{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/62.1-204.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/62.1-204.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/62.1-204.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/62.1-204.html"}],"law_id":66055,"edition_id":1,"section_id":66055,"structure_id":13206,"section_number":"62.1-204","catch_line":"Power to borrow money and issue bonds and credit enhancements","history":"1984, c. 699; 1985, c. 67; 1989, cc. 533, 551; 1990, c. 506; 1994, c. 684; 1998, c. 399; 1999, c. 104; 2001, c. 574; 2009, c. 324.","full_text":"The Authority shall have the power to borrow money and issue its bonds in amounts the Authority determines to be necessary or convenient to provide funds to carry out its purposes and powers and to pay all costs and expenses incurred in connection with the issuance of bonds. The Authority shall also have the power to issue credit enhancements with respect to local obligations issued to finance or refinance the cost of any project. The total outstanding aggregate principal amount of bonds issued by the Authority and local obligations guaranteed by the Authority pursuant to credit enhancements, that in either case are secured by a capital reserve fund pursuant to the provisions of \u00a7 62.1-215, shall not exceed the sum of $1.5 billion without prior approval of the General Assembly.\n\t\tNotwithstanding the foregoing, the Authority shall not exceed the sum of eight million dollars in the total principal amount of bonds outstanding at any one time for the purpose of financing any heavy rail transportation facilities.","order_by":null,"text":{"0":{"id":240007,"text":"The Authority shall have the power to borrow money and issue its bonds in amounts the Authority determines to be necessary or convenient to provide funds to carry out its purposes and powers and to pay all costs and expenses incurred in connection with the issuance of bonds. The Authority shall also have the power to issue credit enhancements with respect to local obligations issued to finance or refinance the cost of any project. The total outstanding aggregate principal amount of bonds issued by the Authority and local obligations guaranteed by the Authority pursuant to credit enhancements, that in either case are secured by a capital reserve fund pursuant to the provisions of \u00a7 62.1-215, shall not exceed the sum of $1.5 billion without prior approval of the General Assembly.\n\t\tNotwithstanding the foregoing, the Authority shall not exceed the sum of eight million dollars in the total principal amount of bonds outstanding at any one time for the purpose of financing any heavy rail transportation facilities.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13206,"edition_id":1,"name":"Virginia Resources Authority","identifier":"21","label":"chapter","depth":2,"order_by":1,"parent_id":12909,"metadata":{},"date_created":"2026-06-26 03:44:26","date_modified":"2026-06-26 03:44:26","permalink":{"id":268673,"object_type":"structure","relational_id":13206,"identifier":"21","token":"62.1\/21","url":"\/62.1\/21\/","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":85141,"structure_id":13206,"section_number":"62.1-197","catch_line":"Short title","url":"\/62.1-197\/","token":"62.1\/21\/62.1-197","metadata":false},{"id":64219,"structure_id":13206,"section_number":"62.1-198","catch_line":"Legislative findings and purposes","url":"\/62.1-198\/","token":"62.1\/21\/62.1-198","metadata":false},{"id":80022,"structure_id":13206,"section_number":"62.1-199","catch_line":"Definitions","url":"\/62.1-199\/","token":"62.1\/21\/62.1-199","metadata":false},{"id":75414,"structure_id":13206,"section_number":"62.1-200","catch_line":"Creation of Authority","url":"\/62.1-200\/","token":"62.1\/21\/62.1-200","metadata":false},{"id":54824,"structure_id":13206,"section_number":"62.1-201","catch_line":"Board of Directors","url":"\/62.1-201\/","token":"62.1\/21\/62.1-201","metadata":false},{"id":73267,"structure_id":13206,"section_number":"62.1-202","catch_line":"Appointment and duties of Executive Director","url":"\/62.1-202\/","token":"62.1\/21\/62.1-202","metadata":false},{"id":85528,"structure_id":13206,"section_number":"62.1-203","catch_line":"Powers of Authority","url":"\/62.1-203\/","token":"62.1\/21\/62.1-203","metadata":false},{"id":66055,"structure_id":13206,"section_number":"62.1-204","catch_line":"Power to borrow money and issue bonds and credit enhancements","url":"\/62.1-204\/","token":"62.1\/21\/62.1-204","metadata":false},{"id":74781,"structure_id":13206,"section_number":"62.1-205","catch_line":"Power to issue refunding bonds","url":"\/62.1-205\/","token":"62.1\/21\/62.1-205","metadata":false},{"id":71517,"structure_id":13206,"section_number":"62.1-206","catch_line":"Sources of payment and security for bonds and credit enhancements","url":"\/62.1-206\/","token":"62.1\/21\/62.1-206","metadata":false},{"id":69549,"structure_id":13206,"section_number":"62.1-207","catch_line":"Liability of Commonwealth, political subdivisions and members of board of directors","url":"\/62.1-207\/","token":"62.1\/21\/62.1-207","metadata":false},{"id":72376,"structure_id":13206,"section_number":"62.1-208","catch_line":"Authorization, content and sale of bonds and credit enhancements","url":"\/62.1-208\/","token":"62.1\/21\/62.1-208","metadata":false},{"id":58282,"structure_id":13206,"section_number":"62.1-209","catch_line":"Provisions of resolution or trust indenture authorizing issuance of bonds","url":"\/62.1-209\/","token":"62.1\/21\/62.1-209","metadata":false},{"id":69114,"structure_id":13206,"section_number":"62.1-210","catch_line":"Pledge by Authority","url":"\/62.1-210\/","token":"62.1\/21\/62.1-210","metadata":false},{"id":75603,"structure_id":13206,"section_number":"62.1-211","catch_line":"Purchase of bonds by Authority","url":"\/62.1-211\/","token":"62.1\/21\/62.1-211","metadata":false},{"id":83833,"structure_id":13206,"section_number":"62.1-212","catch_line":"Bonds as negotiable instruments","url":"\/62.1-212\/","token":"62.1\/21\/62.1-212","metadata":false},{"id":57674,"structure_id":13206,"section_number":"62.1-213","catch_line":"Validity of signatures of prior members or officers","url":"\/62.1-213\/","token":"62.1\/21\/62.1-213","metadata":false},{"id":64195,"structure_id":13206,"section_number":"62.1-214","catch_line":"Bondholder protection","url":"\/62.1-214\/","token":"62.1\/21\/62.1-214","metadata":false},{"id":72224,"structure_id":13206,"section_number":"62.1-215","catch_line":"Establishment of capital reserve funds","url":"\/62.1-215\/","token":"62.1\/21\/62.1-215","metadata":false},{"id":78168,"structure_id":13206,"section_number":"62.1-216","catch_line":"Purchase and credit enhancements of local obligations","url":"\/62.1-216\/","token":"62.1\/21\/62.1-216","metadata":false},{"id":72905,"structure_id":13206,"section_number":"62.1-216.1","catch_line":"Investigation by Governor of nonpayments; withholding state funds from nonpaying locality; payment of funds withheld; receipts, reports, etc","url":"\/62.1-216.1\/","token":"62.1\/21\/62.1-216.1","metadata":false},{"id":71594,"structure_id":13206,"section_number":"62.1-217","catch_line":"Grants from Commonwealth","url":"\/62.1-217\/","token":"62.1\/21\/62.1-217","metadata":false},{"id":61493,"structure_id":13206,"section_number":"62.1-218","catch_line":"Grants to local governments","url":"\/62.1-218\/","token":"62.1\/21\/62.1-218","metadata":false},{"id":70080,"structure_id":13206,"section_number":"62.1-219","catch_line":"Exemption from taxation","url":"\/62.1-219\/","token":"62.1\/21\/62.1-219","metadata":false},{"id":63260,"structure_id":13206,"section_number":"62.1-220","catch_line":"Bonds as legal investments and securities","url":"\/62.1-220\/","token":"62.1\/21\/62.1-220","metadata":false},{"id":54215,"structure_id":13206,"section_number":"62.1-221","catch_line":"Deposit of money; expenditures; security for deposits","url":"\/62.1-221\/","token":"62.1\/21\/62.1-221","metadata":false},{"id":84057,"structure_id":13206,"section_number":"62.1-222","catch_line":"Annual reports; audit","url":"\/62.1-222\/","token":"62.1\/21\/62.1-222","metadata":false},{"id":74970,"structure_id":13206,"section_number":"62.1-223","catch_line":"Liberal construction of chapter","url":"\/62.1-223\/","token":"62.1\/21\/62.1-223","metadata":false}],"previous_section":{"id":85528,"structure_id":13206,"section_number":"62.1-203","catch_line":"Powers of Authority","url":"\/62.1-203\/","token":"62.1\/21\/62.1-203","metadata":false},"next_section":{"id":74781,"structure_id":13206,"section_number":"62.1-205","catch_line":"Power to issue refunding bonds","url":"\/62.1-205\/","token":"62.1\/21\/62.1-205","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/62.1-204\/","history_text":"

This law was first created in 1984. The record of its establishment is cataloged in chapter 699 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 1984 \u201cActs\u201d aren\u2019t available online. It has been modified 8 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 1985, chapter 67; in 1989, chapters 533 and 551; in 1990, chapter 506; in 1994, chapter 684<\/a>; in 1998, chapter 399<\/a>; in 1999, chapter 104<\/a>; in 2001, chapter 574<\/a>; in 2009, chapter 324<\/a>.<\/p>","references":[{"id":74781,"section_number":"62.1-205","catch_line":"Power to issue refunding bonds","order_by":null,"url":"\/62.1-205\/"}],"refers_to":[{"id":72224,"section_number":"62.1-215","catch_line":"Establishment of capital reserve funds","order_by":null,"url":"\/62.1-215\/"}],"permalink":{"id":268703,"object_type":"law","relational_id":66055,"identifier":"62.1-204","token":"62.1\/21\/62.1-204","url":"\/62.1-204\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/62.1-204\/","token":"62.1\/21\/62.1-204","dublin_core":{"Title":"Power to borrow money and issue bonds and credit enhancements","Type":"Text","Format":"text\/html","Identifier":"\u00a7 62.1-204","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The Authority<\/span> shall have the power to borrow money and issue<\/span> its bonds<\/span><\/span> in amounts the Authority<\/span> determines to be necessary or convenient to provide funds to carry out its purposes and powers and to pay all costs<\/span> and expenses incurred in connection with the issuance of bonds<\/span><\/span>. The Authority<\/span> shall also have the power to issue<\/span> credit enhancements<\/span> with respect to local obligations<\/span> issued to finance or refinance the cost<\/span> of any project<\/span>. The total outstanding aggregate principal amount of bonds<\/span><\/span> issued by the Authority<\/span> and local obligations<\/span> guaranteed by the Authority<\/span> pursuant to credit enhancements<\/span>, that in either case are secured by a capital reserve fund<\/span> pursuant to the provisions of \u00a7 62.1-215<\/a>, shall not exceed the sum of $1.5 billion without prior approval of the General Assembly.\n\t\tNotwithstanding the foregoing, the Authority<\/span> shall not exceed the sum of eight million dollars in the total principal amount of bonds<\/span><\/span> outstanding at any one time for the purpose of financing any heavy rail transportation facilities.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWER TO BORROW MONEY AND ISSUE BONDS AND CREDIT ENHANCEMENTS (\u00a7 62.1-204)\n\nThe Authority shall have the power to borrow money and issue its bonds in\namounts the Authority determines to be necessary or convenient to provide funds\nto carry out its purposes and powers and to pay all costs and expenses incurred\nin connection with the issuance of bonds. The Authority shall also have the\npower to issue credit enhancements with respect to local obligations issued to\nfinance or refinance the cost of any project. The total outstanding aggregate\nprincipal amount of bonds issued by the Authority and local obligations\nguaranteed by the Authority pursuant to credit enhancements, that in either case\nare secured by a capital reserve fund pursuant to the provisions of \u00a7 62.1-215,\nshall not exceed the sum of $1.5 billion without prior approval of the General\nAssembly.\n\t\tNotwithstanding the foregoing, the Authority shall not exceed the sum of eight\nmillion dollars in the total principal amount of bonds outstanding at any one\ntime for the purpose of financing any heavy rail transportation facilities.\n\nHISTORY: 1984, c. 699; 1985, c. 67; 1989, cc. 533, 551; 1990, c. 506; 1994, c.\n684; 1998, c. 399; 1999, c. 104; 2001, c. 574; 2009, c. 324.","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}}