{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/15.2-5426.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/15.2-5426.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/15.2-5426.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/15.2-5426.html"}],"law_id":348787,"edition_id":2,"section_id":348787,"structure_id":50003,"section_number":"15.2-5426","catch_line":"Annual reports","history":"1979, c. 416, \u00a7 15.1-1629; 1997, c. 587.","full_text":"Each authority, promptly following the close of the calendar year, shall submit an annual report of its activities for the preceding year to the governing body of its member governmental unit. Each such report shall set forth a complete operating and financial statement covering the operation of the authority during such year. The authority shall cause an audit of its books and accounts to be made at least once each year by a certified public accountant, and the cost thereof may be treated as part of the cost of a project, or otherwise as part of the expense of operation of the project by such audit.\n\n","order_by":null,"text":{"0":{"id":1300184,"text":"Each authority, promptly following the close of the calendar year, shall submit an annual report of its activities for the preceding year to the governing body of its member governmental unit. Each such report shall set forth a complete operating and financial statement covering the operation of the authority during such year. The authority shall cause an audit of its books and accounts to be made at least once each year by a certified public accountant, and the cost thereof may be treated as part of the cost of a project, or otherwise as part of the expense of operation of the project by such audit.","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":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},"next_section":{"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},"metadata":{"court_decisions":""},"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5426\/","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":1386295,"object_type":"law","relational_id":348787,"identifier":"15.2-5426","token":"15.2\/IV\/54\/15.2-5426","url":"\/15.2-5426\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/15.2-5426\/","token":"15.2\/IV\/54\/15.2-5426","dublin_core":{"Title":"Annual reports","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5426","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>Each <span class=\"dictionary\">authority<\/span>, promptly following the close of the calendar year, shall submit an annual report of its activities for the preceding year to the <span class=\"dictionary\">governing body<\/span> of its member <span class=\"dictionary\">governmental unit<\/span>. Each such report shall set forth a complete operating and financial statement covering the operation of the <span class=\"dictionary\">authority<\/span> during such year. The <span class=\"dictionary\">authority<\/span> shall cause an audit of its books and accounts to be made at least once each year by a certified public accountant, and the cost thereof may be treated as part of the cost of a <span class=\"dictionary\">project<\/span>, or otherwise as part of the expense of operation of the <span class=\"dictionary\">project<\/span> by such audit.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nANNUAL REPORTS (\u00a7 15.2-5426)\n\nEach authority, promptly following the close of the calendar year, shall submit\nan annual report of its activities for the preceding year to the governing body\nof its member governmental unit. Each such report shall set forth a complete\noperating and financial statement covering the operation of the authority during\nsuch year. The authority shall cause an audit of its books and accounts to be\nmade at least once each year by a certified public accountant, and the cost\nthereof may be treated as part of the cost of a project, or otherwise as part of\nthe expense of operation of the project by such audit.\n\nHISTORY: 1979, c. 416, \u00a7 15.1-1629; 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"}}