{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/62.1-209.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/62.1-209.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/62.1-209.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/62.1-209.html"}],"law_id":58282,"edition_id":1,"section_id":58282,"structure_id":13206,"section_number":"62.1-209","catch_line":"Provisions of resolution or trust indenture authorizing issuance of bonds","history":"1984, c. 699; 1986, c. 415; 1997, c. 319; 1998, c. 399; 2003, c. 561; 2011, c. 616.","full_text":"A\n\nBonds may be secured by a trust indenture between the Authority and a corporate trustee, which may be any bank having the power of a trust company or any trust company within or without the Commonwealth. A trust indenture may contain provisions for protecting and enforcing the rights and remedies of the bondholders that are reasonable and proper and not in violation of law, including covenants setting forth the duties of the Authority in relation to the exercise of its powers and the custody, safekeeping and application of all money. The Authority may provide by the trust indenture for the payment of the proceeds of the bonds and all or any part of the revenues of the Authority to the trustee under the trust indenture or to some other depository, and for the method of their disbursement with whatever safeguards and restrictions as the Authority specifies. All expenses incurred in carrying out the trust indenture may be treated as part of the operating expenses of the Authority.B\n\nAny resolution or trust indenture pursuant to which bonds are issued may contain provisions, which shall be part of the contract or contracts with the holders of such bonds as to:1\n\nPledging all or any part of the revenue of the Authority to secure the payment of the bonds, subject to any agreements with bondholders that then exist;2\n\nPledging all or any part of the assets of, or funds under control of the Authority, including local obligations owned by the Authority, to secure the payment of the bonds, subject to any agreements with bondholders that then exist;3\n\nThe use and disposition of the gross income from, and payment of the principal of and premium, if any, and interest on local obligations owned by the Authority;4\n\nThe establishment of reserves, sinking funds and other funds and accounts and the regulation and disposition thereof;5\n\nLimitations on the purposes to which the proceeds from the sale of the bonds may be applied, and limitations pledging the proceeds to secure the payment of the bonds;6\n\nLimitations on the issuance of additional bonds, the terms on which additional bonds may be issued and secured, and the refunding of outstanding or other bonds;7\n\nThe procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds, if any, the holders of which must consent thereto, and the manner in which any consent may be given;8\n\nLimitations on the amount of money to be expended by the Authority for operating expenses of the Authority;9\n\nVesting in a trustee or trustees any property, rights, powers and duties in trust that the Authority may determine, and limiting or abrogating the right of bondholders to appoint a trustee or limit the rights, powers and duties of the trustees;10\n\nDefining the acts or omissions which shall constitute a default, the obligations or duties of the Authority to the holders of the bonds, and the rights and remedies of the holders of the bonds in the event of default, including as a matter of right the appointment of a receiver; these rights and remedies may include the general laws of the Commonwealth and other provisions of this chapter;11\n\nRequiring the Authority or the trustees under the trust indenture to file a petition with the Governor and to take any and all other actions required under § 15.2-2659 or 62.1-216.1 to obtain payment of all unpaid sums on local obligations owned by the Authority or held by a trustee to which § 15.2-2659 or § 62.1-216.1 shall be applicable; and12\n\nAny other matter, of like or different character, relating to the terms of the bonds or the security or protection of the holders of the bonds.","order_by":null,"text":{"0":{"id":213511,"text":"Bonds may be secured by a trust indenture between the Authority and a corporate trustee, which may be any bank having the power of a trust company or any trust company within or without the Commonwealth. A trust indenture may contain provisions for protecting and enforcing the rights and remedies of the bondholders that are reasonable and proper and not in violation of law, including covenants setting forth the duties of the Authority in relation to the exercise of its powers and the custody, safekeeping and application of all money. The Authority may provide by the trust indenture for the payment of the proceeds of the bonds and all or any part of the revenues of the Authority to the trustee under the trust indenture or to some other depository, and for the method of their disbursement with whatever safeguards and restrictions as the Authority specifies. All expenses incurred in carrying out the trust indenture may be treated as part of the operating expenses of the Authority.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":213512,"text":"Any resolution or trust indenture pursuant to which bonds are issued may contain provisions, which shall be part of the contract or contracts with the holders of such bonds as to:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":213513,"text":"Pledging all or any part of the revenue of the Authority to secure the payment of the bonds, subject to any agreements with bondholders that then exist;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":213514,"text":"Pledging all or any part of the assets of, or funds under control of the Authority, including local obligations owned by the Authority, to secure the payment of the bonds, subject to any agreements with bondholders that then exist;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":213515,"text":"The use and disposition of the gross income from, and payment of the principal of and premium, if any, and interest on local obligations owned by the Authority;","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"5":{"id":213516,"text":"The establishment of reserves, sinking funds and other funds and accounts and the regulation and disposition thereof;","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3","next_prefix":"B5"},"6":{"id":213517,"text":"Limitations on the purposes to which the proceeds from the sale of the bonds may be applied, and limitations pledging the proceeds to secure the payment of the bonds;","type":"section","prefixes":["B","5"],"prefix":"5","entire_prefix":"B5","prefix_anchor":"B5","level":2,"prior_prefix":"B4","next_prefix":"B6"},"7":{"id":213518,"text":"Limitations on the issuance of additional bonds, the terms on which additional bonds may be issued and secured, and the refunding of outstanding or other bonds;","type":"section","prefixes":["B","6"],"prefix":"6","entire_prefix":"B6","prefix_anchor":"B6","level":2,"prior_prefix":"B5","next_prefix":"B7"},"8":{"id":213519,"text":"The procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds, if any, the holders of which must consent thereto, and the manner in which any consent may be given;","type":"section","prefixes":["B","7"],"prefix":"7","entire_prefix":"B7","prefix_anchor":"B7","level":2,"prior_prefix":"B6","next_prefix":"B8"},"9":{"id":213520,"text":"Limitations on the amount of money to be expended by the Authority for operating expenses of the Authority;","type":"section","prefixes":["B","8"],"prefix":"8","entire_prefix":"B8","prefix_anchor":"B8","level":2,"prior_prefix":"B7","next_prefix":"B9"},"10":{"id":213521,"text":"Vesting in a trustee or trustees any property, rights, powers and duties in trust that the Authority may determine, and limiting or abrogating the right of bondholders to appoint a trustee or limit the rights, powers and duties of the trustees;","type":"section","prefixes":["B","9"],"prefix":"9","entire_prefix":"B9","prefix_anchor":"B9","level":2,"prior_prefix":"B8","next_prefix":"B10"},"11":{"id":213522,"text":"Defining the acts or omissions which shall constitute a default, the obligations or duties of the Authority to the holders of the bonds, and the rights and remedies of the holders of the bonds in the event of default, including as a matter of right the appointment of a receiver; these rights and remedies may include the general laws of the Commonwealth and other provisions of this chapter;","type":"section","prefixes":["B","10"],"prefix":"10","entire_prefix":"B10","prefix_anchor":"B10","level":2,"prior_prefix":"B9","next_prefix":"B11"},"12":{"id":213523,"text":"Requiring the Authority or the trustees under the trust indenture to file a petition with the Governor and to take any and all other actions required under § 15.2-2659 or 62.1-216.1 to obtain payment of all unpaid sums on local obligations owned by the Authority or held by a trustee to which § 15.2-2659 or § 62.1-216.1 shall be applicable; and","type":"section","prefixes":["B","11"],"prefix":"11","entire_prefix":"B11","prefix_anchor":"B11","level":2,"prior_prefix":"B10","next_prefix":"B12"},"13":{"id":213524,"text":"Any other matter, of like or different character, relating to the terms of the bonds or the security or protection of the holders of the bonds.","type":"section","prefixes":["B","12"],"prefix":"12","entire_prefix":"B12","prefix_anchor":"B12","level":2,"prior_prefix":"B11"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/62.1-209\/","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 5 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 1986, chapter 415; in 1997, chapter 319<\/a>; in 1998, chapter 399<\/a>; in 2003, chapter 561<\/a>; in 2011, chapter 616<\/a>.<\/p>","references":false,"refers_to":[{"id":78015,"section_number":"15.2-2659","catch_line":"Investigation by Governor of alleged defaults; withholding state funds from defaulting locality; payment of funds withheld; receipts, reports, etc.; magisterial and school district defaults included","order_by":null,"url":"\/15.2-2659\/"},{"id":72905,"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","order_by":null,"url":"\/62.1-216.1\/"}],"permalink":{"id":268723,"object_type":"law","relational_id":58282,"identifier":"62.1-209","token":"62.1\/21\/62.1-209","url":"\/62.1-209\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/62.1-209\/","token":"62.1\/21\/62.1-209","dublin_core":{"Title":"Provisions of resolution or trust indenture authorizing issuance of bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 62.1-209","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Bonds<\/span><\/span> may be secured by a trust indenture between the Authority<\/span> and a corporate trustee, which may be any bank having the power of a trust company or any trust company within or without the Commonwealth. A trust indenture may contain provisions for protecting and enforcing the rights and remedies of the bondholders that are reasonable and proper and not in violation of law<\/span>, including covenants setting forth the duties of the Authority<\/span> in relation to the exercise of its powers and the custody<\/span>, safekeeping and application of all money. The Authority<\/span> may provide by the trust indenture for the payment of the proceeds of the bonds<\/span><\/span> and all or any part of the revenues of the Authority<\/span> to the trustee under the trust indenture or to some other depository, and for the method of their disbursement with whatever safeguards and restrictions as the Authority<\/span> specifies. All expenses incurred in carrying out the trust indenture may be treated as part of the operating expenses of the Authority<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Any resolution or trust indenture pursuant to which bonds<\/span><\/span> are issued may contain provisions, which shall be part of the contract<\/span> or contracts<\/span> with the holders of such bonds<\/span><\/span> as to: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Pledging all or any part of the revenue of the Authority<\/span> to secure the payment of the bonds<\/span><\/span>, subject to any agreements with bondholders that then exist; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Pledging all or any part of the assets<\/span> of, or funds under control of the Authority<\/span>, including local obligations<\/span> owned by the Authority<\/span>, to secure the payment of the bonds<\/span><\/span>, subject to any agreements with bondholders that then exist; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The use and disposition<\/span> of the gross income from, and payment of the principal of and premium, if any, and interest on local obligations<\/span> owned by the Authority<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The establishment of reserves, sinking funds and other funds and accounts and the regulation and disposition<\/span> thereof; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Limitations on the purposes to which the proceeds from the sale of the bonds<\/span><\/span> may be applied, and limitations pledging the proceeds to secure the payment of the bonds<\/span><\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Limitations on the issuance of additional bonds<\/span><\/span>, the terms on which additional bonds<\/span><\/span> may be issued and secured, and the refunding of outstanding or other bonds<\/span><\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> The procedure, if any, by which the terms of any contract<\/span> with bondholders may be amended or abrogated, the amount of bonds<\/span><\/span>, if any, the holders of which must consent thereto, and the manner in which any consent may be given; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Limitations on the amount of money to be expended by the Authority<\/span> for operating expenses of the Authority<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Vesting in a trustee or trustees any property, rights, powers and duties in trust that the Authority<\/span> may determine, and limiting or abrogating the right of bondholders to appoint a trustee or limit the rights, powers and duties of the trustees; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> Defining the acts or omissions which shall constitute a default<\/span>, the obligations or duties of the Authority<\/span> to the holders of the bonds<\/span><\/span>, and the rights and remedies of the holders of the bonds<\/span><\/span> in the event of default<\/span>, including as a matter of right the appointment of a receiver; these rights and remedies may include the general laws<\/span> of the Commonwealth and other provisions of this chapter; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> Requiring the Authority<\/span> or the trustees under the trust indenture to file a petition<\/span> with the Governor and to take any and all other actions required under § 15.2-2659<\/a> or 62.1-216.1<\/a> to obtain payment of all unpaid sums on local obligations<\/span> owned by the Authority<\/span> or held by a trustee to which § 15.2-2659<\/a> or § 62.1-216.1<\/a> shall be applicable; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> Any other matter, of like or different character, relating to the terms of the bonds<\/span><\/span> or the security or protection of the holders of the bonds<\/span><\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPROVISIONS OF RESOLUTION OR TRUST INDENTURE AUTHORIZING ISSUANCE OF BONDS (\u00a7\n62.1-209)\n\nA. Bonds may be secured by a trust indenture between the Authority and a\ncorporate trustee, which may be any bank having the power of a trust company or\nany trust company within or without the Commonwealth. A trust indenture may\ncontain provisions for protecting and enforcing the rights and remedies of the\nbondholders that are reasonable and proper and not in violation of law,\nincluding covenants setting forth the duties of the Authority in relation to the\nexercise of its powers and the custody, safekeeping and application of all\nmoney. The Authority may provide by the trust indenture for the payment of the\nproceeds of the bonds and all or any part of the revenues of the Authority to\nthe trustee under the trust indenture or to some other depository, and for the\nmethod of their disbursement with whatever safeguards and restrictions as the\nAuthority specifies. All expenses incurred in carrying out the trust indenture\nmay be treated as part of the operating expenses of the Authority.\n\nB. Any resolution or trust indenture pursuant to which bonds are issued may\ncontain provisions, which shall be part of the contract or contracts with the\nholders of such bonds as to:\n\n 1. Pledging all or any part of the revenue of the Authority to secure the\n payment of the bonds, subject to any agreements with bondholders that then\n exist;\n\n 2. Pledging all or any part of the assets of, or funds under control of the\n Authority, including local obligations owned by the Authority, to secure the\n payment of the bonds, subject to any agreements with bondholders that then\n exist;\n\n 3. The use and disposition of the gross income from, and payment of the\n principal of and premium, if any, and interest on local obligations owned by\n the Authority;\n\n 4. The establishment of reserves, sinking funds and other funds and accounts\n and the regulation and disposition thereof;\n\n 5. Limitations on the purposes to which the proceeds from the sale of the\n bonds may be applied, and limitations pledging the proceeds to secure the\n payment of the bonds;\n\n 6. Limitations on the issuance of additional bonds, the terms on which\n additional bonds may be issued and secured, and the refunding of outstanding\n or other bonds;\n\n 7. The procedure, if any, by which the terms of any contract with bondholders\n may be amended or abrogated, the amount of bonds, if any, the holders of which\n must consent thereto, and the manner in which any consent may be given;\n\n 8. Limitations on the amount of money to be expended by the Authority for\n operating expenses of the Authority;\n\n 9. Vesting in a trustee or trustees any property, rights, powers and duties in\n trust that the Authority may determine, and limiting or abrogating the right\n of bondholders to appoint a trustee or limit the rights, powers and duties of\n the trustees;\n\n 10. Defining the acts or omissions which shall constitute a default, the\n obligations or duties of the Authority to the holders of the bonds, and the\n rights and remedies of the holders of the bonds in the event of default,\n including as a matter of right the appointment of a receiver; these rights and\n remedies may include the general laws of the Commonwealth and other provisions\n of this chapter;\n\n 11. Requiring the Authority or the trustees under the trust indenture to file\n a petition with the Governor and to take any and all other actions required\n under § 15.2-2659 or 62.1-216.1 to obtain payment of all unpaid sums on\n local obligations owned by the Authority or held by a trustee to which §\n 15.2-2659 or § 62.1-216.1 shall be applicable; and\n\n 12. Any other matter, of like or different character, relating to the terms of\n the bonds or the security or protection of the holders of the bonds.\n\nHISTORY: 1984, c. 699; 1986, c. 415; 1997, c. 319; 1998, c. 399; 2003, c. 561;\n2011, c. 616.","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}}