{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/62.1-215.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/62.1-215.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/62.1-215.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/62.1-215.html"}],"law_id":72224,"edition_id":1,"section_id":72224,"structure_id":13206,"section_number":"62.1-215","catch_line":"Establishment of capital reserve funds","history":"1984, c. 699; 1998, c. 399; 2000, c. 790.","full_text":"A\n\n1. The Authority may create and establish one or more capital reserve funds and may pay into each capital reserve fund (i) any moneys appropriated and made available by the Commonwealth for the purpose of such a fund, (ii) any proceeds of the sale of bonds of the Authority, to the extent provided in the resolution authorizing the issuance of, or the trust indenture securing, the bonds, and (iii) any other moneys which may be made available to the Authority for the purpose of such a fund from any other source. All moneys held in any capital reserve fund, except as hereinafter provided, shall be used solely for the payment when due of the principal of and premium, if any, and interest on the bonds or obligations under credit enhancements issued by the Authority secured in whole or in part by such a fund. If, however, moneys in any such fund are ever less than the minimum capital reserve fund requirement established for the fund, the Authority shall not use the moneys for any optional purchase or redemption of bonds. Any income or interest earned on, or increment to, any capital reserve fund due to its investment may be transferred by the Authority to other funds or accounts of the Authority to the extent it does not reduce the amount of the capital reserve fund below its minimal requirement.2\n\nThe Authority shall not at any time issue bonds or credit enhancements secured in whole or in part by any capital reserve fund, if upon the issuance of the bonds or credit enhancements, the amount in the capital reserve fund will be less than its minimal requirement unless the Authority, at the time of issuance of the bonds or credit enhancements, deposits in the fund an amount which, together with the amount then in the fund, will not be less than the fund’s minimal capital reserve requirement.B\n\nIn order to assure further the maintenance of capital reserve funds, the chairman of the Authority shall annually, on or before December 1, make and deliver to the Governor and the Secretary of Administration a certificate stating the sum, if any, required to restore each capital reserve fund to its minimal requirement. Within five days after the beginning of each session of the General Assembly, the Governor shall submit to the presiding officer of each House of the General Assembly printed copies of a budget including the sum, if any, required to restore each capital reserve fund to its minimal requirement. All sums, if any, which may be appropriated by the General Assembly for any restoration and paid to the Authority shall be deposited by the Authority in the applicable capital reserve fund. All amounts paid to the Authority by the Commonwealth pursuant to the provisions of this section shall constitute and be accounted for as advances by the Commonwealth to the Authority and, subject to the rights of the holders of any bonds of the Authority or the beneficiaries of credit enhancements of the Authority, shall be repaid to the Commonwealth without interest from available operating revenues of the Authority in excess of amounts required for the payment of bonds, credit enhancements or other obligations of the Authority, the maintenance of capital reserve funds, and operating expenses. In addition, no bonds issued by the Authority to finance a professional sports facility shall be secured by a capital reserve fund.C\n\nThe Authority may create and establish other funds as necessary or desirable for its corporate purposes.D\n\nNothing in this section shall be construed as limiting the power of the Authority to issue bonds or credit enhancements not secured by a capital reserve fund.","order_by":null,"text":{"0":{"id":260188,"text":"1. The Authority may create and establish one or more capital reserve funds and may pay into each capital reserve fund (i) any moneys appropriated and made available by the Commonwealth for the purpose of such a fund, (ii) any proceeds of the sale of bonds of the Authority, to the extent provided in the resolution authorizing the issuance of, or the trust indenture securing, the bonds, and (iii) any other moneys which may be made available to the Authority for the purpose of such a fund from any other source. All moneys held in any capital reserve fund, except as hereinafter provided, shall be used solely for the payment when due of the principal of and premium, if any, and interest on the bonds or obligations under credit enhancements issued by the Authority secured in whole or in part by such a fund. If, however, moneys in any such fund are ever less than the minimum capital reserve fund requirement established for the fund, the Authority shall not use the moneys for any optional purchase or redemption of bonds. Any income or interest earned on, or increment to, any capital reserve fund due to its investment may be transferred by the Authority to other funds or accounts of the Authority to the extent it does not reduce the amount of the capital reserve fund below its minimal requirement.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A2"},"1":{"id":260189,"text":"The Authority shall not at any time issue bonds or credit enhancements secured in whole or in part by any capital reserve fund, if upon the issuance of the bonds or credit enhancements, the amount in the capital reserve fund will be less than its minimal requirement unless the Authority, at the time of issuance of the bonds or credit enhancements, deposits in the fund an amount which, together with the amount then in the fund, will not be less than the fund’s minimal capital reserve requirement.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A","next_prefix":"B"},"2":{"id":260190,"text":"In order to assure further the maintenance of capital reserve funds, the chairman of the Authority shall annually, on or before December 1, make and deliver to the Governor and the Secretary of Administration a certificate stating the sum, if any, required to restore each capital reserve fund to its minimal requirement. Within five days after the beginning of each session of the General Assembly, the Governor shall submit to the presiding officer of each House of the General Assembly printed copies of a budget including the sum, if any, required to restore each capital reserve fund to its minimal requirement. All sums, if any, which may be appropriated by the General Assembly for any restoration and paid to the Authority shall be deposited by the Authority in the applicable capital reserve fund. All amounts paid to the Authority by the Commonwealth pursuant to the provisions of this section shall constitute and be accounted for as advances by the Commonwealth to the Authority and, subject to the rights of the holders of any bonds of the Authority or the beneficiaries of credit enhancements of the Authority, shall be repaid to the Commonwealth without interest from available operating revenues of the Authority in excess of amounts required for the payment of bonds, credit enhancements or other obligations of the Authority, the maintenance of capital reserve funds, and operating expenses. In addition, no bonds issued by the Authority to finance a professional sports facility shall be secured by a capital reserve fund.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2","next_prefix":"C"},"3":{"id":260191,"text":"The Authority may create and establish other funds as necessary or desirable for its corporate purposes.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"4":{"id":260192,"text":"Nothing in this section shall be construed as limiting the power of the Authority to issue bonds or credit enhancements not secured by a capital reserve fund.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/62.1-215\/","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 1998, chapter 399<\/a>; in 2000, chapter 790<\/a>.<\/p>","references":[{"id":80022,"section_number":"62.1-199","catch_line":"Definitions","order_by":null,"url":"\/62.1-199\/"},{"id":66055,"section_number":"62.1-204","catch_line":"Power to borrow money and issue bonds and credit enhancements","order_by":null,"url":"\/62.1-204\/"}],"refers_to":false,"permalink":{"id":268747,"object_type":"law","relational_id":72224,"identifier":"62.1-215","token":"62.1\/21\/62.1-215","url":"\/62.1-215\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/62.1-215\/","token":"62.1\/21\/62.1-215","dublin_core":{"Title":"Establishment of capital reserve funds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 62.1-215","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> 1. The Authority<\/span> may create and establish one or more capital reserve funds<\/span> and may pay into each capital reserve fund<\/span> (i) any moneys appropriated and made available by the Commonwealth for the purpose of such a fund, (ii) any proceeds of the sale of bonds<\/span><\/span> of the Authority<\/span>, to the extent provided in the resolution authorizing the issuance of, or the trust indenture securing, the bonds<\/span><\/span>, and (iii) any other moneys which may be made available to the Authority<\/span> for the purpose of such a fund from any other source. All moneys held in any capital reserve fund<\/span>, except as hereinafter provided, shall be used solely for the payment when due of the principal of and premium, if any, and interest on the bonds<\/span><\/span> or obligations under credit enhancements<\/span> issued by the Authority<\/span> secured in whole or in part by such a fund. If, however, moneys in any such fund are ever less than the minimum capital reserve fund<\/span> requirement established for the fund, the Authority<\/span> shall not use the moneys for any optional purchase or redemption<\/span> of bonds<\/span><\/span>. Any income or interest earned on, or increment to, any capital reserve fund<\/span> due to its investment may be transferred by the Authority<\/span> to other funds or accounts of the Authority<\/span> to the extent it does not reduce the amount of the capital reserve fund<\/span> below its minimal requirement. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The Authority<\/span> shall not at any time issue<\/span> bonds<\/span><\/span> or credit enhancements<\/span> secured in whole or in part by any capital reserve fund<\/span>, if upon the issuance of the bonds<\/span><\/span> or credit enhancements<\/span>, the amount in the capital reserve fund<\/span> will be less than its minimal requirement unless the Authority<\/span>, at the time of issuance of the bonds<\/span><\/span> or credit enhancements<\/span>, deposits in the fund an amount which, together with the amount then in the fund, will not be less than the fund’s minimal capital reserve requirement. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> In order<\/span> to assure further the maintenance of capital reserve funds<\/span>, the chairman of the Authority<\/span> shall annually, on or before December 1, make and deliver to the Governor and the Secretary of Administration a certificate stating the sum, if any, required to restore each capital reserve fund<\/span> to its minimal requirement. Within five days after the beginning of each session of the General Assembly, the Governor shall submit to the presiding officer of each House of the General Assembly printed copies of a budget including the sum, if any, required to restore each capital reserve fund<\/span> to its minimal requirement. All sums, if any, which may be appropriated by the General Assembly for any restoration and paid to the Authority<\/span> shall be deposited by the Authority<\/span> in the applicable capital reserve fund<\/span>. All amounts paid to the Authority<\/span> by the Commonwealth pursuant to the provisions of this section shall constitute and be accounted for as advances by the Commonwealth to the Authority<\/span> and, subject to the rights of the holders of any bonds<\/span><\/span> of the Authority<\/span> or the beneficiaries of credit enhancements<\/span> of the Authority<\/span>, shall be repaid to the Commonwealth without interest from available operating revenues of the Authority<\/span> in excess of amounts required for the payment of bonds<\/span><\/span>, credit enhancements<\/span> or other obligations of the Authority<\/span>, the maintenance of capital reserve funds<\/span>, and operating expenses. In addition, no bonds<\/span><\/span> issued by the Authority<\/span> to finance a professional sports facility shall be secured by a capital reserve fund<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Authority<\/span> may create and establish other funds as necessary or desirable for its corporate purposes. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Nothing in this section shall be construed as limiting the power of the Authority<\/span> to issue<\/span> bonds<\/span><\/span> or credit enhancements<\/span> not secured by a capital reserve fund<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nESTABLISHMENT OF CAPITAL RESERVE FUNDS (\u00a7 62.1-215)\n\nA. 1. The Authority may create and establish one or more capital reserve funds\nand may pay into each capital reserve fund (i) any moneys appropriated and made\navailable by the Commonwealth for the purpose of such a fund, (ii) any proceeds\nof the sale of bonds of the Authority, to the extent provided in the resolution\nauthorizing the issuance of, or the trust indenture securing, the bonds, and\n(iii) any other moneys which may be made available to the Authority for the\npurpose of such a fund from any other source. All moneys held in any capital\nreserve fund, except as hereinafter provided, shall be used solely for the\npayment when due of the principal of and premium, if any, and interest on the\nbonds or obligations under credit enhancements issued by the Authority secured\nin whole or in part by such a fund. If, however, moneys in any such fund are\never less than the minimum capital reserve fund requirement established for the\nfund, the Authority shall not use the moneys for any optional purchase or\nredemption of bonds. Any income or interest earned on, or increment to, any\ncapital reserve fund due to its investment may be transferred by the Authority\nto other funds or accounts of the Authority to the extent it does not reduce the\namount of the capital reserve fund below its minimal requirement.\n\n 2. The Authority shall not at any time issue bonds or credit enhancements\n secured in whole or in part by any capital reserve fund, if upon the issuance\n of the bonds or credit enhancements, the amount in the capital reserve fund\n will be less than its minimal requirement unless the Authority, at the time of\n issuance of the bonds or credit enhancements, deposits in the fund an amount\n which, together with the amount then in the fund, will not be less than the\n fund’s minimal capital reserve requirement.\n\nB. In order to assure further the maintenance of capital reserve funds, the\nchairman of the Authority shall annually, on or before December 1, make and\ndeliver to the Governor and the Secretary of Administration a certificate\nstating the sum, if any, required to restore each capital reserve fund to its\nminimal requirement. Within five days after the beginning of each session of the\nGeneral Assembly, the Governor shall submit to the presiding officer of each\nHouse of the General Assembly printed copies of a budget including the sum, if\nany, required to restore each capital reserve fund to its minimal requirement.\nAll sums, if any, which may be appropriated by the General Assembly for any\nrestoration and paid to the Authority shall be deposited by the Authority in the\napplicable capital reserve fund. All amounts paid to the Authority by the\nCommonwealth pursuant to the provisions of this section shall constitute and be\naccounted for as advances by the Commonwealth to the Authority and, subject to\nthe rights of the holders of any bonds of the Authority or the beneficiaries of\ncredit enhancements of the Authority, shall be repaid to the Commonwealth\nwithout interest from available operating revenues of the Authority in excess of\namounts required for the payment of bonds, credit enhancements or other\nobligations of the Authority, the maintenance of capital reserve funds, and\noperating expenses. In addition, no bonds issued by the Authority to finance a\nprofessional sports facility shall be secured by a capital reserve fund.\n\nC. The Authority may create and establish other funds as necessary or desirable\nfor its corporate purposes.\n\nD. Nothing in this section shall be construed as limiting the power of the\nAuthority to issue bonds or credit enhancements not secured by a capital reserve\nfund.\n\nHISTORY: 1984, c. 699; 1998, c. 399; 2000, c. 790.","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}}