{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/15.2-5609.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/15.2-5609.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/15.2-5609.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/15.2-5609.html"}],"law_id":348865,"edition_id":2,"section_id":348865,"structure_id":50008,"section_number":"15.2-5609","catch_line":"Trust indenture or agreement to secure payment of bonds","history":"Code 1950, \u00a7 15-714.22; 1962, c. 393, \u00a7 10, \u00a7 15.1-1280; 1973, c. 238; 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 way of conveyance, deed of trust or mortgage of any project or any other property of the authority, whether or not financed in whole or in part from the proceeds of such bonds, or by a trust agreement by and between the authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or outside the Commonwealth or by both such conveyance, deed of trust or mortgage and indenture or trust agreement. Such trust indenture or agreement, or the resolution providing for the issuance of such bonds may pledge or assign fees, rents, charges and receipts, collected by, payable to or otherwise derived by the authority, and all other moneys and income of whatever kind or character collected by, payable to or otherwise derived from any project. Such trust indenture or agreement, or resolution providing for the issuance of such bonds, 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 covenants setting forth the duties of the authority in relation to the acquisition of property and the construction, improvement, maintenance, repair, operation and issuance of any project or other property of the authority, and the rates of fees, rents and other charges to be charged, and the custody, safeguarding and application of all moneys of the authority, and conditions or limitations with respect to the issuance of additional bonds. It shall be lawful for any bank or trust company incorporated under the laws of the Commonwealth which may act as depository of the proceeds of such bonds or of other revenues of the authority to furnish indemnifying bonds or to pledge such securities as may be required by the authority. Such trust indenture or agreement or resolution may set forth the rights and remedies of the bondholders and of the trustee, and may restrict the individual right of action by bondholders.\n\nIn addition to the foregoing, such trust indenture or agreement 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 agreement or resolution may be treated as a part of the cost of a project.\n\n","order_by":null,"text":{"0":{"id":1300387,"text":"In the discretion of the authority, any bonds issued under the provisions of this chapter may be secured by a trust indenture by way of conveyance, deed of trust or mortgage of any project or any other property of the authority, whether or not financed in whole or in part from the proceeds of such bonds, or by a trust agreement by and between the authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or outside the Commonwealth or by both such conveyance, deed of trust or mortgage and indenture or trust agreement. Such trust indenture or agreement, or the resolution providing for the issuance of such bonds may pledge or assign fees, rents, charges and receipts, collected by, payable to or otherwise derived by the authority, and all other moneys and income of whatever kind or character collected by, payable to or otherwise derived from any project. Such trust indenture or agreement, or resolution providing for the issuance of such bonds, 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 covenants setting forth the duties of the authority in relation to the acquisition of property and the construction, improvement, maintenance, repair, operation and issuance of any project or other property of the authority, and the rates of fees, rents and other charges to be charged, and the custody, safeguarding and application of all moneys of the authority, and conditions or limitations with respect to the issuance of additional bonds. It shall be lawful for any bank or trust company incorporated under the laws of the Commonwealth which may act as depository of the proceeds of such bonds or of other revenues of the authority to furnish indemnifying bonds or to pledge such securities as may be required by the authority. Such trust indenture or agreement or resolution may set forth the rights and remedies of the bondholders and of the trustee, and may restrict the individual right of action by bondholders.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":""},"1":{"id":1300388,"text":"In addition to the foregoing, such trust indenture or agreement 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 agreement or resolution may be treated as a part of the cost of a project.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":""}},"ancestry":[{"id":50008,"edition_id":2,"name":"Public Recreational Facilities Authorities Act","identifier":"56","label":"chapter","depth":3,"order_by":18,"parent_id":49964,"metadata":{"child_laws":17,"child_structures":0},"date_created":"2026-08-02 02:20:07","date_modified":"2026-08-02 12:29:53","permalink":{"id":1386579,"object_type":"structure","relational_id":50008,"identifier":"56","token":"15.2\/IV\/56","url":"\/15.2\/IV\/56\/","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":348856,"structure_id":50008,"section_number":"15.2-5600","catch_line":"Short title","url":"\/15.2-5600\/","token":"15.2\/IV\/56\/15.2-5600","metadata":false},{"id":348857,"structure_id":50008,"section_number":"15.2-5601","catch_line":"Definitions","url":"\/15.2-5601\/","token":"15.2\/IV\/56\/15.2-5601","metadata":false},{"id":348858,"structure_id":50008,"section_number":"15.2-5602","catch_line":"Creation of authorities","url":"\/15.2-5602\/","token":"15.2\/IV\/56\/15.2-5602","metadata":false},{"id":348859,"structure_id":50008,"section_number":"15.2-5603","catch_line":"Board to exercise powers of authority","url":"\/15.2-5603\/","token":"15.2\/IV\/56\/15.2-5603","metadata":false},{"id":348860,"structure_id":50008,"section_number":"15.2-5604","catch_line":"Powers of authority generally","url":"\/15.2-5604\/","token":"15.2\/IV\/56\/15.2-5604","metadata":false},{"id":348861,"structure_id":50008,"section_number":"15.2-5605","catch_line":"Transfers of property, appropriations and contracts by participating localities","url":"\/15.2-5605\/","token":"15.2\/IV\/56\/15.2-5605","metadata":false},{"id":348862,"structure_id":50008,"section_number":"15.2-5606","catch_line":"Acquisition, maintenance and operation of projects; revenues from projects","url":"\/15.2-5606\/","token":"15.2\/IV\/56\/15.2-5606","metadata":false},{"id":348863,"structure_id":50008,"section_number":"15.2-5607","catch_line":"Authority to issue bonds; source of payment","url":"\/15.2-5607\/","token":"15.2\/IV\/56\/15.2-5607","metadata":false},{"id":348864,"structure_id":50008,"section_number":"15.2-5608","catch_line":"Bond resolution; terms, conditions, form and execution of bonds; sale; interim receipts or temporary bonds","url":"\/15.2-5608\/","token":"15.2\/IV\/56\/15.2-5608","metadata":false},{"id":348865,"structure_id":50008,"section_number":"15.2-5609","catch_line":"Trust indenture or agreement to secure payment of bonds","url":"\/15.2-5609\/","token":"15.2\/IV\/56\/15.2-5609","metadata":false},{"id":348866,"structure_id":50008,"section_number":"15.2-5610","catch_line":"Fees, rents and other charges; reserves","url":"\/15.2-5610\/","token":"15.2\/IV\/56\/15.2-5610","metadata":false},{"id":348867,"structure_id":50008,"section_number":"15.2-5611","catch_line":"Moneys received deemed trust funds","url":"\/15.2-5611\/","token":"15.2\/IV\/56\/15.2-5611","metadata":false},{"id":348868,"structure_id":50008,"section_number":"15.2-5612","catch_line":"Remedies of bondholders and trustee","url":"\/15.2-5612\/","token":"15.2\/IV\/56\/15.2-5612","metadata":false},{"id":348869,"structure_id":50008,"section_number":"15.2-5613","catch_line":"Authority to exercise a governmental function; exemption from taxation","url":"\/15.2-5613\/","token":"15.2\/IV\/56\/15.2-5613","metadata":false},{"id":348870,"structure_id":50008,"section_number":"15.2-5614","catch_line":"Bonds legal investments","url":"\/15.2-5614\/","token":"15.2\/IV\/56\/15.2-5614","metadata":false},{"id":348871,"structure_id":50008,"section_number":"15.2-5615","catch_line":"Chapter to constitute complete authority for acts authorized; liberal construction","url":"\/15.2-5615\/","token":"15.2\/IV\/56\/15.2-5615","metadata":false},{"id":348872,"structure_id":50008,"section_number":"15.2-5616","catch_line":"Dissolution of authority; disposition of property","url":"\/15.2-5616\/","token":"15.2\/IV\/56\/15.2-5616","metadata":false}],"previous_section":{"id":348864,"structure_id":50008,"section_number":"15.2-5608","catch_line":"Bond resolution; terms, conditions, form and execution of bonds; sale; interim receipts or temporary bonds","url":"\/15.2-5608\/","token":"15.2\/IV\/56\/15.2-5608","metadata":false},"next_section":{"id":348866,"structure_id":50008,"section_number":"15.2-5610","catch_line":"Fees, rents and other charges; reserves","url":"\/15.2-5610\/","token":"15.2\/IV\/56\/15.2-5610","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5609\/","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 1962, chapter 393; in 1973, chapter 238; in 1997, chapter 587<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1386617,"object_type":"law","relational_id":348865,"identifier":"15.2-5609","token":"15.2\/IV\/56\/15.2-5609","url":"\/15.2-5609\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/15.2-5609\/","token":"15.2\/IV\/56\/15.2-5609","dublin_core":{"Title":"Trust indenture or agreement to secure payment of bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5609","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 by way of conveyance, deed of trust or mortgage of any project<\/span> or any other property of the authority<\/span>, whether or not financed in whole or in part from the proceeds of such bonds<\/span><\/span>, or by a trust agreement by and between the authority<\/span> and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or outside the Commonwealth or by both such conveyance, deed of trust or mortgage and indenture or trust agreement. Such trust indenture or agreement, or the resolution providing for the issuance of such bonds<\/span><\/span> may pledge or assign fees, rents, charges and receipts, collected by, payable to or otherwise derived by the authority<\/span>, and all other moneys and income of whatever kind or character collected by, payable to or otherwise derived from any project<\/span>. Such trust indenture or agreement, or resolution providing for the issuance of such bonds<\/span><\/span>, 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 covenants setting forth the duties of the authority<\/span> in relation to the acquisition of property and the construction, improvement, maintenance, repair, operation and issuance of any project<\/span> or other property of the authority<\/span>, and the rates of fees, rents and other charges to be charged, and the custody<\/span>, safeguarding and application of all moneys of the authority<\/span>, and conditions or limitations with respect to the issuance of additional bonds<\/span><\/span>. It shall be lawful for any bank or trust company incorporated under the laws<\/span> of the Commonwealth which may act as depository of the proceeds of such bonds<\/span><\/span> or of other revenues of the authority<\/span> to furnish indemnifying bonds<\/span><\/span> or to pledge such securities as may be required by the authority<\/span>. Such trust indenture or agreement or resolution may set forth the rights and remedies of the bondholders and of the trustee, and may restrict the individual right of action by bondholders.<\/p>

In addition to the foregoing, such trust indenture or agreement 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 or agreement or resolution may be treated as a part of the cost of a project<\/span>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nTRUST INDENTURE OR AGREEMENT TO SECURE PAYMENT OF BONDS (\u00a7 15.2-5609)\n\nIn the discretion of the authority, any bonds issued under the provisions of\nthis chapter may be secured by a trust indenture by way of conveyance, deed of\ntrust or mortgage of any project or any other property of the authority, whether\nor not financed in whole or in part from the proceeds of such bonds, or by a\ntrust agreement by and between the authority and a corporate trustee, which may\nbe any trust company or bank having the powers of a trust company within or\noutside the Commonwealth or by both such conveyance, deed of trust or mortgage\nand indenture or trust agreement. Such trust indenture or agreement, or the\nresolution providing for the issuance of such bonds may pledge or assign fees,\nrents, charges and receipts, collected by, payable to or otherwise derived by\nthe authority, and all other moneys and income of whatever kind or character\ncollected by, payable to or otherwise derived from any project. Such trust\nindenture or agreement, or resolution providing for the issuance of such bonds,\nmay contain such provisions for protecting and enforcing the rights and remedies\nof the bondholders as may be reasonable and proper and not in violation of law,\nincluding covenants setting forth the duties of the authority in relation to the\nacquisition of property and the construction, improvement, maintenance, repair,\noperation and issuance of any project or other property of the authority, and\nthe rates of fees, rents and other charges to be charged, and the custody,\nsafeguarding and application of all moneys of the authority, and conditions or\nlimitations with respect to the issuance of additional bonds. It shall be lawful\nfor any bank or trust company incorporated under the laws of the Commonwealth\nwhich may act as depository of the proceeds of such bonds or of other revenues\nof the authority to furnish indemnifying bonds or to pledge such securities as\nmay be required by the authority. Such trust indenture or agreement or\nresolution may set forth the rights and remedies of the bondholders and of the\ntrustee, and may restrict the individual right of action by bondholders.\n\nIn addition to the foregoing, such trust indenture or agreement or resolution\nmay contain such other provisions as the authority may deem reasonable and\nproper for the security of the bondholders. All expenses incurred in carrying\nout the provisions of such trust indenture or agreement or resolution may be\ntreated as a part of the cost of a project.\n\nHISTORY: Code 1950, \u00a7 15-714.22; 1962, c. 393, \u00a7 10, \u00a7 15.1-1280; 1973, c.\n238; 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"}}