{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/15.2-6318.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/15.2-6318.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/15.2-6318.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/15.2-6318.html"}],"law_id":349039,"edition_id":2,"section_id":349039,"structure_id":50024,"section_number":"15.2-6318","catch_line":"Investment in bonds issued by authorities","history":"Code 1950, \u00a7 15-956; 1954, c. 645; 1962, c. 623, \u00a7 15.1-1339; 1997, c. 587.","full_text":"The Commonwealth and all public officers, municipal corporations, political subdivisions, and public bodies, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies and other persons carrying on a banking business, all insurance companies, except domestic life insurance companies, and all fiduciaries may legally invest any sinking funds, moneys or other funds belonging to them or within their control in any bonds or other obligations issued by any such authority, and such bonds and other obligations shall be authorized security for all public deposits and shall be fully negotiable in this Commonwealth; it being the purpose of this chapter to authorize any persons, firms, corporations, associations, political subdivisions, bodies and officers, public or private, to use any funds owned or controlled by them, including (but not limited to) sinking, insurance, investment, retirement, compensation, pension funds, and funds held on deposit, for the purchase of any such bonds or other obligations and that any such bonds or other obligations shall be authorized security for all public deposits and shall be fully negotiable in this Commonwealth.\n\n","order_by":null,"text":{"0":{"id":1300990,"text":"The Commonwealth and all public officers, municipal corporations, political subdivisions, and public bodies, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies and other persons carrying on a banking business, all insurance companies, except domestic life insurance companies, and all fiduciaries may legally invest any sinking funds, moneys or other funds belonging to them or within their control in any bonds or other obligations issued by any such authority, and such bonds and other obligations shall be authorized security for all public deposits and shall be fully negotiable in this Commonwealth; it being the purpose of this chapter to authorize any persons, firms, corporations, associations, political subdivisions, bodies and officers, public or private, to use any funds owned or controlled by them, including (but not limited to) sinking, insurance, investment, retirement, compensation, pension funds, and funds held on deposit, for the purchase of any such bonds or other obligations and that any such bonds or other obligations shall be authorized security for all public deposits and shall be fully negotiable in this Commonwealth.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":50024,"edition_id":2,"name":"Authorities for Development of Former Federal Areas","identifier":"63","label":"chapter","depth":3,"order_by":27,"parent_id":49964,"metadata":{"child_laws":27,"child_structures":0},"date_created":"2026-08-02 02:20:24","date_modified":"2026-08-02 12:29:55","permalink":{"id":1387119,"object_type":"structure","relational_id":50024,"identifier":"63","token":"15.2\/IV\/63","url":"\/15.2\/IV\/63\/","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":349017,"structure_id":50024,"section_number":"15.2-6300","catch_line":"Declaration of policy for authorities created by the Governor","url":"\/15.2-6300\/","token":"15.2\/IV\/63\/15.2-6300","metadata":false},{"id":349016,"structure_id":50024,"section_number":"15.2-6300.1","catch_line":"Declaration of policy for authorities created by a locality","url":"\/15.2-6300.1\/","token":"15.2\/IV\/63\/15.2-6300.1","metadata":false},{"id":349018,"structure_id":50024,"section_number":"15.2-6301","catch_line":"Definitions","url":"\/15.2-6301\/","token":"15.2\/IV\/63\/15.2-6301","metadata":false},{"id":349019,"structure_id":50024,"section_number":"15.2-6302","catch_line":"Establishment of development authorities","url":"\/15.2-6302\/","token":"15.2\/IV\/63\/15.2-6302","metadata":false},{"id":349020,"structure_id":50024,"section_number":"15.2-6303","catch_line":"Authorities to file annual reports","url":"\/15.2-6303\/","token":"15.2\/IV\/63\/15.2-6303","metadata":false},{"id":349022,"structure_id":50024,"section_number":"15.2-6304","catch_line":"Board of commissioners; appointment of director, agents and employees","url":"\/15.2-6304\/","token":"15.2\/IV\/63\/15.2-6304","metadata":false},{"id":349021,"structure_id":50024,"section_number":"15.2-6304.1","catch_line":"Repealed","url":"\/15.2-6304.1\/","token":"15.2\/IV\/63\/15.2-6304.1","metadata":false},{"id":349023,"structure_id":50024,"section_number":"15.2-6305","catch_line":"Powers and duties of director","url":"\/15.2-6305\/","token":"15.2\/IV\/63\/15.2-6305","metadata":false},{"id":349024,"structure_id":50024,"section_number":"15.2-6306","catch_line":"Principal and branch offices","url":"\/15.2-6306\/","token":"15.2\/IV\/63\/15.2-6306","metadata":false},{"id":349025,"structure_id":50024,"section_number":"15.2-6307","catch_line":"Legal services","url":"\/15.2-6307\/","token":"15.2\/IV\/63\/15.2-6307","metadata":false},{"id":349027,"structure_id":50024,"section_number":"15.2-6308","catch_line":"Powers of authorities generally","url":"\/15.2-6308\/","token":"15.2\/IV\/63\/15.2-6308","metadata":false},{"id":349026,"structure_id":50024,"section_number":"15.2-6308.1","catch_line":"Approval of Governor required","url":"\/15.2-6308.1\/","token":"15.2\/IV\/63\/15.2-6308.1","metadata":false},{"id":349028,"structure_id":50024,"section_number":"15.2-6309","catch_line":"Two or more authorities may join or cooperate in exercising powers","url":"\/15.2-6309\/","token":"15.2\/IV\/63\/15.2-6309","metadata":false},{"id":349030,"structure_id":50024,"section_number":"15.2-6310","catch_line":"Payments to Commonwealth or political subdivisions thereof","url":"\/15.2-6310\/","token":"15.2\/IV\/63\/15.2-6310","metadata":false},{"id":349031,"structure_id":50024,"section_number":"15.2-6311","catch_line":"Authorities may borrow money, accept contributions, etc","url":"\/15.2-6311\/","token":"15.2\/IV\/63\/15.2-6311","metadata":false},{"id":349032,"structure_id":50024,"section_number":"15.2-6312","catch_line":"Authorities empowered to issue bonds; additional security; liability thereon","url":"\/15.2-6312\/","token":"15.2\/IV\/63\/15.2-6312","metadata":false},{"id":349033,"structure_id":50024,"section_number":"15.2-6313","catch_line":"Bonds to be authorized by resolution of board; terms; sale; negotiability; validity","url":"\/15.2-6313\/","token":"15.2\/IV\/63\/15.2-6313","metadata":false},{"id":349035,"structure_id":50024,"section_number":"15.2-6314","catch_line":"Exemption from taxation; authorities to be municipal corporate instrumentalities of Commonwealth","url":"\/15.2-6314\/","token":"15.2\/IV\/63\/15.2-6314","metadata":false},{"id":349034,"structure_id":50024,"section_number":"15.2-6314.1","catch_line":"Applicability of the Virginia Personnel Act and the Virginia Public Procurement Act","url":"\/15.2-6314.1\/","token":"15.2\/IV\/63\/15.2-6314.1","metadata":false},{"id":349036,"structure_id":50024,"section_number":"15.2-6315","catch_line":"Provisions for securing payment of bonds","url":"\/15.2-6315\/","token":"15.2\/IV\/63\/15.2-6315","metadata":false},{"id":349037,"structure_id":50024,"section_number":"15.2-6316","catch_line":"Rights and remedies of obligees","url":"\/15.2-6316\/","token":"15.2\/IV\/63\/15.2-6316","metadata":false},{"id":349038,"structure_id":50024,"section_number":"15.2-6317","catch_line":"Rents, fees and charges; disposition of revenues","url":"\/15.2-6317\/","token":"15.2\/IV\/63\/15.2-6317","metadata":false},{"id":349039,"structure_id":50024,"section_number":"15.2-6318","catch_line":"Investment in bonds issued by authorities","url":"\/15.2-6318\/","token":"15.2\/IV\/63\/15.2-6318","metadata":false},{"id":349040,"structure_id":50024,"section_number":"15.2-6319","catch_line":"Dissolution of authority","url":"\/15.2-6319\/","token":"15.2\/IV\/63\/15.2-6319","metadata":false},{"id":349042,"structure_id":50024,"section_number":"15.2-6320","catch_line":"Powers conferred additional and supplemental; liberal construction","url":"\/15.2-6320\/","token":"15.2\/IV\/63\/15.2-6320","metadata":false},{"id":349043,"structure_id":50024,"section_number":"15.2-6321","catch_line":"Chapter controlling over inconsistent laws","url":"\/15.2-6321\/","token":"15.2\/IV\/63\/15.2-6321","metadata":false},{"id":349044,"structure_id":50024,"section_number":"15.2-6322","catch_line":"Sovereign immunity","url":"\/15.2-6322\/","token":"15.2\/IV\/63\/15.2-6322","metadata":false}],"previous_section":{"id":349038,"structure_id":50024,"section_number":"15.2-6317","catch_line":"Rents, fees and charges; disposition of revenues","url":"\/15.2-6317\/","token":"15.2\/IV\/63\/15.2-6317","metadata":false},"next_section":{"id":349040,"structure_id":50024,"section_number":"15.2-6319","catch_line":"Dissolution of authority","url":"\/15.2-6319\/","token":"15.2\/IV\/63\/15.2-6319","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-6318\/","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 1954, chapter 645; in 1962, chapter 623; in 1997, chapter 587<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1387209,"object_type":"law","relational_id":349039,"identifier":"15.2-6318","token":"15.2\/IV\/63\/15.2-6318","url":"\/15.2-6318\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/15.2-6318\/","token":"15.2\/IV\/63\/15.2-6318","dublin_core":{"Title":"Investment in bonds issued by authorities","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-6318","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The Commonwealth and all public officers, municipal corporations, political subdivisions, and public bodies, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies and other persons carrying on a banking business, all insurance companies, except domestic life insurance companies, and all fiduciaries may legally invest any sinking funds, moneys or other funds belonging to them or within their control in any bonds<\/span><\/span> or other obligations issued by any such authority<\/span>, and such bonds<\/span><\/span> and other obligations shall be authorized security for all public deposits and shall be fully negotiable in this Commonwealth; it being the purpose of this chapter to authorize any persons, firms, corporations, associations, political subdivisions, bodies and officers, public or private, to use any funds owned or controlled by them, including (but not limited to) sinking, insurance, investment, retirement, compensation, pension funds, and funds held on deposit, for the purchase of any such bonds<\/span><\/span> or other obligations and that any such bonds<\/span><\/span> or other obligations shall be authorized security for all public deposits and shall be fully negotiable in this Commonwealth.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINVESTMENT IN BONDS ISSUED BY AUTHORITIES (\u00a7 15.2-6318)\n\nThe Commonwealth and all public officers, municipal corporations, political\nsubdivisions, and public bodies, all banks, bankers, trust companies, savings\nbanks and institutions, building and loan associations, savings and loan\nassociations, investment companies and other persons carrying on a banking\nbusiness, all insurance companies, except domestic life insurance companies, and\nall fiduciaries may legally invest any sinking funds, moneys or other funds\nbelonging to them or within their control in any bonds or other obligations\nissued by any such authority, and such bonds and other obligations shall be\nauthorized security for all public deposits and shall be fully negotiable in\nthis Commonwealth; it being the purpose of this chapter to authorize any\npersons, firms, corporations, associations, political subdivisions, bodies and\nofficers, public or private, to use any funds owned or controlled by them,\nincluding (but not limited to) sinking, insurance, investment, retirement,\ncompensation, pension funds, and funds held on deposit, for the purchase of any\nsuch bonds or other obligations and that any such bonds or other obligations\nshall be authorized security for all public deposits and shall be fully\nnegotiable in this Commonwealth.\n\nHISTORY: Code 1950, \u00a7 15-956; 1954, c. 645; 1962, c. 623, \u00a7 15.1-1339; 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"}}