{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/15.2-5357.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/15.2-5357.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/15.2-5357.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/15.2-5357.html"}],"law_id":348719,"edition_id":2,"section_id":348719,"structure_id":50000,"section_number":"15.2-5357","catch_line":"Further provisions as to trust indenture or bond resolution; security required of depository of proceeds of bonds","history":"Code 1950, \u00a7 32-271.1; 1973, c. 462, \u00a7 15.1-1592; 1979, c. 719; 1997, c. 587.","full_text":"In the discretion of the authority, any bonds issued under the provisions of this chapter may be secured by a trust indenture by and between the authority and a corporate trustee or trustees, which may be any trust company or bank having the powers of a trust company within the Commonwealth. Such trust indenture or the resolution authorizing the issuance of such bonds may pledge or assign the fees, rents and other charges to be received or proceeds of or rights under any contract or contracts pledged. Such trust indenture or resolution may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including particularly the appointment of a receiver for any hospital project or other property of the authority from which the revenues have been pledged and such other provisions as have hereinabove been specifically authorized to be included in any trust indenture or resolution of the authority. Any bank or trust company incorporated under the laws of the Commonwealth acting as depository of the proceeds of bonds or of revenues or other moneys may furnish such indemnifying bonds or pledge such securities as may be required by the authority. Any such trust indenture or resolution may set forth the rights and remedies of the bondholders and of the trustee or trustees and may restrict individual rights of action by bondholders. In addition to the foregoing, any such trust indenture or resolution may contain such other provisions as the authority may deem reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of such trust indenture or resolution may be treated as a part of the cost of the operation of a project.\n\n","order_by":null,"text":{"0":{"id":1299967,"text":"In the discretion of the authority, any bonds issued under the provisions of this chapter may be secured by a trust indenture by and between the authority and a corporate trustee or trustees, which may be any trust company or bank having the powers of a trust company within the Commonwealth. Such trust indenture or the resolution authorizing the issuance of such bonds may pledge or assign the fees, rents and other charges to be received or proceeds of or rights under any contract or contracts pledged. Such trust indenture or resolution may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including particularly the appointment of a receiver for any hospital project or other property of the authority from which the revenues have been pledged and such other provisions as have hereinabove been specifically authorized to be included in any trust indenture or resolution of the authority. Any bank or trust company incorporated under the laws of the Commonwealth acting as depository of the proceeds of bonds or of revenues or other moneys may furnish such indemnifying bonds or pledge such securities as may be required by the authority. Any such trust indenture or resolution may set forth the rights and remedies of the bondholders and of the trustee or trustees and may restrict individual rights of action by bondholders. In addition to the foregoing, any such trust indenture or resolution may contain such other provisions as the authority may deem reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of such trust indenture or resolution may be treated as a part of the cost of the operation of a project.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":50000,"edition_id":2,"name":"Bonds","identifier":"3","label":"article","depth":4,"order_by":3,"parent_id":49997,"metadata":{"child_laws":19,"child_structures":0},"date_created":"2026-08-02 02:19:44","date_modified":"2026-08-02 12:29:52","permalink":{"id":1385999,"object_type":"structure","relational_id":50000,"identifier":"3","token":"15.2\/IV\/53\/3","url":"\/15.2\/IV\/53\/3\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49997,"edition_id":2,"name":"Hospital Authorities","identifier":"53","label":"chapter","depth":3,"order_by":11,"parent_id":49964,"metadata":{"child_laws":70,"child_structures":4},"date_created":"2026-08-02 02:19:39","date_modified":"2026-08-02 12:29:52","permalink":{"id":1385801,"object_type":"structure","relational_id":49997,"identifier":"53","token":"15.2\/IV\/53","url":"\/15.2\/IV\/53\/","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":348707,"structure_id":50000,"section_number":"15.2-5346","catch_line":"Authority to issue","url":"\/15.2-5346\/","token":"15.2\/IV\/53\/3\/15.2-5346","metadata":false},{"id":348708,"structure_id":50000,"section_number":"15.2-5347","catch_line":"How payable","url":"\/15.2-5347\/","token":"15.2\/IV\/53\/3\/15.2-5347","metadata":false},{"id":348709,"structure_id":50000,"section_number":"15.2-5348","catch_line":"Commissioners not liable","url":"\/15.2-5348\/","token":"15.2\/IV\/53\/3\/15.2-5348","metadata":false},{"id":348710,"structure_id":50000,"section_number":"15.2-5349","catch_line":"Bond indebtedness","url":"\/15.2-5349\/","token":"15.2\/IV\/53\/3\/15.2-5349","metadata":false},{"id":348712,"structure_id":50000,"section_number":"15.2-5350","catch_line":"Form","url":"\/15.2-5350\/","token":"15.2\/IV\/53\/3\/15.2-5350","metadata":false},{"id":348713,"structure_id":50000,"section_number":"15.2-5351","catch_line":"Sale","url":"\/15.2-5351\/","token":"15.2\/IV\/53\/3\/15.2-5351","metadata":false},{"id":348714,"structure_id":50000,"section_number":"15.2-5352","catch_line":"Interim certificates","url":"\/15.2-5352\/","token":"15.2\/IV\/53\/3\/15.2-5352","metadata":false},{"id":348715,"structure_id":50000,"section_number":"15.2-5353","catch_line":"Signature of former officers","url":"\/15.2-5353\/","token":"15.2\/IV\/53\/3\/15.2-5353","metadata":false},{"id":348716,"structure_id":50000,"section_number":"15.2-5354","catch_line":"Purchase by authority","url":"\/15.2-5354\/","token":"15.2\/IV\/53\/3\/15.2-5354","metadata":false},{"id":348717,"structure_id":50000,"section_number":"15.2-5355","catch_line":"Negotiability","url":"\/15.2-5355\/","token":"15.2\/IV\/53\/3\/15.2-5355","metadata":false},{"id":348718,"structure_id":50000,"section_number":"15.2-5356","catch_line":"Provisions of bonds and trust indentures","url":"\/15.2-5356\/","token":"15.2\/IV\/53\/3\/15.2-5356","metadata":false},{"id":348719,"structure_id":50000,"section_number":"15.2-5357","catch_line":"Further provisions as to trust indenture or bond resolution; security required of depository of proceeds of bonds","url":"\/15.2-5357\/","token":"15.2\/IV\/53\/3\/15.2-5357","metadata":false},{"id":348720,"structure_id":50000,"section_number":"15.2-5358","catch_line":"Fees, rents and charges for use of project and facilities; sinking fund","url":"\/15.2-5358\/","token":"15.2\/IV\/53\/3\/15.2-5358","metadata":false},{"id":348721,"structure_id":50000,"section_number":"15.2-5359","catch_line":"Moneys received deemed trust funds","url":"\/15.2-5359\/","token":"15.2\/IV\/53\/3\/15.2-5359","metadata":false},{"id":348723,"structure_id":50000,"section_number":"15.2-5360","catch_line":"Protection and enforcement of rights and duties under chapter","url":"\/15.2-5360\/","token":"15.2\/IV\/53\/3\/15.2-5360","metadata":false},{"id":348724,"structure_id":50000,"section_number":"15.2-5361","catch_line":"Exemption from taxation","url":"\/15.2-5361\/","token":"15.2\/IV\/53\/3\/15.2-5361","metadata":false},{"id":348725,"structure_id":50000,"section_number":"15.2-5362","catch_line":"Bonds legal investments; deposit with public agencies","url":"\/15.2-5362\/","token":"15.2\/IV\/53\/3\/15.2-5362","metadata":false},{"id":348726,"structure_id":50000,"section_number":"15.2-5363","catch_line":"Chapter supplemental; application of other laws; consent of local governing bodies or other agencies not required","url":"\/15.2-5363\/","token":"15.2\/IV\/53\/3\/15.2-5363","metadata":false},{"id":348727,"structure_id":50000,"section_number":"15.2-5364","catch_line":"Liberal construction","url":"\/15.2-5364\/","token":"15.2\/IV\/53\/3\/15.2-5364","metadata":false}],"previous_section":{"id":348718,"structure_id":50000,"section_number":"15.2-5356","catch_line":"Provisions of bonds and trust indentures","url":"\/15.2-5356\/","token":"15.2\/IV\/53\/3\/15.2-5356","metadata":false},"next_section":{"id":348720,"structure_id":50000,"section_number":"15.2-5358","catch_line":"Fees, rents and charges for use of project and facilities; sinking fund","url":"\/15.2-5358\/","token":"15.2\/IV\/53\/3\/15.2-5358","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5357\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 3 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 1973, chapter 462; in 1979, chapter 719; in 1997, chapter 587<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1386045,"object_type":"law","relational_id":348719,"identifier":"15.2-5357","token":"15.2\/IV\/53\/3\/15.2-5357","url":"\/15.2-5357\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/15.2-5357\/","token":"15.2\/IV\/53\/3\/15.2-5357","dublin_core":{"Title":"Further provisions as to trust indenture or bond resolution; security required of depository of proceeds of bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5357","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

In the discretion of the authority<\/span>, any bonds<\/span><\/span> issued under the provisions of this chapter may be secured by a trust indenture<\/span> by and between the authority<\/span> and a corporate trustee or trustees, which may be any trust company or bank having the powers of a trust company within the Commonwealth. Such trust indenture<\/span> or the resolution authorizing the issuance of such bonds<\/span><\/span> may pledge or assign the fees, rents and other charges to be received or proceeds of or rights under any contract<\/span> or contracts<\/span> pledged. Such trust indenture<\/span> or resolution may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law<\/span>, including particularly the appointment of a receiver for any hospital project<\/span> or other property of the authority<\/span> from which the revenues have been pledged and such other provisions as have hereinabove been specifically authorized to be included in any trust indenture<\/span> or resolution of the authority<\/span>. Any bank or trust company incorporated under the laws<\/span> of the Commonwealth acting as depository of the proceeds of bonds<\/span><\/span> or of revenues or other moneys may furnish such indemnifying bonds<\/span><\/span> or pledge such securities as may be required by the authority<\/span>. Any such trust indenture<\/span> or resolution may set forth the rights and remedies of the bondholders and of the trustee or trustees and may restrict individual rights of action by bondholders. In addition to the foregoing, any such trust indenture<\/span> or resolution may contain such other provisions as the authority<\/span> may deem reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of such trust indenture<\/span> or resolution may be treated as a part of the cost of the operation of a project.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nFURTHER PROVISIONS AS TO TRUST INDENTURE OR BOND RESOLUTION; SECURITY REQUIRED\nOF DEPOSITORY OF PROCEEDS OF BONDS (\u00a7 15.2-5357)\n\nIn the discretion of the authority, any bonds issued under the provisions of\nthis chapter may be secured by a trust indenture by and between the authority\nand a corporate trustee or trustees, which may be any trust company or bank\nhaving the powers of a trust company within the Commonwealth. Such trust\nindenture or the resolution authorizing the issuance of such bonds may pledge or\nassign the fees, rents and other charges to be received or proceeds of or rights\nunder any contract or contracts pledged. Such trust indenture or resolution may\ncontain such provisions for protecting and enforcing the rights and remedies of\nthe bondholders as may be reasonable and proper and not in violation of law,\nincluding particularly the appointment of a receiver for any hospital project or\nother property of the authority from which the revenues have been pledged and\nsuch other provisions as have hereinabove been specifically authorized to be\nincluded in any trust indenture or resolution of the authority. Any bank or\ntrust company incorporated under the laws of the Commonwealth acting as\ndepository of the proceeds of bonds or of revenues or other moneys may furnish\nsuch indemnifying bonds or pledge such securities as may be required by the\nauthority. Any such trust indenture or resolution may set forth the rights and\nremedies of the bondholders and of the trustee or trustees and may restrict\nindividual rights of action by bondholders. In addition to the foregoing, any\nsuch trust indenture or resolution may contain such other provisions as the\nauthority may deem reasonable and proper for the security of the bondholders.\nAll expenses incurred in carrying out the provisions of such trust indenture or\nresolution may be treated as a part of the cost of the operation of a project.\n\nHISTORY: Code 1950, \u00a7 32-271.1; 1973, c. 462, \u00a7 15.1-1592; 1979, c. 719; 1997,\nc. 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"}}