{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/62.1-208.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/62.1-208.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/62.1-208.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/62.1-208.html"}],"law_id":72376,"edition_id":1,"section_id":72376,"structure_id":13206,"section_number":"62.1-208","catch_line":"Authorization, content and sale of bonds and credit enhancements","history":"1984, c. 699; 1985, c. 67; 1998, c. 399.","full_text":"A\n\nThe bonds and credit enhancements of the Authority shall be authorized by a resolution of the Board of Directors.B\n\nThe bonds shall bear the date or dates and mature at the time or times that the resolution provides, except that no bond shall mature more than fifty years from its date of issue. The bonds may be in the denominations, be executed in the manner, be payable in the medium of payment, be payable at the place or places and at the time or times, and be subject to redemption or repurchase and contain such other provisions as may be determined by the Authority prior to their issuance. The bonds may bear interest payable at such time or times and at such rate or rates as determined by the Authority or as determined in such manner as the Authority may provide, including the determination by agents designated by the Authority under guidelines established by it. Bonds may be sold by the Authority at public or private sale at the price or prices that the Authority determines and approves.C\n\nThe Authority may bring action pursuant to Article 6 (§ 15.2-2650 et seq.) of Chapter 26 of Title 15.2 to determine the validity of any issuance or proposed issuance of its bonds or credit enhancements under this chapter and the legality and validity of all proceedings previously taken, or proposed in a resolution of the Authority to be taken, for the authorization, issuance, sale and delivery of bonds or credit enhancements and for the payment of the principal of and premium, if any, and interest on bonds or payments of amounts due under credit enhancements of the Authority.","order_by":null,"text":{"0":{"id":260724,"text":"The bonds and credit enhancements of the Authority shall be authorized by a resolution of the Board of Directors.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":260725,"text":"The bonds shall bear the date or dates and mature at the time or times that the resolution provides, except that no bond shall mature more than fifty years from its date of issue. The bonds may be in the denominations, be executed in the manner, be payable in the medium of payment, be payable at the place or places and at the time or times, and be subject to redemption or repurchase and contain such other provisions as may be determined by the Authority prior to their issuance. The bonds may bear interest payable at such time or times and at such rate or rates as determined by the Authority or as determined in such manner as the Authority may provide, including the determination by agents designated by the Authority under guidelines established by it. Bonds may be sold by the Authority at public or private sale at the price or prices that the Authority determines and approves.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":260726,"text":"The Authority may bring action pursuant to Article 6 (§ 15.2-2650 et seq.) of Chapter 26 of Title 15.2 to determine the validity of any issuance or proposed issuance of its bonds or credit enhancements under this chapter and the legality and validity of all proceedings previously taken, or proposed in a resolution of the Authority to be taken, for the authorization, issuance, sale and delivery of bonds or credit enhancements and for the payment of the principal of and premium, if any, and interest on bonds or payments of amounts due under credit enhancements of the Authority.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"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 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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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/62.1-208\/","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 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 1985, chapter 67; in 1998, chapter 399<\/a>.<\/p>","references":false,"refers_to":[{"id":58001,"section_number":"15.2-2650","catch_line":"Article controlling as to proceedings involving validity","order_by":null,"url":"\/15.2-2650\/"}],"permalink":{"id":268719,"object_type":"law","relational_id":72376,"identifier":"62.1-208","token":"62.1\/21\/62.1-208","url":"\/62.1-208\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/62.1-208\/","token":"62.1\/21\/62.1-208","dublin_core":{"Title":"Authorization, content and sale of bonds and credit enhancements","Type":"Text","Format":"text\/html","Identifier":"\u00a7 62.1-208","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The bonds<\/span><\/span> and credit enhancements<\/span> of the Authority<\/span> shall be authorized by a resolution of the Board of Directors<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The bonds<\/span><\/span> shall bear the date or dates and mature at the time or times that the resolution provides, except that no bond<\/span> shall mature more than fifty years from its date of issue<\/span>. The bonds<\/span><\/span> may be in the denominations, be executed in the manner, be payable in the medium of payment, be payable at the place or places and at the time or times, and be subject to redemption<\/span> or repurchase and contain such other provisions as may be determined by the Authority<\/span> prior to their issuance. The bonds<\/span><\/span> may bear interest payable at such time or times and at such rate or rates as determined by the Authority<\/span> or as determined in such manner as the Authority<\/span> may provide, including the determination by agents designated by the Authority<\/span> under guidelines established by it. Bonds<\/span><\/span> may be sold by the Authority<\/span> at public or private sale at the price or prices that the Authority<\/span> determines and approves. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Authority<\/span> may bring action pursuant to Article 6 (§ 15.2-2650<\/a> et seq.) of Chapter 26 of Title 15.2 to determine the validity of any issuance or proposed issuance of its bonds<\/span><\/span> or credit enhancements<\/span> under this chapter and the legality and validity of all proceedings previously taken, or proposed in a resolution of the Authority<\/span> to be taken, for the authorization, issuance, sale and delivery of bonds<\/span><\/span> or credit enhancements<\/span> and for the payment of the principal of and premium, if any, and interest on bonds<\/span><\/span> or payments of amounts due under credit enhancements<\/span> of the Authority<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAUTHORIZATION, CONTENT AND SALE OF BONDS AND CREDIT ENHANCEMENTS (\u00a7 62.1-208)\n\nA. The bonds and credit enhancements of the Authority shall be authorized by a\nresolution of the Board of Directors.\n\nB. The bonds shall bear the date or dates and mature at the time or times that\nthe resolution provides, except that no bond shall mature more than fifty years\nfrom its date of issue. The bonds may be in the denominations, be executed in\nthe manner, be payable in the medium of payment, be payable at the place or\nplaces and at the time or times, and be subject to redemption or repurchase and\ncontain such other provisions as may be determined by the Authority prior to\ntheir issuance. The bonds may bear interest payable at such time or times and at\nsuch rate or rates as determined by the Authority or as determined in such\nmanner as the Authority may provide, including the determination by agents\ndesignated by the Authority under guidelines established by it. Bonds may be\nsold by the Authority at public or private sale at the price or prices that the\nAuthority determines and approves.\n\nC. The Authority may bring action pursuant to Article 6 (§ 15.2-2650 et\nseq.) of Chapter 26 of Title 15.2 to determine the validity of any issuance or\nproposed issuance of its bonds or credit enhancements under this chapter and the\nlegality and validity of all proceedings previously taken, or proposed in a\nresolution of the Authority to be taken, for the authorization, issuance, sale\nand delivery of bonds or credit enhancements and for the payment of the\nprincipal of and premium, if any, and interest on bonds or payments of amounts\ndue under credit enhancements of the Authority.\n\nHISTORY: 1984, c. 699; 1985, c. 67; 1998, c. 399.","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}}