{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/33.2-2908.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/33.2-2908.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/33.2-2908.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/33.2-2908.html"}],"law_id":76945,"edition_id":1,"section_id":76945,"structure_id":13979,"section_number":"33.2-2908","catch_line":"Covenants to secure bonds","history":"2009, c. 471, \u00a7 15.2-7008; 2014, c. 805.","full_text":"Any resolution authorizing the issuance of bonds of the Authority may, for the benefit and security of the holders of such bonds, contain covenants by the Authority for such a purpose, including covenants as to, among other things:\n\n1\n\nThe operation, maintenance, and repair of the Authority facilities;2\n\nThe purposes to which the proceeds of the sale of such bonds may be applied and the use and disposition thereof;3\n\nThe use and disposition of the revenues of the Authority derived from the ownership or operation of Authority facilities and additions, improvements, and extensions thereof, including the investment thereof and the creation and maintenance of reserve funds and funds for working capital and all renewals and replacements to Authority facilities;4\n\nThe amount, if any, of additional revenue bonds payable from such revenues that may be issued and the terms and conditions on which such additional revenue bonds may be issued;5\n\nFixing, maintaining, collection, and deposit of fees, tolls, rents, rates, and other charges for all the services sold, furnished, or supplied by the Authority facilities;6\n\nThe operation, maintenance, repair, management, accounting, and auditing of the Authority;7\n\nLimitations upon the right of the Authority to dispose of Authority facilities or any part thereof without providing for the payment of the outstanding revenue bonds;8\n\nThe appointment of trustees, depositaries, and paying agents within or without the Commonwealth to receive, hold, disburse, invest, or reinvest the proceeds derived from the sale of revenue bonds and all or any part of the revenues derived by the Authority from the operation, ownership, and management of the Authority facilities; and9\n\nSuch other covenants and agreements as may be determined necessary in the discretion of the Authority to advantageously market the revenue bonds of the Authority.","order_by":null,"text":{"0":{"id":276150,"text":"Any resolution authorizing the issuance of bonds of the Authority may, for the benefit and security of the holders of such bonds, contain covenants by the Authority for such a purpose, including covenants as to, among other things:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":276151,"text":"The operation, maintenance, and repair of the Authority facilities;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":276152,"text":"The purposes to which the proceeds of the sale of such bonds may be applied and the use and disposition thereof;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":276153,"text":"The use and disposition of the revenues of the Authority derived from the ownership or operation of Authority facilities and additions, improvements, and extensions thereof, including the investment thereof and the creation and maintenance of reserve funds and funds for working capital and all renewals and replacements to Authority facilities;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":276154,"text":"The amount, if any, of additional revenue bonds payable from such revenues that may be issued and the terms and conditions on which such additional revenue bonds may be issued;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":276155,"text":"Fixing, maintaining, collection, and deposit of fees, tolls, rents, rates, and other charges for all the services sold, furnished, or supplied by the Authority facilities;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":276156,"text":"The operation, maintenance, repair, management, accounting, and auditing of the Authority;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":276157,"text":"Limitations upon the right of the Authority to dispose of Authority facilities or any part thereof without providing for the payment of the outstanding revenue bonds;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":276158,"text":"The appointment of trustees, depositaries, and paying agents within or without the Commonwealth to receive, hold, disburse, invest, or reinvest the proceeds derived from the sale of revenue bonds and all or any part of the revenues derived by the Authority from the operation, ownership, and management of the Authority facilities; and","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":276159,"text":"Such other covenants and agreements as may be determined necessary in the discretion of the Authority to advantageously market the revenue bonds of the Authority.","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/33.2-2908\/","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":207633,"object_type":"law","relational_id":76945,"identifier":"33.2-2908","token":"33.2\/IV\/29\/33.2-2908","url":"\/33.2-2908\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/33.2-2908\/","token":"33.2\/IV\/29\/33.2-2908","dublin_core":{"Title":"Covenants to secure bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 33.2-2908","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Any resolution authorizing the issuance of bonds<\/span><\/span> of the Authority<\/span> may, for the benefit and security of the holders of such bonds<\/span><\/span>, contain covenants by the Authority<\/span> for such a purpose, including covenants as to, among other things:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The operation, maintenance<\/span>, and repair of the Authority<\/span> facilities; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The purposes to which the proceeds of the sale of such bonds<\/span><\/span> may be applied and the use and disposition<\/span> thereof; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The use and disposition<\/span> of the revenues<\/span> of the Authority<\/span> derived from the ownership or operation of Authority<\/span> facilities and additions, improvements, and extensions thereof, including the investment thereof and the creation and maintenance<\/span> of reserve funds and funds for working capital and all renewals and replacements to Authority<\/span> facilities; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The amount, if any, of additional revenue bonds<\/span> payable from such revenues<\/span> that may be issued and the terms and conditions on which such additional revenue bonds<\/span> may be issued; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Fixing, maintaining, collection, and deposit of fees, tolls, rents, rates, and other charges for all the services sold, furnished, or supplied by the Authority<\/span> facilities; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> The operation, maintenance<\/span>, repair, management, accounting, and auditing of the Authority<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Limitations upon the right of the Authority<\/span> to dispose of Authority<\/span> facilities or any part thereof without providing for the payment of the outstanding revenue bonds<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> The appointment of trustees, depositaries, and paying agents within or without the Commonwealth to receive, hold, disburse, invest, or reinvest the proceeds derived from the sale of revenue bonds<\/span> and all or any part of the revenues<\/span> derived by the Authority<\/span> from the operation, ownership, and management of the Authority<\/span> facilities; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Such other covenants and agreements as may be determined necessary in the discretion of the Authority<\/span> to advantageously market the revenue bonds<\/span> of the Authority<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCOVENANTS TO SECURE BONDS (\u00a7 33.2-2908)\n\nAny resolution authorizing the issuance of bonds of the Authority may, for the\nbenefit and security of the holders of such bonds, contain covenants by the\nAuthority for such a purpose, including covenants as to, among other things:\n\n1. The operation, maintenance, and repair of the Authority facilities;\n\n2. The purposes to which the proceeds of the sale of such bonds may be applied\nand the use and disposition thereof;\n\n3. The use and disposition of the revenues of the Authority derived from the\nownership or operation of Authority facilities and additions, improvements, and\nextensions thereof, including the investment thereof and the creation and\nmaintenance of reserve funds and funds for working capital and all renewals and\nreplacements to Authority facilities;\n\n4. The amount, if any, of additional revenue bonds payable from such revenues\nthat may be issued and the terms and conditions on which such additional revenue\nbonds may be issued;\n\n5. Fixing, maintaining, collection, and deposit of fees, tolls, rents, rates,\nand other charges for all the services sold, furnished, or supplied by the\nAuthority facilities;\n\n6. The operation, maintenance, repair, management, accounting, and auditing of\nthe Authority;\n\n7. Limitations upon the right of the Authority to dispose of Authority\nfacilities or any part thereof without providing for the payment of the\noutstanding revenue bonds;\n\n8. The appointment of trustees, depositaries, and paying agents within or\nwithout the Commonwealth to receive, hold, disburse, invest, or reinvest the\nproceeds derived from the sale of revenue bonds and all or any part of the\nrevenues derived by the Authority from the operation, ownership, and management\nof the Authority facilities; and\n\n9. Such other covenants and agreements as may be determined necessary in the\ndiscretion of the Authority to advantageously market the revenue bonds of the\nAuthority.\n\nHISTORY: 2009, c. 471, \u00a7 15.2-7008; 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}}