{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/33.2-294.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/33.2-294.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/33.2-294.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/33.2-294.html"}],"law_id":69208,"edition_id":1,"section_id":69208,"structure_id":14957,"section_number":"33.2-294","catch_line":"Issuance of bonds","history":"2020, cc. 1230, 1275.","full_text":"A\n\nThe Authority may issue bonds from time to time in its discretion, for any of its purposes, including the payment of all or any part of the cost of rail facilities. Notwithstanding the foregoing, any bonds issued to pay for the initial funding of capital projects shall be limited to financing capital expenditures and projects submitted for approval by the Transportation Board as set forth in § 33.2-298.B\n\nThe Authority may issue refunding bonds for the purpose of refunding any bonds then outstanding that shall have been issued under the provisions of this article, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date fixed for redemption of such bonds. The issuance of such bonds, the maturities and other details thereof, the rights of the holders thereof, and the rights, duties, and obligations of the Authority in respect of the same shall be governed by the provisions of this article insofar as the same may be applicable.C\n\nThe bonds of each issue shall be dated such date as may be determined by the Authority; shall bear interest at such rate or rates as shall be fixed by the Authority, or as may be determined in such manner as the Authority may provide, including the determination by agents designated by the Authority under guidelines established by the Authority; shall mature at such time or times not exceeding 40 years from their date or dates, as may be determined by the Authority; and may be made redeemable before maturity, at the option of the Authority, at such price or prices and under such terms and conditions as may be fixed by the Authority prior to the issuance of the bonds.D\n\nThe Authority shall determine the form of the bonds and manner of execution of the bonds and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest, which may be at any bank or trust company within or outside the Commonwealth. The bonds shall be signed by the chairman or vice-chairman of the Authority or, if so authorized by the Authority, shall bear his facsimile signature and the official seal of the Authority, or, if so authorized by the Authority, a facsimile thereof shall be impressed or imprinted thereon and attested by the secretary or any assistant secretary of the Authority, or, if so authorized by the Authority, with the facsimile signature of such secretary or assistant secretary. Any coupons attached to bonds issued by the Authority shall bear the signature of the chairman or vice-chairman of the Authority or a facsimile thereof. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery, and any bonds may bear the facsimile signature of, or may be signed by, such persons as at the actual time of the execution of such bonds shall be the proper officers to sign such bonds although at the date of such bonds such persons may not have been such officers.E\n\nThe bonds may be issued in coupon or in registered form, or both, as the Authority may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, for the reconversion into coupon bonds of any bonds registered as to both principal and interest, and for the interchange of registered and coupon bonds. Bonds issued in registered form may be issued under a system of book-entry for recording the ownership and transfer of ownership of rights to receive payment of principal of, and premium on, if any, and interest on such bonds. The Authority may contract for the services of one or more banks, trust companies, financial institutions, or other entities or persons, within or outside the Commonwealth, for the authentication, registration, transfer, exchange, and payment of the bonds or may provide such services itself. The Authority may sell such bonds in such manner, either at public or private sale, and for such price as it may determine will best effect the purposes of this article.F\n\nThe proceeds of the bonds of each issue shall be used solely for the purposes, and in furtherance of the powers, of the Authority as may be provided in the resolution authorizing the issuance of such bonds or in the trust agreement hereinafter mentioned securing the same.G\n\nIn addition to the above powers, the Authority shall have the authority to issue interim receipts or temporary bonds as provided in § 15.2-2616 and to execute and deliver new bonds in place of bonds mutilated, lost, or destroyed as provided in § 15.2-2621.H\n\nAll expenses incurred in carrying out the provisions of this article shall be payable solely from funds available pursuant to the provisions of this article, and no liability shall be incurred by the Authority hereunder beyond the extent to which moneys shall have been provided or received under the provisions of this article.I\n\nAt the discretion of the Authority, any bonds issued under the provisions of this article may be secured by a trust indenture or agreement 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 outside the Commonwealth. Such trust indenture or agreement or the resolution providing for the issuance of such bonds may pledge or assign the revenues to be received and provide for the mortgage of any rail facilities or property or any part thereof. Such trust indenture or agreement or resolution providing for the issuance of such bonds may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants providing for the repossession and sale by the Authority or any trustees under any trust indenture or agreement of any rail facilities, or part thereof, upon any default under the lease or sale of such rail facilities, setting forth the duties of the Authority in relation to the acquisition of property and the planning, development, acquisition, construction, rehabilitation, establishment, improvement, extension, enlargement, maintenance, repair, operation, and insurance of the rail facilities in connection with which such bonds shall have been authorized; the amounts of rates, rents, fees, and other charges to be charged; the collection of such rates, rents, fees, and other charges; the custody, safeguarding, and application of all moneys; and conditions or limitations with respect to the issuance of additional bonds. It is lawful for any national bank with its main office in the Commonwealth or any other state or any bank or trust company incorporated under the laws of the Commonwealth or another state that may act as depository 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 trust indenture or agreement or resolution may set forth the rights of action by bondholders. In addition to the foregoing, any such trust indenture or agreement or resolution may contain such other provisions as the Authority may deem reasonable and proper for the security of the bondholders, including, without limitation, provisions for the assignment to a corporate trustee or escrow agent of any rights of the Authority in any project owned by, or leases or sales of any rail facilities made by, the Authority. All expenses incurred in carrying out the provisions of such trust indenture or agreement or resolution or other agreements relating to any rail facilities, including those to which the Authority may not be a party, may be treated as a part of the cost of the operation of the rail facilities.J\n\nNo obligation of the Authority shall be deemed to constitute a debt, or pledge of the faith and credit, of the Commonwealth or of any other political subdivision thereof but shall be payable solely from the revenues and other funds of the Authority pledged thereto, excluding revenues provided from the Commonwealth Rail Fund pursuant to § 33.2-1526.4. All such obligations shall contain on the face thereof a statement to the effect that the Commonwealth, any political subdivision thereof, and the Authority shall not be obligated to pay the same or the interest thereon except from revenues and other funds of the Authority pledged thereto, and that neither the faith and credit nor the taxing power of the Commonwealth or of any political subdivision thereof is pledged to the payment of the principal of or the interest on such obligations.K\n\nAny bonds or refunding bonds issued under the provisions of this article and any transfer of such bonds shall at all times be free from Commonwealth and local taxation. The interest on the bonds and any refunding bonds or bond anticipation notes shall at all times be exempt from taxation by the Commonwealth and by any political subdivision thereof.L\n\nNeither the directors of the Board nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof.M\n\nAny holder of bonds issued under the provisions of this article or any of the coupons appertaining thereto, and the trustee under any trust indenture or agreement or resolution, except to the extent the rights herein given may be restricted by such trust indenture or agreement or resolution authorizing the issuance of such bonds, may either at law or in equity, by suit, action, mandamus, or other proceeding, protect and enforce any and all rights under the laws of the Commonwealth or granted hereunder or under such trust indenture or agreement or resolution and may enforce and compel the performance of all duties required by this article or by such trust indenture or agreement or resolution to be performed by the Authority or by any officer thereof, including the fixing, charging, and collecting of rates, rentals, fees, and other charges.N\n\nProvision may be made in the proceedings authorizing refunding bonds for the purchase of the refunded bonds in the open market or pursuant to tenders made from time to time where there is available in the escrow or sinking fund for the payment of the refunded bonds a surplus in an amount to be fixed in such proceedings.O\n\n1. The Authority is hereby authorized to apply for, execute, and\/or endorse applications submitted by private entities or political subdivisions of the Commonwealth to obtain federal credit assistance for one or more qualifying transportation infrastructure projects or facilities to be developed pursuant to the Public-Private Transportation Act of 1995 (\u00a7 33.2-1800 et seq.). Any such application, agreement, and\/or endorsement shall not financially obligate the Commonwealth or be construed to implicate the credit of the Commonwealth as security for any such federal credit assistance.2\n\nThe Authority is hereby authorized to pursue or otherwise apply for, and execute, an agreement to obtain financing using a federal credit instrument for project financings otherwise authorized by this article or other acts of assembly.","order_by":null,"text":{"0":{"id":250400,"text":"The Authority may issue bonds from time to time in its discretion, for any of its purposes, including the payment of all or any part of the cost of rail facilities. Notwithstanding the foregoing, any bonds issued to pay for the initial funding of capital projects shall be limited to financing capital expenditures and projects submitted for approval by the Transportation Board as set forth in § 33.2-298.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":250401,"text":"The Authority may issue refunding bonds for the purpose of refunding any bonds then outstanding that shall have been issued under the provisions of this article, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date fixed for redemption of such bonds. The issuance of such bonds, the maturities and other details thereof, the rights of the holders thereof, and the rights, duties, and obligations of the Authority in respect of the same shall be governed by the provisions of this article insofar as the same may be applicable.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":250402,"text":"The bonds of each issue shall be dated such date as may be determined by the Authority; shall bear interest at such rate or rates as shall be fixed by the Authority, or as may be determined in such manner as the Authority may provide, including the determination by agents designated by the Authority under guidelines established by the Authority; shall mature at such time or times not exceeding 40 years from their date or dates, as may be determined by the Authority; and may be made redeemable before maturity, at the option of the Authority, at such price or prices and under such terms and conditions as may be fixed by the Authority prior to the issuance of the bonds.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":250403,"text":"The Authority shall determine the form of the bonds and manner of execution of the bonds and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest, which may be at any bank or trust company within or outside the Commonwealth. The bonds shall be signed by the chairman or vice-chairman of the Authority or, if so authorized by the Authority, shall bear his facsimile signature and the official seal of the Authority, or, if so authorized by the Authority, a facsimile thereof shall be impressed or imprinted thereon and attested by the secretary or any assistant secretary of the Authority, or, if so authorized by the Authority, with the facsimile signature of such secretary or assistant secretary. Any coupons attached to bonds issued by the Authority shall bear the signature of the chairman or vice-chairman of the Authority or a facsimile thereof. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery, and any bonds may bear the facsimile signature of, or may be signed by, such persons as at the actual time of the execution of such bonds shall be the proper officers to sign such bonds although at the date of such bonds such persons may not have been such officers.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":250404,"text":"The bonds may be issued in coupon or in registered form, or both, as the Authority may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, for the reconversion into coupon bonds of any bonds registered as to both principal and interest, and for the interchange of registered and coupon bonds. Bonds issued in registered form may be issued under a system of book-entry for recording the ownership and transfer of ownership of rights to receive payment of principal of, and premium on, if any, and interest on such bonds. The Authority may contract for the services of one or more banks, trust companies, financial institutions, or other entities or persons, within or outside the Commonwealth, for the authentication, registration, transfer, exchange, and payment of the bonds or may provide such services itself. The Authority may sell such bonds in such manner, either at public or private sale, and for such price as it may determine will best effect the purposes of this article.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":250405,"text":"The proceeds of the bonds of each issue shall be used solely for the purposes, and in furtherance of the powers, of the Authority as may be provided in the resolution authorizing the issuance of such bonds or in the trust agreement hereinafter mentioned securing the same.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"6":{"id":250406,"text":"In addition to the above powers, the Authority shall have the authority to issue interim receipts or temporary bonds as provided in § 15.2-2616 and to execute and deliver new bonds in place of bonds mutilated, lost, or destroyed as provided in § 15.2-2621.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F","next_prefix":"H"},"7":{"id":250407,"text":"All expenses incurred in carrying out the provisions of this article shall be payable solely from funds available pursuant to the provisions of this article, and no liability shall be incurred by the Authority hereunder beyond the extent to which moneys shall have been provided or received under the provisions of this article.","type":"section","prefixes":["H"],"prefix":"H","entire_prefix":"H","prefix_anchor":"H","level":1,"prior_prefix":"G","next_prefix":"I"},"8":{"id":250408,"text":"At the discretion of the Authority, any bonds issued under the provisions of this article may be secured by a trust indenture or agreement 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 outside the Commonwealth. Such trust indenture or agreement or the resolution providing for the issuance of such bonds may pledge or assign the revenues to be received and provide for the mortgage of any rail facilities or property or any part thereof. Such trust indenture or agreement or resolution providing for the issuance of such bonds may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants providing for the repossession and sale by the Authority or any trustees under any trust indenture or agreement of any rail facilities, or part thereof, upon any default under the lease or sale of such rail facilities, setting forth the duties of the Authority in relation to the acquisition of property and the planning, development, acquisition, construction, rehabilitation, establishment, improvement, extension, enlargement, maintenance, repair, operation, and insurance of the rail facilities in connection with which such bonds shall have been authorized; the amounts of rates, rents, fees, and other charges to be charged; the collection of such rates, rents, fees, and other charges; the custody, safeguarding, and application of all moneys; and conditions or limitations with respect to the issuance of additional bonds. It is lawful for any national bank with its main office in the Commonwealth or any other state or any bank or trust company incorporated under the laws of the Commonwealth or another state that may act as depository 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 trust indenture or agreement or resolution may set forth the rights of action by bondholders. In addition to the foregoing, any such trust indenture or agreement or resolution may contain such other provisions as the Authority may deem reasonable and proper for the security of the bondholders, including, without limitation, provisions for the assignment to a corporate trustee or escrow agent of any rights of the Authority in any project owned by, or leases or sales of any rail facilities made by, the Authority. All expenses incurred in carrying out the provisions of such trust indenture or agreement or resolution or other agreements relating to any rail facilities, including those to which the Authority may not be a party, may be treated as a part of the cost of the operation of the rail facilities.","type":"section","prefixes":["I"],"prefix":"I","entire_prefix":"I","prefix_anchor":"I","level":1,"prior_prefix":"H","next_prefix":"J"},"9":{"id":250409,"text":"No obligation of the Authority shall be deemed to constitute a debt, or pledge of the faith and credit, of the Commonwealth or of any other political subdivision thereof but shall be payable solely from the revenues and other funds of the Authority pledged thereto, excluding revenues provided from the Commonwealth Rail Fund pursuant to § 33.2-1526.4. All such obligations shall contain on the face thereof a statement to the effect that the Commonwealth, any political subdivision thereof, and the Authority shall not be obligated to pay the same or the interest thereon except from revenues and other funds of the Authority pledged thereto, and that neither the faith and credit nor the taxing power of the Commonwealth or of any political subdivision thereof is pledged to the payment of the principal of or the interest on such obligations.","type":"section","prefixes":["J"],"prefix":"J","entire_prefix":"J","prefix_anchor":"J","level":1,"prior_prefix":"I","next_prefix":"K"},"10":{"id":250410,"text":"Any bonds or refunding bonds issued under the provisions of this article and any transfer of such bonds shall at all times be free from Commonwealth and local taxation. The interest on the bonds and any refunding bonds or bond anticipation notes shall at all times be exempt from taxation by the Commonwealth and by any political subdivision thereof.","type":"section","prefixes":["K"],"prefix":"K","entire_prefix":"K","prefix_anchor":"K","level":1,"prior_prefix":"J","next_prefix":"L"},"11":{"id":250411,"text":"Neither the directors of the Board nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof.","type":"section","prefixes":["L"],"prefix":"L","entire_prefix":"L","prefix_anchor":"L","level":1,"prior_prefix":"K","next_prefix":"M"},"12":{"id":250412,"text":"Any holder of bonds issued under the provisions of this article or any of the coupons appertaining thereto, and the trustee under any trust indenture or agreement or resolution, except to the extent the rights herein given may be restricted by such trust indenture or agreement or resolution authorizing the issuance of such bonds, may either at law or in equity, by suit, action, mandamus, or other proceeding, protect and enforce any and all rights under the laws of the Commonwealth or granted hereunder or under such trust indenture or agreement or resolution and may enforce and compel the performance of all duties required by this article or by such trust indenture or agreement or resolution to be performed by the Authority or by any officer thereof, including the fixing, charging, and collecting of rates, rentals, fees, and other charges.","type":"section","prefixes":["M"],"prefix":"M","entire_prefix":"M","prefix_anchor":"M","level":1,"prior_prefix":"L","next_prefix":"N"},"13":{"id":250413,"text":"Provision may be made in the proceedings authorizing refunding bonds for the purchase of the refunded bonds in the open market or pursuant to tenders made from time to time where there is available in the escrow or sinking fund for the payment of the refunded bonds a surplus in an amount to be fixed in such proceedings.","type":"section","prefixes":["N"],"prefix":"N","entire_prefix":"N","prefix_anchor":"N","level":1,"prior_prefix":"M","next_prefix":"O"},"14":{"id":250414,"text":"1. The Authority is hereby authorized to apply for, execute, and\/or endorse applications submitted by private entities or political subdivisions of the Commonwealth to obtain federal credit assistance for one or more qualifying transportation infrastructure projects or facilities to be developed pursuant to the Public-Private Transportation Act of 1995 (\u00a7 33.2-1800 et seq.). Any such application, agreement, and\/or endorsement shall not financially obligate the Commonwealth or be construed to implicate the credit of the Commonwealth as security for any such federal credit assistance.","type":"section","prefixes":["O"],"prefix":"O","entire_prefix":"O","prefix_anchor":"O","level":1,"prior_prefix":"N","next_prefix":"O2"},"15":{"id":250415,"text":"The Authority is hereby authorized to pursue or otherwise apply for, and execute, an agreement to obtain financing using a federal credit instrument for project financings otherwise authorized by this article or other acts of assembly.","type":"section","prefixes":["O","2"],"prefix":"2","entire_prefix":"O2","prefix_anchor":"O2","level":2,"prior_prefix":"O"}},"ancestry":[{"id":14957,"edition_id":1,"name":"Virginia Passenger Rail Authority Act","identifier":"6","label":"article","depth":4,"order_by":1,"parent_id":13136,"metadata":{},"date_created":"2026-06-26 03:51:05","date_modified":"2026-06-26 03:51:05","permalink":{"id":205283,"object_type":"structure","relational_id":14957,"identifier":"6","token":"33.2\/I\/2\/6","url":"\/33.2\/I\/2\/6\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13136,"edition_id":1,"name":"Transportation Entities","identifier":"2","label":"chapter","depth":3,"order_by":1,"parent_id":13135,"metadata":{},"date_created":"2026-06-26 03:44:20","date_modified":"2026-06-26 03:44:20","permalink":{"id":204875,"object_type":"structure","relational_id":13136,"identifier":"2","token":"33.2\/I\/2","url":"\/33.2\/I\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13135,"edition_id":1,"name":"General Provisions and Transportation Entities","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12806,"metadata":{},"date_created":"2026-06-26 03:44:20","date_modified":"2026-06-26 03:44:20","permalink":{"id":204787,"object_type":"structure","relational_id":13135,"identifier":"I","token":"33.2\/I","url":"\/33.2\/I\/","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":65292,"structure_id":14957,"section_number":"33.2-287","catch_line":"Definitions","url":"\/33.2-287\/","token":"33.2\/I\/2\/6\/33.2-287","metadata":false},{"id":83123,"structure_id":14957,"section_number":"33.2-288","catch_line":"Declaration of public purpose; Virginia Passenger Rail Authority","url":"\/33.2-288\/","token":"33.2\/I\/2\/6\/33.2-288","metadata":false},{"id":61923,"structure_id":14957,"section_number":"33.2-289","catch_line":"Board of Directors","url":"\/33.2-289\/","token":"33.2\/I\/2\/6\/33.2-289","metadata":false},{"id":80981,"structure_id":14957,"section_number":"33.2-290","catch_line":"Executive Director; agents and employees","url":"\/33.2-290\/","token":"33.2\/I\/2\/6\/33.2-290","metadata":false},{"id":76138,"structure_id":14957,"section_number":"33.2-291","catch_line":"Local authorities subordinate to Authority","url":"\/33.2-291\/","token":"33.2\/I\/2\/6\/33.2-291","metadata":false},{"id":64713,"structure_id":14957,"section_number":"33.2-292","catch_line":"Powers of the Authority","url":"\/33.2-292\/","token":"33.2\/I\/2\/6\/33.2-292","metadata":false},{"id":67230,"structure_id":14957,"section_number":"33.2-293","catch_line":"Acquisition, possession, and disposition of rail facilities; eminent domain","url":"\/33.2-293\/","token":"33.2\/I\/2\/6\/33.2-293","metadata":false},{"id":69208,"structure_id":14957,"section_number":"33.2-294","catch_line":"Issuance of bonds","url":"\/33.2-294\/","token":"33.2\/I\/2\/6\/33.2-294","metadata":false},{"id":82882,"structure_id":14957,"section_number":"33.2-295","catch_line":"Deposit and investment of funds","url":"\/33.2-295\/","token":"33.2\/I\/2\/6\/33.2-295","metadata":false},{"id":76260,"structure_id":14957,"section_number":"33.2-296","catch_line":"Revenues of the Authority","url":"\/33.2-296\/","token":"33.2\/I\/2\/6\/33.2-296","metadata":false},{"id":77741,"structure_id":14957,"section_number":"33.2-297","catch_line":"Moneys of Authority","url":"\/33.2-297\/","token":"33.2\/I\/2\/6\/33.2-297","metadata":false},{"id":67167,"structure_id":14957,"section_number":"33.2-298","catch_line":"Annual budget","url":"\/33.2-298\/","token":"33.2\/I\/2\/6\/33.2-298","metadata":false},{"id":63198,"structure_id":14957,"section_number":"33.2-299","catch_line":"Recordkeeping; audits","url":"\/33.2-299\/","token":"33.2\/I\/2\/6\/33.2-299","metadata":false},{"id":77868,"structure_id":14957,"section_number":"33.2-299.1","catch_line":"Exemption of Authority from personnel and procurement procedures","url":"\/33.2-299.1\/","token":"33.2\/I\/2\/6\/33.2-299.1","metadata":false},{"id":81757,"structure_id":14957,"section_number":"33.2-299.2","catch_line":"Police powers; Authority rules and regulations","url":"\/33.2-299.2\/","token":"33.2\/I\/2\/6\/33.2-299.2","metadata":false},{"id":70141,"structure_id":14957,"section_number":"33.2-299.3","catch_line":"Governmental function; exemption from taxation","url":"\/33.2-299.3\/","token":"33.2\/I\/2\/6\/33.2-299.3","metadata":false},{"id":57064,"structure_id":14957,"section_number":"33.2-299.4","catch_line":"Cooperation with federal agencies","url":"\/33.2-299.4\/","token":"33.2\/I\/2\/6\/33.2-299.4","metadata":false},{"id":82633,"structure_id":14957,"section_number":"33.2-299.5","catch_line":"Continuing responsibilities of the Transportation Board and the Department","url":"\/33.2-299.5\/","token":"33.2\/I\/2\/6\/33.2-299.5","metadata":false},{"id":66867,"structure_id":14957,"section_number":"33.2-299.6","catch_line":"Dissolution of Authority","url":"\/33.2-299.6\/","token":"33.2\/I\/2\/6\/33.2-299.6","metadata":false},{"id":59906,"structure_id":14957,"section_number":"33.2-299.7","catch_line":"Exclusions from the Virginia Freedom of Information Act; proprietary records and trade secrets","url":"\/33.2-299.7\/","token":"33.2\/I\/2\/6\/33.2-299.7","metadata":false},{"id":75391,"structure_id":14957,"section_number":"33.2-299.8","catch_line":"Liberal construction","url":"\/33.2-299.8\/","token":"33.2\/I\/2\/6\/33.2-299.8","metadata":false}],"previous_section":{"id":67230,"structure_id":14957,"section_number":"33.2-293","catch_line":"Acquisition, possession, and disposition of rail facilities; eminent domain","url":"\/33.2-293\/","token":"33.2\/I\/2\/6\/33.2-293","metadata":false},"next_section":{"id":82882,"structure_id":14957,"section_number":"33.2-295","catch_line":"Deposit and investment of funds","url":"\/33.2-295\/","token":"33.2\/I\/2\/6\/33.2-295","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/33.2-294\/","history_text":"

This law was first created in 2020. The record of its establishment is cataloged in chapters 1230<\/a> and 1275<\/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.<\/p>","references":[{"id":64713,"section_number":"33.2-292","catch_line":"Powers of the Authority","order_by":null,"url":"\/33.2-292\/"}],"refers_to":[{"id":67880,"section_number":"15.2-2616","catch_line":"Interim receipts or temporary bonds exchangeable for definitive bonds","order_by":null,"url":"\/15.2-2616\/"},{"id":75211,"section_number":"33.2-1526.4","catch_line":"Commonwealth Rail Fund","order_by":null,"url":"\/33.2-1526.4\/"},{"id":58174,"section_number":"33.2-1800","catch_line":"Definitions","order_by":null,"url":"\/33.2-1800\/"}],"permalink":{"id":205313,"object_type":"law","relational_id":69208,"identifier":"33.2-294","token":"33.2\/I\/2\/6\/33.2-294","url":"\/33.2-294\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/33.2-294\/","token":"33.2\/I\/2\/6\/33.2-294","dublin_core":{"Title":"Issuance of bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 33.2-294","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Authority<\/span> may issue<\/span> bonds<\/span><\/span> from time to time in its discretion, for any of its purposes, including the payment of all or any part of the cost of rail facilities<\/span>. Notwithstanding the foregoing, any bonds<\/span><\/span> issued to pay for the initial funding of capital projects shall be limited to financing capital expenditures and projects submitted for approval by the Transportation Board<\/span> as set forth in § 33.2-298<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Authority<\/span> may issue<\/span> refunding bonds<\/span><\/span> for the purpose of refunding any bonds<\/span><\/span> then outstanding that shall have been issued under the provisions of this article, including the payment of any redemption<\/span> premium thereon and any interest accrued or to accrue to the date fixed for redemption<\/span> of such bonds<\/span><\/span>. The issuance of such bonds<\/span><\/span>, the maturities and other details thereof, the rights of the holders thereof, and the rights, duties, and obligations of the Authority<\/span> in respect of the same shall be governed by the provisions of this article insofar as the same may be applicable. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The bonds<\/span><\/span> of each issue<\/span> shall be dated such date as may be determined by the Authority<\/span>; shall bear interest at such rate or rates as shall be fixed by the Authority<\/span>, or as may be determined in such manner as the Authority<\/span> may provide, including the determination by agents designated by the Authority<\/span> under guidelines established by the Authority<\/span>; shall mature at such time or times not exceeding 40 years from their date or dates, as may be determined by the Authority<\/span>; and may be made redeemable before maturity, at the option of the Authority<\/span>, at such price or prices and under such terms and conditions as may be fixed by the Authority<\/span> prior to the issuance of the bonds<\/span><\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The Authority<\/span> shall determine the form of the bonds<\/span><\/span> and manner of execution of the bonds<\/span><\/span> and shall fix the denomination or denominations of the bonds<\/span><\/span> and the place or places of payment of principal and interest, which may be at any bank or trust company within or outside the Commonwealth. The bonds<\/span><\/span> shall be signed by the chairman or vice-chairman of the Authority<\/span> or, if so authorized by the Authority<\/span>, shall bear his facsimile signature and the official seal of the Authority<\/span>, or, if so authorized by the Authority<\/span>, a facsimile thereof shall be impressed or imprinted thereon and attested by the secretary<\/span> or any assistant secretary<\/span> of the Authority<\/span>, or, if so authorized by the Authority<\/span>, with the facsimile signature of such secretary<\/span> or assistant secretary<\/span>. Any coupons attached to bonds<\/span><\/span> issued by the Authority<\/span> shall bear the signature of the chairman or vice-chairman of the Authority<\/span> or a facsimile thereof. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds<\/span><\/span> or coupons shall cease to be such officer before the delivery of such bonds<\/span><\/span>, such signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery, and any bonds<\/span><\/span> may bear the facsimile signature of, or may be signed by, such persons as at the actual time of the execution of such bonds<\/span><\/span> shall be the proper officers to sign such bonds<\/span><\/span> although at the date of such bonds<\/span><\/span> such persons may not have been such officers. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> The bonds<\/span><\/span> may be issued in coupon or in registered form, or both, as the Authority<\/span> may determine, and provision may be made for the registration of any coupon bonds<\/span><\/span> as to principal alone and also as to both principal and interest, for the reconversion into coupon bonds<\/span><\/span> of any bonds<\/span><\/span> registered as to both principal and interest, and for the interchange of registered and coupon bonds<\/span><\/span>. Bonds<\/span><\/span> issued in registered form may be issued under a system of book-entry for recording the ownership and transfer of ownership of rights to receive payment of principal of, and premium on, if any, and interest on such bonds<\/span><\/span>. The Authority<\/span> may contract<\/span> for the services of one or more banks, trust companies, financial institutions, or other entities or persons, within or outside the Commonwealth, for the authentication, registration, transfer, exchange, and payment of the bonds<\/span><\/span> or may provide such services itself. The Authority<\/span> may sell such bonds<\/span><\/span> in such manner, either at public or private sale, and for such price as it may determine will best effect the purposes of this article. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> The proceeds of the bonds<\/span><\/span> of each issue<\/span> shall be used solely for the purposes, and in furtherance of the powers, of the Authority<\/span> as may be provided in the resolution authorizing the issuance of such bonds<\/span><\/span> or in the trust agreement hereinafter mentioned securing the same. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> In addition to the above powers, the Authority<\/span> shall have the authority<\/span> to issue<\/span> interim receipts or temporary bonds<\/span><\/span> as provided in § 15.2-2616<\/a> and to execute and deliver new bonds<\/span><\/span> in place of bonds<\/span><\/span> mutilated, lost, or destroyed as provided in § 15.2-2621<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

H.<\/span> All expenses incurred in carrying out the provisions of this article shall be payable solely from funds available pursuant to the provisions of this article, and no liability shall be incurred by the Authority<\/span> hereunder beyond the extent to which moneys shall have been provided or received under the provisions of this article. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

I.<\/span> At the discretion of the Authority<\/span>, any bonds<\/span><\/span> issued under the provisions of this article may be secured by a trust indenture or agreement 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 outside the Commonwealth. Such trust indenture or agreement or the resolution providing for the issuance of such bonds<\/span><\/span> may pledge or assign the revenues to be received and provide for the mortgage of any rail facilities<\/span> or property or any part thereof. Such trust indenture or agreement or resolution providing for the issuance of such bonds<\/span><\/span> may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law<\/span>, including covenants providing for the repossession and sale by the Authority<\/span> or any trustees under any trust indenture or agreement of any rail facilities<\/span>, or part thereof, upon any default<\/span> under the lease or sale of such rail facilities<\/span>, setting forth the duties of the Authority<\/span> in relation to the acquisition of property and the planning, development, acquisition, construction, rehabilitation, establishment, improvement, extension, enlargement, maintenance<\/span>, repair, operation, and insurance of the rail facilities<\/span> in connection with which such bonds<\/span><\/span> shall have been authorized; the amounts of rates, rents, fees, and other charges to be charged; the collection of such rates, rents, fees, and other charges; the custody<\/span>, safeguarding, and application of all moneys; and conditions or limitations with respect to the issuance of additional bonds<\/span><\/span>. It is lawful for any national bank with its main office in the Commonwealth or any other state or any bank or trust company incorporated under the laws<\/span> of the Commonwealth or another state that may act as depository of the proceeds of bonds<\/span><\/span> or of revenues to furnish such indemnifying bonds<\/span><\/span> or to pledge such securities as may be required by the Authority<\/span>. Any such trust indenture or agreement or resolution may set forth the rights of action by bondholders. In addition to the foregoing, any such trust indenture or agreement or resolution may contain such other provisions as the Authority<\/span> may deem reasonable and proper for the security of the bondholders, including, without limitation, provisions for the assignment to a corporate trustee or escrow agent of any rights of the Authority<\/span> in any project owned by, or leases or sales of any rail facilities<\/span> made by, the Authority<\/span>. All expenses incurred in carrying out the provisions of such trust indenture or agreement or resolution or other agreements relating to any rail facilities<\/span>, including those to which the Authority<\/span> may not be a party<\/span>, may be treated as a part of the cost of the operation of the rail facilities<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

J.<\/span> No obligation of the Authority<\/span> shall be deemed to constitute a debt, or pledge of the faith and credit, of the Commonwealth or of any other political subdivision thereof but shall be payable solely from the revenues and other funds of the Authority<\/span> pledged thereto, excluding revenues provided from the Commonwealth Rail Fund pursuant to § 33.2-1526.4<\/a>. All such obligations shall contain on the face thereof a statement to the effect that the Commonwealth, any political subdivision thereof, and the Authority<\/span> shall not be obligated to pay the same or the interest thereon except from revenues and other funds of the Authority<\/span> pledged thereto, and that neither the faith and credit nor the taxing power of the Commonwealth or of any political subdivision thereof is pledged to the payment of the principal of or the interest on such obligations. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

K.<\/span> Any bonds<\/span><\/span> or refunding bonds<\/span><\/span> issued under the provisions of this article and any transfer of such bonds<\/span><\/span> shall at all times be free from Commonwealth and local taxation. The interest on the bonds<\/span><\/span> and any refunding bonds<\/span><\/span> or bond<\/span> anticipation notes shall at all times be exempt from taxation by the Commonwealth and by any political subdivision thereof. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

L.<\/span> Neither the directors of the Board nor any person executing the bonds<\/span><\/span> shall be liable personally on the bonds<\/span><\/span> by reason of the issuance thereof. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

M.<\/span> Any holder of bonds<\/span><\/span> issued under the provisions of this article or any of the coupons appertaining thereto, and the trustee under any trust indenture or agreement or resolution, except to the extent the rights herein given may be restricted by such trust indenture or agreement or resolution authorizing the issuance of such bonds<\/span><\/span>, may either at law<\/span> or in equity<\/span>, by suit, action, mandamus, or other proceeding, protect and enforce any and all rights under the laws<\/span> of the Commonwealth or granted hereunder or under such trust indenture or agreement or resolution and may enforce and compel the performance of all duties required by this article or by such trust indenture or agreement or resolution to be performed by the Authority<\/span> or by any officer thereof, including the fixing, charging, and collecting of rates, rentals, fees, and other charges. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

N.<\/span> Provision may be made in the proceedings authorizing refunding bonds<\/span><\/span> for the purchase of the refunded bonds<\/span><\/span> in the open market or pursuant to tenders made from time to time where there is available in the escrow or sinking fund for the payment of the refunded bonds<\/span><\/span> a surplus in an amount to be fixed in such proceedings. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

O.<\/span> 1. The Authority<\/span> is hereby authorized to apply for, execute, and\/or endorse applications submitted by private entities or political subdivisions of the Commonwealth to obtain federal credit assistance for one or more qualifying transportation infrastructure projects or facilities to be developed pursuant to the Public-Private Transportation Act of 1995 (\u00a7 33.2-1800<\/a> et seq.). Any such application, agreement, and\/or endorsement shall not financially obligate the Commonwealth or be construed to implicate the credit of the Commonwealth as security for any such federal credit assistance. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The Authority<\/span> is hereby authorized to pursue or otherwise apply for, and execute, an agreement to obtain financing using a federal credit instrument for project financings otherwise authorized by this article or other acts of assembly. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nISSUANCE OF BONDS (\u00a7 33.2-294)\n\nA. The Authority may issue bonds from time to time in its discretion, for any of\nits purposes, including the payment of all or any part of the cost of rail\nfacilities. Notwithstanding the foregoing, any bonds issued to pay for the\ninitial funding of capital projects shall be limited to financing capital\nexpenditures and projects submitted for approval by the Transportation Board as\nset forth in § 33.2-298.\n\nB. The Authority may issue refunding bonds for the purpose of refunding any\nbonds then outstanding that shall have been issued under the provisions of this\narticle, including the payment of any redemption premium thereon and any\ninterest accrued or to accrue to the date fixed for redemption of such bonds.\nThe issuance of such bonds, the maturities and other details thereof, the rights\nof the holders thereof, and the rights, duties, and obligations of the Authority\nin respect of the same shall be governed by the provisions of this article\ninsofar as the same may be applicable.\n\nC. The bonds of each issue shall be dated such date as may be determined by the\nAuthority; shall bear interest at such rate or rates as shall be fixed by the\nAuthority, or as may be determined in such manner as the Authority may provide,\nincluding the determination by agents designated by the Authority under\nguidelines established by the Authority; shall mature at such time or times not\nexceeding 40 years from their date or dates, as may be determined by the\nAuthority; and may be made redeemable before maturity, at the option of the\nAuthority, at such price or prices and under such terms and conditions as may be\nfixed by the Authority prior to the issuance of the bonds.\n\nD. The Authority shall determine the form of the bonds and manner of execution\nof the bonds and shall fix the denomination or denominations of the bonds and\nthe place or places of payment of principal and interest, which may be at any\nbank or trust company within or outside the Commonwealth. The bonds shall be\nsigned by the chairman or vice-chairman of the Authority or, if so authorized by\nthe Authority, shall bear his facsimile signature and the official seal of the\nAuthority, or, if so authorized by the Authority, a facsimile thereof shall be\nimpressed or imprinted thereon and attested by the secretary or any assistant\nsecretary of the Authority, or, if so authorized by the Authority, with the\nfacsimile signature of such secretary or assistant secretary. Any coupons\nattached to bonds issued by the Authority shall bear the signature of the\nchairman or vice-chairman of the Authority or a facsimile thereof. In case any\nofficer whose signature or a facsimile of whose signature shall appear on any\nbonds or coupons shall cease to be such officer before the delivery of such\nbonds, such signature or facsimile shall nevertheless be valid and sufficient\nfor all purposes the same as if he had remained in office until such delivery,\nand any bonds may bear the facsimile signature of, or may be signed by, such\npersons as at the actual time of the execution of such bonds shall be the proper\nofficers to sign such bonds although at the date of such bonds such persons may\nnot have been such officers.\n\nE. The bonds may be issued in coupon or in registered form, or both, as the\nAuthority may determine, and provision may be made for the registration of any\ncoupon bonds as to principal alone and also as to both principal and interest,\nfor the reconversion into coupon bonds of any bonds registered as to both\nprincipal and interest, and for the interchange of registered and coupon bonds.\nBonds issued in registered form may be issued under a system of book-entry for\nrecording the ownership and transfer of ownership of rights to receive payment\nof principal of, and premium on, if any, and interest on such bonds. The\nAuthority may contract for the services of one or more banks, trust companies,\nfinancial institutions, or other entities or persons, within or outside the\nCommonwealth, for the authentication, registration, transfer, exchange, and\npayment of the bonds or may provide such services itself. The Authority may sell\nsuch bonds in such manner, either at public or private sale, and for such price\nas it may determine will best effect the purposes of this article.\n\nF. The proceeds of the bonds of each issue shall be used solely for the\npurposes, and in furtherance of the powers, of the Authority as may be provided\nin the resolution authorizing the issuance of such bonds or in the trust\nagreement hereinafter mentioned securing the same.\n\nG. In addition to the above powers, the Authority shall have the authority to\nissue interim receipts or temporary bonds as provided in § 15.2-2616 and to\nexecute and deliver new bonds in place of bonds mutilated, lost, or destroyed as\nprovided in § 15.2-2621.\n\nH. All expenses incurred in carrying out the provisions of this article shall be\npayable solely from funds available pursuant to the provisions of this article,\nand no liability shall be incurred by the Authority hereunder beyond the extent\nto which moneys shall have been provided or received under the provisions of\nthis article.\n\nI. At the discretion of the Authority, any bonds issued under the provisions of\nthis article may be secured by a trust indenture or agreement 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 outside the Commonwealth. Such trust\nindenture or agreement or the resolution providing for the issuance of such\nbonds may pledge or assign the revenues to be received and provide for the\nmortgage of any rail facilities or property or any part thereof. Such trust\nindenture or agreement or resolution providing for the issuance of such bonds\nmay contain such provisions for protecting and enforcing the rights and remedies\nof the bondholders as may be reasonable and proper and not in violation of law,\nincluding covenants providing for the repossession and sale by the Authority or\nany trustees under any trust indenture or agreement of any rail facilities, or\npart thereof, upon any default under the lease or sale of such rail facilities,\nsetting forth the duties of the Authority in relation to the acquisition of\nproperty and the planning, development, acquisition, construction,\nrehabilitation, establishment, improvement, extension, enlargement, maintenance,\nrepair, operation, and insurance of the rail facilities in connection with which\nsuch bonds shall have been authorized; the amounts of rates, rents, fees, and\nother charges to be charged; the collection of such rates, rents, fees, and\nother charges; the custody, safeguarding, and application of all moneys; and\nconditions or limitations with respect to the issuance of additional bonds. It\nis lawful for any national bank with its main office in the Commonwealth or any\nother state or any bank or trust company incorporated under the laws of the\nCommonwealth or another state that may act as depository of the proceeds of\nbonds or of revenues to furnish such indemnifying bonds or to pledge such\nsecurities as may be required by the Authority. Any such trust indenture or\nagreement or resolution may set forth the rights of action by bondholders. In\naddition to the foregoing, any such trust indenture or agreement or resolution\nmay contain such other provisions as the Authority may deem reasonable and\nproper for the security of the bondholders, including, without limitation,\nprovisions for the assignment to a corporate trustee or escrow agent of any\nrights of the Authority in any project owned by, or leases or sales of any rail\nfacilities made by, the Authority. All expenses incurred in carrying out the\nprovisions of such trust indenture or agreement or resolution or other\nagreements relating to any rail facilities, including those to which the\nAuthority may not be a party, may be treated as a part of the cost of the\noperation of the rail facilities.\n\nJ. No obligation of the Authority shall be deemed to constitute a debt, or\npledge of the faith and credit, of the Commonwealth or of any other political\nsubdivision thereof but shall be payable solely from the revenues and other\nfunds of the Authority pledged thereto, excluding revenues provided from the\nCommonwealth Rail Fund pursuant to § 33.2-1526.4. All such obligations\nshall contain on the face thereof a statement to the effect that the\nCommonwealth, any political subdivision thereof, and the Authority shall not be\nobligated to pay the same or the interest thereon except from revenues and other\nfunds of the Authority pledged thereto, and that neither the faith and credit\nnor the taxing power of the Commonwealth or of any political subdivision thereof\nis pledged to the payment of the principal of or the interest on such\nobligations.\n\nK. Any bonds or refunding bonds issued under the provisions of this article and\nany transfer of such bonds shall at all times be free from Commonwealth and\nlocal taxation. The interest on the bonds and any refunding bonds or bond\nanticipation notes shall at all times be exempt from taxation by the\nCommonwealth and by any political subdivision thereof.\n\nL. Neither the directors of the Board nor any person executing the bonds shall\nbe liable personally on the bonds by reason of the issuance thereof.\n\nM. Any holder of bonds issued under the provisions of this article or any of the\ncoupons appertaining thereto, and the trustee under any trust indenture or\nagreement or resolution, except to the extent the rights herein given may be\nrestricted by such trust indenture or agreement or resolution authorizing the\nissuance of such bonds, may either at law or in equity, by suit, action,\nmandamus, or other proceeding, protect and enforce any and all rights under the\nlaws of the Commonwealth or granted hereunder or under such trust indenture or\nagreement or resolution and may enforce and compel the performance of all duties\nrequired by this article or by such trust indenture or agreement or resolution\nto be performed by the Authority or by any officer thereof, including the\nfixing, charging, and collecting of rates, rentals, fees, and other charges.\n\nN. Provision may be made in the proceedings authorizing refunding bonds for the\npurchase of the refunded bonds in the open market or pursuant to tenders made\nfrom time to time where there is available in the escrow or sinking fund for the\npayment of the refunded bonds a surplus in an amount to be fixed in such\nproceedings.\n\nO. 1. The Authority is hereby authorized to apply for, execute, and\/or endorse\napplications submitted by private entities or political subdivisions of the\nCommonwealth to obtain federal credit assistance for one or more qualifying\ntransportation infrastructure projects or facilities to be developed pursuant to\nthe Public-Private Transportation Act of 1995 (\u00a7 33.2-1800 et seq.). Any such\napplication, agreement, and\/or endorsement shall not financially obligate the\nCommonwealth or be construed to implicate the credit of the Commonwealth as\nsecurity for any such federal credit assistance.\n\n 2. The Authority is hereby authorized to pursue or otherwise apply for, and\n execute, an agreement to obtain financing using a federal credit instrument\n for project financings otherwise authorized by this article or other acts of\n assembly.\n\nHISTORY: 2020, cc. 1230, 1275.","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}}