{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/23.1-1228.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/23.1-1228.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/23.1-1228.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/23.1-1228.html"}],"law_id":355124,"edition_id":2,"section_id":355124,"structure_id":50796,"section_number":"23.1-1228","catch_line":"Powers; security for revenue bonds","history":"1972, c. 686, \u00a7 23-30.48; 2016, c. 588.","full_text":"A\n\nThe Authority may secure any revenue bonds issued under the provisions of this article by a trust agreement between the Authority and a corporate trustee that may be any trust company or bank having the powers of a trust company within or outside the Commonwealth. Such trust agreement or the resolution providing for the issuance of such revenue bonds may (i) pledge or assign the revenues to be received or proceeds of any contract pledged, (ii) convey or mortgage the project or any portion of the project, or (iii) contain provisions for protecting and enforcing the rights and remedies of the bondholders that the Authority deems reasonable and proper and are not in violation of law, including provisions that may be included in any resolution of the Authority authorizing revenue bonds pursuant to this article.\n\nB\n\nAny bank or trust company incorporated under the laws of the Commonwealth that may act as depository of the proceeds of bonds, revenues, or other moneys may furnish such indemnifying bonds or pledge such securities as may be required by the Authority.\n\nC\n\nAny such trust agreement may set forth the rights and remedies of the bondholders and the trustee and restrict the individual right of action by bondholders.\n\nD\n\nAny such trust agreement or resolution may contain such other provisions as the Authority deems reasonable and proper for the security of the bondholders.\n\nE\n\nAll expenses incurred in carrying out the provisions of such trust agreement 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":1322414,"text":"The Authority may secure any revenue bonds issued under the provisions of this article by a trust agreement between the Authority and a corporate trustee that may be any trust company or bank having the powers of a trust company within or outside the Commonwealth. Such trust agreement or the resolution providing for the issuance of such revenue bonds may (i) pledge or assign the revenues to be received or proceeds of any contract pledged, (ii) convey or mortgage the project or any portion of the project, or (iii) contain provisions for protecting and enforcing the rights and remedies of the bondholders that the Authority deems reasonable and proper and are not in violation of law, including provisions that may be included in any resolution of the Authority authorizing revenue bonds pursuant to this article.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1322415,"text":"Any bank or trust company incorporated under the laws of the Commonwealth that may act as depository of the proceeds of bonds, revenues, or other moneys may furnish such indemnifying bonds or pledge such securities as may be required by the Authority.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":1322416,"text":"Any such trust agreement may set forth the rights and remedies of the bondholders and the trustee and restrict the individual right of action by bondholders.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":1322417,"text":"Any such trust agreement or resolution may contain such other provisions as the Authority deems reasonable and proper for the security of the bondholders.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":1322418,"text":"All expenses incurred in carrying out the provisions of such trust agreement or resolution may be treated as a part of the cost of the operation of a project.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":50796,"edition_id":2,"name":"Nonprofit Private Institutions of Higher Education; Projects","identifier":"2","label":"article","depth":4,"order_by":2,"parent_id":50794,"metadata":{"child_laws":19,"child_structures":0},"date_created":"2026-08-02 02:33:27","date_modified":"2026-08-02 12:31:18","permalink":{"id":1412821,"object_type":"structure","relational_id":50796,"identifier":"2","token":"23.1\/III\/12\/2","url":"\/23.1\/III\/12\/2\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50794,"edition_id":2,"name":"Virginia College Building Authority","identifier":"12","label":"chapter","depth":3,"order_by":3,"parent_id":50786,"metadata":{"child_laws":39,"child_structures":2},"date_created":"2026-08-02 02:33:25","date_modified":"2026-08-02 12:31:18","permalink":{"id":1412737,"object_type":"structure","relational_id":50794,"identifier":"12","token":"23.1\/III\/12","url":"\/23.1\/III\/12\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50786,"edition_id":2,"name":"Management and Financing","identifier":"III","label":"subtitle","depth":2,"order_by":3,"parent_id":50782,"metadata":{"child_laws":97,"child_structures":11},"date_created":"2026-08-02 02:33:18","date_modified":"2026-08-02 12:31:17","permalink":{"id":1412515,"object_type":"structure","relational_id":50786,"identifier":"III","token":"23.1\/III","url":"\/23.1\/III\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50782,"edition_id":2,"name":"Institutions of Higher Education; Other Educational and Cultural Institutions","identifier":"23.1","label":"title","depth":1,"order_by":62,"parent_id":null,"metadata":{"child_laws":594,"child_structures":95},"date_created":"2026-08-02 02:33:18","date_modified":"2026-08-02 12:31:13","permalink":{"id":1411583,"object_type":"structure","relational_id":50782,"identifier":"23.1","token":"23.1","url":"\/23.1\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":355116,"structure_id":50796,"section_number":"23.1-1220","catch_line":"Definitions","url":"\/23.1-1220\/","token":"23.1\/III\/12\/2\/23.1-1220","metadata":false},{"id":355117,"structure_id":50796,"section_number":"23.1-1221","catch_line":"Declaration of policy and purpose","url":"\/23.1-1221\/","token":"23.1\/III\/12\/2\/23.1-1221","metadata":false},{"id":355118,"structure_id":50796,"section_number":"23.1-1222","catch_line":"Expenses of administering article","url":"\/23.1-1222\/","token":"23.1\/III\/12\/2\/23.1-1222","metadata":false},{"id":355119,"structure_id":50796,"section_number":"23.1-1223","catch_line":"Powers and duties of Authority","url":"\/23.1-1223\/","token":"23.1\/III\/12\/2\/23.1-1223","metadata":false},{"id":355120,"structure_id":50796,"section_number":"23.1-1224","catch_line":"Duties; conveyance of title to projects","url":"\/23.1-1224\/","token":"23.1\/III\/12\/2\/23.1-1224","metadata":false},{"id":355121,"structure_id":50796,"section_number":"23.1-1225","catch_line":"Powers; acquisition of property","url":"\/23.1-1225\/","token":"23.1\/III\/12\/2\/23.1-1225","metadata":false},{"id":355122,"structure_id":50796,"section_number":"23.1-1226","catch_line":"Powers; issuance of negotiable notes","url":"\/23.1-1226\/","token":"23.1\/III\/12\/2\/23.1-1226","metadata":false},{"id":355123,"structure_id":50796,"section_number":"23.1-1227","catch_line":"Powers; issuance of revenue bonds","url":"\/23.1-1227\/","token":"23.1\/III\/12\/2\/23.1-1227","metadata":false},{"id":355124,"structure_id":50796,"section_number":"23.1-1228","catch_line":"Powers; security for revenue bonds","url":"\/23.1-1228\/","token":"23.1\/III\/12\/2\/23.1-1228","metadata":false},{"id":355125,"structure_id":50796,"section_number":"23.1-1229","catch_line":"Powers and duties; rates, rents, fees and charges; sinking fund","url":"\/23.1-1229\/","token":"23.1\/III\/12\/2\/23.1-1229","metadata":false},{"id":355126,"structure_id":50796,"section_number":"23.1-1230","catch_line":"Powers; issuance of refunding revenue bonds","url":"\/23.1-1230\/","token":"23.1\/III\/12\/2\/23.1-1230","metadata":false},{"id":355127,"structure_id":50796,"section_number":"23.1-1231","catch_line":"Revenue bonds not obligations of Commonwealth or political subdivision","url":"\/23.1-1231\/","token":"23.1\/III\/12\/2\/23.1-1231","metadata":false},{"id":355128,"structure_id":50796,"section_number":"23.1-1232","catch_line":"Moneys received deemed trust funds","url":"\/23.1-1232\/","token":"23.1\/III\/12\/2\/23.1-1232","metadata":false},{"id":355129,"structure_id":50796,"section_number":"23.1-1233","catch_line":"Remedies of bondholders or holders of other obligations","url":"\/23.1-1233\/","token":"23.1\/III\/12\/2\/23.1-1233","metadata":false},{"id":355130,"structure_id":50796,"section_number":"23.1-1234","catch_line":"Exemption from taxation","url":"\/23.1-1234\/","token":"23.1\/III\/12\/2\/23.1-1234","metadata":false},{"id":355131,"structure_id":50796,"section_number":"23.1-1235","catch_line":"Bonds as legal investments","url":"\/23.1-1235\/","token":"23.1\/III\/12\/2\/23.1-1235","metadata":false},{"id":355132,"structure_id":50796,"section_number":"23.1-1236","catch_line":"Nature of article","url":"\/23.1-1236\/","token":"23.1\/III\/12\/2\/23.1-1236","metadata":false},{"id":355133,"structure_id":50796,"section_number":"23.1-1237","catch_line":"Article liberally construed","url":"\/23.1-1237\/","token":"23.1\/III\/12\/2\/23.1-1237","metadata":false},{"id":355134,"structure_id":50796,"section_number":"23.1-1238","catch_line":"Article controls inconsistent laws","url":"\/23.1-1238\/","token":"23.1\/III\/12\/2\/23.1-1238","metadata":false}],"previous_section":{"id":355123,"structure_id":50796,"section_number":"23.1-1227","catch_line":"Powers; issuance of revenue bonds","url":"\/23.1-1227\/","token":"23.1\/III\/12\/2\/23.1-1227","metadata":false},"next_section":{"id":355125,"structure_id":50796,"section_number":"23.1-1229","catch_line":"Powers and duties; rates, rents, fees and charges; sinking fund","url":"\/23.1-1229\/","token":"23.1\/III\/12\/2\/23.1-1229","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-1228\/","history_text":"

This law was first created in 1972. The record of its establishment is cataloged in chapter 686 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. Unfortunately, the 1972 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. 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. That modification is as follows: in 2016, chapter 588<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1412855,"object_type":"law","relational_id":355124,"identifier":"23.1-1228","token":"23.1\/III\/12\/2\/23.1-1228","url":"\/23.1-1228\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/23.1-1228\/","token":"23.1\/III\/12\/2\/23.1-1228","dublin_core":{"Title":"Powers; security for revenue bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-1228","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Authority<\/span> may secure any revenue bonds<\/span> issued under the provisions of this article by a trust agreement between the Authority<\/span> and a corporate trustee that may be any trust company or bank having the powers of a trust company within or outside the Commonwealth. Such trust agreement or the resolution providing for the issuance of such revenue bonds<\/span> may (i) pledge or assign the revenues to be received or proceeds of any contract<\/span> pledged, (ii) convey or mortgage the project<\/span> or any portion of the project<\/span>, or (iii) contain provisions for protecting and enforcing the rights and remedies of the bondholders that the Authority<\/span> deems reasonable and proper and are not in violation of law<\/span>, including provisions that may be included in any resolution of the Authority<\/span> authorizing revenue bonds<\/span> pursuant to this article. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Any bank or trust company incorporated under the laws<\/span> of the Commonwealth that may act as depository of the proceeds of bonds, revenues, or other moneys may furnish such indemnifying bonds or pledge such securities as may be required by the Authority<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Any such trust agreement may set forth the rights and remedies of the bondholders and the trustee and restrict the individual right of action by bondholders. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Any such trust agreement or resolution may contain such other provisions as the Authority<\/span> deems reasonable and proper for the security of the bondholders. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> All expenses incurred in carrying out the provisions of such trust agreement or resolution may be treated as a part of the cost of the operation of a project<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS; SECURITY FOR REVENUE BONDS (\u00a7 23.1-1228)\n\nA. The Authority may secure any revenue bonds issued under the provisions of\nthis article by a trust agreement between the Authority and a corporate trustee\nthat may be any trust company or bank having the powers of a trust company\nwithin or outside the Commonwealth. Such trust agreement or the resolution\nproviding for the issuance of such revenue bonds may (i) pledge or assign the\nrevenues to be received or proceeds of any contract pledged, (ii) convey or\nmortgage the project or any portion of the project, or (iii) contain provisions\nfor protecting and enforcing the rights and remedies of the bondholders that the\nAuthority deems reasonable and proper and are not in violation of law, including\nprovisions that may be included in any resolution of the Authority authorizing\nrevenue bonds pursuant to this article.\n\nB. Any bank or trust company incorporated under the laws of the Commonwealth\nthat may act as depository of the proceeds of bonds, revenues, or other moneys\nmay furnish such indemnifying bonds or pledge such securities as may be required\nby the Authority.\n\nC. Any such trust agreement may set forth the rights and remedies of the\nbondholders and the trustee and restrict the individual right of action by\nbondholders.\n\nD. Any such trust agreement or resolution may contain such other provisions as\nthe Authority deems reasonable and proper for the security of the bondholders.\n\nE. All expenses incurred in carrying out the provisions of such trust agreement\nor resolution may be treated as a part of the cost of the operation of a\nproject.\n\nHISTORY: 1972, c. 686, \u00a7 23-30.48; 2016, c. 588.","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"}}