase as therein provided. Such pledge shall be valid and binding from the time when the pledge is made; the revenues or other moneys so pledged and thereafter received by the Authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the Authority, irrespective of whether such parties have notice thereof. Neither the resolution nor any trust agreement nor indenture by which a pledge is created need be filed or recorded except in the records of the Authority.","order_by":null,"text":{"0":{"id":206454,"text":"In the discretion of the Authority, any bonds issued under the provisions of this chapter may be secured by a trust agreement or indenture by and between the Authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the Commonwealth, to be selected by the Authority in such manner as it may elect. Such trust agreement or the resolution providing for the issuance of such bonds may pledge or assign all or any portion of the tolls and other revenues to be received by the Authority from the ownership and operation of Authority facilities, but shall not convey or mortgage any Authority facilities or any part thereof. It shall be lawful for any bank or trust company incorporated under the laws of the Commonwealth that may act as depositary of the proceeds of bonds or of revenues to furnish such indemnifying bonds or to pledge such securities as may be required by the Authority. Any such resolution, trust agreement, or indenture may set forth the rights and remedies of the bondholders and of the trustee and may restrict the individual right of action by bondholders. In addition to the foregoing, any such resolution, trust agreement, or indenture may contain such other provisions as the Authority may deem reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of such trust agreement or resolution may be treated as a part of the cost of the operation of the Authority facilities or portion thereof.\n\t\tAll or any portion of the revenues derived from the ownership and operation of Authority facilities, as may be provided for in the resolution authorizing the issuance of such bonds or in the trust agreement or indenture securing such bonds, may be pledged to, and charged with, the payment of the principal of and the interest on such bonds as the payment shall become due, and the redemption price or the purchase price of bonds retired by call or purchase as therein provided. Such pledge shall be valid and binding from the time when the pledge is made; the revenues or other moneys so pledged and thereafter received by the Authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the Authority, irrespective of whether such parties have notice thereof. Neither the resolution nor any trust agreement nor indenture by which a pledge is created need be filed or recorded except in the records of the Authority.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/33.2-2907\/","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":207629,"object_type":"law","relational_id":56386,"identifier":"33.2-2907","token":"33.2\/IV\/29\/33.2-2907","url":"\/33.2-2907\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/33.2-2907\/","token":"33.2\/IV\/29\/33.2-2907","dublin_core":{"Title":"Trust agreement","Type":"Text","Format":"text\/html","Identifier":"\u00a7 33.2-2907","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

In the discretion of the Authority<\/span>, any bonds<\/span><\/span> issued under the provisions of this chapter may be secured by a trust agreement or indenture by and between the Authority<\/span> and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the Commonwealth, to be selected by the Authority<\/span> in such manner as it may elect. Such trust agreement or the resolution providing for the issuance of such bonds<\/span><\/span> may pledge or assign all or any portion of the tolls and other revenues<\/span> to be received by the Authority<\/span> from the ownership and operation of Authority<\/span> facilities, but shall not convey or mortgage any Authority<\/span> facilities or any part thereof. It shall be lawful for any bank or trust company incorporated under the laws<\/span> of the Commonwealth that may act as depositary of the proceeds of bonds<\/span><\/span> or of revenues<\/span> to furnish such indemnifying bonds<\/span><\/span> or to pledge such securities as may be required by the Authority<\/span>. Any such resolution, trust agreement, or indenture may set forth the rights and remedies of the bondholders and of the trustee and may restrict the individual right of action by bondholders. In addition to the foregoing, any such resolution, trust agreement, or indenture may contain such other provisions as the Authority<\/span> may deem reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of such trust agreement or resolution may be treated as a part of the cost of the operation of the Authority<\/span> facilities or portion thereof.\n\t\tAll or any portion of the revenues<\/span> derived from the ownership and operation of Authority<\/span> facilities, as may be provided for in the resolution authorizing the issuance of such bonds<\/span><\/span> or in the trust agreement or indenture securing such bonds<\/span><\/span>, may be pledged to, and charged with, the payment of the principal of and the interest on such bonds<\/span><\/span> as the payment shall become due, and the redemption<\/span> price or the purchase price of bonds<\/span><\/span> retired by call or purchase as therein provided. Such pledge shall be valid and binding from the time when the pledge is made; the revenues<\/span> or other moneys so pledged and thereafter received by the Authority<\/span> shall immediately be subject to the lien<\/span> of such pledge without any physical delivery thereof or further act, and the lien<\/span> of any such pledge shall be valid and binding as against all parties having claims of any kind in tort<\/span>, contract<\/span>, or otherwise against the Authority<\/span>, irrespective of whether such parties have notice thereof. Neither the resolution nor any trust agreement nor indenture by which a pledge is created need be filed or recorded except in the records of the Authority<\/span>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nTRUST AGREEMENT (\u00a7 33.2-2907)\n\nIn the discretion of the Authority, any bonds issued under the provisions of\nthis chapter may be secured by a trust agreement or indenture by and between the\nAuthority and a corporate trustee, which may be any trust company or bank having\nthe powers of a trust company within or without the Commonwealth, to be selected\nby the Authority in such manner as it may elect. Such trust agreement or the\nresolution providing for the issuance of such bonds may pledge or assign all or\nany portion of the tolls and other revenues to be received by the Authority from\nthe ownership and operation of Authority facilities, but shall not convey or\nmortgage any Authority facilities or any part thereof. It shall be lawful for\nany bank or trust company incorporated under the laws of the Commonwealth that\nmay act as depositary of the proceeds of bonds or of revenues to furnish such\nindemnifying bonds or to pledge such securities as may be required by the\nAuthority. Any such resolution, trust agreement, or indenture may set forth the\nrights and remedies of the bondholders and of the trustee and may restrict the\nindividual right of action by bondholders. In addition to the foregoing, any\nsuch resolution, trust agreement, or indenture may contain such other provisions\nas the Authority may deem reasonable and proper for the security of the\nbondholders. All expenses incurred in carrying out the provisions of such trust\nagreement or resolution may be treated as a part of the cost of the operation of\nthe Authority facilities or portion thereof.\n\t\tAll or any portion of the revenues derived from the ownership and operation of\nAuthority facilities, as may be provided for in the resolution authorizing the\nissuance of such bonds or in the trust agreement or indenture securing such\nbonds, may be pledged to, and charged with, the payment of the principal of and\nthe interest on such bonds as the payment shall become due, and the redemption\nprice or the purchase price of bonds retired by call or purchase as therein\nprovided. Such pledge shall be valid and binding from the time when the pledge\nis made; the revenues or other moneys so pledged and thereafter received by the\nAuthority shall immediately be subject to the lien of such pledge without any\nphysical delivery thereof or further act, and the lien of any such pledge shall\nbe valid and binding as against all parties having claims of any kind in tort,\ncontract, or otherwise against the Authority, irrespective of whether such\nparties have notice thereof. Neither the resolution nor any trust agreement nor\nindenture by which a pledge is created need be filed or recorded except in the\nrecords of the Authority.\n\nHISTORY: 2009, c. 471, \u00a7 15.2-7007; 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}}