<?xml version="1.0"?>
<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>79805</law_id><section_number>15.2-7219</section_number><catch_line>Contracts concerning interest rates and investments</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="72">Bvu Authority Act</unit></structure><text>
						<section><p>The <span class="dictionary">Authority</span> may enter into any <span class="dictionary">contract</span> that the <span class="dictionary">Board of Directors</span> determines to be necessary or appropriate to place the obligation or investment of the <span class="dictionary">Authority</span>, as represented by the <span class="dictionary"><span class="dictionary">bonds</span></span> or the investment of their proceeds, in whole or in part, on the interest rate, cash flow, or other basis desired by the <span class="dictionary">Authority</span>, which <span class="dictionary">contract</span> may include, without limitation, interest rate swap agreements, future <span class="dictionary">contracts</span> and <span class="dictionary">contracts</span> providing for payments based upon levels of, or changes in, interest rates. These <span class="dictionary">contracts</span> or arrangements may be entered into by the <span class="dictionary">Authority</span> in connection with, or incidental to, entering into or maintaining any (i) agreement that secures <span class="dictionary"><span class="dictionary">bonds</span></span> or (ii) investment, or <span class="dictionary">contract</span> providing for investment, otherwise authorized by <span class="dictionary">law</span>. These <span class="dictionary">contracts</span> may contain such payment, security, <span class="dictionary">default</span>, remedy, and other terms as determined by the <span class="dictionary">Authority</span>. Any money set aside and pledged to secure payments of <span class="dictionary"><span class="dictionary">bonds</span></span> or any <span class="dictionary">contracts</span> entered into pursuant to this section may be invested in accordance with Chapter 45 (&#xA7;&#xA0;<a class="law" title="Legal investments for public sinking funds" href="/2.2-4500/">2.2-4500</a> et seq.) of Title 2.2 and may be pledged to and used to service any of the <span class="dictionary">contracts</span> or agreements entered into pursuant to this section.</p></section></text><history>2010, cc. 117, 210.</history><metadata></metadata></law>
