{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/5.1-2.7.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/5.1-2.7.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/5.1-2.7.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/5.1-2.7.html"}],"law_id":78955,"edition_id":1,"section_id":78955,"structure_id":14181,"section_number":"5.1-2.7","catch_line":"Revenue bonds generally","history":"1980, c. 750; 1982, c. 563.","full_text":"The Board is hereby authorized to provide for the issuance, at one time or from time to time, of revenue bonds of the Board for the purpose of paying all or any part of the cost of any one or more airport projects or of any portion or portions thereof. The principal of and the interest on such bonds shall be payable solely from the funds provided in this chapter for such payment. Any bonds of the Board issued pursuant to this chapter shall not constitute a debt of the Commonwealth, or any political subdivision thereof other than the Board, and shall so state on their face. Neither the commissioners of the Board nor any person executing such bonds shall be liable personally thereon by reason of the issuance thereof. The bonds of each issue shall be dated, shall bear interest at such rate or rates as may be determined by the Board, shall mature at such time or times not exceeding forty years from their date or dates, as may be determined by the Board, and may be made redeemable before maturity, at the option of the Board, at such price or prices and under such terms and conditions as may be fixed by the Board prior to the issuance of the bonds. The Board shall determine the form and the manner of execution of the bonds, including any interest coupons to be attached thereto, 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 without the Commonwealth. 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 such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. The bonds may be issued in coupon or in registered form or both, as the Board 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. The Board 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 chapter.\n\t\tThe proceeds of the bonds of each issue shall be used solely for the payment of the cost of the airport project or projects for which such bonds shall have been issued, and shall be disbursed in such manner and under such restrictions, if any, as the Board may provide in the resolution authorizing the issuance of such bonds or in the trust agreement hereinafter mentioned securing the same. If the proceeds of the bonds of any issue, by error of estimates or otherwise, shall be less than such cost, additional bonds may in like manner be issued to provide the amount of such deficit, and, unless otherwise provided in the resolution authorizing the issuance of such bonds or in the trust agreement securing the same, shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued. If the proceeds of the bonds of any issue shall exceed such cost, the surplus shall be deposited to the credit of the sinking fund for such bonds, or may be applied to the payment of the cost of any additional airport project or projects.\n\t\tPrior to the preparation of definitive bonds, the Board may, under like restrictions, issue interim receipts or temporary bonds with or without coupons, exchangeable for definitive bonds when such bonds shall have been executed and are available for delivery. The Board may also provide for the replacement of any bonds which shall become mutilated or shall be destroyed or lost. Bonds may be issued under the provisions of this chapter without obtaining the consent of any department, division, commission, board, bureau or agency of the Commonwealth, and without any other proceedings or the happening of any other conditions or things than those proceedings, conditions or things which are specifically required by this chapter.","order_by":null,"text":{"0":{"id":282796,"text":"The Board is hereby authorized to provide for the issuance, at one time or from time to time, of revenue bonds of the Board for the purpose of paying all or any part of the cost of any one or more airport projects or of any portion or portions thereof. The principal of and the interest on such bonds shall be payable solely from the funds provided in this chapter for such payment. Any bonds of the Board issued pursuant to this chapter shall not constitute a debt of the Commonwealth, or any political subdivision thereof other than the Board, and shall so state on their face. Neither the commissioners of the Board nor any person executing such bonds shall be liable personally thereon by reason of the issuance thereof. The bonds of each issue shall be dated, shall bear interest at such rate or rates as may be determined by the Board, shall mature at such time or times not exceeding forty years from their date or dates, as may be determined by the Board, and may be made redeemable before maturity, at the option of the Board, at such price or prices and under such terms and conditions as may be fixed by the Board prior to the issuance of the bonds. The Board shall determine the form and the manner of execution of the bonds, including any interest coupons to be attached thereto, 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 without the Commonwealth. 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 such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. The bonds may be issued in coupon or in registered form or both, as the Board 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. The Board 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 chapter.\n\t\tThe proceeds of the bonds of each issue shall be used solely for the payment of the cost of the airport project or projects for which such bonds shall have been issued, and shall be disbursed in such manner and under such restrictions, if any, as the Board may provide in the resolution authorizing the issuance of such bonds or in the trust agreement hereinafter mentioned securing the same. If the proceeds of the bonds of any issue, by error of estimates or otherwise, shall be less than such cost, additional bonds may in like manner be issued to provide the amount of such deficit, and, unless otherwise provided in the resolution authorizing the issuance of such bonds or in the trust agreement securing the same, shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued. If the proceeds of the bonds of any issue shall exceed such cost, the surplus shall be deposited to the credit of the sinking fund for such bonds, or may be applied to the payment of the cost of any additional airport project or projects.\n\t\tPrior to the preparation of definitive bonds, the Board may, under like restrictions, issue interim receipts or temporary bonds with or without coupons, exchangeable for definitive bonds when such bonds shall have been executed and are available for delivery. The Board may also provide for the replacement of any bonds which shall become mutilated or shall be destroyed or lost. Bonds may be issued under the provisions of this chapter without obtaining the consent of any department, division, commission, board, bureau or agency of the Commonwealth, and without any other proceedings or the happening of any other conditions or things than those proceedings, conditions or things which are specifically required by this chapter.","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; disposal","url":"\/5.1-2.25\/","token":"5.1\/1\/1\/5.1-2.25","metadata":false},{"id":80968,"structure_id":14181,"section_number":"5.1-2.2:1","catch_line":"Further powers and duties of the Board","url":"\/5.1-2.2_1\/","token":"5.1\/1\/1\/5.1-2.2_1","metadata":false},{"id":56881,"structure_id":14181,"section_number":"5.1-2.2:2","catch_line":"Commercial air service plan","url":"\/5.1-2.2_2\/","token":"5.1\/1\/1\/5.1-2.2_2","metadata":false},{"id":58813,"structure_id":14181,"section_number":"5.1-2.2:3","catch_line":"Transparency and accountability in the use of Commonwealth Aviation Fund revenues","url":"\/5.1-2.2_3\/","token":"5.1\/1\/1\/5.1-2.2_3","metadata":false},{"id":83580,"structure_id":14181,"section_number":"5.1-2.2:4","catch_line":"Transparency and accountability for use of Department and Board funds","url":"\/5.1-2.2_4\/","token":"5.1\/1\/1\/5.1-2.2_4","metadata":false},{"id":79595,"structure_id":14181,"section_number":"5.1-2.3","catch_line":"Meetings of Board; quorum","url":"\/5.1-2.3\/","token":"5.1\/1\/1\/5.1-2.3","metadata":false},{"id":79110,"structure_id":14181,"section_number":"5.1-2.4","catch_line":"Repealed","url":"\/5.1-2.4\/","token":"5.1\/1\/1\/5.1-2.4","metadata":false},{"id":75636,"structure_id":14181,"section_number":"5.1-2.5","catch_line":"Eminent domain; right of entry","url":"\/5.1-2.5\/","token":"5.1\/1\/1\/5.1-2.5","metadata":false},{"id":80299,"structure_id":14181,"section_number":"5.1-2.6","catch_line":"Disposal of airport, air navigation facility or other property","url":"\/5.1-2.6\/","token":"5.1\/1\/1\/5.1-2.6","metadata":false},{"id":78955,"structure_id":14181,"section_number":"5.1-2.7","catch_line":"Revenue bonds generally","url":"\/5.1-2.7\/","token":"5.1\/1\/1\/5.1-2.7","metadata":false},{"id":57740,"structure_id":14181,"section_number":"5.1-2.8","catch_line":"Trust agreement securing bonds","url":"\/5.1-2.8\/","token":"5.1\/1\/1\/5.1-2.8","metadata":false},{"id":60988,"structure_id":14181,"section_number":"5.1-2.9","catch_line":"Rents, fees and charges for services or use of facilities; use and disposition of revenues","url":"\/5.1-2.9\/","token":"5.1\/1\/1\/5.1-2.9","metadata":false},{"id":60113,"structure_id":14181,"section_number":"5.1-3","catch_line":"Repealed","url":"\/5.1-3\/","token":"5.1\/1\/1\/5.1-3","metadata":false},{"id":68065,"structure_id":14181,"section_number":"5.1-4","catch_line":"Aircraft for use of Department; construction, etc., of aviation facilities by Department","url":"\/5.1-4\/","token":"5.1\/1\/1\/5.1-4","metadata":false},{"id":57054,"structure_id":14181,"section_number":"5.1-5","catch_line":"Registration of aircraft","url":"\/5.1-5\/","token":"5.1\/1\/1\/5.1-5","metadata":false},{"id":84543,"structure_id":14181,"section_number":"5.1-6","catch_line":"Repealed","url":"\/5.1-6\/","token":"5.1\/1\/1\/5.1-6","metadata":false},{"id":60707,"structure_id":14181,"section_number":"5.1-7","catch_line":"Licensing of airports and landing areas","url":"\/5.1-7\/","token":"5.1\/1\/1\/5.1-7","metadata":false},{"id":87111,"structure_id":14181,"section_number":"5.1-7.1","catch_line":"Repealed","url":"\/5.1-7.1\/","token":"5.1\/1\/1\/5.1-7.1","metadata":false},{"id":84447,"structure_id":14181,"section_number":"5.1-7.2","catch_line":"Registration of private landing areas not within five miles of commercial airport","url":"\/5.1-7.2\/","token":"5.1\/1\/1\/5.1-7.2","metadata":false},{"id":86447,"structure_id":14181,"section_number":"5.1-7.3","catch_line":"Duty of care and liability for damages of owners of private landing areas","url":"\/5.1-7.3\/","token":"5.1\/1\/1\/5.1-7.3","metadata":false},{"id":87252,"structure_id":14181,"section_number":"5.1-8","catch_line":"Repealed","url":"\/5.1-8\/","token":"5.1\/1\/1\/5.1-8","metadata":false},{"id":85039,"structure_id":14181,"section_number":"5.1-9","catch_line":"Disposition of fees","url":"\/5.1-9\/","token":"5.1\/1\/1\/5.1-9","metadata":false},{"id":67875,"structure_id":14181,"section_number":"5.1-9.1","catch_line":"Certain privately owned airports declared to be works of public improvement; 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":80299,"structure_id":14181,"section_number":"5.1-2.6","catch_line":"Disposal of airport, air navigation facility or other property","url":"\/5.1-2.6\/","token":"5.1\/1\/1\/5.1-2.6","metadata":false},"next_section":{"id":57740,"structure_id":14181,"section_number":"5.1-2.8","catch_line":"Trust agreement securing bonds","url":"\/5.1-2.8\/","token":"5.1\/1\/1\/5.1-2.8","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/5.1-2.7\/","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":233457,"object_type":"law","relational_id":78955,"identifier":"5.1-2.7","token":"5.1\/1\/1\/5.1-2.7","url":"\/5.1-2.7\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/5.1-2.7\/","token":"5.1\/1\/1\/5.1-2.7","dublin_core":{"Title":"Revenue bonds generally","Type":"Text","Format":"text\/html","Identifier":"\u00a7 5.1-2.7","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>The <span class=\"dictionary\">Board<\/span> is hereby authorized to provide for the issuance, at one time or from time to time, of revenue <span class=\"dictionary\">bonds<\/span> of the <span class=\"dictionary\">Board<\/span> for the purpose of paying all or any part of the cost of any one or more <span class=\"dictionary\">airport<\/span> projects or of any portion or portions thereof. The principal of and the interest on such <span class=\"dictionary\">bonds<\/span> shall be payable solely from the funds provided in this chapter for such payment. Any <span class=\"dictionary\">bonds<\/span> of the <span class=\"dictionary\">Board<\/span> issued pursuant to this chapter shall not constitute a debt of the Commonwealth, or any political subdivision thereof other than the <span class=\"dictionary\">Board<\/span>, and shall so state on their face. Neither the commissioners of the <span class=\"dictionary\">Board<\/span> nor any <span class=\"dictionary\">person<\/span> executing such <span class=\"dictionary\">bonds<\/span> shall be liable personally thereon by reason of the issuance thereof. The <span class=\"dictionary\">bonds<\/span> of each <span class=\"dictionary\">issue<\/span> shall be dated, shall bear interest at such rate or rates as may be determined by the <span class=\"dictionary\">Board<\/span>, shall mature at such time or times not exceeding forty years from their date or dates, as may be determined by the <span class=\"dictionary\">Board<\/span>, and may be made redeemable before maturity, at the option of the <span class=\"dictionary\">Board<\/span>, at such price or prices and under such terms and conditions as may be fixed by the <span class=\"dictionary\">Board<\/span> prior to the issuance of the <span class=\"dictionary\">bonds<\/span>. The <span class=\"dictionary\">Board<\/span> shall determine the form and the manner of execution of the <span class=\"dictionary\">bonds<\/span>, including any interest coupons to be attached thereto, and shall fix the denomination or denominations of the <span class=\"dictionary\">bonds<\/span> and the place or places of payment of principal and interest, which may be at any bank or trust company within or without the Commonwealth. In case any officer whose signature or a facsimile of whose signature shall appear on any <span class=\"dictionary\">bonds<\/span> or coupons shall cease to be such officer before the delivery of such <span class=\"dictionary\">bonds<\/span>, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. The <span class=\"dictionary\">bonds<\/span> may be issued in coupon or in registered form or both, as the <span class=\"dictionary\">Board<\/span> may determine, and provision may be made for the registration of any coupon <span class=\"dictionary\">bonds<\/span> as to principal alone and also as to both principal and interest, for the reconversion into coupon <span class=\"dictionary\">bonds<\/span> of any <span class=\"dictionary\">bonds<\/span> registered as to both principal and interest, and for the interchange of registered and coupon <span class=\"dictionary\">bonds<\/span>. The <span class=\"dictionary\">Board<\/span> may sell such <span class=\"dictionary\">bonds<\/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 chapter.\n\t\tThe proceeds of the <span class=\"dictionary\">bonds<\/span> of each <span class=\"dictionary\">issue<\/span> shall be used solely for the payment of the cost of the <span class=\"dictionary\">airport<\/span> project or projects for which such <span class=\"dictionary\">bonds<\/span> shall have been issued, and shall be disbursed in such manner and under such restrictions, if any, as the <span class=\"dictionary\">Board<\/span> may provide in the resolution authorizing the issuance of such <span class=\"dictionary\">bonds<\/span> or in the trust agreement hereinafter mentioned securing the same. If the proceeds of the <span class=\"dictionary\">bonds<\/span> of any <span class=\"dictionary\">issue<\/span>, by error of estimates or otherwise, shall be less than such cost, additional <span class=\"dictionary\">bonds<\/span> may in like manner be issued to provide the amount of such deficit, and, unless otherwise provided in the resolution authorizing the issuance of such <span class=\"dictionary\">bonds<\/span> or in the trust agreement securing the same, shall be deemed to be of the same <span class=\"dictionary\">issue<\/span> and shall be entitled to payment from the same fund without preference or priority of the <span class=\"dictionary\">bonds<\/span> first issued. If the proceeds of the <span class=\"dictionary\">bonds<\/span> of any <span class=\"dictionary\">issue<\/span> shall exceed such cost, the surplus shall be deposited to the credit of the sinking fund for such <span class=\"dictionary\">bonds<\/span>, or may be applied to the payment of the cost of any additional <span class=\"dictionary\">airport<\/span> project or projects.\n\t\tPrior to the preparation of definitive <span class=\"dictionary\">bonds<\/span>, the <span class=\"dictionary\">Board<\/span> may, under like restrictions, <span class=\"dictionary\">issue<\/span> interim receipts or temporary <span class=\"dictionary\">bonds<\/span> with or without coupons, exchangeable for definitive <span class=\"dictionary\">bonds<\/span> when such <span class=\"dictionary\">bonds<\/span> shall have been executed and are available for delivery. The <span class=\"dictionary\">Board<\/span> may also provide for the replacement of any <span class=\"dictionary\">bonds<\/span> which shall become mutilated or shall be destroyed or lost. <span class=\"dictionary\">Bonds<\/span> may be issued under the provisions of this chapter without obtaining the consent of any <span class=\"dictionary\">department<\/span>, division, commission, <span class=\"dictionary\">board<\/span>, bureau or agency of the Commonwealth, and without any other proceedings or the happening of any other conditions or things than those proceedings, conditions or things which are specifically required by this chapter.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nREVENUE BONDS GENERALLY (\u00a7 5.1-2.7)\n\nThe Board is hereby authorized to provide for the issuance, at one time or from\ntime to time, of revenue bonds of the Board for the purpose of paying all or any\npart of the cost of any one or more airport projects or of any portion or\nportions thereof. The principal of and the interest on such bonds shall be\npayable solely from the funds provided in this chapter for such payment. Any\nbonds of the Board issued pursuant to this chapter shall not constitute a debt\nof the Commonwealth, or any political subdivision thereof other than the Board,\nand shall so state on their face. Neither the commissioners of the Board nor any\nperson executing such bonds shall be liable personally thereon by reason of the\nissuance thereof. The bonds of each issue shall be dated, shall bear interest at\nsuch rate or rates as may be determined by the Board, shall mature at such time\nor times not exceeding forty years from their date or dates, as may be\ndetermined by the Board, and may be made redeemable before maturity, at the\noption of the Board, at such price or prices and under such terms and conditions\nas may be fixed by the Board prior to the issuance of the bonds. The Board shall\ndetermine the form and the manner of execution of the bonds, including any\ninterest coupons to be attached thereto, and shall fix the denomination or\ndenominations of the bonds and the place or places of payment of principal and\ninterest, which may be at any bank or trust company within or without the\nCommonwealth. In case any officer whose signature or a facsimile of whose\nsignature shall appear on any bonds or coupons shall cease to be such officer\nbefore the delivery of such bonds, such signature or such facsimile shall\nnevertheless be valid and sufficient for all purposes the same as if he had\nremained in office until such delivery. The bonds may be issued in coupon or in\nregistered form or both, as the Board may determine, and provision may be made\nfor the registration of any coupon bonds as to principal alone and also as to\nboth principal and interest, for the reconversion into coupon bonds of any bonds\nregistered as to both principal and interest, and for the interchange of\nregistered and coupon bonds. The Board may sell such bonds in such manner,\neither at public or private sale, and for such price as it may determine will\nbest effect the purposes of this chapter.\n\t\tThe proceeds of the bonds of each issue shall be used solely for the payment\nof the cost of the airport project or projects for which such bonds shall have\nbeen issued, and shall be disbursed in such manner and under such restrictions,\nif any, as the Board may provide in the resolution authorizing the issuance of\nsuch bonds or in the trust agreement hereinafter mentioned securing the same. If\nthe proceeds of the bonds of any issue, by error of estimates or otherwise,\nshall be less than such cost, additional bonds may in like manner be issued to\nprovide the amount of such deficit, and, unless otherwise provided in the\nresolution authorizing the issuance of such bonds or in the trust agreement\nsecuring the same, shall be deemed to be of the same issue and shall be entitled\nto payment from the same fund without preference or priority of the bonds first\nissued. If the proceeds of the bonds of any issue shall exceed such cost, the\nsurplus shall be deposited to the credit of the sinking fund for such bonds, or\nmay be applied to the payment of the cost of any additional airport project or\nprojects.\n\t\tPrior to the preparation of definitive bonds, the Board may, under like\nrestrictions, issue interim receipts or temporary bonds with or without coupons,\nexchangeable for definitive bonds when such bonds shall have been executed and\nare available for delivery. The Board may also provide for the replacement of\nany bonds which shall become mutilated or shall be destroyed or lost. Bonds may\nbe issued under the provisions of this chapter without obtaining the consent of\nany department, division, commission, board, bureau or agency of the\nCommonwealth, and without any other proceedings or the happening of any other\nconditions or things than those proceedings, conditions or things which are\nspecifically required by this chapter.\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}}