{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/36-29.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/36-29.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/36-29.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/36-29.html"}],"law_id":56993,"edition_id":1,"section_id":56993,"structure_id":14935,"section_number":"36-29","catch_line":"Power to issue bonds; liability in general","history":"1938, p. 454; Michie Code 1942, \u00a7 3145(14); 2002, c. 548; 2023, c. 130.","full_text":"An authority shall have power to issue bonds from time to time in its discretion, for any of its corporate purposes. An authority shall also have power to issue refunding bonds for the purpose of paying or retiring bonds previously issued by it or for the purpose of refunding loans made by another entity if such loans could have been made by the authority. An authority may issue such types of bonds as it may determine, including (without limiting the generality of the foregoing):\n\na\n\nBonds on which the principal and interest are payable:1\n\nExclusively from the income and revenues of the housing project financed with the proceeds of such bonds; or2\n\nExclusively from the income and revenues of certain designated housing projects whether or not they are financed in whole or in part with the proceeds of such bonds; or3\n\nFrom its revenues generally.b\n\nBonds on which the principal is payable solely from annual contributions or grants received from the federal government or received from any other source, public or private.\n\t\t\tAny such bonds may be additionally secured by a pledge of any grant or contributions from the federal government or other source, or a pledge of any income or revenues of the authority, or a mortgage of any housing project, projects or other property of the authority.\n\t\t\tNeither the commissioners of an authority nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. The bonds and other obligations of an authority (and such bonds and obligations shall so state on their face) shall not be a debt of the city, the county, the Commonwealth or any political subdivision thereof (other than the authority) and neither the city or the county, nor the Commonwealth or any political subdivision thereof (other than the authority) shall be liable thereon, nor in any event shall such bonds or obligations be payable out of any funds or properties other than those of the authority. The bonds shall not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction.\n\t\t\tWhenever federal law requires public hearings and public approval as a prerequisite to obtaining federal tax exemption for the interest paid on private activity bonds authorized by this section, unless otherwise specified by federal law or regulation, the public hearing shall be conducted by the authority and the procedure for the public hearing and public approval shall be consistent with the procedures set forth in § 15.2-4906.\n\t\t\tAn authority may require any application for private activity bond financing when submitted to the authority to be accompanied by a statement in the form set forth in § 15.2-4907, but the absence of any such form shall not affect the validity of a private activity bond.","order_by":null,"text":{"0":{"id":208749,"text":"An authority shall have power to issue bonds from time to time in its discretion, for any of its corporate purposes. An authority shall also have power to issue refunding bonds for the purpose of paying or retiring bonds previously issued by it or for the purpose of refunding loans made by another entity if such loans could have been made by the authority. An authority may issue such types of bonds as it may determine, including (without limiting the generality of the foregoing):","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"a"},"1":{"id":208750,"text":"Bonds on which the principal and interest are payable:","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"prior_prefix":"","next_prefix":"a1"},"2":{"id":208751,"text":"Exclusively from the income and revenues of the housing project financed with the proceeds of such bonds; or","type":"section","prefixes":["a","1"],"prefix":"1","entire_prefix":"a1","prefix_anchor":"a1","level":2,"prior_prefix":"a","next_prefix":"a2"},"3":{"id":208752,"text":"Exclusively from the income and revenues of certain designated housing projects whether or not they are financed in whole or in part with the proceeds of such bonds; or","type":"section","prefixes":["a","2"],"prefix":"2","entire_prefix":"a2","prefix_anchor":"a2","level":2,"prior_prefix":"a1","next_prefix":"a3"},"4":{"id":208753,"text":"From its revenues generally.","type":"section","prefixes":["a","3"],"prefix":"3","entire_prefix":"a3","prefix_anchor":"a3","level":2,"prior_prefix":"a2","next_prefix":"b"},"5":{"id":208754,"text":"Bonds on which the principal is payable solely from annual contributions or grants received from the federal government or received from any other source, public or private.\n\t\t\tAny such bonds may be additionally secured by a pledge of any grant or contributions from the federal government or other source, or a pledge of any income or revenues of the authority, or a mortgage of any housing project, projects or other property of the authority.\n\t\t\tNeither the commissioners of an authority nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. The bonds and other obligations of an authority (and such bonds and obligations shall so state on their face) shall not be a debt of the city, the county, the Commonwealth or any political subdivision thereof (other than the authority) and neither the city or the county, nor the Commonwealth or any political subdivision thereof (other than the authority) shall be liable thereon, nor in any event shall such bonds or obligations be payable out of any funds or properties other than those of the authority. The bonds shall not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction.\n\t\t\tWhenever federal law requires public hearings and public approval as a prerequisite to obtaining federal tax exemption for the interest paid on private activity bonds authorized by this section, unless otherwise specified by federal law or regulation, the public hearing shall be conducted by the authority and the procedure for the public hearing and public approval shall be consistent with the procedures set forth in § 15.2-4906.\n\t\t\tAn authority may require any application for private activity bond financing when submitted to the authority to be accompanied by a statement in the form set forth in § 15.2-4907, but the absence of any such form shall not affect the validity of a private activity bond.","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"a3"}},"ancestry":[{"id":14935,"edition_id":1,"name":"Bonds, Trust Indentures and Mortgages","identifier":"4","label":"article","depth":3,"order_by":1,"parent_id":13338,"metadata":{},"date_created":"2026-06-26 03:50:54","date_modified":"2026-06-26 03:50:54","permalink":{"id":208443,"object_type":"structure","relational_id":14935,"identifier":"4","token":"36\/1\/4","url":"\/36\/1\/4\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13338,"edition_id":1,"name":"Housing Authorities Law","identifier":"1","label":"chapter","depth":2,"order_by":1,"parent_id":12779,"metadata":{},"date_created":"2026-06-26 03:44:40","date_modified":"2026-06-26 03:44:40","permalink":{"id":208259,"object_type":"structure","relational_id":13338,"identifier":"1","token":"36\/1","url":"\/36\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12779,"edition_id":1,"name":"Housing","identifier":"36","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:52","date_modified":"2026-06-26 03:43:52","permalink":{"id":208257,"object_type":"structure","relational_id":12779,"identifier":"36","token":"36","url":"\/36\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":56993,"structure_id":14935,"section_number":"36-29","catch_line":"Power to issue bonds; liability in general","url":"\/36-29\/","token":"36\/1\/4\/36-29","metadata":false},{"id":60184,"structure_id":14935,"section_number":"36-30","catch_line":"Form and sale of bonds; presumption of validity","url":"\/36-30\/","token":"36\/1\/4\/36-30","metadata":false},{"id":59564,"structure_id":14935,"section_number":"36-31","catch_line":"Provisions of bonds, trust indentures and mortgages","url":"\/36-31\/","token":"36\/1\/4\/36-31","metadata":false},{"id":71486,"structure_id":14935,"section_number":"36-32","catch_line":"Remedies of obligee of authority","url":"\/36-32\/","token":"36\/1\/4\/36-32","metadata":false},{"id":72360,"structure_id":14935,"section_number":"36-33","catch_line":"Additional remedies conferrable by authority","url":"\/36-33\/","token":"36\/1\/4\/36-33","metadata":false},{"id":85043,"structure_id":14935,"section_number":"36-34","catch_line":"Housing bonds to be legal investments, legal security and negotiable","url":"\/36-34\/","token":"36\/1\/4\/36-34","metadata":false},{"id":59109,"structure_id":14935,"section_number":"36-35","catch_line":"Contracts and covenants with federal government, etc.; agreements to sell","url":"\/36-35\/","token":"36\/1\/4\/36-35","metadata":false}],"next_section":{"id":60184,"structure_id":14935,"section_number":"36-30","catch_line":"Form and sale of bonds; presumption of validity","url":"\/36-30\/","token":"36\/1\/4\/36-30","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/36-29\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2002, chapter 548<\/a>; in 2023, chapter 130<\/a>.<\/p>","references":false,"refers_to":[{"id":54514,"section_number":"15.2-4906","catch_line":"Public hearing and approval","order_by":null,"url":"\/15.2-4906\/"},{"id":75699,"section_number":"15.2-4907","catch_line":"Fiscal impact statement","order_by":null,"url":"\/15.2-4907\/"}],"permalink":{"id":208445,"object_type":"law","relational_id":56993,"identifier":"36-29","token":"36\/1\/4\/36-29","url":"\/36-29\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/36-29\/","token":"36\/1\/4\/36-29","dublin_core":{"Title":"Power to issue bonds; liability in general","Type":"Text","Format":"text\/html","Identifier":"\u00a7 36-29","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

An authority<\/span> shall have power to issue<\/span> bonds<\/span><\/span> from time to time in its discretion, for any of its corporate purposes. An authority<\/span> shall also have power to issue<\/span> refunding bonds<\/span><\/span> for the purpose of paying or retiring bonds<\/span><\/span> previously issued by it or for the purpose of refunding loans made by another entity if such loans could have been made by the authority<\/span>. An authority<\/span> may issue<\/span> such types of bonds<\/span><\/span> as it may determine, including (without limiting the generality of the foregoing):<\/p><\/section>\n\t\t\t\t\t\t

a.<\/span> Bonds<\/span><\/span> on which the principal and interest are payable: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Exclusively from the income and revenues of the housing project<\/span> financed with the proceeds of such bonds<\/span><\/span>; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Exclusively from the income and revenues of certain designated housing projects<\/span> whether or not they are financed in whole or in part with the proceeds of such bonds<\/span><\/span>; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> From its revenues generally. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> Bonds<\/span><\/span> on which the principal is payable solely from annual contributions or grants received from the federal government<\/span> or received from any other source, public or private.\n\t\t\tAny such bonds<\/span><\/span> may be additionally secured by a pledge of any grant or contributions from the federal government<\/span> or other source, or a pledge of any income or revenues of the authority<\/span>, or a mortgage of any housing project<\/span>, projects or other property of the authority<\/span>.\n\t\t\tNeither the commissioners of an authority<\/span> nor any person executing the bonds<\/span><\/span> shall be liable personally on the bonds<\/span><\/span> by reason of the issuance thereof. The bonds<\/span><\/span> and other obligations of an authority<\/span> (and such bonds<\/span><\/span> and obligations shall so state on their face) shall not be a debt of the city<\/span>, the county<\/span>, the Commonwealth or any political subdivision thereof (other than the authority<\/span>) and neither the city<\/span> or the county<\/span>, nor the Commonwealth or any political subdivision thereof (other than the authority<\/span>) shall be liable thereon, nor in any event shall such bonds<\/span><\/span> or obligations be payable out of any funds or properties other than those of the authority<\/span>. The bonds<\/span><\/span> shall not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction.\n\t\t\tWhenever federal law<\/span> requires public hearings<\/span> and public approval as a prerequisite to obtaining federal tax exemption for the interest paid on private activity bonds<\/span><\/span> authorized by this section, unless otherwise specified by federal law<\/span> or regulation, the public hearing<\/span> shall be conducted by the authority<\/span> and the procedure for the public hearing<\/span> and public approval shall be consistent with the procedures set forth in § 15.2-4906<\/a>.\n\t\t\tAn authority<\/span> may require any application for private activity bond<\/span> financing when submitted to the authority<\/span> to be accompanied by a statement in the form set forth in § 15.2-4907<\/a>, but the absence of any such form shall not affect the validity of a private activity bond<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWER TO ISSUE BONDS; LIABILITY IN GENERAL (\u00a7 36-29)\n\nAn authority shall have power to issue bonds from time to time in its\ndiscretion, for any of its corporate purposes. An authority shall also have\npower to issue refunding bonds for the purpose of paying or retiring bonds\npreviously issued by it or for the purpose of refunding loans made by another\nentity if such loans could have been made by the authority. An authority may\nissue such types of bonds as it may determine, including (without limiting the\ngenerality of the foregoing):\n\na. Bonds on which the principal and interest are payable:\n\n 1. Exclusively from the income and revenues of the housing project financed\n with the proceeds of such bonds; or\n\n 2. Exclusively from the income and revenues of certain designated housing\n projects whether or not they are financed in whole or in part with the\n proceeds of such bonds; or\n\n 3. From its revenues generally.\n\nb. Bonds on which the principal is payable solely from annual contributions or\ngrants received from the federal government or received from any other source,\npublic or private.\n\t\t\tAny such bonds may be additionally secured by a pledge of any grant or\ncontributions from the federal government or other source, or a pledge of any\nincome or revenues of the authority, or a mortgage of any housing project,\nprojects or other property of the authority.\n\t\t\tNeither the commissioners of an authority nor any person executing the bonds\nshall be liable personally on the bonds by reason of the issuance thereof. The\nbonds and other obligations of an authority (and such bonds and obligations\nshall so state on their face) shall not be a debt of the city, the county, the\nCommonwealth or any political subdivision thereof (other than the authority) and\nneither the city or the county, nor the Commonwealth or any political\nsubdivision thereof (other than the authority) shall be liable thereon, nor in\nany event shall such bonds or obligations be payable out of any funds or\nproperties other than those of the authority. The bonds shall not constitute an\nindebtedness within the meaning of any constitutional or statutory debt\nlimitation or restriction.\n\t\t\tWhenever federal law requires public hearings and public approval as a\nprerequisite to obtaining federal tax exemption for the interest paid on private\nactivity bonds authorized by this section, unless otherwise specified by federal\nlaw or regulation, the public hearing shall be conducted by the authority and\nthe procedure for the public hearing and public approval shall be consistent\nwith the procedures set forth in § 15.2-4906.\n\t\t\tAn authority may require any application for private activity bond financing\nwhen submitted to the authority to be accompanied by a statement in the form set\nforth in § 15.2-4907, but the absence of any such form shall not affect the\nvalidity of a private activity bond.\n\nHISTORY: 1938, p. 454; Michie Code 1942, \u00a7 3145(14); 2002, c. 548; 2023, c.\n130.","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}}