{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/10.1-1610.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/10.1-1610.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/10.1-1610.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/10.1-1610.html"}],"law_id":345793,"edition_id":2,"section_id":345793,"structure_id":49653,"section_number":"10.1-1610","catch_line":"Trust agreement securing bonds","history":"1986, c. 360, \u00a7 10-158.7; 1988, c. 891; 1991, c. 706.","full_text":"In the discretion of the Authority any bonds issued under the provisions of this chapter may be secured by a trust agreement between the Authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company. The trust agreement or the resolution providing for the issuance of bonds may pledge or assign the revenues to be received and provide for the mortgage of any project or property or any part thereof. However, the Authority shall have no power to encumber its real property or create any estate or interest therein other than encumbrances on structures not extending to the real property upon which such structures are located. The trust agreement or resolution may contain reasonable, proper and lawful provisions for protecting and enforcing the rights and remedies of the bondholders. The trust agreement or resolution may include covenants setting forth the duties of the Authority in relation to the acquisition of property and the planning, development, acquisition, construction, rehabilitation, establishment, improvement, extension, enlargement, maintenance, repair, operation and insurance of the project in connection with which such bonds have been authorized, the rates and fees to be charged, the custody, safeguarding and application of all moneys, 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 bonds or of revenue, to furnish such indemnifying bonds or to pledge such securities as may be required by the Authority. The trust agreement may set forth the rights of action by bondholders and other provisions the Authority deems reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of the trust agreement or resolution may be treated as a part of the operation of the project.\n\n","order_by":null,"text":{"0":{"id":1289335,"text":"In the discretion of the Authority any bonds issued under the provisions of this chapter may be secured by a trust agreement between the Authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company. The trust agreement or the resolution providing for the issuance of bonds may pledge or assign the revenues to be received and provide for the mortgage of any project or property or any part thereof. However, the Authority shall have no power to encumber its real property or create any estate or interest therein other than encumbrances on structures not extending to the real property upon which such structures are located. The trust agreement or resolution may contain reasonable, proper and lawful provisions for protecting and enforcing the rights and remedies of the bondholders. The trust agreement or resolution may include covenants setting forth the duties of the Authority in relation to the acquisition of property and the planning, development, acquisition, construction, rehabilitation, establishment, improvement, extension, enlargement, maintenance, repair, operation and insurance of the project in connection with which such bonds have been authorized, the rates and fees to be charged, the custody, safeguarding and application of all moneys, 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 bonds or of revenue, to furnish such indemnifying bonds or to pledge such securities as may be required by the Authority. The trust agreement may set forth the rights of action by bondholders and other provisions the Authority deems reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of the trust agreement or resolution may be treated as a part of the operation of the project.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":49653,"edition_id":2,"name":"Virginia Recreational Facilities Authority Act","identifier":"16","label":"chapter","depth":3,"order_by":10,"parent_id":49595,"metadata":{"child_laws":24,"child_structures":0},"date_created":"2026-08-02 02:12:57","date_modified":"2026-08-02 12:28:58","permalink":{"id":1373549,"object_type":"structure","relational_id":49653,"identifier":"16","token":"10.1\/II\/16","url":"\/10.1\/II\/16\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49595,"edition_id":2,"name":"Activities Administered by Other Entities","identifier":"II","label":"subtitle","depth":2,"order_by":2,"parent_id":49584,"metadata":{"child_laws":483,"child_structures":70},"date_created":"2026-08-02 02:12:05","date_modified":"2026-08-02 12:28:51","permalink":{"id":1371835,"object_type":"structure","relational_id":49595,"identifier":"II","token":"10.1\/II","url":"\/10.1\/II\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49584,"edition_id":2,"name":"Conservation","identifier":"10.1","label":"title","depth":1,"order_by":38,"parent_id":null,"metadata":{"child_laws":886,"child_structures":125},"date_created":"2026-08-02 02:11:52","date_modified":"2026-08-02 12:28:44","permalink":{"id":1370315,"object_type":"structure","relational_id":49584,"identifier":"10.1","token":"10.1","url":"\/10.1\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":345783,"structure_id":49653,"section_number":"10.1-1600","catch_line":"Definitions","url":"\/10.1-1600\/","token":"10.1\/II\/16\/10.1-1600","metadata":false},{"id":345784,"structure_id":49653,"section_number":"10.1-1601","catch_line":"Authority created","url":"\/10.1-1601\/","token":"10.1\/II\/16\/10.1-1601","metadata":false},{"id":345785,"structure_id":49653,"section_number":"10.1-1602","catch_line":"Board of directors","url":"\/10.1-1602\/","token":"10.1\/II\/16\/10.1-1602","metadata":false},{"id":345786,"structure_id":49653,"section_number":"10.1-1603","catch_line":"Powers of Authority","url":"\/10.1-1603\/","token":"10.1\/II\/16\/10.1-1603","metadata":false},{"id":345787,"structure_id":49653,"section_number":"10.1-1604","catch_line":"Form, terms, and execution of bonds","url":"\/10.1-1604\/","token":"10.1\/II\/16\/10.1-1604","metadata":false},{"id":345788,"structure_id":49653,"section_number":"10.1-1605","catch_line":"Issuance and sale of bonds","url":"\/10.1-1605\/","token":"10.1\/II\/16\/10.1-1605","metadata":false},{"id":345789,"structure_id":49653,"section_number":"10.1-1606","catch_line":"Use of bond proceeds","url":"\/10.1-1606\/","token":"10.1\/II\/16\/10.1-1606","metadata":false},{"id":345790,"structure_id":49653,"section_number":"10.1-1607","catch_line":"Interim receipts or temporary bonds","url":"\/10.1-1607\/","token":"10.1\/II\/16\/10.1-1607","metadata":false},{"id":345791,"structure_id":49653,"section_number":"10.1-1608","catch_line":"Faith and credit of Commonwealth or political subdivision not pledged","url":"\/10.1-1608\/","token":"10.1\/II\/16\/10.1-1608","metadata":false},{"id":345792,"structure_id":49653,"section_number":"10.1-1609","catch_line":"Expenses of the Authority","url":"\/10.1-1609\/","token":"10.1\/II\/16\/10.1-1609","metadata":false},{"id":345793,"structure_id":49653,"section_number":"10.1-1610","catch_line":"Trust agreement securing bonds","url":"\/10.1-1610\/","token":"10.1\/II\/16\/10.1-1610","metadata":false},{"id":345794,"structure_id":49653,"section_number":"10.1-1611","catch_line":"Moneys received deemed trust funds","url":"\/10.1-1611\/","token":"10.1\/II\/16\/10.1-1611","metadata":false},{"id":345795,"structure_id":49653,"section_number":"10.1-1612","catch_line":"Proceedings by bondholder or trustee to enforce rights","url":"\/10.1-1612\/","token":"10.1\/II\/16\/10.1-1612","metadata":false},{"id":345796,"structure_id":49653,"section_number":"10.1-1613","catch_line":"Bonds made securities for investment and deposit","url":"\/10.1-1613\/","token":"10.1\/II\/16\/10.1-1613","metadata":false},{"id":345797,"structure_id":49653,"section_number":"10.1-1614","catch_line":"Revenue refunding bonds; bonds for refunding and for cost of additional projects","url":"\/10.1-1614\/","token":"10.1\/II\/16\/10.1-1614","metadata":false},{"id":345798,"structure_id":49653,"section_number":"10.1-1615","catch_line":"Grants or loans of public or private funds","url":"\/10.1-1615\/","token":"10.1\/II\/16\/10.1-1615","metadata":false},{"id":345799,"structure_id":49653,"section_number":"10.1-1616","catch_line":"Exemption from taxes or assessments","url":"\/10.1-1616\/","token":"10.1\/II\/16\/10.1-1616","metadata":false},{"id":345800,"structure_id":49653,"section_number":"10.1-1617","catch_line":"Moneys of Authority","url":"\/10.1-1617\/","token":"10.1\/II\/16\/10.1-1617","metadata":false},{"id":345801,"structure_id":49653,"section_number":"10.1-1618","catch_line":"Title to property","url":"\/10.1-1618\/","token":"10.1\/II\/16\/10.1-1618","metadata":false},{"id":345802,"structure_id":49653,"section_number":"10.1-1619","catch_line":"Violation of regulations","url":"\/10.1-1619\/","token":"10.1\/II\/16\/10.1-1619","metadata":false},{"id":345803,"structure_id":49653,"section_number":"10.1-1620","catch_line":"Appointment of special conservators of the peace","url":"\/10.1-1620\/","token":"10.1\/II\/16\/10.1-1620","metadata":false},{"id":345804,"structure_id":49653,"section_number":"10.1-1621","catch_line":"Conveyance or lease of park to Authority","url":"\/10.1-1621\/","token":"10.1\/II\/16\/10.1-1621","metadata":false},{"id":345805,"structure_id":49653,"section_number":"10.1-1622","catch_line":"Recordation of conveyances of real estate to Authority","url":"\/10.1-1622\/","token":"10.1\/II\/16\/10.1-1622","metadata":false},{"id":345806,"structure_id":49653,"section_number":"10.1-1623","catch_line":"Dissolution of Authority; disposition of property","url":"\/10.1-1623\/","token":"10.1\/II\/16\/10.1-1623","metadata":false}],"previous_section":{"id":345792,"structure_id":49653,"section_number":"10.1-1609","catch_line":"Expenses of the Authority","url":"\/10.1-1609\/","token":"10.1\/II\/16\/10.1-1609","metadata":false},"next_section":{"id":345794,"structure_id":49653,"section_number":"10.1-1611","catch_line":"Moneys received deemed trust funds","url":"\/10.1-1611\/","token":"10.1\/II\/16\/10.1-1611","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/10.1-1610\/","history_text":"<p>This law was first created in 1986. The record of its establishment is cataloged in chapter 360 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 1986 \u201cActs\u201d aren\u2019t available online. It has been modified 2 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 1988, chapter 891; in 1991, chapter 706.<\/p>","references":false,"refers_to":false,"permalink":{"id":1373591,"object_type":"law","relational_id":345793,"identifier":"10.1-1610","token":"10.1\/II\/16\/10.1-1610","url":"\/10.1-1610\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/10.1-1610\/","token":"10.1\/II\/16\/10.1-1610","dublin_core":{"Title":"Trust agreement securing bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 10.1-1610","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>In the discretion of the <span class=\"dictionary\">Authority<\/span> any <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> issued under the provisions of this chapter may be secured by a trust agreement between the <span class=\"dictionary\">Authority<\/span> and a corporate trustee, which may be any trust company or bank having the powers of a trust company. The trust agreement or the resolution providing for the issuance of <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> may pledge or assign the revenues to be received and provide for the mortgage of any <span class=\"dictionary\">project<\/span> or property or any part thereof. However, the <span class=\"dictionary\">Authority<\/span> shall have no power to encumber its real property or create any estate or interest therein other than encumbrances on structures not extending to the real property upon which such structures are located. The trust agreement or resolution may contain reasonable, proper and lawful provisions for protecting and enforcing the rights and remedies of the bondholders. The trust agreement or resolution may include covenants setting forth the duties of the <span class=\"dictionary\">Authority<\/span> in relation to the acquisition of property and the planning, development, acquisition, construction, rehabilitation, establishment, improvement, extension, enlargement, maintenance, repair, operation and insurance of the <span class=\"dictionary\">project<\/span> in connection with which such <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> have been authorized, the rates and fees to be charged, the <span class=\"dictionary\">custody<\/span>, safeguarding and application of all moneys, and conditions or limitations with respect to the issuance of additional <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span>. It shall be lawful for any bank or trust company incorporated under the <span class=\"dictionary\">laws<\/span> of the Commonwealth which may act as depository of the proceeds of <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> or of revenue, to furnish such indemnifying <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> or to pledge such securities as may be required by the <span class=\"dictionary\">Authority<\/span>. The trust agreement may set forth the rights of action by bondholders and other provisions the <span class=\"dictionary\">Authority<\/span> deems reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of the trust agreement or resolution may be treated as a part of the operation of the <span class=\"dictionary\">project<\/span>.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nTRUST AGREEMENT SECURING BONDS (\u00a7 10.1-1610)\n\nIn the discretion of the Authority any bonds issued under the provisions of this\nchapter may be secured by a trust agreement between the Authority and a\ncorporate trustee, which may be any trust company or bank having the powers of a\ntrust company. The trust agreement or the resolution providing for the issuance\nof bonds may pledge or assign the revenues to be received and provide for the\nmortgage of any project or property or any part thereof. However, the Authority\nshall have no power to encumber its real property or create any estate or\ninterest therein other than encumbrances on structures not extending to the real\nproperty upon which such structures are located. The trust agreement or\nresolution may contain reasonable, proper and lawful provisions for protecting\nand enforcing the rights and remedies of the bondholders. The trust agreement or\nresolution may include covenants setting forth the duties of the Authority in\nrelation to the acquisition of property and the planning, development,\nacquisition, construction, rehabilitation, establishment, improvement,\nextension, enlargement, maintenance, repair, operation and insurance of the\nproject in connection with which such bonds have been authorized, the rates and\nfees to be charged, the custody, safeguarding and application of all moneys, and\nconditions or limitations with respect to the issuance of additional bonds. It\nshall be lawful for any bank or trust company incorporated under the laws of the\nCommonwealth which may act as depository of the proceeds of bonds or of revenue,\nto furnish such indemnifying bonds or to pledge such securities as may be\nrequired by the Authority. The trust agreement may set forth the rights of\naction by bondholders and other provisions the Authority deems reasonable and\nproper for the security of the bondholders. All expenses incurred in carrying\nout the provisions of the trust agreement or resolution may be treated as a part\nof the operation of the project.\n\nHISTORY: 1986, c. 360, \u00a7 10-158.7; 1988, c. 891; 1991, c. 706.","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"}}