{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/5.1-2.10.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/5.1-2.10.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/5.1-2.10.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/5.1-2.10.html"}],"law_id":66288,"edition_id":1,"section_id":66288,"structure_id":14181,"section_number":"5.1-2.10","catch_line":"Moneys received deemed trust funds","history":"1980, c. 750; 1982, c. 563.","full_text":"All moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. The resolution authorizing the bonds of any issue or the trust agreement securing such bonds shall provide that any officer with whom, or any bank or trust company with which, such moneys shall be deposited shall act as trustee of such moneys and shall hold and apply the same for the purposes hereof, subject to such regulations as this chapter and such resolution or trust agreement may provide. In the case of revenues or the proceeds from the sale of revenue bonds, the trustee may invest and reinvest such funds in securities that are legal investments under the laws of the Commonwealth for funds held by fiduciaries pending their need for the construction of the projects. In the case of the proceeds of the sale of refunding bonds, the trustee may invest and reinvest such funds in direct obligations of, or obligations the principal of and the interest on which are guaranteed by, the United States of America. Such money and the interest, income and profits, if any, earned on such investment shall be available for the payment of all or any part of the principal, interest and redemption premium, if any, of the bonds being refunded. The proceeds of the sale of refunding bonds shall be so invested and applied as to ensure that the principal, interest and redemption premium, if any, on the bonds being refunded shall be paid in full on their respective maturity, redemption or interest payment dates. After the terms of the trust have been fully satisfied, any balance of such proceeds, interest, income and profits, if any, realized on the investments thereof may be returned to the Board for use by it in any lawful manner.","order_by":null,"text":{"0":{"id":240732,"text":"All moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. The resolution authorizing the bonds of any issue or the trust agreement securing such bonds shall provide that any officer with whom, or any bank or trust company with which, such moneys shall be deposited shall act as trustee of such moneys and shall hold and apply the same for the purposes hereof, subject to such regulations as this chapter and such resolution or trust agreement may provide. In the case of revenues or the proceeds from the sale of revenue bonds, the trustee may invest and reinvest such funds in securities that are legal investments under the laws of the Commonwealth for funds held by fiduciaries pending their need for the construction of the projects. In the case of the proceeds of the sale of refunding bonds, the trustee may invest and reinvest such funds in direct obligations of, or obligations the principal of and the interest on which are guaranteed by, the United States of America. Such money and the interest, income and profits, if any, earned on such investment shall be available for the payment of all or any part of the principal, interest and redemption premium, if any, of the bonds being refunded. The proceeds of the sale of refunding bonds shall be so invested and applied as to ensure that the principal, interest and redemption premium, if any, on the bonds being refunded shall be paid in full on their respective maturity, redemption or interest payment dates. After the terms of the trust have been fully satisfied, any balance of such proceeds, interest, income and profits, if any, realized on the investments thereof may be returned to the Board for use by it in any lawful manner.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14181,"edition_id":1,"name":"General Provisions","identifier":"1","label":"article","depth":3,"order_by":1,"parent_id":14180,"metadata":{},"date_created":"2026-06-26 03:47:09","date_modified":"2026-06-26 03:47:09","permalink":{"id":233303,"object_type":"structure","relational_id":14181,"identifier":"1","token":"5.1\/1\/1","url":"\/5.1\/1\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":14180,"edition_id":1,"name":"Aircraft, Airmen and Airports Generally","identifier":"1","label":"chapter","depth":2,"order_by":1,"parent_id":13105,"metadata":{},"date_created":"2026-06-26 03:47:09","date_modified":"2026-06-26 03:47:09","permalink":{"id":233301,"object_type":"structure","relational_id":14180,"identifier":"1","token":"5.1\/1","url":"\/5.1\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13105,"edition_id":1,"name":"Aviation","identifier":"5.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:17","date_modified":"2026-06-26 03:44:17","permalink":{"id":233299,"object_type":"structure","relational_id":13105,"identifier":"5.1","token":"5.1","url":"\/5.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":56783,"structure_id":14181,"section_number":"5.1-1","catch_line":"(Effective July 1, 2030) Definitions","url":"\/5.1-1\/","token":"5.1\/1\/1\/5.1-1","metadata":false},{"id":72513,"structure_id":14181,"section_number":"5.1-1.1","catch_line":"Creation of Department of Aviation","url":"\/5.1-1.1\/","token":"5.1\/1\/1\/5.1-1.1","metadata":false},{"id":65406,"structure_id":14181,"section_number":"5.1-1.2","catch_line":"Appointment of Director; term; vacancies","url":"\/5.1-1.2\/","token":"5.1\/1\/1\/5.1-1.2","metadata":false},{"id":77739,"structure_id":14181,"section_number":"5.1-1.3","catch_line":"Oath and bond of Director; salary","url":"\/5.1-1.3\/","token":"5.1\/1\/1\/5.1-1.3","metadata":false},{"id":57629,"structure_id":14181,"section_number":"5.1-1.4","catch_line":"Enforcement of laws, rules and regulations","url":"\/5.1-1.4\/","token":"5.1\/1\/1\/5.1-1.4","metadata":false},{"id":58009,"structure_id":14181,"section_number":"5.1-1.5","catch_line":"General powers of Department","url":"\/5.1-1.5\/","token":"5.1\/1\/1\/5.1-1.5","metadata":false},{"id":69382,"structure_id":14181,"section_number":"5.1-1.6","catch_line":"Further powers and duties of Department; State Corporation Commission to administer Chapter 9","url":"\/5.1-1.6\/","token":"5.1\/1\/1\/5.1-1.6","metadata":false},{"id":82114,"structure_id":14181,"section_number":"5.1-1.7","catch_line":"Suits to enjoin violations of title","url":"\/5.1-1.7\/","token":"5.1\/1\/1\/5.1-1.7","metadata":false},{"id":57896,"structure_id":14181,"section_number":"5.1-10","catch_line":"Repealed","url":"\/5.1-10\/","token":"5.1\/1\/1\/5.1-10","metadata":false},{"id":56608,"structure_id":14181,"section_number":"5.1-11","catch_line":"Government-owned aircraft","url":"\/5.1-11\/","token":"5.1\/1\/1\/5.1-11","metadata":false},{"id":72732,"structure_id":14181,"section_number":"5.1-12","catch_line":"Federally certificated airlines and interstate service","url":"\/5.1-12\/","token":"5.1\/1\/1\/5.1-12","metadata":false},{"id":85474,"structure_id":14181,"section_number":"5.1-2","catch_line":"Repealed","url":"\/5.1-2\/","token":"5.1\/1\/1\/5.1-2","metadata":false},{"id":74835,"structure_id":14181,"section_number":"5.1-2.1","catch_line":"Virginia Aviation Commission continued as Virginia Aviation Board; membership; terms; Chairman","url":"\/5.1-2.1\/","token":"5.1\/1\/1\/5.1-2.1","metadata":false},{"id":66288,"structure_id":14181,"section_number":"5.1-2.10","catch_line":"Moneys received deemed trust funds","url":"\/5.1-2.10\/","token":"5.1\/1\/1\/5.1-2.10","metadata":false},{"id":85719,"structure_id":14181,"section_number":"5.1-2.11","catch_line":"Proceedings by bondholder or trustee to enforce rights","url":"\/5.1-2.11\/","token":"5.1\/1\/1\/5.1-2.11","metadata":false},{"id":61618,"structure_id":14181,"section_number":"5.1-2.12","catch_line":"Bonds made securities for investment and deposit","url":"\/5.1-2.12\/","token":"5.1\/1\/1\/5.1-2.12","metadata":false},{"id":84520,"structure_id":14181,"section_number":"5.1-2.13","catch_line":"Revenue refunding bonds; bonds for refunding and for cost of additional projects","url":"\/5.1-2.13\/","token":"5.1\/1\/1\/5.1-2.13","metadata":false},{"id":55355,"structure_id":14181,"section_number":"5.1-2.14","catch_line":"Contracts, leases, and other arrangements","url":"\/5.1-2.14\/","token":"5.1\/1\/1\/5.1-2.14","metadata":false},{"id":62671,"structure_id":14181,"section_number":"5.1-2.15","catch_line":"Resolutions, rules and regulations, etc","url":"\/5.1-2.15\/","token":"5.1\/1\/1\/5.1-2.15","metadata":false},{"id":57893,"structure_id":14181,"section_number":"5.1-2.16","catch_line":"Grants or loans of public or private funds","url":"\/5.1-2.16\/","token":"5.1\/1\/1\/5.1-2.16","metadata":false},{"id":64606,"structure_id":14181,"section_number":"5.1-2.17","catch_line":"Exemptions from taxes or assessments; payments to county or city in lieu of taxes","url":"\/5.1-2.17\/","token":"5.1\/1\/1\/5.1-2.17","metadata":false},{"id":86589,"structure_id":14181,"section_number":"5.1-2.18","catch_line":"Joint agency or authority; agreements authorized; terms","url":"\/5.1-2.18\/","token":"5.1\/1\/1\/5.1-2.18","metadata":false},{"id":60635,"structure_id":14181,"section_number":"5.1-2.19","catch_line":"Same; governing body; officers and agents; powers generally","url":"\/5.1-2.19\/","token":"5.1\/1\/1\/5.1-2.19","metadata":false},{"id":62205,"structure_id":14181,"section_number":"5.1-2.2","catch_line":"Powers and duties of Board","url":"\/5.1-2.2\/","token":"5.1\/1\/1\/5.1-2.2","metadata":false},{"id":76818,"structure_id":14181,"section_number":"5.1-2.20","catch_line":"Same; eminent domain","url":"\/5.1-2.20\/","token":"5.1\/1\/1\/5.1-2.20","metadata":false},{"id":56445,"structure_id":14181,"section_number":"5.1-2.21","catch_line":"Same; disposal of airport or facility","url":"\/5.1-2.21\/","token":"5.1\/1\/1\/5.1-2.21","metadata":false},{"id":87446,"structure_id":14181,"section_number":"5.1-2.22","catch_line":"Acquisition of airport previously operated by United States","url":"\/5.1-2.22\/","token":"5.1\/1\/1\/5.1-2.22","metadata":false},{"id":66673,"structure_id":14181,"section_number":"5.1-2.23","catch_line":"Board as successor to Virginia Airports Authority","url":"\/5.1-2.23\/","token":"5.1\/1\/1\/5.1-2.23","metadata":false},{"id":68415,"structure_id":14181,"section_number":"5.1-2.24","catch_line":"Applicability of certain sections","url":"\/5.1-2.24\/","token":"5.1\/1\/1\/5.1-2.24","metadata":false},{"id":86097,"structure_id":14181,"section_number":"5.1-2.25","catch_line":"Abandoned or derelict aircraft; 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exemption from local taxation authorized","url":"\/5.1-9.1\/","token":"5.1\/1\/1\/5.1-9.1","metadata":false},{"id":72439,"structure_id":14181,"section_number":"5.1-9.2","catch_line":"Contract carriers; permit and registration required","url":"\/5.1-9.2\/","token":"5.1\/1\/1\/5.1-9.2","metadata":false},{"id":73842,"structure_id":14181,"section_number":"5.1-9.3","catch_line":"Same; application for permit; fee; action of Department","url":"\/5.1-9.3\/","token":"5.1\/1\/1\/5.1-9.3","metadata":false},{"id":61891,"structure_id":14181,"section_number":"5.1-9.4","catch_line":"Repealed","url":"\/5.1-9.4\/","token":"5.1\/1\/1\/5.1-9.4","metadata":false},{"id":62638,"structure_id":14181,"section_number":"5.1-9.5","catch_line":"Contract carriers; bonds, insurance or certificate of insurance required prior to issuance of registration or permit; securities deposited in lieu thereof","url":"\/5.1-9.5\/","token":"5.1\/1\/1\/5.1-9.5","metadata":false},{"id":56067,"structure_id":14181,"section_number":"5.1-9.6","catch_line":"Same; duration and custody of bonds, etc","url":"\/5.1-9.6\/","token":"5.1\/1\/1\/5.1-9.6","metadata":false},{"id":83540,"structure_id":14181,"section_number":"5.1-9.7","catch_line":"Same; condition of bond, etc","url":"\/5.1-9.7\/","token":"5.1\/1\/1\/5.1-9.7","metadata":false},{"id":80908,"structure_id":14181,"section_number":"5.1-9.8","catch_line":"Same; effect of failure to give or maintain adequate security","url":"\/5.1-9.8\/","token":"5.1\/1\/1\/5.1-9.8","metadata":false},{"id":65374,"structure_id":14181,"section_number":"5.1-9.9","catch_line":"Same; duration of permits; suspension or revocation; penalty","url":"\/5.1-9.9\/","token":"5.1\/1\/1\/5.1-9.9","metadata":false}],"previous_section":{"id":74835,"structure_id":14181,"section_number":"5.1-2.1","catch_line":"Virginia Aviation Commission continued as Virginia Aviation Board; membership; terms; Chairman","url":"\/5.1-2.1\/","token":"5.1\/1\/1\/5.1-2.1","metadata":false},"next_section":{"id":85719,"structure_id":14181,"section_number":"5.1-2.11","catch_line":"Proceedings by bondholder or trustee to enforce rights","url":"\/5.1-2.11\/","token":"5.1\/1\/1\/5.1-2.11","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/5.1-2.10\/","history_text":"<p>This law was first created in 1980. The record of its establishment is cataloged in chapter 750 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. Unfortunately, the 1980 \u201cActs\u201d aren\u2019t available online. 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 1982, chapter 563.<\/p>","references":[{"id":68415,"section_number":"5.1-2.24","catch_line":"Applicability of certain sections","order_by":null,"url":"\/5.1-2.24\/"}],"refers_to":false,"permalink":{"id":233357,"object_type":"law","relational_id":66288,"identifier":"5.1-2.10","token":"5.1\/1\/1\/5.1-2.10","url":"\/5.1-2.10\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/5.1-2.10\/","token":"5.1\/1\/1\/5.1-2.10","dublin_core":{"Title":"Moneys received deemed trust funds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 5.1-2.10","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>All moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of <span class=\"dictionary\">bonds<\/span> or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. The resolution authorizing the <span class=\"dictionary\">bonds<\/span> of any <span class=\"dictionary\">issue<\/span> or the trust agreement securing such <span class=\"dictionary\">bonds<\/span> shall provide that any officer with whom, or any bank or trust company with which, such moneys shall be deposited shall act as trustee of such moneys and shall hold and apply the same for the purposes hereof, subject to such regulations as this chapter and such resolution or trust agreement may provide. In the case of revenues or the proceeds from the sale of revenue <span class=\"dictionary\">bonds<\/span>, the trustee may invest and reinvest such funds in securities that are legal investments under the <span class=\"dictionary\">laws<\/span> of the Commonwealth for funds held by fiduciaries pending their need for the construction of the projects. In the case of the proceeds of the sale of refunding <span class=\"dictionary\">bonds<\/span>, the trustee may invest and reinvest such funds in direct obligations of, or obligations the principal of and the interest on which are guaranteed by, the United States of America. Such money and the interest, income and profits, if any, earned on such investment shall be available for the payment of all or any part of the principal, interest and <span class=\"dictionary\">redemption<\/span> premium, if any, of the <span class=\"dictionary\">bonds<\/span> being refunded. The proceeds of the sale of refunding <span class=\"dictionary\">bonds<\/span> shall be so invested and applied as to ensure that the principal, interest and <span class=\"dictionary\">redemption<\/span> premium, if any, on the <span class=\"dictionary\">bonds<\/span> being refunded shall be paid in full on their respective maturity, <span class=\"dictionary\">redemption<\/span> or interest payment dates. After the terms of the trust have been fully satisfied, any balance of such proceeds, interest, income and profits, if any, realized on the investments thereof may be returned to the <span class=\"dictionary\">Board<\/span> for use by it in any lawful manner.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nMONEYS RECEIVED DEEMED TRUST FUNDS (\u00a7 5.1-2.10)\n\nAll moneys received pursuant to the authority of this chapter, whether as\nproceeds from the sale of bonds or as revenues, shall be deemed to be trust\nfunds to be held and applied solely as provided in this chapter. The resolution\nauthorizing the bonds of any issue or the trust agreement securing such bonds\nshall provide that any officer with whom, or any bank or trust company with\nwhich, such moneys shall be deposited shall act as trustee of such moneys and\nshall hold and apply the same for the purposes hereof, subject to such\nregulations as this chapter and such resolution or trust agreement may provide.\nIn the case of revenues or the proceeds from the sale of revenue bonds, the\ntrustee may invest and reinvest such funds in securities that are legal\ninvestments under the laws of the Commonwealth for funds held by fiduciaries\npending their need for the construction of the projects. In the case of the\nproceeds of the sale of refunding bonds, the trustee may invest and reinvest\nsuch funds in direct obligations of, or obligations the principal of and the\ninterest on which are guaranteed by, the United States of America. Such money\nand the interest, income and profits, if any, earned on such investment shall be\navailable for the payment of all or any part of the principal, interest and\nredemption premium, if any, of the bonds being refunded. The proceeds of the\nsale of refunding bonds shall be so invested and applied as to ensure that the\nprincipal, interest and redemption premium, if any, on the bonds being refunded\nshall be paid in full on their respective maturity, redemption or interest\npayment dates. After the terms of the trust have been fully satisfied, any\nbalance of such proceeds, interest, income and profits, if any, realized on the\ninvestments thereof may be returned to the Board for use by it in any lawful\nmanner.\n\nHISTORY: 1980, c. 750; 1982, c. 563.","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}}