{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/5.1-30.6.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/5.1-30.6.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/5.1-30.6.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/5.1-30.6.html"}],"law_id":59316,"edition_id":1,"section_id":59316,"structure_id":15281,"section_number":"5.1-30.6","catch_line":"Pledge of loans to secure bonds of Authority","history":"1999, c. 897.","full_text":"The Authority is empowered at any time and from time to time to pledge, assign or transfer from the Fund to banks or trust companies designated by the Authority any or all of the assets of the Fund to be held in trust as security for the payment of the principal of, premium, if any, and interest on any or all of the bonds, as defined in \u00a7 62.1-199, issued to finance any project. The interests of the Fund in any assets so transferred shall be subordinate to the rights of the trustee under the pledge, assignment or transfer. To the extent funds are not available from other sources pledged for such purpose, any of the assets or payments of principal and interest received on the assets pledged, assigned or transferred or held in trust may be applied by the trustee thereof to the payment of the principal of, premium, if any, and interest on such bonds of the Authority secured thereby, and, if such payments are insufficient for such purpose, the trustee is empowered to sell any or all of such assets and apply the net proceeds from the sale to the payment of the principal of, premium, if any, and interest on such bonds of the Authority. Any assets of the Fund pledged, assigned or transferred in trust as set forth above and any payments of principal, interest or earnings received thereon shall remain part of the Fund but shall be subject to the pledge, assignment or transfer to secure the bonds of the Authority and shall be held by the trustee to which they are pledged, assigned or transferred until no longer required for such purpose by the terms of the pledge, assignment or transfer.","order_by":null,"text":{"0":{"id":217408,"text":"The Authority is empowered at any time and from time to time to pledge, assign or transfer from the Fund to banks or trust companies designated by the Authority any or all of the assets of the Fund to be held in trust as security for the payment of the principal of, premium, if any, and interest on any or all of the bonds, as defined in \u00a7 62.1-199, issued to finance any project. The interests of the Fund in any assets so transferred shall be subordinate to the rights of the trustee under the pledge, assignment or transfer. To the extent funds are not available from other sources pledged for such purpose, any of the assets or payments of principal and interest received on the assets pledged, assigned or transferred or held in trust may be applied by the trustee thereof to the payment of the principal of, premium, if any, and interest on such bonds of the Authority secured thereby, and, if such payments are insufficient for such purpose, the trustee is empowered to sell any or all of such assets and apply the net proceeds from the sale to the payment of the principal of, premium, if any, and interest on such bonds of the Authority. Any assets of the Fund pledged, assigned or transferred in trust as set forth above and any payments of principal, interest or earnings received thereon shall remain part of the Fund but shall be subject to the pledge, assignment or transfer to secure the bonds of the Authority and shall be held by the trustee to which they are pledged, assigned or transferred until no longer required for such purpose by the terms of the pledge, assignment or transfer.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15281,"edition_id":1,"name":"Virginia Airports Revolving Fund","identifier":"2.1","label":"chapter","depth":2,"order_by":1,"parent_id":13105,"metadata":{},"date_created":"2026-06-26 03:53:36","date_modified":"2026-06-26 03:53:36","permalink":{"id":233737,"object_type":"structure","relational_id":15281,"identifier":"2.1","token":"5.1\/2.1","url":"\/5.1\/2.1\/","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":65035,"structure_id":15281,"section_number":"5.1-30.1","catch_line":"Definitions","url":"\/5.1-30.1\/","token":"5.1\/2.1\/5.1-30.1","metadata":false},{"id":77164,"structure_id":15281,"section_number":"5.1-30.10","catch_line":"Liberal construction of chapter","url":"\/5.1-30.10\/","token":"5.1\/2.1\/5.1-30.10","metadata":false},{"id":68946,"structure_id":15281,"section_number":"5.1-30.2","catch_line":"Creation and management of Virginia Airports Revolving Fund","url":"\/5.1-30.2\/","token":"5.1\/2.1\/5.1-30.2","metadata":false},{"id":60301,"structure_id":15281,"section_number":"5.1-30.3","catch_line":"Deposit of money; expenditures; investments","url":"\/5.1-30.3\/","token":"5.1\/2.1\/5.1-30.3","metadata":false},{"id":58252,"structure_id":15281,"section_number":"5.1-30.4","catch_line":"Collection of money due Fund","url":"\/5.1-30.4\/","token":"5.1\/2.1\/5.1-30.4","metadata":false},{"id":67294,"structure_id":15281,"section_number":"5.1-30.5","catch_line":"Loans to local governments","url":"\/5.1-30.5\/","token":"5.1\/2.1\/5.1-30.5","metadata":false},{"id":59316,"structure_id":15281,"section_number":"5.1-30.6","catch_line":"Pledge of loans to secure bonds of Authority","url":"\/5.1-30.6\/","token":"5.1\/2.1\/5.1-30.6","metadata":false},{"id":58175,"structure_id":15281,"section_number":"5.1-30.7","catch_line":"Sale of loans","url":"\/5.1-30.7\/","token":"5.1\/2.1\/5.1-30.7","metadata":false},{"id":72911,"structure_id":15281,"section_number":"5.1-30.8","catch_line":"Powers of the Authority","url":"\/5.1-30.8\/","token":"5.1\/2.1\/5.1-30.8","metadata":false},{"id":67058,"structure_id":15281,"section_number":"5.1-30.9","catch_line":"Report to the General Assembly and Governor","url":"\/5.1-30.9\/","token":"5.1\/2.1\/5.1-30.9","metadata":false}],"previous_section":{"id":67294,"structure_id":15281,"section_number":"5.1-30.5","catch_line":"Loans to local governments","url":"\/5.1-30.5\/","token":"5.1\/2.1\/5.1-30.5","metadata":false},"next_section":{"id":58175,"structure_id":15281,"section_number":"5.1-30.7","catch_line":"Sale of loans","url":"\/5.1-30.7\/","token":"5.1\/2.1\/5.1-30.7","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/5.1-30.6\/","history_text":"

This law was first created in 1999. The record of its establishment is cataloged in chapter 897<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":85528,"section_number":"62.1-203","catch_line":"Powers of Authority","order_by":null,"url":"\/62.1-203\/"}],"refers_to":[{"id":80022,"section_number":"62.1-199","catch_line":"Definitions","order_by":null,"url":"\/62.1-199\/"}],"permalink":{"id":233763,"object_type":"law","relational_id":59316,"identifier":"5.1-30.6","token":"5.1\/2.1\/5.1-30.6","url":"\/5.1-30.6\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/5.1-30.6\/","token":"5.1\/2.1\/5.1-30.6","dublin_core":{"Title":"Pledge of loans to secure bonds of Authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 5.1-30.6","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The Authority<\/span> is empowered at any time and from time to time to pledge, assign or transfer from the Fund<\/span> to banks or trust companies designated by the Authority<\/span> any or all of the assets<\/span> of the Fund<\/span> to be held in trust as security for the payment of the principal of, premium, if any, and interest on any or all of the bonds<\/span>, as defined in \u00a7 62.1-199<\/a>, issued to finance any project<\/span>. The interests of the Fund<\/span> in any assets<\/span> so transferred shall be subordinate to the rights of the trustee under the pledge, assignment or transfer. To the extent funds<\/span> are not available from other sources pledged for such purpose, any of the assets<\/span> or payments of principal and interest received on the assets<\/span> pledged, assigned or transferred or held in trust may be applied by the trustee thereof to the payment of the principal of, premium, if any, and interest on such bonds<\/span> of the Authority<\/span> secured thereby, and, if such payments are insufficient for such purpose, the trustee is empowered to sell any or all of such assets<\/span> and apply the net proceeds from the sale to the payment of the principal of, premium, if any, and interest on such bonds<\/span> of the Authority<\/span>. Any assets<\/span> of the Fund<\/span> pledged, assigned or transferred in trust as set forth above and any payments of principal, interest or earnings received thereon shall remain part of the Fund<\/span> but shall be subject to the pledge, assignment or transfer to secure the bonds<\/span> of the Authority<\/span> and shall be held by the trustee to which they are pledged, assigned or transferred until no longer required for such purpose by the terms of the pledge, assignment or transfer.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPLEDGE OF LOANS TO SECURE BONDS OF AUTHORITY (\u00a7 5.1-30.6)\n\nThe Authority is empowered at any time and from time to time to pledge, assign\nor transfer from the Fund to banks or trust companies designated by the\nAuthority any or all of the assets of the Fund to be held in trust as security\nfor the payment of the principal of, premium, if any, and interest on any or all\nof the bonds, as defined in \u00a7 62.1-199, issued to finance any project. The\ninterests of the Fund in any assets so transferred shall be subordinate to the\nrights of the trustee under the pledge, assignment or transfer. To the extent\nfunds are not available from other sources pledged for such purpose, any of the\nassets or payments of principal and interest received on the assets pledged,\nassigned or transferred or held in trust may be applied by the trustee thereof\nto the payment of the principal of, premium, if any, and interest on such bonds\nof the Authority secured thereby, and, if such payments are insufficient for\nsuch purpose, the trustee is empowered to sell any or all of such assets and\napply the net proceeds from the sale to the payment of the principal of,\npremium, if any, and interest on such bonds of the Authority. Any assets of the\nFund pledged, assigned or transferred in trust as set forth above and any\npayments of principal, interest or earnings received thereon shall remain part\nof the Fund but shall be subject to the pledge, assignment or transfer to secure\nthe bonds of the Authority and shall be held by the trustee to which they are\npledged, assigned or transferred until no longer required for such purpose by\nthe terms of the pledge, assignment or transfer.\n\nHISTORY: 1999, c. 897.","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}}