{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/15.2-5412.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/15.2-5412.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/15.2-5412.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/15.2-5412.html"}],"law_id":348771,"edition_id":2,"section_id":348771,"structure_id":50003,"section_number":"15.2-5412","catch_line":"Issuance of bonds by authority","history":"1979, c. 416, \u00a7 15.1-1615; 1997, c. 587.","full_text":"An authority may issue from time to time its bonds in such principal amounts as the authority shall deem necessary to provide sufficient funds to carry out any of its corporate purposes and powers, including but not limited to the payment of all or any part of the cost of a project or projects. The principal of, redemption premium, if any, and interest on such bonds shall be payable solely from, and may be secured solely by, a pledge of and lien upon the revenues, or any portion thereof, derived or to be derived by the authority from one or more of its projects, or contributions or advances from its members, or moneys derived from any source, as the authority shall determine. Bonds of the authority shall be authorized by a resolution adopted by its board of directors, and such resolution shall be spread upon its minutes. The bonds of each issue shall be dated, shall bear interest at such rate or rates, shall mature at such time or times not exceeding fifty years from their date or dates, shall have such rank or priority and may be made redeemable before maturity at the option of the authority, at such price or prices and under such terms and conditions, as may be determined by the authority. The authority shall determine the form of the bonds, including any interest coupons to be attached thereto, and the manner of execution of the bonds, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest, which may be at any bank or trust company within or outside the Commonwealth. In case any officer whose signature or a facsimile of whose signature appears on any bonds or coupons shall cease to be such officer before the delivery of such bonds, his signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. The bonds may be issued in coupon or in registered form, or both, as the authority may determine, and provisions may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds of any bonds registered as to both principal and interest. The authority may sell such bonds in such manner, either, at public or at private sale, and for such price as it may determine to be for the best interest of the authority and the member governmental units to be served thereby.\n\nThe issuance of such bonds shall not be subject to any limitations or conditions contained in any other law, and bonds may be issued without obtaining the consent of the Commonwealth or any political subdivisions, or of any agency, commission or instrumentality of either thereof, and without any other approvals, proceedings or the happening of any conditions or things other than those specifically required by this chapter and the provisions of the resolution authorizing the issuance of such bonds or the trust agreement securing the same.\n\n","order_by":null,"text":{"0":{"id":1300151,"text":"An authority may issue from time to time its bonds in such principal amounts as the authority shall deem necessary to provide sufficient funds to carry out any of its corporate purposes and powers, including but not limited to the payment of all or any part of the cost of a project or projects. The principal of, redemption premium, if any, and interest on such bonds shall be payable solely from, and may be secured solely by, a pledge of and lien upon the revenues, or any portion thereof, derived or to be derived by the authority from one or more of its projects, or contributions or advances from its members, or moneys derived from any source, as the authority shall determine. Bonds of the authority shall be authorized by a resolution adopted by its board of directors, and such resolution shall be spread upon its minutes. The bonds of each issue shall be dated, shall bear interest at such rate or rates, shall mature at such time or times not exceeding fifty years from their date or dates, shall have such rank or priority and may be made redeemable before maturity at the option of the authority, at such price or prices and under such terms and conditions, as may be determined by the authority. The authority shall determine the form of the bonds, including any interest coupons to be attached thereto, and the manner of execution of the bonds, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest, which may be at any bank or trust company within or outside the Commonwealth. In case any officer whose signature or a facsimile of whose signature appears on any bonds or coupons shall cease to be such officer before the delivery of such bonds, his signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. The bonds may be issued in coupon or in registered form, or both, as the authority may determine, and provisions may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds of any bonds registered as to both principal and interest. The authority may sell such bonds in such manner, either, at public or at private sale, and for such price as it may determine to be for the best interest of the authority and the member governmental units to be served thereby.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":""},"1":{"id":1300152,"text":"The issuance of such bonds shall not be subject to any limitations or conditions contained in any other law, and bonds may be issued without obtaining the consent of the Commonwealth or any political subdivisions, or of any agency, commission or instrumentality of either thereof, and without any other approvals, proceedings or the happening of any conditions or things other than those specifically required by this chapter and the provisions of the resolution authorizing the issuance of such bonds or the trust agreement securing the same.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":""}},"ancestry":[{"id":50003,"edition_id":2,"name":"Electric Authorities Act","identifier":"54","label":"chapter","depth":3,"order_by":13,"parent_id":49964,"metadata":{"child_laws":36,"child_structures":0},"date_created":"2026-08-02 02:19:49","date_modified":"2026-08-02 12:29:53","permalink":{"id":1386173,"object_type":"structure","relational_id":50003,"identifier":"54","token":"15.2\/IV\/54","url":"\/15.2\/IV\/54\/","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":348755,"structure_id":50003,"section_number":"15.2-5400","catch_line":"Short title","url":"\/15.2-5400\/","token":"15.2\/IV\/54\/15.2-5400","metadata":false},{"id":348756,"structure_id":50003,"section_number":"15.2-5401","catch_line":"Intent of General Assembly","url":"\/15.2-5401\/","token":"15.2\/IV\/54\/15.2-5401","metadata":{"court_decisions":""}},{"id":348757,"structure_id":50003,"section_number":"15.2-5402","catch_line":"Definitions","url":"\/15.2-5402\/","token":"15.2\/IV\/54\/15.2-5402","metadata":false},{"id":348758,"structure_id":50003,"section_number":"15.2-5403","catch_line":"Creation of electric authority; referendum","url":"\/15.2-5403\/","token":"15.2\/IV\/54\/15.2-5403","metadata":false},{"id":348759,"structure_id":50003,"section_number":"15.2-5404","catch_line":"Articles of incorporation","url":"\/15.2-5404\/","token":"15.2\/IV\/54\/15.2-5404","metadata":false},{"id":348761,"structure_id":50003,"section_number":"15.2-5405","catch_line":"Certificate of incorporation or charter; addition and withdrawal of members; board of directors; indemnification of directors, officers or employees","url":"\/15.2-5405\/","token":"15.2\/IV\/54\/15.2-5405","metadata":{"court_decisions":""}},{"id":348760,"structure_id":50003,"section_number":"15.2-5405.1","catch_line":"Applicability of personnel and procurement procedures to certain authorities","url":"\/15.2-5405.1\/","token":"15.2\/IV\/54\/15.2-5405.1","metadata":false},{"id":348764,"structure_id":50003,"section_number":"15.2-5406","catch_line":"Rights, powers and duties of authority","url":"\/15.2-5406\/","token":"15.2\/IV\/54\/15.2-5406","metadata":false},{"id":348762,"structure_id":50003,"section_number":"15.2-5406.1","catch_line":"Retail distribution of electric energy limited to certain authorities","url":"\/15.2-5406.1\/","token":"15.2\/IV\/54\/15.2-5406.1","metadata":{"court_decisions":""}},{"id":348763,"structure_id":50003,"section_number":"15.2-5406.2","catch_line":"Tort claims against certain authorities","url":"\/15.2-5406.2\/","token":"15.2\/IV\/54\/15.2-5406.2","metadata":false},{"id":348765,"structure_id":50003,"section_number":"15.2-5407","catch_line":"Membership in more than one authority","url":"\/15.2-5407\/","token":"15.2\/IV\/54\/15.2-5407","metadata":false},{"id":348766,"structure_id":50003,"section_number":"15.2-5408","catch_line":"Sale of power and energy, including capacity and output to member governmental units by authority; duration of contracts; source of payments; furnishing of money, property or services by member governmental units","url":"\/15.2-5408\/","token":"15.2\/IV\/54\/15.2-5408","metadata":false},{"id":348767,"structure_id":50003,"section_number":"15.2-5409","catch_line":"Sale of capacity and output to nonmembers; limitations","url":"\/15.2-5409\/","token":"15.2\/IV\/54\/15.2-5409","metadata":false},{"id":348769,"structure_id":50003,"section_number":"15.2-5410","catch_line":"Contents of agreement as to joint ownership of project; designation of party to agreement as agent for construction, operation and maintenance of project; powers and duties of agent","url":"\/15.2-5410\/","token":"15.2\/IV\/54\/15.2-5410","metadata":false},{"id":348770,"structure_id":50003,"section_number":"15.2-5411","catch_line":"Contracts for planning, acquisition, construction, etc., of projects","url":"\/15.2-5411\/","token":"15.2\/IV\/54\/15.2-5411","metadata":false},{"id":348771,"structure_id":50003,"section_number":"15.2-5412","catch_line":"Issuance of bonds by authority","url":"\/15.2-5412\/","token":"15.2\/IV\/54\/15.2-5412","metadata":false},{"id":348772,"structure_id":50003,"section_number":"15.2-5413","catch_line":"Interim receipts and temporary bonds; lost, stolen and destroyed bonds","url":"\/15.2-5413\/","token":"15.2\/IV\/54\/15.2-5413","metadata":false},{"id":348773,"structure_id":50003,"section_number":"15.2-5414","catch_line":"Bonds not debts of Commonwealth or member governmental unit","url":"\/15.2-5414\/","token":"15.2\/IV\/54\/15.2-5414","metadata":false},{"id":348774,"structure_id":50003,"section_number":"15.2-5415","catch_line":"Security for bonds; trust agreement; bond resolution","url":"\/15.2-5415\/","token":"15.2\/IV\/54\/15.2-5415","metadata":false},{"id":348775,"structure_id":50003,"section_number":"15.2-5416","catch_line":"Rents, rates, fees and other charges","url":"\/15.2-5416\/","token":"15.2\/IV\/54\/15.2-5416","metadata":false},{"id":348776,"structure_id":50003,"section_number":"15.2-5417","catch_line":"Moneys received deemed trust funds","url":"\/15.2-5417\/","token":"15.2\/IV\/54\/15.2-5417","metadata":false},{"id":348777,"structure_id":50003,"section_number":"15.2-5418","catch_line":"Bondholders' and trustees' remedies","url":"\/15.2-5418\/","token":"15.2\/IV\/54\/15.2-5418","metadata":false},{"id":348778,"structure_id":50003,"section_number":"15.2-5419","catch_line":"Refunding bonds","url":"\/15.2-5419\/","token":"15.2\/IV\/54\/15.2-5419","metadata":false},{"id":348780,"structure_id":50003,"section_number":"15.2-5420","catch_line":"Status of bonds under Uniform Commercial Code","url":"\/15.2-5420\/","token":"15.2\/IV\/54\/15.2-5420","metadata":false},{"id":348781,"structure_id":50003,"section_number":"15.2-5421","catch_line":"Bonds as legal investments and lawful security","url":"\/15.2-5421\/","token":"15.2\/IV\/54\/15.2-5421","metadata":false},{"id":348782,"structure_id":50003,"section_number":"15.2-5422","catch_line":"Bonds exempt from taxation","url":"\/15.2-5422\/","token":"15.2\/IV\/54\/15.2-5422","metadata":false},{"id":348784,"structure_id":50003,"section_number":"15.2-5423","catch_line":"Payments in lieu of property taxes; license tax","url":"\/15.2-5423\/","token":"15.2\/IV\/54\/15.2-5423","metadata":false},{"id":348783,"structure_id":50003,"section_number":"15.2-5423.1","catch_line":"Exemption from taxation for certain authorities","url":"\/15.2-5423.1\/","token":"15.2\/IV\/54\/15.2-5423.1","metadata":false},{"id":348785,"structure_id":50003,"section_number":"15.2-5424","catch_line":"Transfer, etc., of property of political subdivisions upon request of authority","url":"\/15.2-5424\/","token":"15.2\/IV\/54\/15.2-5424","metadata":false},{"id":348786,"structure_id":50003,"section_number":"15.2-5425","catch_line":"Eminent domain","url":"\/15.2-5425\/","token":"15.2\/IV\/54\/15.2-5425","metadata":false},{"id":348787,"structure_id":50003,"section_number":"15.2-5426","catch_line":"Annual reports","url":"\/15.2-5426\/","token":"15.2\/IV\/54\/15.2-5426","metadata":{"court_decisions":""}},{"id":348788,"structure_id":50003,"section_number":"15.2-5427","catch_line":"Liability of members or officers","url":"\/15.2-5427\/","token":"15.2\/IV\/54\/15.2-5427","metadata":false},{"id":348789,"structure_id":50003,"section_number":"15.2-5428","catch_line":"Dissolution of authority","url":"\/15.2-5428\/","token":"15.2\/IV\/54\/15.2-5428","metadata":false},{"id":348790,"structure_id":50003,"section_number":"15.2-5429","catch_line":"Legislative consent to application of laws of other states","url":"\/15.2-5429\/","token":"15.2\/IV\/54\/15.2-5429","metadata":false},{"id":348791,"structure_id":50003,"section_number":"15.2-5430","catch_line":"Provisions of chapter cumulative; construction","url":"\/15.2-5430\/","token":"15.2\/IV\/54\/15.2-5430","metadata":false},{"id":348832,"structure_id":50003,"section_number":"15.2-5431","catch_line":"Provisions of chapter controlling over other statutes and charters","url":"\/15.2-5431\/","token":"15.2\/IV\/54\/15.2-5431","metadata":false}],"previous_section":{"id":348770,"structure_id":50003,"section_number":"15.2-5411","catch_line":"Contracts for planning, acquisition, construction, etc., of projects","url":"\/15.2-5411\/","token":"15.2\/IV\/54\/15.2-5411","metadata":false},"next_section":{"id":348772,"structure_id":50003,"section_number":"15.2-5413","catch_line":"Interim receipts and temporary bonds; lost, stolen and destroyed bonds","url":"\/15.2-5413\/","token":"15.2\/IV\/54\/15.2-5413","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5412\/","history_text":"

This law was first created in 1979. The record of its establishment is cataloged in chapter 416 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 1979 \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 1997, chapter 587<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1386235,"object_type":"law","relational_id":348771,"identifier":"15.2-5412","token":"15.2\/IV\/54\/15.2-5412","url":"\/15.2-5412\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/15.2-5412\/","token":"15.2\/IV\/54\/15.2-5412","dublin_core":{"Title":"Issuance of bonds by authority","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5412","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

An authority<\/span> may issue<\/span> from time to time its bonds<\/span><\/span> in such principal amounts as the authority<\/span> shall deem necessary to provide sufficient funds to carry out any of its corporate purposes and powers, including but not limited to the payment of all or any part of the cost of a project<\/span> or projects<\/span>. The principal of, redemption<\/span> premium, if any, and interest on such bonds<\/span><\/span> shall be payable solely from, and may be secured solely by, a pledge of and lien<\/span> upon the revenues, or any portion thereof, derived or to be derived by the authority<\/span> from one or more of its projects<\/span>, or contributions or advances from its members, or moneys derived from any source, as the authority<\/span> shall determine. Bonds<\/span><\/span> of the authority<\/span> shall be authorized by a resolution adopted by its board of directors, and such resolution shall be spread upon its minutes. The bonds<\/span><\/span> of each issue<\/span> shall be dated, shall bear interest at such rate or rates, shall mature at such time or times not exceeding fifty years from their date or dates, shall have such rank or priority and may be made redeemable before maturity at the option of the authority<\/span>, at such price or prices and under such terms and conditions, as may be determined by the authority<\/span>. The authority<\/span> shall determine the form of the bonds<\/span><\/span>, including any interest coupons to be attached thereto, and the manner of execution of the bonds<\/span><\/span>, and shall fix the denomination or denominations of the bonds<\/span><\/span> and the place or places of payment of principal and interest, which may be at any bank or trust company within or outside the Commonwealth. In case any officer whose signature or a facsimile of whose signature appears on any bonds<\/span><\/span> or coupons shall cease to be such officer before the delivery of such bonds<\/span><\/span>, his signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. The bonds<\/span><\/span> may be issued in coupon or in registered form, or both, as the authority<\/span> may determine, and provisions may be made for the registration of any coupon bonds<\/span><\/span> as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds<\/span><\/span> of any bonds<\/span><\/span> registered as to both principal and interest. The authority<\/span> may sell such bonds<\/span><\/span> in such manner, either, at public or at private sale, and for such price as it may determine to be for the best interest of the authority<\/span> and the member governmental units<\/span> to be served thereby.<\/p>

The issuance of such bonds<\/span><\/span> shall not be subject to any limitations or conditions contained in any other law<\/span>, and bonds<\/span><\/span> may be issued without obtaining the consent of the Commonwealth or any political subdivisions, or of any agency, commission or instrumentality of either thereof, and without any other approvals, proceedings or the happening of any conditions or things other than those specifically required by this chapter and the provisions of the resolution authorizing the issuance of such bonds<\/span><\/span> or the trust agreement securing the same.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nISSUANCE OF BONDS BY AUTHORITY (\u00a7 15.2-5412)\n\nAn authority may issue from time to time its bonds in such principal amounts as\nthe authority shall deem necessary to provide sufficient funds to carry out any\nof its corporate purposes and powers, including but not limited to the payment\nof all or any part of the cost of a project or projects. The principal of,\nredemption premium, if any, and interest on such bonds shall be payable solely\nfrom, and may be secured solely by, a pledge of and lien upon the revenues, or\nany portion thereof, derived or to be derived by the authority from one or more\nof its projects, or contributions or advances from its members, or moneys\nderived from any source, as the authority shall determine. Bonds of the\nauthority shall be authorized by a resolution adopted by its board of directors,\nand such resolution shall be spread upon its minutes. The bonds of each issue\nshall be dated, shall bear interest at such rate or rates, shall mature at such\ntime or times not exceeding fifty years from their date or dates, shall have\nsuch rank or priority and may be made redeemable before maturity at the option\nof the authority, at such price or prices and under such terms and conditions,\nas may be determined by the authority. The authority shall determine the form of\nthe bonds, including any interest coupons to be attached thereto, and the manner\nof execution of the bonds, and shall fix the denomination or denominations of\nthe bonds and the place or places of payment of principal and interest, which\nmay be at any bank or trust company within or outside the Commonwealth. In case\nany officer whose signature or a facsimile of whose signature appears on any\nbonds or coupons shall cease to be such officer before the delivery of such\nbonds, his signature or facsimile shall nevertheless be valid and sufficient for\nall purposes the same as if he had remained in office until such delivery. The\nbonds may be issued in coupon or in registered form, or both, as the authority\nmay determine, and provisions may be made for the registration of any coupon\nbonds as to principal alone and also as to both principal and interest, and for\nthe reconversion into coupon bonds of any bonds registered as to both principal\nand interest. The authority may sell such bonds in such manner, either, at\npublic or at private sale, and for such price as it may determine to be for the\nbest interest of the authority and the member governmental units to be served\nthereby.\n\nThe issuance of such bonds shall not be subject to any limitations or conditions\ncontained in any other law, and bonds may be issued without obtaining the\nconsent of the Commonwealth or any political subdivisions, or of any agency,\ncommission or instrumentality of either thereof, and without any other\napprovals, proceedings or the happening of any conditions or things other than\nthose specifically required by this chapter and the provisions of the resolution\nauthorizing the issuance of such bonds or the trust agreement securing the same.\n\nHISTORY: 1979, c. 416, \u00a7 15.1-1615; 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"}}