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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>61507</law_id><section_number>15.2-5127</section_number><catch_line>Proceeds of bonds</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="15.2">Counties, Cities and Towns</unit><unit label="subtitle" level="2" order_by="1" identifier="IV">Other Governmental Entities</unit><unit label="chapter" level="3" order_by="1" identifier="51">Virginia Water and Waste Authorities Act</unit><unit label="article" level="4" order_by="1" identifier="4">Financing</unit></structure><text>
						<section><p>The proceeds of <span class="dictionary">bonds</span> issued pursuant to &#xA7;&#xA0;<a class="law" title="Issuance of revenue bonds" href="/15.2-5125/">15.2-5125</a> shall be used solely for the payment of the cost of the <span class="dictionary">system</span> or <span class="dictionary">systems</span> for which they were issued and shall be disbursed in such manner and under such restrictions, if any, as the <span class="dictionary">authority</span> may provide in the authorizing resolution or in any trust agreement. If the proceeds of the <span class="dictionary">bonds</span>, by error of estimates or otherwise, are less than such cost, additional <span class="dictionary">bonds</span> may in like manner be issued to provide the amount of such deficit and, unless otherwise provided in the authorizing resolution or in the trust agreement securing them, shall be deemed to be of the same <span class="dictionary">issue</span> and entitled to payment from the same fund without preference or priority of the <span class="dictionary">bonds</span> first issued for the same purpose. If the proceeds of the <span class="dictionary">bonds</span> of any <span class="dictionary">issue</span> exceed the amount required for the purpose for which such <span class="dictionary">bonds</span> were issued, the surplus shall be deposited to the credit of the sinking fund for such <span class="dictionary">bonds</span>.</p></section></text><history>Code 1950, &#xA7; 15-764.15; 1950, p. 1322; 1962, c. 623, &#xA7; 15.1-1253; 1997, c. 587.</history><metadata></metadata></law>
