{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/62.1-231.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/62.1-231.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/62.1-231.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/62.1-231.html"}],"law_id":62895,"edition_id":1,"section_id":62895,"structure_id":14580,"section_number":"62.1-231","catch_line":"Pledge of loans to secure bonds of Authority","history":"1986, c. 415.","full_text":"The Authority is empowered at any time and from time to time to transfer from the Fund to banks or trust companies designated by the Authority any or all of the assets of the Fund to be held in trust as security for the payment of the principal of and premium, if any, and interest on any or all of the bonds (as defined in \u00a7 62.1-199) of the Authority. The interests of the Fund in any obligations so transferred shall be subordinate to the rights of the trustee under the pledge. To the extent funds are not available from other sources pledged for such purpose, any payments of principal and interest received on the assets transferred or held in trust may be applied by the trustee thereof to the payment of the principal of and premium, if any, and interest on such bonds of the Authority to which the obligations have been pledged, and, if such payments are insufficient for such purpose, the trustee is empowered to sell any or all of such assets and apply the net proceeds from the sale to the payment of the principal of and premium, if any, and interest on such bonds of the Authority. Any assets of the Fund transferred in trust as set forth above and any payments of principal, interest or earnings received thereon shall remain part of the Fund but shall be subject to the pledge to secure the bonds of the Authority and shall be held by the trustee to which they are pledged until no longer required for such purpose by the terms of the pledge. On or before the tenth day of January in each year, the Authority shall transfer, or shall cause the trustee to transfer, to the Fund any assets transferred or held in trust as set forth above which are no longer required to be held in trust pursuant to the terms of the pledge.","order_by":null,"text":{"0":{"id":229452,"text":"The Authority is empowered at any time and from time to time to transfer from the Fund to banks or trust companies designated by the Authority any or all of the assets of the Fund to be held in trust as security for the payment of the principal of and premium, if any, and interest on any or all of the bonds (as defined in \u00a7 62.1-199) of the Authority. The interests of the Fund in any obligations so transferred shall be subordinate to the rights of the trustee under the pledge. To the extent funds are not available from other sources pledged for such purpose, any payments of principal and interest received on the assets transferred or held in trust may be applied by the trustee thereof to the payment of the principal of and premium, if any, and interest on such bonds of the Authority to which the obligations have been pledged, and, if such payments are insufficient for such purpose, the trustee is empowered to sell any or all of such assets and apply the net proceeds from the sale to the payment of the principal of and premium, if any, and interest on such bonds of the Authority. Any assets of the Fund transferred in trust as set forth above and any payments of principal, interest or earnings received thereon shall remain part of the Fund but shall be subject to the pledge to secure the bonds of the Authority and shall be held by the trustee to which they are pledged until no longer required for such purpose by the terms of the pledge. On or before the tenth day of January in each year, the Authority shall transfer, or shall cause the trustee to transfer, to the Fund any assets transferred or held in trust as set forth above which are no longer required to be held in trust pursuant to the terms of the pledge.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14580,"edition_id":1,"name":"Virginia Water Facilities Revolving Fund","identifier":"22","label":"chapter","depth":2,"order_by":1,"parent_id":12909,"metadata":{},"date_created":"2026-06-26 03:48:45","date_modified":"2026-06-26 03:48:45","permalink":{"id":268801,"object_type":"structure","relational_id":14580,"identifier":"22","token":"62.1\/22","url":"\/62.1\/22\/","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":67684,"structure_id":14580,"section_number":"62.1-224","catch_line":"Definitions","url":"\/62.1-224\/","token":"62.1\/22\/62.1-224","metadata":false},{"id":69712,"structure_id":14580,"section_number":"62.1-225","catch_line":"Creation and management of Fund","url":"\/62.1-225\/","token":"62.1\/22\/62.1-225","metadata":false},{"id":65618,"structure_id":14580,"section_number":"62.1-226","catch_line":"Deposit of money; expenditures; investments","url":"\/62.1-226\/","token":"62.1\/22\/62.1-226","metadata":false},{"id":81412,"structure_id":14580,"section_number":"62.1-227","catch_line":"Annual audit","url":"\/62.1-227\/","token":"62.1\/22\/62.1-227","metadata":false},{"id":82443,"structure_id":14580,"section_number":"62.1-228","catch_line":"Collection of money due Fund","url":"\/62.1-228\/","token":"62.1\/22\/62.1-228","metadata":false},{"id":60967,"structure_id":14580,"section_number":"62.1-229","catch_line":"Loans to local governments or other entities","url":"\/62.1-229\/","token":"62.1\/22\/62.1-229","metadata":false},{"id":56071,"structure_id":14580,"section_number":"62.1-229.1","catch_line":"Loans and grants for agricultural best management practices","url":"\/62.1-229.1\/","token":"62.1\/22\/62.1-229.1","metadata":false},{"id":83106,"structure_id":14580,"section_number":"62.1-229.2","catch_line":"Loans for remediation of contaminated properties","url":"\/62.1-229.2\/","token":"62.1\/22\/62.1-229.2","metadata":false},{"id":80766,"structure_id":14580,"section_number":"62.1-229.3","catch_line":"Loans for land conservation","url":"\/62.1-229.3\/","token":"62.1\/22\/62.1-229.3","metadata":false},{"id":59486,"structure_id":14580,"section_number":"62.1-229.4","catch_line":"Loans for stormwater runoff control best management practices","url":"\/62.1-229.4\/","token":"62.1\/22\/62.1-229.4","metadata":false},{"id":64461,"structure_id":14580,"section_number":"62.1-229.5","catch_line":"Loans for living shorelines","url":"\/62.1-229.5\/","token":"62.1\/22\/62.1-229.5","metadata":false},{"id":78413,"structure_id":14580,"section_number":"62.1-230","catch_line":"Grants to local governments","url":"\/62.1-230\/","token":"62.1\/22\/62.1-230","metadata":false},{"id":64706,"structure_id":14580,"section_number":"62.1-230.1","catch_line":"Loans and grants for regional projects, etc","url":"\/62.1-230.1\/","token":"62.1\/22\/62.1-230.1","metadata":false},{"id":62895,"structure_id":14580,"section_number":"62.1-231","catch_line":"Pledge of loans to secure bonds of Authority","url":"\/62.1-231\/","token":"62.1\/22\/62.1-231","metadata":false},{"id":85402,"structure_id":14580,"section_number":"62.1-231.1","catch_line":"Sale of loans","url":"\/62.1-231.1\/","token":"62.1\/22\/62.1-231.1","metadata":false},{"id":68414,"structure_id":14580,"section_number":"62.1-231.2","catch_line":"Powers of the Authority","url":"\/62.1-231.2\/","token":"62.1\/22\/62.1-231.2","metadata":false},{"id":63228,"structure_id":14580,"section_number":"62.1-232","catch_line":"Liberal construction of chapter","url":"\/62.1-232\/","token":"62.1\/22\/62.1-232","metadata":false}],"previous_section":{"id":64706,"structure_id":14580,"section_number":"62.1-230.1","catch_line":"Loans and grants for regional projects, etc","url":"\/62.1-230.1\/","token":"62.1\/22\/62.1-230.1","metadata":false},"next_section":{"id":85402,"structure_id":14580,"section_number":"62.1-231.1","catch_line":"Sale of loans","url":"\/62.1-231.1\/","token":"62.1\/22\/62.1-231.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/62.1-231\/","history_text":"

This law was first created in 1986. The record of its establishment is cataloged in chapter 415 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 1986 \u201cActs\u201d aren\u2019t available online.<\/p>","references":[{"id":85528,"section_number":"62.1-203","catch_line":"Powers of Authority","order_by":null,"url":"\/62.1-203\/"}],"refers_to":[{"id":80022,"section_number":"62.1-199","catch_line":"Definitions","order_by":null,"url":"\/62.1-199\/"}],"permalink":{"id":268855,"object_type":"law","relational_id":62895,"identifier":"62.1-231","token":"62.1\/22\/62.1-231","url":"\/62.1-231\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/62.1-231\/","token":"62.1\/22\/62.1-231","dublin_core":{"Title":"Pledge of loans to secure bonds of Authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 62.1-231","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The Authority<\/span> is empowered at any time and from time to time to transfer from the Fund<\/span> to banks or trust companies designated by the Authority<\/span> any or all of the assets<\/span> of the Fund<\/span> to be held in trust as security for the payment of the principal of and premium, if any, and interest on any or all of the bonds<\/span> (as defined in \u00a7 62.1-199<\/a>) of the Authority<\/span>. The interests of the Fund<\/span> in any obligations so transferred shall be subordinate to the rights of the trustee under the pledge. To the extent funds<\/span> are not available from other sources pledged for such purpose, any payments of principal and interest received on the assets<\/span> transferred or held in trust may be applied by the trustee thereof to the payment of the principal of and premium, if any, and interest on such bonds<\/span> of the Authority<\/span> to which the obligations have been pledged, and, if such payments are insufficient for such purpose, the trustee is empowered to sell any or all of such assets<\/span> and apply the net proceeds from the sale to the payment of the principal of and premium, if any, and interest on such bonds<\/span> of the Authority<\/span>. Any assets<\/span> of the Fund<\/span> transferred in trust as set forth above and any payments of principal, interest or earnings received thereon shall remain part of the Fund<\/span> but shall be subject to the pledge to secure the bonds<\/span> of the Authority<\/span> and shall be held by the trustee to which they are pledged until no longer required for such purpose by the terms of the pledge. On or before the tenth day of January in each year, the Authority<\/span> shall transfer, or shall cause the trustee to transfer, to the Fund<\/span> any assets<\/span> transferred or held in trust as set forth above which are no longer required to be held in trust pursuant to the terms of the pledge.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPLEDGE OF LOANS TO SECURE BONDS OF AUTHORITY (\u00a7 62.1-231)\n\nThe Authority is empowered at any time and from time to time to transfer from\nthe Fund to banks or trust companies designated by the Authority any or all of\nthe assets of the Fund to be held in trust as security for the payment of the\nprincipal of and premium, if any, and interest on any or all of the bonds (as\ndefined in \u00a7 62.1-199) of the Authority. The interests of the Fund in any\nobligations so transferred shall be subordinate to the rights of the trustee\nunder the pledge. To the extent funds are not available from other sources\npledged for such purpose, any payments of principal and interest received on the\nassets transferred or held in trust may be applied by the trustee thereof to the\npayment of the principal of and premium, if any, and interest on such bonds of\nthe Authority to which the obligations have been pledged, and, if such payments\nare insufficient for such purpose, the trustee is empowered to sell any or all\nof such assets and apply the net proceeds from the sale to the payment of the\nprincipal of and premium, if any, and interest on such bonds of the Authority.\nAny assets of the Fund transferred in trust as set forth above and any payments\nof principal, interest or earnings received thereon shall remain part of the\nFund but shall be subject to the pledge to secure the bonds of the Authority and\nshall be held by the trustee to which they are pledged until no longer required\nfor such purpose by the terms of the pledge. On or before the tenth day of\nJanuary in each year, the Authority shall transfer, or shall cause the trustee\nto transfer, to the Fund any assets transferred or held in trust as set forth\nabove which are no longer required to be held in trust pursuant to the terms of\nthe pledge.\n\nHISTORY: 1986, c. 415.","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}}