{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/62.1-143.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/62.1-143.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/62.1-143.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/62.1-143.html"}],"law_id":85615,"edition_id":1,"section_id":85615,"structure_id":13423,"section_number":"62.1-143","catch_line":"Proceeds of bonds and revenues held in trust for certain purposes","history":"Code 1950, \u00a7 62-106.15; 1954, c. 667; 1968, c. 1981, c. 590.","full_text":"All moneys received pursuant to the provisions of this chapter, whether as proceeds from the sale of revenue bonds or refunding bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. The Authority shall, in the resolution authorizing such bonds or in the trust agreement securing such bonds, provide for the payment of the proceeds of the sale of the bonds and the revenues to be received to a trustee, which shall be any trust company or bank having the powers of a trust company within or without the Commonwealth, who shall act as trustee of the funds, and hold and apply the same to the purposes of this chapter, subject to such regulations as this chapter and such resolution or trust agreement may provide. In the case of the proceeds of the sale of revenue bonds or revenues, the trustee may invest and reinvest such funds pending their need for the construction of the project in securities that are legal investments under the laws of the Commonwealth for funds held by fiduciaries. 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 assure 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, and carried out, any balance of such proceeds and interest, income and profits, if any, earned or realized on the investments thereof may be returned to the Authority for use by it in any lawful manner.","order_by":null,"text":{"0":{"id":306670,"text":"All moneys received pursuant to the provisions of this chapter, whether as proceeds from the sale of revenue bonds or refunding bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. The Authority shall, in the resolution authorizing such bonds or in the trust agreement securing such bonds, provide for the payment of the proceeds of the sale of the bonds and the revenues to be received to a trustee, which shall be any trust company or bank having the powers of a trust company within or without the Commonwealth, who shall act as trustee of the funds, and hold and apply the same to the purposes of this chapter, subject to such regulations as this chapter and such resolution or trust agreement may provide. In the case of the proceeds of the sale of revenue bonds or revenues, the trustee may invest and reinvest such funds pending their need for the construction of the project in securities that are legal investments under the laws of the Commonwealth for funds held by fiduciaries. 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 assure 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, and carried out, any balance of such proceeds and interest, income and profits, if any, earned or realized on the investments thereof may be returned to the Authority for use by it in any lawful manner.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/62.1-143\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 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 1981.<\/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":268429,"object_type":"law","relational_id":85615,"identifier":"62.1-143","token":"62.1\/10\/62.1-143","url":"\/62.1-143\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/62.1-143\/","token":"62.1\/10\/62.1-143","dublin_core":{"Title":"Proceeds of bonds and revenues held in trust for certain purposes","Type":"Text","Format":"text\/html","Identifier":"\u00a7 62.1-143","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>All moneys received pursuant to the provisions of this chapter, whether as proceeds from the sale of revenue <span class=\"dictionary\">bonds<\/span> or refunding <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 Authority shall, in the resolution authorizing such <span class=\"dictionary\">bonds<\/span> or in the trust agreement securing such <span class=\"dictionary\">bonds<\/span>, provide for the payment of the proceeds of the sale of the <span class=\"dictionary\">bonds<\/span> and the revenues to be received to a trustee, which shall be any trust company or bank having the powers of a trust company within or without the Commonwealth, who shall act as trustee of the funds, and hold and apply the same to the purposes of this chapter, subject to such regulations as this chapter and such resolution or trust agreement may provide. In the case of the proceeds of the sale of revenue <span class=\"dictionary\">bonds<\/span> or revenues, the trustee may invest and reinvest such funds pending their need for the construction of the project in securities that are legal investments under the <span class=\"dictionary\">laws<\/span> of the Commonwealth for funds held by fiduciaries. 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 assure 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, and carried out, any balance of such proceeds and interest, income and profits, if any, earned or realized on the investments thereof may be returned to the Authority for use by it in any lawful manner.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nPROCEEDS OF BONDS AND REVENUES HELD IN TRUST FOR CERTAIN PURPOSES (\u00a7 62.1-143)\n\nAll moneys received pursuant to the provisions of this chapter, whether as\nproceeds from the sale of revenue bonds or refunding bonds or as revenues, shall\nbe deemed to be trust funds to be held and applied solely as provided in this\nchapter. The Authority shall, in the resolution authorizing such bonds or in the\ntrust agreement securing such bonds, provide for the payment of the proceeds of\nthe sale of the bonds and the revenues to be received to a trustee, which shall\nbe any trust company or bank having the powers of a trust company within or\nwithout the Commonwealth, who shall act as trustee of the funds, and hold and\napply the same to the purposes of this chapter, subject to such regulations as\nthis chapter and such resolution or trust agreement may provide. In the case of\nthe proceeds of the sale of revenue bonds or revenues, the trustee may invest\nand reinvest such funds pending their need for the construction of the project\nin securities that are legal investments under the laws of the Commonwealth for\nfunds held by fiduciaries. In the case of the proceeds of the sale of refunding\nbonds, the trustee may invest and reinvest such funds in direct obligations of,\nor obligations the principal of and the interest on which are guaranteed by, the\nUnited States of America. Such money and the interest, income and profits, if\nany, earned on such investment, shall be available for the payment of all or any\npart of the principal, interest, and redemption premium, if any, of the bonds\nbeing refunded. The proceeds of the sale of refunding bonds shall be so invested\nand applied as to assure that the principal, interest, and redemption premium,\nif any, on the bonds being refunded shall be paid in full on their respective\nmaturity, redemption or interest payment dates. After the terms of the trust\nhave been fully satisfied, and carried out, any balance of such proceeds and\ninterest, income and profits, if any, earned or realized on the investments\nthereof may be returned to the Authority for use by it in any lawful manner.\n\nHISTORY: Code 1950, \u00a7 62-106.15; 1954, c. 667; 1968, c. 1981, c. 590.","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}}