{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/15.2-5608.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/15.2-5608.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/15.2-5608.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/15.2-5608.html"}],"law_id":348864,"edition_id":2,"section_id":348864,"structure_id":50008,"section_number":"15.2-5608","catch_line":"Bond resolution; terms, conditions, form and execution of bonds; sale; interim receipts or temporary bonds","history":"Code 1950, \u00a7 15-714.21; 1962, c. 393, \u00a7 9, \u00a7 15.1-1279; 1973, c. 238; 1997, c. 587.","full_text":"Bonds of the authority shall be authorized by resolution of the board and may be issued in one or more series, shall be dated, shall mature at such time or times not exceeding forty years from their date or dates and shall bear interest at such rate or rates, as may be determined by the authority, 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 fixed by the authority prior to the issuance of the bonds. 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 shall appear on any bonds or coupons shall cease to be such officer before delivery of such bond, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. Notwithstanding any of the other provisions of this chapter or any recitals in any bonds issued under the provisions of this chapter, all such bonds shall be deemed to be negotiable instruments under the laws of the Commonwealth. The bonds may be issued in coupon or registered form or both, as the authority may determine, and provision 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 private sale, and for such price, as it may determine to be for the best interests of the authority.\n\nPrior to the preparation of definitive bonds, the authority may, under like restrictions, issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds shall have been executed and are available for delivery. The authority may also provide for the replacement of any bonds which shall become mutilated or shall be destroyed or lost.\n\nBonds may be issued under the provisions of this chapter without obtaining the consent of any commission, board, bureau or agency of the Commonwealth or of any political subdivision thereof, and without any other proceedings or the happening of other conditions or things than those proceedings, conditions or things which are specifically required by this chapter.\n\n","order_by":null,"text":{"0":{"id":1300384,"text":"Bonds of the authority shall be authorized by resolution of the board and may be issued in one or more series, shall be dated, shall mature at such time or times not exceeding forty years from their date or dates and shall bear interest at such rate or rates, as may be determined by the authority, 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 fixed by the authority prior to the issuance of the bonds. 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 shall appear on any bonds or coupons shall cease to be such officer before delivery of such bond, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. Notwithstanding any of the other provisions of this chapter or any recitals in any bonds issued under the provisions of this chapter, all such bonds shall be deemed to be negotiable instruments under the laws of the Commonwealth. The bonds may be issued in coupon or registered form or both, as the authority may determine, and provision 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 private sale, and for such price, as it may determine to be for the best interests of the authority.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":""},"1":{"id":1300385,"text":"Prior to the preparation of definitive bonds, the authority may, under like restrictions, issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds shall have been executed and are available for delivery. The authority may also provide for the replacement of any bonds which shall become mutilated or shall be destroyed or lost.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":"","next_prefix":""},"2":{"id":1300386,"text":"Bonds may be issued under the provisions of this chapter without obtaining the consent of any commission, board, bureau or agency of the Commonwealth or of any political subdivision thereof, and without any other proceedings or the happening of other conditions or things than those proceedings, conditions or things which are specifically required by this chapter.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"prior_prefix":""}},"ancestry":[{"id":50008,"edition_id":2,"name":"Public Recreational Facilities Authorities Act","identifier":"56","label":"chapter","depth":3,"order_by":18,"parent_id":49964,"metadata":{"child_laws":17,"child_structures":0},"date_created":"2026-08-02 02:20:07","date_modified":"2026-08-02 12:29:53","permalink":{"id":1386579,"object_type":"structure","relational_id":50008,"identifier":"56","token":"15.2\/IV\/56","url":"\/15.2\/IV\/56\/","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":348856,"structure_id":50008,"section_number":"15.2-5600","catch_line":"Short title","url":"\/15.2-5600\/","token":"15.2\/IV\/56\/15.2-5600","metadata":false},{"id":348857,"structure_id":50008,"section_number":"15.2-5601","catch_line":"Definitions","url":"\/15.2-5601\/","token":"15.2\/IV\/56\/15.2-5601","metadata":false},{"id":348858,"structure_id":50008,"section_number":"15.2-5602","catch_line":"Creation of authorities","url":"\/15.2-5602\/","token":"15.2\/IV\/56\/15.2-5602","metadata":false},{"id":348859,"structure_id":50008,"section_number":"15.2-5603","catch_line":"Board to exercise powers of authority","url":"\/15.2-5603\/","token":"15.2\/IV\/56\/15.2-5603","metadata":false},{"id":348860,"structure_id":50008,"section_number":"15.2-5604","catch_line":"Powers of authority generally","url":"\/15.2-5604\/","token":"15.2\/IV\/56\/15.2-5604","metadata":false},{"id":348861,"structure_id":50008,"section_number":"15.2-5605","catch_line":"Transfers of property, appropriations and contracts by participating localities","url":"\/15.2-5605\/","token":"15.2\/IV\/56\/15.2-5605","metadata":false},{"id":348862,"structure_id":50008,"section_number":"15.2-5606","catch_line":"Acquisition, maintenance and operation of projects; revenues from projects","url":"\/15.2-5606\/","token":"15.2\/IV\/56\/15.2-5606","metadata":false},{"id":348863,"structure_id":50008,"section_number":"15.2-5607","catch_line":"Authority to issue bonds; source of payment","url":"\/15.2-5607\/","token":"15.2\/IV\/56\/15.2-5607","metadata":false},{"id":348864,"structure_id":50008,"section_number":"15.2-5608","catch_line":"Bond resolution; terms, conditions, form and execution of bonds; sale; interim receipts or temporary bonds","url":"\/15.2-5608\/","token":"15.2\/IV\/56\/15.2-5608","metadata":false},{"id":348865,"structure_id":50008,"section_number":"15.2-5609","catch_line":"Trust indenture or agreement to secure payment of bonds","url":"\/15.2-5609\/","token":"15.2\/IV\/56\/15.2-5609","metadata":false},{"id":348866,"structure_id":50008,"section_number":"15.2-5610","catch_line":"Fees, rents and other charges; reserves","url":"\/15.2-5610\/","token":"15.2\/IV\/56\/15.2-5610","metadata":false},{"id":348867,"structure_id":50008,"section_number":"15.2-5611","catch_line":"Moneys received deemed trust funds","url":"\/15.2-5611\/","token":"15.2\/IV\/56\/15.2-5611","metadata":false},{"id":348868,"structure_id":50008,"section_number":"15.2-5612","catch_line":"Remedies of bondholders and trustee","url":"\/15.2-5612\/","token":"15.2\/IV\/56\/15.2-5612","metadata":false},{"id":348869,"structure_id":50008,"section_number":"15.2-5613","catch_line":"Authority to exercise a governmental function; exemption from taxation","url":"\/15.2-5613\/","token":"15.2\/IV\/56\/15.2-5613","metadata":false},{"id":348870,"structure_id":50008,"section_number":"15.2-5614","catch_line":"Bonds legal investments","url":"\/15.2-5614\/","token":"15.2\/IV\/56\/15.2-5614","metadata":false},{"id":348871,"structure_id":50008,"section_number":"15.2-5615","catch_line":"Chapter to constitute complete authority for acts authorized; liberal construction","url":"\/15.2-5615\/","token":"15.2\/IV\/56\/15.2-5615","metadata":false},{"id":348872,"structure_id":50008,"section_number":"15.2-5616","catch_line":"Dissolution of authority; disposition of property","url":"\/15.2-5616\/","token":"15.2\/IV\/56\/15.2-5616","metadata":false}],"previous_section":{"id":348863,"structure_id":50008,"section_number":"15.2-5607","catch_line":"Authority to issue bonds; source of payment","url":"\/15.2-5607\/","token":"15.2\/IV\/56\/15.2-5607","metadata":false},"next_section":{"id":348865,"structure_id":50008,"section_number":"15.2-5609","catch_line":"Trust indenture or agreement to secure payment of bonds","url":"\/15.2-5609\/","token":"15.2\/IV\/56\/15.2-5609","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5608\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 3 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 1962, chapter 393; in 1973, chapter 238; in 1997, chapter 587<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1386613,"object_type":"law","relational_id":348864,"identifier":"15.2-5608","token":"15.2\/IV\/56\/15.2-5608","url":"\/15.2-5608\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/15.2-5608\/","token":"15.2\/IV\/56\/15.2-5608","dublin_core":{"Title":"Bond resolution; terms, conditions, form and execution of bonds; sale; interim receipts or temporary bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5608","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Bonds<\/span><\/span> of the authority<\/span> shall be authorized by resolution of the board and may be issued in one or more series, shall be dated, shall mature at such time or times not exceeding forty years from their date or dates and shall bear interest at such rate or rates, as may be determined by the authority<\/span>, 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 fixed by the authority<\/span> prior to the issuance of the bonds<\/span><\/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 shall appear on any bonds<\/span><\/span> or coupons shall cease to be such officer before delivery of such bond<\/span>, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. Notwithstanding any of the other provisions of this chapter or any recitals in any bonds<\/span><\/span> issued under the provisions of this chapter, all such bonds<\/span><\/span> shall be deemed to be negotiable instruments under the laws<\/span> of the Commonwealth. The bonds<\/span><\/span> may be issued in coupon or registered form or both, as the authority<\/span> may determine, and provision 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 private sale, and for such price, as it may determine to be for the best interests of the authority<\/span>.<\/p>

Prior to the preparation of definitive bonds<\/span><\/span>, the authority<\/span> may, under like restrictions, issue<\/span> interim receipts or temporary bonds<\/span><\/span>, with or without coupons, exchangeable for definitive bonds<\/span><\/span> when such bonds<\/span><\/span> shall have been executed and are available for delivery. The authority<\/span> may also provide for the replacement of any bonds<\/span><\/span> which shall become mutilated or shall be destroyed or lost.<\/p>

Bonds<\/span><\/span> may be issued under the provisions of this chapter without obtaining the consent of any commission, board, bureau or agency of the Commonwealth or of any political subdivision thereof, and without any other proceedings or the happening of other conditions or things than those proceedings, conditions or things which are specifically required by this chapter.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBOND RESOLUTION; TERMS, CONDITIONS, FORM AND EXECUTION OF BONDS; SALE; INTERIM\nRECEIPTS OR TEMPORARY BONDS (\u00a7 15.2-5608)\n\nBonds of the authority shall be authorized by resolution of the board and may be\nissued in one or more series, shall be dated, shall mature at such time or times\nnot exceeding forty years from their date or dates and shall bear interest at\nsuch rate or rates, as may be determined by the authority, and may be made\nredeemable before maturity, at the option of the authority at such price or\nprices and under such terms and conditions as may be fixed by the authority\nprior to the issuance of the bonds. 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 shall appear on\nany bonds or coupons shall cease to be such officer before delivery of such\nbond, such signature or such facsimile shall nevertheless be valid and\nsufficient for all purposes the same as if he had remained in office until such\ndelivery. Notwithstanding any of the other provisions of this chapter or any\nrecitals in any bonds issued under the provisions of this chapter, all such\nbonds shall be deemed to be negotiable instruments under the laws of the\nCommonwealth. The bonds may be issued in coupon or registered form or both, as\nthe authority may determine, and provision may be made for the registration of\nany coupon bonds as to principal alone and also as to both principal and\ninterest, and for the reconversion into coupon bonds of any bonds registered as\nto both principal and interest. The authority may sell such bonds in such\nmanner, either at public or private sale, and for such price, as it may\ndetermine to be for the best interests of the authority.\n\nPrior to the preparation of definitive bonds, the authority may, under like\nrestrictions, issue interim receipts or temporary bonds, with or without\ncoupons, exchangeable for definitive bonds when such bonds shall have been\nexecuted and are available for delivery. The authority may also provide for the\nreplacement of any bonds which shall become mutilated or shall be destroyed or\nlost.\n\nBonds may be issued under the provisions of this chapter without obtaining the\nconsent of any commission, board, bureau or agency of the Commonwealth or of any\npolitical subdivision thereof, and without any other proceedings or the\nhappening of other conditions or things than those proceedings, conditions or\nthings which are specifically required by this chapter.\n\nHISTORY: Code 1950, \u00a7 15-714.21; 1962, c. 393, \u00a7 9, \u00a7 15.1-1279; 1973, c.\n238; 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"}}