{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/15.2-5140.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/15.2-5140.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/15.2-5140.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/15.2-5140.html"}],"law_id":348599,"edition_id":2,"section_id":348599,"structure_id":49992,"section_number":"15.2-5140","catch_line":"Trust funds","history":"Code 1950, \u00a7 15-764.26; 1950, p. 1328; 1962, c. 623, \u00a7 15.1-1264; 1997, c. 587.","full_text":"All moneys received pursuant to this chapter shall be deemed to be trust funds, to be held and applied solely as provided in this chapter. The resolution or trust agreement providing for the issuance of revenue bonds of the authority shall provide that any officer to whom, or any bank, trust company or other fiscal agent to which, such moneys are paid shall act as trustee of such moneys and shall hold and apply the same for the purposes provided in this chapter, subject to such regulations as such resolution or trust agreement may provide.\n\n","order_by":null,"text":{"0":{"id":1299717,"text":"All moneys received pursuant to this chapter shall be deemed to be trust funds, to be held and applied solely as provided in this chapter. The resolution or trust agreement providing for the issuance of revenue bonds of the authority shall provide that any officer to whom, or any bank, trust company or other fiscal agent to which, such moneys are paid shall act as trustee of such moneys and shall hold and apply the same for the purposes provided in this chapter, subject to such regulations as such resolution or trust agreement may provide.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":49992,"edition_id":2,"name":"Financing","identifier":"4","label":"article","depth":4,"order_by":4,"parent_id":49988,"metadata":{"child_laws":22,"child_structures":0},"date_created":"2026-08-02 02:19:31","date_modified":"2026-08-02 12:29:51","permalink":{"id":1385569,"object_type":"structure","relational_id":49992,"identifier":"4","token":"15.2\/IV\/51\/4","url":"\/15.2\/IV\/51\/4\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49988,"edition_id":2,"name":"Virginia Water and Waste Authorities Act","identifier":"51","label":"chapter","depth":3,"order_by":9,"parent_id":49964,"metadata":{"child_laws":62,"child_structures":6},"date_created":"2026-08-02 02:19:27","date_modified":"2026-08-02 12:29:51","permalink":{"id":1385457,"object_type":"structure","relational_id":49988,"identifier":"51","token":"15.2\/IV\/51","url":"\/15.2\/IV\/51\/","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":348581,"structure_id":49992,"section_number":"15.2-5125","catch_line":"Issuance of revenue bonds","url":"\/15.2-5125\/","token":"15.2\/IV\/51\/4\/15.2-5125","metadata":false},{"id":348582,"structure_id":49992,"section_number":"15.2-5126","catch_line":"Time for contesting validity of proposed bond issue; when bonds presumed valid","url":"\/15.2-5126\/","token":"15.2\/IV\/51\/4\/15.2-5126","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":"<abbr title=\"Supreme Court of Virginia\">SCV<\/abbr>"},"1":{"name":"Cygnus Newport-Phase 1B, LLC v. City of Portsmouth","case_number":"Record 151702","citation":"790 S.E.2d 623","date":"2016-09-22","url":"https:\/\/www.courtlistener.com\/opinion\/4258781\/cygnus-newport-phase-1b-llc-v-city-of-portsmouth\/","abstract":" .\u202f.\u202f. OPINION BY JUSTICE STEPHEN R. McCULLOUGH .\u202f.\u202f. ","court_html":"<abbr title=\"Supreme Court of Virginia\">SCV<\/abbr>"}}}},{"id":348583,"structure_id":49992,"section_number":"15.2-5127","catch_line":"Proceeds of bonds","url":"\/15.2-5127\/","token":"15.2\/IV\/51\/4\/15.2-5127","metadata":false},{"id":348584,"structure_id":49992,"section_number":"15.2-5128","catch_line":"Interim receipts and temporary bonds; bonds mutilated, lost or destroyed","url":"\/15.2-5128\/","token":"15.2\/IV\/51\/4\/15.2-5128","metadata":false},{"id":348585,"structure_id":49992,"section_number":"15.2-5129","catch_line":"Provisions of chapter only requirements for issue","url":"\/15.2-5129\/","token":"15.2\/IV\/51\/4\/15.2-5129","metadata":false},{"id":348587,"structure_id":49992,"section_number":"15.2-5130","catch_line":"Limitations in bond resolution or trust agreement","url":"\/15.2-5130\/","token":"15.2\/IV\/51\/4\/15.2-5130","metadata":false},{"id":348588,"structure_id":49992,"section_number":"15.2-5131","catch_line":"Bonds not debts of Commonwealth or participating political subdivision","url":"\/15.2-5131\/","token":"15.2\/IV\/51\/4\/15.2-5131","metadata":false},{"id":348589,"structure_id":49992,"section_number":"15.2-5132","catch_line":"Exemption from taxation","url":"\/15.2-5132\/","token":"15.2\/IV\/51\/4\/15.2-5132","metadata":false},{"id":348590,"structure_id":49992,"section_number":"15.2-5133","catch_line":"Trust agreement; bond resolution","url":"\/15.2-5133\/","token":"15.2\/IV\/51\/4\/15.2-5133","metadata":false},{"id":348591,"structure_id":49992,"section_number":"15.2-5134","catch_line":"Disposition of unclaimed funds due on matured bonds or coupons","url":"\/15.2-5134\/","token":"15.2\/IV\/51\/4\/15.2-5134","metadata":false},{"id":348592,"structure_id":49992,"section_number":"15.2-5135","catch_line":"Contracts concerning interest rates, currency, cash flow and other basis","url":"\/15.2-5135\/","token":"15.2\/IV\/51\/4\/15.2-5135","metadata":false},{"id":348593,"structure_id":49992,"section_number":"15.2-5136","catch_line":"Rates and charges","url":"\/15.2-5136\/","token":"15.2\/IV\/51\/4\/15.2-5136","metadata":false},{"id":348594,"structure_id":49992,"section_number":"15.2-5137","catch_line":"Water and sewer connections; exceptions","url":"\/15.2-5137\/","token":"15.2\/IV\/51\/4\/15.2-5137","metadata":false},{"id":348596,"structure_id":49992,"section_number":"15.2-5138","catch_line":"Enforcement of charges","url":"\/15.2-5138\/","token":"15.2\/IV\/51\/4\/15.2-5138","metadata":false},{"id":348595,"structure_id":49992,"section_number":"15.2-5138.1","catch_line":"Enforcement of certain charges when authority does not provide water services","url":"\/15.2-5138.1\/","token":"15.2\/IV\/51\/4\/15.2-5138.1","metadata":false},{"id":348597,"structure_id":49992,"section_number":"15.2-5139","catch_line":"Lien for charges","url":"\/15.2-5139\/","token":"15.2\/IV\/51\/4\/15.2-5139","metadata":false},{"id":348599,"structure_id":49992,"section_number":"15.2-5140","catch_line":"Trust funds","url":"\/15.2-5140\/","token":"15.2\/IV\/51\/4\/15.2-5140","metadata":false},{"id":348600,"structure_id":49992,"section_number":"15.2-5141","catch_line":"Bondholder's remedies","url":"\/15.2-5141\/","token":"15.2\/IV\/51\/4\/15.2-5141","metadata":false},{"id":348601,"structure_id":49992,"section_number":"15.2-5142","catch_line":"Refunding bonds","url":"\/15.2-5142\/","token":"15.2\/IV\/51\/4\/15.2-5142","metadata":false},{"id":348602,"structure_id":49992,"section_number":"15.2-5143","catch_line":"Purchase in open market or otherwise","url":"\/15.2-5143\/","token":"15.2\/IV\/51\/4\/15.2-5143","metadata":false},{"id":348603,"structure_id":49992,"section_number":"15.2-5144","catch_line":"Investment in bonds","url":"\/15.2-5144\/","token":"15.2\/IV\/51\/4\/15.2-5144","metadata":false},{"id":348604,"structure_id":49992,"section_number":"15.2-5145","catch_line":"Financial report; authority budget; audit","url":"\/15.2-5145\/","token":"15.2\/IV\/51\/4\/15.2-5145","metadata":false}],"previous_section":{"id":348597,"structure_id":49992,"section_number":"15.2-5139","catch_line":"Lien for charges","url":"\/15.2-5139\/","token":"15.2\/IV\/51\/4\/15.2-5139","metadata":false},"next_section":{"id":348600,"structure_id":49992,"section_number":"15.2-5141","catch_line":"Bondholder's remedies","url":"\/15.2-5141\/","token":"15.2\/IV\/51\/4\/15.2-5141","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5140\/","history_text":"<p>The record of this law\u2019s original creation isn\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 1962, chapter 623; in 1997, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?971+ful+CHAP0587\">587<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1385635,"object_type":"law","relational_id":348599,"identifier":"15.2-5140","token":"15.2\/IV\/51\/4\/15.2-5140","url":"\/15.2-5140\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/15.2-5140\/","token":"15.2\/IV\/51\/4\/15.2-5140","dublin_core":{"Title":"Trust funds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5140","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>All moneys received pursuant to this chapter shall be deemed to be trust funds, to be held and applied solely as provided in this chapter. The resolution or trust agreement providing for the issuance of revenue <span class=\"dictionary\">bonds<\/span> of the <span class=\"dictionary\">authority<\/span> shall provide that any officer to whom, or any bank, trust company or other fiscal agent to which, such moneys are paid shall act as trustee of such moneys and shall hold and apply the same for the purposes provided in this chapter, subject to such regulations as such resolution or trust agreement may provide.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nTRUST FUNDS (\u00a7 15.2-5140)\n\nAll moneys received pursuant to this chapter shall be deemed to be trust funds,\nto be held and applied solely as provided in this chapter. The resolution or\ntrust agreement providing for the issuance of revenue bonds of the authority\nshall provide that any officer to whom, or any bank, trust company or other\nfiscal agent to which, such moneys are paid shall act as trustee of such moneys\nand shall hold and apply the same for the purposes provided in this chapter,\nsubject to such regulations as such resolution or trust agreement may provide.\n\nHISTORY: Code 1950, \u00a7 15-764.26; 1950, p. 1328; 1962, c. 623, \u00a7 15.1-1264;\n1997, 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"}}