{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/15.2-5431.16.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/15.2-5431.16.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/15.2-5431.16.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/15.2-5431.16.html"}],"law_id":348799,"edition_id":2,"section_id":348799,"structure_id":50004,"section_number":"15.2-5431.16","catch_line":"Proceeds of bonds","history":"2003, c. 643.","full_text":"The proceeds of bonds issued pursuant to \u00a7 15.2-5431.14 shall be used solely for the payment of the cost of the project or projects for which they were issued and shall be disbursed in such manner and under such restrictions, if any, as the authority may provide in the authorizing resolution or in any trust agreement. If the proceeds of the bonds, by error of estimates or otherwise, are less than such cost, additional bonds 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 issue and entitled to payment from the same fund without preference or priority of the bonds first issued for the same purpose. If the proceeds of the bonds of any issue exceed the amount required for the purpose for which such bonds were issued, the surplus shall be deposited to the credit of the sinking fund for such bonds.\n\n","order_by":null,"text":{"0":{"id":1300210,"text":"The proceeds of bonds issued pursuant to \u00a7 15.2-5431.14 shall be used solely for the payment of the cost of the project or projects for which they were issued and shall be disbursed in such manner and under such restrictions, if any, as the authority may provide in the authorizing resolution or in any trust agreement. If the proceeds of the bonds, by error of estimates or otherwise, are less than such cost, additional bonds 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 issue and entitled to payment from the same fund without preference or priority of the bonds first issued for the same purpose. If the proceeds of the bonds of any issue exceed the amount required for the purpose for which such bonds were issued, the surplus shall be deposited to the credit of the sinking fund for such bonds.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":50004,"edition_id":2,"name":"Virginia Wireless Service Authorities Act","identifier":"54.1","label":"chapter","depth":3,"order_by":14,"parent_id":49964,"metadata":{"child_laws":40,"child_structures":0},"date_created":"2026-08-02 02:19:53","date_modified":"2026-08-02 12:29:53","permalink":{"id":1386319,"object_type":"structure","relational_id":50004,"identifier":"54.1","token":"15.2\/IV\/54.1","url":"\/15.2\/IV\/54.1\/","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":348792,"structure_id":50004,"section_number":"15.2-5431.1","catch_line":"Title of chapter; construction","url":"\/15.2-5431.1\/","token":"15.2\/IV\/54.1\/15.2-5431.1","metadata":false},{"id":348793,"structure_id":50004,"section_number":"15.2-5431.10","catch_line":"Members of authority board; chief administrative or executive officer","url":"\/15.2-5431.10\/","token":"15.2\/IV\/54.1\/15.2-5431.10","metadata":{"court_decisions":{"0":{"name":"Frank Marshall Smith, II v. Gary Larrowe","case_number":"1722243","citation":null,"date":"2025-12-02","url":"https:\/\/www.courtlistener.com\/opinion\/10745864\/frank-marshall-smith-ii-v-gary-larrowe\/","abstract":" .\u202f.\u202f. COURT OF APPEALS OF VIRGINIA .\u202f.\u202f. ","court_html":"<abbr title=\"Court of Appeals\">COA<\/abbr>"}}}},{"id":348794,"structure_id":50004,"section_number":"15.2-5431.11","catch_line":"Powers of authority","url":"\/15.2-5431.11\/","token":"15.2\/IV\/54.1\/15.2-5431.11","metadata":{"court_decisions":{"0":{"name":"Frank Marshall Smith, II v. Gary Larrowe","case_number":"1722243","citation":null,"date":"2025-12-02","url":"https:\/\/www.courtlistener.com\/opinion\/10745864\/frank-marshall-smith-ii-v-gary-larrowe\/","abstract":" .\u202f.\u202f. COURT OF APPEALS OF VIRGINIA .\u202f.\u202f. ","court_html":"<abbr title=\"Court of Appeals\">COA<\/abbr>"}}}},{"id":348795,"structure_id":50004,"section_number":"15.2-5431.12","catch_line":"Contracts relating to use of systems","url":"\/15.2-5431.12\/","token":"15.2\/IV\/54.1\/15.2-5431.12","metadata":false},{"id":348796,"structure_id":50004,"section_number":"15.2-5431.13","catch_line":"Insurance for employees","url":"\/15.2-5431.13\/","token":"15.2\/IV\/54.1\/15.2-5431.13","metadata":{"court_decisions":""}},{"id":348797,"structure_id":50004,"section_number":"15.2-5431.14","catch_line":"Issuance of revenue bonds","url":"\/15.2-5431.14\/","token":"15.2\/IV\/54.1\/15.2-5431.14","metadata":{"court_decisions":""}},{"id":348798,"structure_id":50004,"section_number":"15.2-5431.15","catch_line":"Time for contesting validity of proposed bond issue; when bonds presumed valid","url":"\/15.2-5431.15\/","token":"15.2\/IV\/54.1\/15.2-5431.15","metadata":false},{"id":348799,"structure_id":50004,"section_number":"15.2-5431.16","catch_line":"Proceeds of bonds","url":"\/15.2-5431.16\/","token":"15.2\/IV\/54.1\/15.2-5431.16","metadata":{"court_decisions":""}},{"id":348800,"structure_id":50004,"section_number":"15.2-5431.17","catch_line":"Interim receipts and temporary bonds; bonds mutilated, lost or destroyed","url":"\/15.2-5431.17\/","token":"15.2\/IV\/54.1\/15.2-5431.17","metadata":false},{"id":348801,"structure_id":50004,"section_number":"15.2-5431.18","catch_line":"Provisions of chapter only requirements for issue","url":"\/15.2-5431.18\/","token":"15.2\/IV\/54.1\/15.2-5431.18","metadata":false},{"id":348802,"structure_id":50004,"section_number":"15.2-5431.19","catch_line":"Limitations in bond resolution or trust agreement","url":"\/15.2-5431.19\/","token":"15.2\/IV\/54.1\/15.2-5431.19","metadata":false},{"id":348803,"structure_id":50004,"section_number":"15.2-5431.2","catch_line":"Definitions","url":"\/15.2-5431.2\/","token":"15.2\/IV\/54.1\/15.2-5431.2","metadata":{"court_decisions":""}},{"id":348804,"structure_id":50004,"section_number":"15.2-5431.20","catch_line":"Bonds not debts of Commonwealth or participating political subdivision","url":"\/15.2-5431.20\/","token":"15.2\/IV\/54.1\/15.2-5431.20","metadata":false},{"id":348805,"structure_id":50004,"section_number":"15.2-5431.21","catch_line":"Exemption from taxation","url":"\/15.2-5431.21\/","token":"15.2\/IV\/54.1\/15.2-5431.21","metadata":false},{"id":348806,"structure_id":50004,"section_number":"15.2-5431.22","catch_line":"Trust agreement; bond resolution","url":"\/15.2-5431.22\/","token":"15.2\/IV\/54.1\/15.2-5431.22","metadata":false},{"id":348807,"structure_id":50004,"section_number":"15.2-5431.23","catch_line":"Disposition of unclaimed funds due on matured bonds or coupons","url":"\/15.2-5431.23\/","token":"15.2\/IV\/54.1\/15.2-5431.23","metadata":{"court_decisions":""}},{"id":348808,"structure_id":50004,"section_number":"15.2-5431.24","catch_line":"Contracts concerning interest rates, currency, cash flow and other basis","url":"\/15.2-5431.24\/","token":"15.2\/IV\/54.1\/15.2-5431.24","metadata":false},{"id":348809,"structure_id":50004,"section_number":"15.2-5431.25","catch_line":"Rates and charges","url":"\/15.2-5431.25\/","token":"15.2\/IV\/54.1\/15.2-5431.25","metadata":{"court_decisions":""}},{"id":348810,"structure_id":50004,"section_number":"15.2-5431.26","catch_line":"Enforcement of charges","url":"\/15.2-5431.26\/","token":"15.2\/IV\/54.1\/15.2-5431.26","metadata":false},{"id":348811,"structure_id":50004,"section_number":"15.2-5431.27","catch_line":"Lien for charges","url":"\/15.2-5431.27\/","token":"15.2\/IV\/54.1\/15.2-5431.27","metadata":{"court_decisions":""}},{"id":348812,"structure_id":50004,"section_number":"15.2-5431.28","catch_line":"Trust funds","url":"\/15.2-5431.28\/","token":"15.2\/IV\/54.1\/15.2-5431.28","metadata":false},{"id":348813,"structure_id":50004,"section_number":"15.2-5431.29","catch_line":"Bondholder's remedies","url":"\/15.2-5431.29\/","token":"15.2\/IV\/54.1\/15.2-5431.29","metadata":{"court_decisions":""}},{"id":348814,"structure_id":50004,"section_number":"15.2-5431.3","catch_line":"Creation of authority","url":"\/15.2-5431.3\/","token":"15.2\/IV\/54.1\/15.2-5431.3","metadata":false},{"id":348815,"structure_id":50004,"section_number":"15.2-5431.30","catch_line":"Refunding bonds","url":"\/15.2-5431.30\/","token":"15.2\/IV\/54.1\/15.2-5431.30","metadata":{"court_decisions":""}},{"id":348816,"structure_id":50004,"section_number":"15.2-5431.31","catch_line":"Purchase in open market or otherwise","url":"\/15.2-5431.31\/","token":"15.2\/IV\/54.1\/15.2-5431.31","metadata":false},{"id":348817,"structure_id":50004,"section_number":"15.2-5431.32","catch_line":"Investment in bonds","url":"\/15.2-5431.32\/","token":"15.2\/IV\/54.1\/15.2-5431.32","metadata":false},{"id":348818,"structure_id":50004,"section_number":"15.2-5431.33","catch_line":"Financial report; authority budget; audit","url":"\/15.2-5431.33\/","token":"15.2\/IV\/54.1\/15.2-5431.33","metadata":{"court_decisions":""}},{"id":348819,"structure_id":50004,"section_number":"15.2-5431.34","catch_line":"Use of state land","url":"\/15.2-5431.34\/","token":"15.2\/IV\/54.1\/15.2-5431.34","metadata":{"court_decisions":""}},{"id":348820,"structure_id":50004,"section_number":"15.2-5431.35","catch_line":"Powers of localities to make grants and conveyances to and contracts with authority","url":"\/15.2-5431.35\/","token":"15.2\/IV\/54.1\/15.2-5431.35","metadata":{"court_decisions":""}},{"id":348821,"structure_id":50004,"section_number":"15.2-5431.35:1","catch_line":"Creating or joining more than one authority","url":"\/15.2-5431.35_1\/","token":"15.2\/IV\/54.1\/15.2-5431.35_1","metadata":{"court_decisions":""}},{"id":348822,"structure_id":50004,"section_number":"15.2-5431.36","catch_line":"Liability of members or officers","url":"\/15.2-5431.36\/","token":"15.2\/IV\/54.1\/15.2-5431.36","metadata":{"court_decisions":{"0":{"name":"Frank Marshall Smith, II v. Gary Larrowe","case_number":"1722243","citation":null,"date":"2025-12-02","url":"https:\/\/www.courtlistener.com\/opinion\/10745864\/frank-marshall-smith-ii-v-gary-larrowe\/","abstract":" .\u202f.\u202f. COURT OF APPEALS OF VIRGINIA .\u202f.\u202f. ","court_html":"<abbr title=\"Court of Appeals\">COA<\/abbr>"}}}},{"id":348823,"structure_id":50004,"section_number":"15.2-5431.37","catch_line":"Provisions of chapter cumulative; construction","url":"\/15.2-5431.37\/","token":"15.2\/IV\/54.1\/15.2-5431.37","metadata":false},{"id":348824,"structure_id":50004,"section_number":"15.2-5431.4","catch_line":"Resolution creating authority to include articles of incorporation","url":"\/15.2-5431.4\/","token":"15.2\/IV\/54.1\/15.2-5431.4","metadata":false},{"id":348825,"structure_id":50004,"section_number":"15.2-5431.5","catch_line":"Advertisement of resolution and notice of hearing","url":"\/15.2-5431.5\/","token":"15.2\/IV\/54.1\/15.2-5431.5","metadata":false},{"id":348826,"structure_id":50004,"section_number":"15.2-5431.6","catch_line":"Hearing; referendum","url":"\/15.2-5431.6\/","token":"15.2\/IV\/54.1\/15.2-5431.6","metadata":{"court_decisions":""}},{"id":348827,"structure_id":50004,"section_number":"15.2-5431.7","catch_line":"Filing articles of incorporation","url":"\/15.2-5431.7\/","token":"15.2\/IV\/54.1\/15.2-5431.7","metadata":false},{"id":348828,"structure_id":50004,"section_number":"15.2-5431.8","catch_line":"Issuance of certificate or charter","url":"\/15.2-5431.8\/","token":"15.2\/IV\/54.1\/15.2-5431.8","metadata":false},{"id":348829,"structure_id":50004,"section_number":"15.2-5431.8:1","catch_line":"Amendment of articles of incorporation","url":"\/15.2-5431.8_1\/","token":"15.2\/IV\/54.1\/15.2-5431.8_1","metadata":{"court_decisions":""}},{"id":348830,"structure_id":50004,"section_number":"15.2-5431.9","catch_line":"Dissolution and termination of authority","url":"\/15.2-5431.9\/","token":"15.2\/IV\/54.1\/15.2-5431.9","metadata":false},{"id":348831,"structure_id":50004,"section_number":"15.2-5431.9:1","catch_line":"Joinder of another locality or authority; withdrawal from authority","url":"\/15.2-5431.9_1\/","token":"15.2\/IV\/54.1\/15.2-5431.9_1","metadata":{"court_decisions":""}}],"previous_section":{"id":348798,"structure_id":50004,"section_number":"15.2-5431.15","catch_line":"Time for contesting validity of proposed bond issue; when bonds presumed valid","url":"\/15.2-5431.15\/","token":"15.2\/IV\/54.1\/15.2-5431.15","metadata":false},"next_section":{"id":348800,"structure_id":50004,"section_number":"15.2-5431.17","catch_line":"Interim receipts and temporary bonds; bonds mutilated, lost or destroyed","url":"\/15.2-5431.17\/","token":"15.2\/IV\/54.1\/15.2-5431.17","metadata":false},"metadata":{"court_decisions":""},"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5431.16\/","history_text":"<p>This law was first created in 2003. The record of its establishment is cataloged in chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?031+ful+CHAP0643\">643<\/a> 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.<\/p>","references":false,"refers_to":[{"id":348797,"section_number":"15.2-5431.14","catch_line":"Issuance of revenue bonds","order_by":null,"url":"\/15.2-5431.14\/"}],"permalink":{"id":1386349,"object_type":"law","relational_id":348799,"identifier":"15.2-5431.16","token":"15.2\/IV\/54.1\/15.2-5431.16","url":"\/15.2-5431.16\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/15.2-5431.16\/","token":"15.2\/IV\/54.1\/15.2-5431.16","dublin_core":{"Title":"Proceeds of bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5431.16","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>The proceeds of <span class=\"dictionary\">bonds<\/span> issued pursuant to \u00a7&nbsp;<a class=\"law\" title=\"Issuance of revenue bonds\" href=\"\/15.2-5431.14\/\">15.2-5431.14<\/a> shall be used solely for the payment of the cost of the <span class=\"dictionary\">project<\/span> or <span class=\"dictionary\">projects<\/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>","plain_text":"                                 CODE OF VIRGINIA\n\nPROCEEDS OF BONDS (\u00a7 15.2-5431.16)\n\nThe proceeds of bonds issued pursuant to \u00a7 15.2-5431.14 shall be used solely\nfor the payment of the cost of the project or projects for which they were\nissued and shall be disbursed in such manner and under such restrictions, if\nany, as the authority may provide in the authorizing resolution or in any trust\nagreement. If the proceeds of the bonds, by error of estimates or otherwise, are\nless than such cost, additional bonds may in like manner be issued to provide\nthe amount of such deficit and, unless otherwise provided in the authorizing\nresolution or in the trust agreement securing them, shall be deemed to be of the\nsame issue and entitled to payment from the same fund without preference or\npriority of the bonds first issued for the same purpose. If the proceeds of the\nbonds of any issue exceed the amount required for the purpose for which such\nbonds were issued, the surplus shall be deposited to the credit of the sinking\nfund for such bonds.\n\nHISTORY: 2003, c. 643.","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"}}