{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/15.2-4910.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/15.2-4910.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/15.2-4910.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/15.2-4910.html"}],"law_id":348524,"edition_id":2,"section_id":348524,"structure_id":49983,"section_number":"15.2-4910","catch_line":"Security for payment of bonds; default","history":"1966, c. 651, \u00a7 15.1-1381; 1997, c. 587.","full_text":"The principal of and interest on any bonds issued by the authority shall be secured by a pledge of the revenues and receipts out of which the same shall be made payable, and may be secured by a trust indenture covering all or any part of the authority facilities from which revenues or receipts so pledged may be derived, including any enlargements of and additions to any such projects thereafter made. The resolution under which the bonds are authorized to be issued and any such trust indenture may contain any agreements and provisions respecting the maintenance of the projects covered thereby, the fixing and collection of rents for any portions thereof leased by the authority to others, the creation and maintenance of special funds from such revenues and the rights and remedies available in the event of default, all as the board of directors shall deem advisable not in conflict with the provisions hereof. Each pledge, agreement and trust indenture made for the benefit or security of any of the bonds of the authority shall continue effective until the principal of and interest on such bonds have been fully paid. In the event of default in such payment or in any agreements of the authority made as a part of the contract under which the bonds were issued, whether contained in the proceedings authorizing the bonds or in any trust indenture executed as security therefor, such payment or agreements may be enforced by writ of mandamus, or by a suit, action or proceeding at law or in equity to compel the authority and the directors, officers, agents or employees thereof to perform the terms, provisions, and covenants contained in any trust indenture of the authority, by the appointment of a receiver in equity or by foreclosure of any such trust indenture or any one or more of said remedies.\n\n","order_by":null,"text":{"0":{"id":1299500,"text":"The principal of and interest on any bonds issued by the authority shall be secured by a pledge of the revenues and receipts out of which the same shall be made payable, and may be secured by a trust indenture covering all or any part of the authority facilities from which revenues or receipts so pledged may be derived, including any enlargements of and additions to any such projects thereafter made. The resolution under which the bonds are authorized to be issued and any such trust indenture may contain any agreements and provisions respecting the maintenance of the projects covered thereby, the fixing and collection of rents for any portions thereof leased by the authority to others, the creation and maintenance of special funds from such revenues and the rights and remedies available in the event of default, all as the board of directors shall deem advisable not in conflict with the provisions hereof. Each pledge, agreement and trust indenture made for the benefit or security of any of the bonds of the authority shall continue effective until the principal of and interest on such bonds have been fully paid. In the event of default in such payment or in any agreements of the authority made as a part of the contract under which the bonds were issued, whether contained in the proceedings authorizing the bonds or in any trust indenture executed as security therefor, such payment or agreements may be enforced by writ of mandamus, or by a suit, action or proceeding at law or in equity to compel the authority and the directors, officers, agents or employees thereof to perform the terms, provisions, and covenants contained in any trust indenture of the authority, by the appointment of a receiver in equity or by foreclosure of any such trust indenture or any one or more of said remedies.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":49983,"edition_id":2,"name":"Industrial Development and Revenue Bond Act","identifier":"49","label":"chapter","depth":3,"order_by":7,"parent_id":49964,"metadata":{"child_laws":21,"child_structures":0},"date_created":"2026-08-02 02:19:23","date_modified":"2026-08-02 12:29:51","permalink":{"id":1385345,"object_type":"structure","relational_id":49983,"identifier":"49","token":"15.2\/IV\/49","url":"\/15.2\/IV\/49\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49964,"edition_id":2,"name":"Other Governmental Entities","identifier":"IV","label":"subtitle","depth":2,"order_by":4,"parent_id":49831,"metadata":{"child_laws":721,"child_structures":68},"date_created":"2026-08-02 02:19:12","date_modified":"2026-08-02 12:29:48","permalink":{"id":1384899,"object_type":"structure","relational_id":49964,"identifier":"IV","token":"15.2\/IV","url":"\/15.2\/IV\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49831,"edition_id":2,"name":"Counties, Cities and Towns","identifier":"15.2","label":"title","depth":1,"order_by":46,"parent_id":null,"metadata":{"child_laws":2297,"child_structures":225},"date_created":"2026-08-02 02:16:22","date_modified":"2026-08-02 12:29:22","permalink":{"id":1378281,"object_type":"structure","relational_id":49831,"identifier":"15.2","token":"15.2","url":"\/15.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":348514,"structure_id":49983,"section_number":"15.2-4900","catch_line":"Short title","url":"\/15.2-4900\/","token":"15.2\/IV\/49\/15.2-4900","metadata":false},{"id":348515,"structure_id":49983,"section_number":"15.2-4901","catch_line":"Purpose of chapter","url":"\/15.2-4901\/","token":"15.2\/IV\/49\/15.2-4901","metadata":false},{"id":348516,"structure_id":49983,"section_number":"15.2-4902","catch_line":"Definitions","url":"\/15.2-4902\/","token":"15.2\/IV\/49\/15.2-4902","metadata":false},{"id":348517,"structure_id":49983,"section_number":"15.2-4903","catch_line":"Creation of industrial development authorities","url":"\/15.2-4903\/","token":"15.2\/IV\/49\/15.2-4903","metadata":{"court_decisions":{"0":{"name":" .\u202f.\u202f. Short Pump Town Center Community Development Authority v. .\u202f.\u202f. ","case_number":"Record 010456","citation":"554 S.E.2d 441","date":"2001-11-02","url":"https:\/\/www.courtlistener.com\/opinion\/1059406\/short-pump-town-center-community-development-authority-v-hahn\/","abstract":" .\u202f.\u202f. 554 S.E.2d 441 (2001) .\u202f.\u202f. ","court_html":"SCV<\/abbr>"},"1":{"name":"DR. WILLIAM ES FLORY v. Com.","case_number":"000961","citation":"541 S.E.2d 915","date":"2001-03-02","url":"https:\/\/www.courtlistener.com\/opinion\/1059510\/dr-william-es-flory-v-com\/","abstract":" .\u202f.\u202f. 541 S.E.2d 915 (2001) .\u202f.\u202f. ","court_html":"SCV<\/abbr>"},"2":{"name":" .\u202f.\u202f. Dr. William E.S. Flory Small Business Development Center, .\u202f.\u202f. ","case_number":"Record No. 000961","citation":"261 Va. 230","date":"2001-03-02","url":"https:\/\/www.courtlistener.com\/opinion\/6931123\/dr-william-es-flory-small-business-development-center-inc-v\/","abstract":" .\u202f.\u202f. JUSTICE LACY .\u202f.\u202f. ","court_html":"SCV<\/abbr>"}}}},{"id":348518,"structure_id":49983,"section_number":"15.2-4904","catch_line":"Directors; qualifications; terms; vacancies; compensation and expenses; quorum; records; certification and distribution of report concerning bond issuance","url":"\/15.2-4904\/","token":"15.2\/IV\/49\/15.2-4904","metadata":false},{"id":348519,"structure_id":49983,"section_number":"15.2-4905","catch_line":"Powers of authority","url":"\/15.2-4905\/","token":"15.2\/IV\/49\/15.2-4905","metadata":false},{"id":348520,"structure_id":49983,"section_number":"15.2-4906","catch_line":"Public hearing and approval","url":"\/15.2-4906\/","token":"15.2\/IV\/49\/15.2-4906","metadata":false},{"id":348521,"structure_id":49983,"section_number":"15.2-4907","catch_line":"Fiscal impact statement","url":"\/15.2-4907\/","token":"15.2\/IV\/49\/15.2-4907","metadata":false},{"id":348522,"structure_id":49983,"section_number":"15.2-4908","catch_line":"Issuance of bonds, notes and other obligations of authority","url":"\/15.2-4908\/","token":"15.2\/IV\/49\/15.2-4908","metadata":false},{"id":348523,"structure_id":49983,"section_number":"15.2-4909","catch_line":"Liability of Commonwealth, political subdivisions, directors and officers","url":"\/15.2-4909\/","token":"15.2\/IV\/49\/15.2-4909","metadata":false},{"id":348524,"structure_id":49983,"section_number":"15.2-4910","catch_line":"Security for payment of bonds; default","url":"\/15.2-4910\/","token":"15.2\/IV\/49\/15.2-4910","metadata":false},{"id":348525,"structure_id":49983,"section_number":"15.2-4911","catch_line":"Rents, fees and other charges","url":"\/15.2-4911\/","token":"15.2\/IV\/49\/15.2-4911","metadata":false},{"id":348526,"structure_id":49983,"section_number":"15.2-4912","catch_line":"Exemption from taxation","url":"\/15.2-4912\/","token":"15.2\/IV\/49\/15.2-4912","metadata":false},{"id":348527,"structure_id":49983,"section_number":"15.2-4913","catch_line":"Authority to be nonprofit; excess earnings","url":"\/15.2-4913\/","token":"15.2\/IV\/49\/15.2-4913","metadata":false},{"id":348528,"structure_id":49983,"section_number":"15.2-4914","catch_line":"Dissolution of authority; disposition of property","url":"\/15.2-4914\/","token":"15.2\/IV\/49\/15.2-4914","metadata":false},{"id":348529,"structure_id":49983,"section_number":"15.2-4915","catch_line":"Bonds as legal investments and lawful security","url":"\/15.2-4915\/","token":"15.2\/IV\/49\/15.2-4915","metadata":false},{"id":348530,"structure_id":49983,"section_number":"15.2-4916","catch_line":"Authorities acting jointly","url":"\/15.2-4916\/","token":"15.2\/IV\/49\/15.2-4916","metadata":false},{"id":348531,"structure_id":49983,"section_number":"15.2-4917","catch_line":"Facility sites","url":"\/15.2-4917\/","token":"15.2\/IV\/49\/15.2-4917","metadata":false},{"id":348532,"structure_id":49983,"section_number":"15.2-4918","catch_line":"Provisions of chapter cumulative; construction","url":"\/15.2-4918\/","token":"15.2\/IV\/49\/15.2-4918","metadata":false},{"id":348533,"structure_id":49983,"section_number":"15.2-4919","catch_line":"Provisions of chapter controlling over other statutes and charters","url":"\/15.2-4919\/","token":"15.2\/IV\/49\/15.2-4919","metadata":false},{"id":348534,"structure_id":49983,"section_number":"15.2-4920","catch_line":"Validation of creation of authorities, appointment of directors and proceedings; curative resolutions","url":"\/15.2-4920\/","token":"15.2\/IV\/49\/15.2-4920","metadata":false}],"previous_section":{"id":348523,"structure_id":49983,"section_number":"15.2-4909","catch_line":"Liability of Commonwealth, political subdivisions, directors and officers","url":"\/15.2-4909\/","token":"15.2\/IV\/49\/15.2-4909","metadata":false},"next_section":{"id":348525,"structure_id":49983,"section_number":"15.2-4911","catch_line":"Rents, fees and other charges","url":"\/15.2-4911\/","token":"15.2\/IV\/49\/15.2-4911","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-4910\/","history_text":"

This law was first created in 1966. The record of its establishment is cataloged in chapter 651 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 1966 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. 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. That modification is as follows: in 1997, chapter 587<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1385387,"object_type":"law","relational_id":348524,"identifier":"15.2-4910","token":"15.2\/IV\/49\/15.2-4910","url":"\/15.2-4910\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/15.2-4910\/","token":"15.2\/IV\/49\/15.2-4910","dublin_core":{"Title":"Security for payment of bonds; default","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-4910","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The principal of and interest on any bonds<\/span> issued by the authority shall be secured by a pledge of the revenues<\/span> and receipts out of which the same shall be made payable, and may be secured by a trust indenture<\/span> covering all or any part of the authority facilities<\/span> from which revenues<\/span> or receipts so pledged may be derived, including any enlargements of and additions to any such projects thereafter made. The resolution under which the bonds<\/span> are authorized to be issued and any such trust indenture<\/span> may contain any agreements and provisions respecting the maintenance of the projects covered thereby, the fixing and collection of rents for any portions thereof leased by the authority to others, the creation and maintenance of special funds from such revenues<\/span> and the rights and remedies available in the event of default<\/span>, all as the board of directors shall deem advisable not in conflict with the provisions hereof. Each pledge, agreement and trust indenture<\/span> made for the benefit or security of any of the bonds<\/span> of the authority shall continue effective until the principal of and interest on such bonds<\/span> have been fully paid. In the event of default<\/span> in such payment or in any agreements of the authority made as a part of the contract<\/span> under which the bonds<\/span> were issued, whether contained in the proceedings authorizing the bonds<\/span> or in any trust indenture<\/span> executed as security therefor, such payment or agreements may be enforced by writ of mandamus<\/span>, or by a suit, action or proceeding at law<\/span> or in equity<\/span> to compel the authority and the directors, officers, agents or employees thereof to perform the terms, provisions, and covenants contained in any trust indenture<\/span> of the authority, by the appointment of a receiver in equity<\/span> or by foreclosure of any such trust indenture<\/span> or any one or more of said remedies.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSECURITY FOR PAYMENT OF BONDS; DEFAULT (\u00a7 15.2-4910)\n\nThe principal of and interest on any bonds issued by the authority shall be\nsecured by a pledge of the revenues and receipts out of which the same shall be\nmade payable, and may be secured by a trust indenture covering all or any part\nof the authority facilities from which revenues or receipts so pledged may be\nderived, including any enlargements of and additions to any such projects\nthereafter made. The resolution under which the bonds are authorized to be\nissued and any such trust indenture may contain any agreements and provisions\nrespecting the maintenance of the projects covered thereby, the fixing and\ncollection of rents for any portions thereof leased by the authority to others,\nthe creation and maintenance of special funds from such revenues and the rights\nand remedies available in the event of default, all as the board of directors\nshall deem advisable not in conflict with the provisions hereof. Each pledge,\nagreement and trust indenture made for the benefit or security of any of the\nbonds of the authority shall continue effective until the principal of and\ninterest on such bonds have been fully paid. In the event of default in such\npayment or in any agreements of the authority made as a part of the contract\nunder which the bonds were issued, whether contained in the proceedings\nauthorizing the bonds or in any trust indenture executed as security therefor,\nsuch payment or agreements may be enforced by writ of mandamus, or by a suit,\naction or proceeding at law or in equity to compel the authority and the\ndirectors, officers, agents or employees thereof to perform the terms,\nprovisions, and covenants contained in any trust indenture of the authority, by\nthe appointment of a receiver in equity or by foreclosure of any such trust\nindenture or any one or more of said remedies.\n\nHISTORY: 1966, c. 651, \u00a7 15.1-1381; 1997, c. 587.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}