{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/15.2-5417.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/15.2-5417.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/15.2-5417.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/15.2-5417.html"}],"law_id":348776,"edition_id":2,"section_id":348776,"structure_id":50003,"section_number":"15.2-5417","catch_line":"Moneys received deemed trust funds","history":"1979, c. 416, \u00a7 15.1-1620; 1997, c. 587.","full_text":"Notwithstanding any other provisions of law to the contrary, all moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. The resolution authorizing the issuance of bonds or the trust agreement securing such bonds may provide that any of such moneys may be temporarily invested and reinvested, pending the disbursement thereof, in such securities and other investments as shall be provided in such resolution or trust agreement, and shall provide that 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 hereof, subject to such regulations as this chapter and the resolution or trust agreement may provide.\n\n","order_by":null,"text":{"0":{"id":1300173,"text":"Notwithstanding any other provisions of law to the contrary, all moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. The resolution authorizing the issuance of bonds or the trust agreement securing such bonds may provide that any of such moneys may be temporarily invested and reinvested, pending the disbursement thereof, in such securities and other investments as shall be provided in such resolution or trust agreement, and shall provide that 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 hereof, subject to such regulations as this chapter and the resolution or trust agreement may provide.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5417\/","history_text":"<p>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 <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?971+ful+CHAP0587\">587<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1386255,"object_type":"law","relational_id":348776,"identifier":"15.2-5417","token":"15.2\/IV\/54\/15.2-5417","url":"\/15.2-5417\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/15.2-5417\/","token":"15.2\/IV\/54\/15.2-5417","dublin_core":{"Title":"Moneys received deemed trust funds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5417","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>Notwithstanding any other provisions of <span class=\"dictionary\">law<\/span> to the contrary, all moneys received pursuant to the <span class=\"dictionary\">authority<\/span> of this chapter, whether as proceeds from the sale of <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. The resolution authorizing the issuance of <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> or the trust agreement securing such <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> may provide that any of such moneys may be temporarily invested and reinvested, pending the disbursement thereof, in such securities and other investments as shall be provided in such resolution or trust agreement, and shall provide that 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 hereof, subject to such regulations as this chapter and the resolution or trust agreement may provide.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nMONEYS RECEIVED DEEMED TRUST FUNDS (\u00a7 15.2-5417)\n\nNotwithstanding any other provisions of law to the contrary, all moneys received\npursuant to the authority of this chapter, whether as proceeds from the sale of\nbonds or as revenues, shall be deemed to be trust funds to be held and applied\nsolely as provided in this chapter. The resolution authorizing the issuance of\nbonds or the trust agreement securing such bonds may provide that any of such\nmoneys may be temporarily invested and reinvested, pending the disbursement\nthereof, in such securities and other investments as shall be provided in such\nresolution or trust agreement, and shall provide that any officer with whom, or\nany bank or trust company with which, such moneys are deposited shall act as\ntrustee of such moneys and shall hold and apply the same for the purposes\nhereof, subject to such regulations as this chapter and the resolution or trust\nagreement may provide.\n\nHISTORY: 1979, c. 416, \u00a7 15.1-1620; 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"}}