{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/5.1-2.8.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/5.1-2.8.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/5.1-2.8.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/5.1-2.8.html"}],"law_id":57740,"edition_id":1,"section_id":57740,"structure_id":14181,"section_number":"5.1-2.8","catch_line":"Trust agreement securing bonds","history":"1980, c. 750.","full_text":"In the discretion of the Board any bonds issued under the provisions of this chapter may be secured by a trust agreement by and between the Board and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the Commonwealth. Such trust agreement or the resolution providing for the issuance of such bonds may pledge or assign the revenues to be received, but shall not convey or mortgage any airport project or any part thereof. Such trust 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 setting forth the duties of the Board in relation to the acquisition of property and the acquisition, construction, establishment, improvement, extension, enlargement, equipment, maintenance, repair, operation, and insurance of the airport project or projects in connection with which such bonds shall have been authorized, the rates and fees to be charged, the custody, safeguarding, and application of all moneys, and conditions or limitations with respect to the issuance of additional bonds. It shall be lawful for any bank or trust company incorporated under the laws of the Commonwealth which may act as depositary of the proceeds of bonds or of revenues to furnish such indemnifying bonds or to pledge such securities as may be required by the Board. Any such trust agreement may set forth the rights and remedies of the bondholders and of the trustee, and may restrict the individual right of action by bondholders. In addition to the foregoing, any such trust agreement or resolution may contain such other provisions as the Board may deem reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of such trust agreement or resolution may be treated as a part of the cost of the operation of the airport project or projects.","order_by":null,"text":{"0":{"id":211485,"text":"In the discretion of the Board any bonds issued under the provisions of this chapter may be secured by a trust agreement by and between the Board and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the Commonwealth. Such trust agreement or the resolution providing for the issuance of such bonds may pledge or assign the revenues to be received, but shall not convey or mortgage any airport project or any part thereof. Such trust 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 setting forth the duties of the Board in relation to the acquisition of property and the acquisition, construction, establishment, improvement, extension, enlargement, equipment, maintenance, repair, operation, and insurance of the airport project or projects in connection with which such bonds shall have been authorized, the rates and fees to be charged, the custody, safeguarding, and application of all moneys, and conditions or limitations with respect to the issuance of additional bonds. It shall be lawful for any bank or trust company incorporated under the laws of the Commonwealth which may act as depositary of the proceeds of bonds or of revenues to furnish such indemnifying bonds or to pledge such securities as may be required by the Board. Any such trust agreement may set forth the rights and remedies of the bondholders and of the trustee, and may restrict the individual right of action by bondholders. In addition to the foregoing, any such trust agreement or resolution may contain such other provisions as the Board may deem reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of such trust agreement or resolution may be treated as a part of the cost of the operation of the airport project or projects.","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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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; 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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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/5.1-2.8\/","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.<\/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":233461,"object_type":"law","relational_id":57740,"identifier":"5.1-2.8","token":"5.1\/1\/1\/5.1-2.8","url":"\/5.1-2.8\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/5.1-2.8\/","token":"5.1\/1\/1\/5.1-2.8","dublin_core":{"Title":"Trust agreement securing bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 5.1-2.8","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>In the discretion of the <span class=\"dictionary\">Board<\/span> any <span class=\"dictionary\">bonds<\/span> issued under the provisions of this chapter may be secured by a trust agreement by and between the <span class=\"dictionary\">Board<\/span> and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the Commonwealth. Such trust agreement or the resolution providing for the issuance of such <span class=\"dictionary\">bonds<\/span> may pledge or assign the revenues to be received, but shall not convey or mortgage any <span class=\"dictionary\">airport<\/span> project or any part thereof. Such trust agreement or resolution providing for the issuance of such <span class=\"dictionary\">bonds<\/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 <span class=\"dictionary\">law<\/span>, including covenants setting forth the duties of the <span class=\"dictionary\">Board<\/span> in relation to the acquisition of property and the acquisition, construction, establishment, improvement, extension, enlargement, equipment, maintenance, repair, operation, and insurance of the <span class=\"dictionary\">airport<\/span> project or projects in connection with which such <span class=\"dictionary\">bonds<\/span> shall have been authorized, the rates and fees to be charged, the <span class=\"dictionary\">custody<\/span>, safeguarding, and application of all moneys, and conditions or limitations with respect to the issuance of additional <span class=\"dictionary\">bonds<\/span>. It shall be lawful for any bank or trust company incorporated under the <span class=\"dictionary\">laws<\/span> of the Commonwealth which may act as depositary of the proceeds of <span class=\"dictionary\">bonds<\/span> or of revenues to furnish such indemnifying <span class=\"dictionary\">bonds<\/span> or to pledge such securities as may be required by the <span class=\"dictionary\">Board<\/span>. Any such trust agreement may set forth the rights and remedies of the bondholders and of the trustee, and may restrict the individual right of action by bondholders. In addition to the foregoing, any such trust agreement or resolution may contain such other provisions as the <span class=\"dictionary\">Board<\/span> may deem reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of such trust agreement or resolution may be treated as a part of the cost of the operation of the <span class=\"dictionary\">airport<\/span> project or projects.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nTRUST AGREEMENT SECURING BONDS (\u00a7 5.1-2.8)\n\nIn the discretion of the Board any bonds issued under the provisions of this\nchapter may be secured by a trust agreement by and between the Board and a\ncorporate trustee, which may be any trust company or bank having the powers of a\ntrust company within or without the Commonwealth. Such trust agreement or the\nresolution providing for the issuance of such bonds may pledge or assign the\nrevenues to be received, but shall not convey or mortgage any airport project or\nany part thereof. Such trust agreement or resolution providing for the issuance\nof such bonds may contain such provisions for protecting and enforcing the\nrights and remedies of the bondholders as may be reasonable and proper and not\nin violation of law, including covenants setting forth the duties of the Board\nin relation to the acquisition of property and the acquisition, construction,\nestablishment, improvement, extension, enlargement, equipment, maintenance,\nrepair, operation, and insurance of the airport project or projects in\nconnection with which such bonds shall have been authorized, the rates and fees\nto be charged, the custody, safeguarding, and application of all moneys, and\nconditions or limitations with respect to the issuance of additional bonds. It\nshall be lawful for any bank or trust company incorporated under the laws of the\nCommonwealth which may act as depositary of the proceeds of bonds or of revenues\nto furnish such indemnifying bonds or to pledge such securities as may be\nrequired by the Board. Any such trust agreement may set forth the rights and\nremedies of the bondholders and of the trustee, and may restrict the individual\nright of action by bondholders. In addition to the foregoing, any such trust\nagreement or resolution may contain such other provisions as the Board may deem\nreasonable and proper for the security of the bondholders. All expenses incurred\nin carrying out the provisions of such trust agreement or resolution may be\ntreated as a part of the cost of the operation of the airport project or\nprojects.\n\nHISTORY: 1980, c. 750.","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}}