{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/23.1-1232.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/23.1-1232.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/23.1-1232.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/23.1-1232.html"}],"law_id":355128,"edition_id":2,"section_id":355128,"structure_id":50796,"section_number":"23.1-1232","catch_line":"Moneys received deemed trust funds","history":"1972, c. 686, \u00a7 23-30.51; 2016, c. 588.","full_text":"All moneys that the Authority receives pursuant to this article, whether as proceeds from the sale of bonds or as revenues, are trust funds to be held and applied solely as provided in this article. Any officer with whom, or any bank or trust company with which, such moneys are deposited shall act as trustee of such moneys and shall hold and apply the same for the purposes of this article, the resolution authorizing the bonds of any issue, or the trust agreement securing such bonds.\n\n","order_by":null,"text":{"0":{"id":1322427,"text":"All moneys that the Authority receives pursuant to this article, whether as proceeds from the sale of bonds or as revenues, are trust funds to be held and applied solely as provided in this article. Any officer with whom, or any bank or trust company with which, such moneys are deposited shall act as trustee of such moneys and shall hold and apply the same for the purposes of this article, the resolution authorizing the bonds of any issue, or the trust agreement securing such bonds.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"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; 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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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-1232\/","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":1412871,"object_type":"law","relational_id":355128,"identifier":"23.1-1232","token":"23.1\/III\/12\/2\/23.1-1232","url":"\/23.1-1232\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/23.1-1232\/","token":"23.1\/III\/12\/2\/23.1-1232","dublin_core":{"Title":"Moneys received deemed trust funds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-1232","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

All moneys that the Authority<\/span> receives pursuant to this article, whether as proceeds from the sale of bonds<\/span><\/span> or as revenues, are trust funds to be held and applied solely as provided in this article. Any officer with whom, or any bank or trust company with which, such moneys are deposited shall act as trustee of such moneys and shall hold and apply the same for the purposes of this article, the resolution authorizing the bonds<\/span><\/span> of any issue<\/span>, or the trust agreement securing such bonds<\/span><\/span>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nMONEYS RECEIVED DEEMED TRUST FUNDS (\u00a7 23.1-1232)\n\nAll moneys that the Authority receives pursuant to this article, whether as\nproceeds from the sale of bonds or as revenues, are trust funds to be held and\napplied solely as provided in this article. Any officer with whom, or any bank\nor trust company with which, such moneys are deposited shall act as trustee of\nsuch moneys and shall hold and apply the same for the purposes of this article,\nthe resolution authorizing the bonds of any issue, or the trust agreement\nsecuring such bonds.\n\nHISTORY: 1972, c. 686, \u00a7 23-30.51; 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"}}