{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/62.1-141.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/62.1-141.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/62.1-141.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/62.1-141.html"}],"law_id":71611,"edition_id":1,"section_id":71611,"structure_id":13423,"section_number":"62.1-141","catch_line":"Trust agreement securing bonds; provisions of agreement or bond resolution; depository of proceeds or revenues; expenses","history":"Code 1950, \u00a7 62-106.13; 1954, c. 667; 1968, c. 659; 1974, c. 148.","full_text":"In the discretion of the Authority any bonds issued under the provisions of this chapter may be secured by a trust agreement by and between the Authority 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 the port facilities or any part thereof; provided, however, the Authority may make a purchase-money agreement giving a chattel mortgage or lien on personal property or operating equipment purchased for use in its facilities. 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 Authority in relation to the acquisition of property and the construction, improvement, maintenance, repair, operation and insurance of the port facilities or the portion thereof in connection with which such bonds shall have been authorized, the rates 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 depository of the proceeds of bonds or of revenues to furnish such indemnifying bonds or to pledge such securities as may be required by the Authority. 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 Authority 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 port facilities or portion thereof.","order_by":null,"text":{"0":{"id":258080,"text":"In the discretion of the Authority any bonds issued under the provisions of this chapter may be secured by a trust agreement by and between the Authority 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 the port facilities or any part thereof; provided, however, the Authority may make a purchase-money agreement giving a chattel mortgage or lien on personal property or operating equipment purchased for use in its facilities. 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 Authority in relation to the acquisition of property and the construction, improvement, maintenance, repair, operation and insurance of the port facilities or the portion thereof in connection with which such bonds shall have been authorized, the rates 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 depository of the proceeds of bonds or of revenues to furnish such indemnifying bonds or to pledge such securities as may be required by the Authority. 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 Authority 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 port facilities or portion thereof.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13423,"edition_id":1,"name":"Virginia Port Authority","identifier":"10","label":"chapter","depth":2,"order_by":1,"parent_id":12909,"metadata":{},"date_created":"2026-06-26 03:44:52","date_modified":"2026-06-26 03:44:52","permalink":{"id":268231,"object_type":"structure","relational_id":13423,"identifier":"10","token":"62.1\/10","url":"\/62.1\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12909,"edition_id":1,"name":"Waters of the State, Ports and Harbors","identifier":"62.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:00","date_modified":"2026-06-26 03:44:00","permalink":{"id":268199,"object_type":"structure","relational_id":12909,"identifier":"62.1","token":"62.1","url":"\/62.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":63656,"structure_id":13423,"section_number":"62.1-128","catch_line":"Authority created","url":"\/62.1-128\/","token":"62.1\/10\/62.1-128","metadata":false},{"id":65543,"structure_id":13423,"section_number":"62.1-129","catch_line":"Board of Commissioners; members and officers; Executive Director; agents and employees","url":"\/62.1-129\/","token":"62.1\/10\/62.1-129","metadata":false},{"id":59839,"structure_id":13423,"section_number":"62.1-129.1","catch_line":"Employees; employment; personnel rules; health insurance; retirement plans","url":"\/62.1-129.1\/","token":"62.1\/10\/62.1-129.1","metadata":false},{"id":79408,"structure_id":13423,"section_number":"62.1-129.2","catch_line":"Trust for postemployment benefits authorized; administration","url":"\/62.1-129.2\/","token":"62.1\/10\/62.1-129.2","metadata":false},{"id":83097,"structure_id":13423,"section_number":"62.1-130","catch_line":"Powers and duties of Executive Director","url":"\/62.1-130\/","token":"62.1\/10\/62.1-130","metadata":false},{"id":59763,"structure_id":13423,"section_number":"62.1-131","catch_line":"Office and branch offices; title to property","url":"\/62.1-131\/","token":"62.1\/10\/62.1-131","metadata":false},{"id":66040,"structure_id":13423,"section_number":"62.1-132","catch_line":"Local authorities subordinate to Authority","url":"\/62.1-132\/","token":"62.1\/10\/62.1-132","metadata":false},{"id":72875,"structure_id":13423,"section_number":"62.1-132.1","catch_line":"General powers","url":"\/62.1-132.1\/","token":"62.1\/10\/62.1-132.1","metadata":false},{"id":84095,"structure_id":13423,"section_number":"62.1-132.10","catch_line":"Publications of Authority","url":"\/62.1-132.10\/","token":"62.1\/10\/62.1-132.10","metadata":false},{"id":66130,"structure_id":13423,"section_number":"62.1-132.11","catch_line":"Police powers; penalties","url":"\/62.1-132.11\/","token":"62.1\/10\/62.1-132.11","metadata":false},{"id":73248,"structure_id":13423,"section_number":"62.1-132.11:1","catch_line":"Prevention and suppression of fire","url":"\/62.1-132.11_1\/","token":"62.1\/10\/62.1-132.11_1","metadata":false},{"id":55570,"structure_id":13423,"section_number":"62.1-132.11:2","catch_line":"Repealed","url":"\/62.1-132.11_2\/","token":"62.1\/10\/62.1-132.11_2","metadata":false},{"id":58810,"structure_id":13423,"section_number":"62.1-132.12","catch_line":"Employment, jurisdiction, and power of special police officers","url":"\/62.1-132.12\/","token":"62.1\/10\/62.1-132.12","metadata":false},{"id":79088,"structure_id":13423,"section_number":"62.1-132.12:1","catch_line":"Agreements with private terminal operators","url":"\/62.1-132.12_1\/","token":"62.1\/10\/62.1-132.12_1","metadata":false},{"id":71336,"structure_id":13423,"section_number":"62.1-132.13","catch_line":"Cooperation with federal agencies","url":"\/62.1-132.13\/","token":"62.1\/10\/62.1-132.13","metadata":false},{"id":62138,"structure_id":13423,"section_number":"62.1-132.14","catch_line":"Agreement of local cooperation with Corps of Engineers","url":"\/62.1-132.14\/","token":"62.1\/10\/62.1-132.14","metadata":false},{"id":70483,"structure_id":13423,"section_number":"62.1-132.15","catch_line":"Grants and loans from federal agencies","url":"\/62.1-132.15\/","token":"62.1\/10\/62.1-132.15","metadata":false},{"id":77199,"structure_id":13423,"section_number":"62.1-132.16","catch_line":"Fees and charges","url":"\/62.1-132.16\/","token":"62.1\/10\/62.1-132.16","metadata":false},{"id":55559,"structure_id":13423,"section_number":"62.1-132.17","catch_line":"Grants of funds and property","url":"\/62.1-132.17\/","token":"62.1\/10\/62.1-132.17","metadata":false},{"id":58305,"structure_id":13423,"section_number":"62.1-132.18","catch_line":"Acquisition of property","url":"\/62.1-132.18\/","token":"62.1\/10\/62.1-132.18","metadata":false},{"id":75598,"structure_id":13423,"section_number":"62.1-132.19","catch_line":"Acquisition and lease of property","url":"\/62.1-132.19\/","token":"62.1\/10\/62.1-132.19","metadata":false},{"id":55163,"structure_id":13423,"section_number":"62.1-132.2","catch_line":"Bylaws and organization","url":"\/62.1-132.2\/","token":"62.1\/10\/62.1-132.2","metadata":false},{"id":70256,"structure_id":13423,"section_number":"62.1-132.20","catch_line":"Craney Island Disposal Area","url":"\/62.1-132.20\/","token":"62.1\/10\/62.1-132.20","metadata":false},{"id":82030,"structure_id":13423,"section_number":"62.1-132.3","catch_line":"Stimulation of commerce","url":"\/62.1-132.3\/","token":"62.1\/10\/62.1-132.3","metadata":false},{"id":74558,"structure_id":13423,"section_number":"62.1-132.3:1","catch_line":"Port Opportunity Fund","url":"\/62.1-132.3_1\/","token":"62.1\/10\/62.1-132.3_1","metadata":false},{"id":74633,"structure_id":13423,"section_number":"62.1-132.3:2","catch_line":"Port of Virginia Economic and Infrastructure Development Grant Fund and Program","url":"\/62.1-132.3_2\/","token":"62.1\/10\/62.1-132.3_2","metadata":false},{"id":65940,"structure_id":13423,"section_number":"62.1-132.3:2.1","catch_line":"Port of Virginia Economic Development Grant Program and Fund","url":"\/62.1-132.3_2.1\/","token":"62.1\/10\/62.1-132.3_2.1","metadata":false},{"id":66782,"structure_id":13423,"section_number":"62.1-132.3:2.2","catch_line":"Economic and Infrastructure Development Grant Program","url":"\/62.1-132.3_2.2\/","token":"62.1\/10\/62.1-132.3_2.2","metadata":false},{"id":61424,"structure_id":13423,"section_number":"62.1-132.3:2.3","catch_line":"International Trade Facility Grant Program","url":"\/62.1-132.3_2.3\/","token":"62.1\/10\/62.1-132.3_2.3","metadata":false},{"id":60824,"structure_id":13423,"section_number":"62.1-132.3:3","catch_line":"Repealed","url":"\/62.1-132.3_3\/","token":"62.1\/10\/62.1-132.3_3","metadata":false},{"id":74936,"structure_id":13423,"section_number":"62.1-132.3:4","catch_line":"Repealed","url":"\/62.1-132.3_4\/","token":"62.1\/10\/62.1-132.3_4","metadata":false},{"id":68294,"structure_id":13423,"section_number":"62.1-132.3:5","catch_line":"Virginia Port Volume Increase Grant Program and Fund","url":"\/62.1-132.3_5\/","token":"62.1\/10\/62.1-132.3_5","metadata":false},{"id":60724,"structure_id":13423,"section_number":"62.1-132.3:6","catch_line":"Virginia Barge and Rail Usage Grant Program and Fund","url":"\/62.1-132.3_6\/","token":"62.1\/10\/62.1-132.3_6","metadata":false},{"id":59335,"structure_id":13423,"section_number":"62.1-132.4","catch_line":"Rates and rate structures","url":"\/62.1-132.4\/","token":"62.1\/10\/62.1-132.4","metadata":false},{"id":68637,"structure_id":13423,"section_number":"62.1-132.5","catch_line":"Planning","url":"\/62.1-132.5\/","token":"62.1\/10\/62.1-132.5","metadata":false},{"id":64542,"structure_id":13423,"section_number":"62.1-132.6","catch_line":"Powers not restrictive; exemptions from Public Procurement Act and the Virginia Personnel Act","url":"\/62.1-132.6\/","token":"62.1\/10\/62.1-132.6","metadata":false},{"id":83007,"structure_id":13423,"section_number":"62.1-132.7","catch_line":"Employment of personnel and legal counsel","url":"\/62.1-132.7\/","token":"62.1\/10\/62.1-132.7","metadata":false},{"id":57001,"structure_id":13423,"section_number":"62.1-132.8","catch_line":"Consolidation of terminal operations","url":"\/62.1-132.8\/","token":"62.1\/10\/62.1-132.8","metadata":false},{"id":64190,"structure_id":13423,"section_number":"62.1-132.9","catch_line":"Foreign trade zones","url":"\/62.1-132.9\/","token":"62.1\/10\/62.1-132.9","metadata":false},{"id":54391,"structure_id":13423,"section_number":"62.1-133","catch_line":"Repealed","url":"\/62.1-133\/","token":"62.1\/10\/62.1-133","metadata":false},{"id":87260,"structure_id":13423,"section_number":"62.1-134.1","catch_line":"Expediting shipment of coal","url":"\/62.1-134.1\/","token":"62.1\/10\/62.1-134.1","metadata":false},{"id":60040,"structure_id":13423,"section_number":"62.1-135","catch_line":"Repealed","url":"\/62.1-135\/","token":"62.1\/10\/62.1-135","metadata":false},{"id":61303,"structure_id":13423,"section_number":"62.1-136","catch_line":"Power of eminent domain","url":"\/62.1-136\/","token":"62.1\/10\/62.1-136","metadata":false},{"id":59095,"structure_id":13423,"section_number":"62.1-137","catch_line":"Repealed","url":"\/62.1-137\/","token":"62.1\/10\/62.1-137","metadata":false},{"id":64416,"structure_id":13423,"section_number":"62.1-138","catch_line":"Powers of State Corporation Commission not affected","url":"\/62.1-138\/","token":"62.1\/10\/62.1-138","metadata":false},{"id":68654,"structure_id":13423,"section_number":"62.1-139","catch_line":"Forms of accounts and records; annual report","url":"\/62.1-139\/","token":"62.1\/10\/62.1-139","metadata":false},{"id":73949,"structure_id":13423,"section_number":"62.1-140","catch_line":"Definitions; bond resolution; form and requisites of bonds; sale and disposition of proceeds; temporary bonds","url":"\/62.1-140\/","token":"62.1\/10\/62.1-140","metadata":false},{"id":71611,"structure_id":13423,"section_number":"62.1-141","catch_line":"Trust agreement securing bonds; provisions of agreement or bond resolution; depository of proceeds or revenues; expenses","url":"\/62.1-141\/","token":"62.1\/10\/62.1-141","metadata":false},{"id":65807,"structure_id":13423,"section_number":"62.1-142","catch_line":"Charges for use of port facilities; sinking fund created from revenues for payment of bonds","url":"\/62.1-142\/","token":"62.1\/10\/62.1-142","metadata":false},{"id":85615,"structure_id":13423,"section_number":"62.1-143","catch_line":"Proceeds of bonds and revenues held in trust for certain purposes","url":"\/62.1-143\/","token":"62.1\/10\/62.1-143","metadata":false},{"id":59355,"structure_id":13423,"section_number":"62.1-144","catch_line":"Remedies of bondholders and trustee","url":"\/62.1-144\/","token":"62.1\/10\/62.1-144","metadata":false},{"id":61528,"structure_id":13423,"section_number":"62.1-145","catch_line":"Exercise of powers constitutes governmental functions; exemption from taxation","url":"\/62.1-145\/","token":"62.1\/10\/62.1-145","metadata":false},{"id":79491,"structure_id":13423,"section_number":"62.1-146","catch_line":"Bonds as legal investments","url":"\/62.1-146\/","token":"62.1\/10\/62.1-146","metadata":false},{"id":81613,"structure_id":13423,"section_number":"62.1-147","catch_line":"Bonds not debt or pledge of credit of Commonwealth or political subdivision; payment of expenses","url":"\/62.1-147\/","token":"62.1\/10\/62.1-147","metadata":false},{"id":61142,"structure_id":13423,"section_number":"62.1-147.1","catch_line":"Legalization of prior actions","url":"\/62.1-147.1\/","token":"62.1\/10\/62.1-147.1","metadata":false},{"id":78024,"structure_id":13423,"section_number":"62.1-147.1:1","catch_line":"Exemption of Authority from certain technology procedures","url":"\/62.1-147.1_1\/","token":"62.1\/10\/62.1-147.1_1","metadata":false},{"id":58848,"structure_id":13423,"section_number":"62.1-147.2","catch_line":"Chapter liberally construed","url":"\/62.1-147.2\/","token":"62.1\/10\/62.1-147.2","metadata":false}],"previous_section":{"id":73949,"structure_id":13423,"section_number":"62.1-140","catch_line":"Definitions; bond resolution; form and requisites of bonds; sale and disposition of proceeds; temporary bonds","url":"\/62.1-140\/","token":"62.1\/10\/62.1-140","metadata":false},"next_section":{"id":65807,"structure_id":13423,"section_number":"62.1-142","catch_line":"Charges for use of port facilities; sinking fund created from revenues for payment of bonds","url":"\/62.1-142\/","token":"62.1\/10\/62.1-142","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/62.1-141\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 3 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 1954, chapter 667; in 1968, chapter 659; in 1974, chapter 148.<\/p>","references":[{"id":73949,"section_number":"62.1-140","catch_line":"Definitions; bond resolution; form and requisites of bonds; sale and disposition of proceeds; temporary bonds","order_by":null,"url":"\/62.1-140\/"}],"refers_to":false,"permalink":{"id":268421,"object_type":"law","relational_id":71611,"identifier":"62.1-141","token":"62.1\/10\/62.1-141","url":"\/62.1-141\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/62.1-141\/","token":"62.1\/10\/62.1-141","dublin_core":{"Title":"Trust agreement securing bonds; provisions of agreement or bond resolution; depository of proceeds or revenues; expenses","Type":"Text","Format":"text\/html","Identifier":"\u00a7 62.1-141","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>In the discretion of the Authority any <span class=\"dictionary\">bonds<\/span> issued under the provisions of this chapter may be secured by a trust agreement by and between the Authority 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 the port facilities or any part thereof; provided, however, the Authority may make a purchase-money agreement giving a chattel mortgage or <span class=\"dictionary\">lien<\/span> on personal property or operating equipment purchased for use in its facilities. 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 Authority in relation to the acquisition of property and the construction, improvement, maintenance, repair, operation and insurance of the port facilities or the portion thereof in connection with which such <span class=\"dictionary\">bonds<\/span> shall have been authorized, the rates 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 depository 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 Authority. 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 Authority 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 port facilities or portion thereof.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nTRUST AGREEMENT SECURING BONDS; PROVISIONS OF AGREEMENT OR BOND RESOLUTION;\nDEPOSITORY OF PROCEEDS OR REVENUES; EXPENSES (\u00a7 62.1-141)\n\nIn the discretion of the Authority any bonds issued under the provisions of this\nchapter may be secured by a trust agreement by and between the Authority 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 the port facilities or\nany part thereof; provided, however, the Authority may make a purchase-money\nagreement giving a chattel mortgage or lien on personal property or operating\nequipment purchased for use in its facilities. Such trust agreement or\nresolution providing for the issuance of such bonds may contain such provisions\nfor protecting and enforcing the rights and remedies of the bondholders as may\nbe reasonable and proper and not in violation of law, including covenants\nsetting forth the duties of the Authority in relation to the acquisition of\nproperty and the construction, improvement, maintenance, repair, operation and\ninsurance of the port facilities or the portion thereof in connection with which\nsuch bonds shall have been authorized, the rates to be charged, the custody,\nsafeguarding and application of all moneys, and conditions or limitations with\nrespect to the issuance of additional bonds. It shall be lawful for any bank or\ntrust company incorporated under the laws of the Commonwealth which may act as\ndepository of the proceeds of bonds or of revenues to furnish such indemnifying\nbonds or to pledge such securities as may be required by the Authority. Any such\ntrust agreement may set forth the rights and remedies of the bondholders and of\nthe trustee, and may restrict the individual right of action by bondholders. In\naddition to the foregoing, any such trust agreement or resolution may contain\nsuch other provisions as the Authority may deem reasonable and proper for the\nsecurity of the bondholders. All expenses incurred in carrying out the\nprovisions of such trust agreement or resolution may be treated as a part of the\ncost of the operation of the port facilities or portion thereof.\n\nHISTORY: Code 1950, \u00a7 62-106.13; 1954, c. 667; 1968, c. 659; 1974, c. 148.","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}}