{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/15.2-5808.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/15.2-5808.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/15.2-5808.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/15.2-5808.html"}],"law_id":348897,"edition_id":2,"section_id":348897,"structure_id":50010,"section_number":"15.2-5808","catch_line":"Bond issues","history":"1992, c. 823, \u00a7 15.1-227.78; 1996, cc. 950, 1038; 1997, cc. 587, 884; 2005, c. 106.","full_text":"A\n\nThe Authority may at any time and from time to time issue bonds for any valid purpose, including the establishment of reserves and the payment of interest. In this chapter the term “bonds” includes notes of any kind, interim certificates, refunding bonds, or any other evidence of obligation.\n\nB\n\nThe bonds of any issue shall be payable solely from the property or receipts of the Authority, including, but not limited to:\n\n1\n\nTaxes, fees, charges, or other revenues payable to the Authority;\n\n2\n\nPayments by financial institutions, insurance companies, or others pursuant to letters or line of credit, policies of insurance, or purchase agreements;\n\n3\n\nInvestment earnings from funds or accounts maintained pursuant to a bond resolution or trust agreement; and\n\n4\n\nProceeds of refunding bonds.\n\nC\n\nBonds shall be authorized by resolution of the Authority and may be secured by a trust agreement by and between the Authority and a corporate trustee or trustees, which may be any trust company or bank having the powers of a trust company within or outside the Commonwealth. The bonds shall:\n\n1\n\nBe issued at, above, or below par value, for cash or other valuable consideration, and mature at a time or times, whether as serial bonds or as term bonds or both, not exceeding forty years from their respective dates of issue;\n\n2\n\nBear interest at the fixed or variable rate or rates determined by the method provided in the resolution or trust agreement;\n\n3\n\nBe payable at a time or times, in the denominations and form, and carry the registration and privileges as to conversion and for the replacement of mutilated, lost, or destroyed bonds as the resolution or trust agreement may provide;\n\n4\n\nBe payable in lawful money of the United States at a designated place;\n\n5\n\nBe subject to the terms of purchase, payment, redemption, refunding, or refinancing that the resolution or trust agreement provides;\n\n6\n\nBe executed by the manual or facsimile signatures of the officers of the Authority designated by the Authority which signatures shall be valid at delivery even for one who has ceased to hold office; and\n\n7\n\nBe sold in the manner and upon the terms determined by the Authority including private (negotiated) sale.\n\nD\n\nAny resolution or trust agreement may contain provisions which shall be a part of the contract with the holders of the bonds as to:\n\n1\n\nPledging, assigning, or directing the use, investment, or disposition of receipts of the Authority or proceeds or benefits of any contract and conveying or otherwise securing any property rights;\n\n2\n\nThe setting aside of loan funding deposits, debt service reserves, capitalized interest accounts, cost of issuance accounts and sinking funds, and the regulation, investment, and disposition thereof;\n\n3\n\nLimitations on the purpose to which or the investments in which the proceeds of sale of any issue of bonds may be applied and restrictions to investments of revenues or bond proceeds in government obligations for which principal and interest are unconditionally guaranteed by the United States of America;\n\n4\n\nLimitations on the issuance of additional bonds and the terms upon which additional bonds may be issued and secured and may rank on a parity with, or be subordinate or superior to, other bonds;\n\n5\n\nThe refunding or refinancing of outstanding bonds;\n\n6\n\nThe procedure, if any, by which the terms of any contract with bondholders may be altered or amended and the amount of bonds the holders of which must consent thereto, and the manner in which consent shall be given;\n\n7\n\nDefining the acts or omissions which shall constitute a default in the duties of the Authority to bondholders and providing the rights or remedies of such holders in the event of a default which may include provisions restricting individual right of action by bondholders;\n\n8\n\nProviding for guarantees, pledges of property, letters of credit, or other security, or insurance for the benefit of bondholders; and\n\n9\n\nAny other matter relating to the bonds which the Authority determines appropriate.\n\nE\n\nNo member of the Authority nor any person executing the bonds on behalf of the Authority shall be liable personally for the bonds or subject to any personal liability by reason of the issuance of the bonds.\n\nF\n\nThe Authority may enter into agreements with agents, banks, insurers, or others for the purpose of enhancing the marketability of, or as security for, its bonds.\n\nG\n\nA pledge by the Authority of revenues as security for an issue of bonds shall be valid and binding from the time the pledge is made.\n\t\t\tThe revenues pledged shall immediately be subject to the lien of the pledge without any physical delivery or further act, and the lien of any pledge shall be valid and binding against any person having any claim of any kind in tort, contract or otherwise against the Authority, irrespective of whether the person has notice.\n\n\t\t\tNo resolution, trust agreement or financing statement, continuation statement, or other instrument adopted or entered into by the Authority need be filed or recorded in any public record other than the records of the Authority in order to perfect the lien against third persons, regardless of any contrary provision of public general or public local law.\n\nH\n\nExcept to the extent restricted by an applicable resolution or trust agreement, any holder of bonds issued under this chapter or a trustee acting under a trust agreement entered into under this chapter, may, by any suitable form of legal proceedings, protect and enforce any rights granted under the laws of Virginia or by any applicable resolution or trust agreement.\n\nI\n\nThe Authority may issue bonds to refund any of its bonds then outstanding, including the payment of any redemption premium and any interest accrued or to accrue to the earliest or any subsequent date of redemption, purchase or maturity of the bonds. Refunding bonds may be issued for the public purposes of realizing savings in the effective costs of debt service, directly or through a debt restructuring, for alleviating impending or actual default and may be issued in one or more series in an amount in excess of that of the bonds to be refunded.\n\nJ\n\nThe franchise holder must agree that the franchise will not be relocated until any bonds issued hereunder are defeased.\n\nK\n\nIn the event a major league baseball facility is planned, no bonds shall be issued hereunder until the Authority has executed a long-term lease with a major league baseball franchise. In the event a minor league baseball facility is planned, the same requirements, mutatis mutandis, shall apply.\n\n","order_by":null,"text":{"0":{"id":1300492,"text":"The Authority may at any time and from time to time issue bonds for any valid purpose, including the establishment of reserves and the payment of interest. In this chapter the term “bonds” includes notes of any kind, interim certificates, refunding bonds, or any other evidence of obligation.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1300493,"text":"The bonds of any issue shall be payable solely from the property or receipts of the Authority, including, but not limited to:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":1300494,"text":"Taxes, fees, charges, or other revenues payable to the Authority;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":1300495,"text":"Payments by financial institutions, insurance companies, or others pursuant to letters or line of credit, policies of insurance, or purchase agreements;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":1300496,"text":"Investment earnings from funds or accounts maintained pursuant to a bond resolution or trust agreement; and","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"5":{"id":1300497,"text":"Proceeds of refunding bonds.","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3","next_prefix":"C"},"6":{"id":1300498,"text":"Bonds shall be authorized by resolution of the Authority and may be secured by a trust agreement by and between the Authority and a corporate trustee or trustees, which may be any trust company or bank having the powers of a trust company within or outside the Commonwealth. The bonds shall:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B4","next_prefix":"C1"},"7":{"id":1300499,"text":"Be issued at, above, or below par value, for cash or other valuable consideration, and mature at a time or times, whether as serial bonds or as term bonds or both, not exceeding forty years from their respective dates of issue;","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"8":{"id":1300500,"text":"Bear interest at the fixed or variable rate or rates determined by the method provided in the resolution or trust agreement;","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"C3"},"9":{"id":1300501,"text":"Be payable at a time or times, in the denominations and form, and carry the registration and privileges as to conversion and for the replacement of mutilated, lost, or destroyed bonds as the resolution or trust agreement may provide;","type":"section","prefixes":["C","3"],"prefix":"3","entire_prefix":"C3","prefix_anchor":"C3","level":2,"prior_prefix":"C2","next_prefix":"C4"},"10":{"id":1300502,"text":"Be payable in lawful money of the United States at a designated place;","type":"section","prefixes":["C","4"],"prefix":"4","entire_prefix":"C4","prefix_anchor":"C4","level":2,"prior_prefix":"C3","next_prefix":"C5"},"11":{"id":1300503,"text":"Be subject to the terms of purchase, payment, redemption, refunding, or refinancing that the resolution or trust agreement provides;","type":"section","prefixes":["C","5"],"prefix":"5","entire_prefix":"C5","prefix_anchor":"C5","level":2,"prior_prefix":"C4","next_prefix":"C6"},"12":{"id":1300504,"text":"Be executed by the manual or facsimile signatures of the officers of the Authority designated by the Authority which signatures shall be valid at delivery even for one who has ceased to hold office; and","type":"section","prefixes":["C","6"],"prefix":"6","entire_prefix":"C6","prefix_anchor":"C6","level":2,"prior_prefix":"C5","next_prefix":"C7"},"13":{"id":1300505,"text":"Be sold in the manner and upon the terms determined by the Authority including private (negotiated) sale.","type":"section","prefixes":["C","7"],"prefix":"7","entire_prefix":"C7","prefix_anchor":"C7","level":2,"prior_prefix":"C6","next_prefix":"D"},"14":{"id":1300506,"text":"Any resolution or trust agreement may contain provisions which shall be a part of the contract with the holders of the bonds as to:","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C7","next_prefix":"D1"},"15":{"id":1300507,"text":"Pledging, assigning, or directing the use, investment, or disposition of receipts of the Authority or proceeds or benefits of any contract and conveying or otherwise securing any property rights;","type":"section","prefixes":["D","1"],"prefix":"1","entire_prefix":"D1","prefix_anchor":"D1","level":2,"prior_prefix":"D","next_prefix":"D2"},"16":{"id":1300508,"text":"The setting aside of loan funding deposits, debt service reserves, capitalized interest accounts, cost of issuance accounts and sinking funds, and the regulation, investment, and disposition thereof;","type":"section","prefixes":["D","2"],"prefix":"2","entire_prefix":"D2","prefix_anchor":"D2","level":2,"prior_prefix":"D1","next_prefix":"D3"},"17":{"id":1300509,"text":"Limitations on the purpose to which or the investments in which the proceeds of sale of any issue of bonds may be applied and restrictions to investments of revenues or bond proceeds in government obligations for which principal and interest are unconditionally guaranteed by the United States of America;","type":"section","prefixes":["D","3"],"prefix":"3","entire_prefix":"D3","prefix_anchor":"D3","level":2,"prior_prefix":"D2","next_prefix":"D4"},"18":{"id":1300510,"text":"Limitations on the issuance of additional bonds and the terms upon which additional bonds may be issued and secured and may rank on a parity with, or be subordinate or superior to, other bonds;","type":"section","prefixes":["D","4"],"prefix":"4","entire_prefix":"D4","prefix_anchor":"D4","level":2,"prior_prefix":"D3","next_prefix":"D5"},"19":{"id":1300511,"text":"The refunding or refinancing of outstanding bonds;","type":"section","prefixes":["D","5"],"prefix":"5","entire_prefix":"D5","prefix_anchor":"D5","level":2,"prior_prefix":"D4","next_prefix":"D6"},"20":{"id":1300512,"text":"The procedure, if any, by which the terms of any contract with bondholders may be altered or amended and the amount of bonds the holders of which must consent thereto, and the manner in which consent shall be given;","type":"section","prefixes":["D","6"],"prefix":"6","entire_prefix":"D6","prefix_anchor":"D6","level":2,"prior_prefix":"D5","next_prefix":"D7"},"21":{"id":1300513,"text":"Defining the acts or omissions which shall constitute a default in the duties of the Authority to bondholders and providing the rights or remedies of such holders in the event of a default which may include provisions restricting individual right of action by bondholders;","type":"section","prefixes":["D","7"],"prefix":"7","entire_prefix":"D7","prefix_anchor":"D7","level":2,"prior_prefix":"D6","next_prefix":"D8"},"22":{"id":1300514,"text":"Providing for guarantees, pledges of property, letters of credit, or other security, or insurance for the benefit of bondholders; and","type":"section","prefixes":["D","8"],"prefix":"8","entire_prefix":"D8","prefix_anchor":"D8","level":2,"prior_prefix":"D7","next_prefix":"D9"},"23":{"id":1300515,"text":"Any other matter relating to the bonds which the Authority determines appropriate.","type":"section","prefixes":["D","9"],"prefix":"9","entire_prefix":"D9","prefix_anchor":"D9","level":2,"prior_prefix":"D8","next_prefix":"E"},"24":{"id":1300516,"text":"No member of the Authority nor any person executing the bonds on behalf of the Authority shall be liable personally for the bonds or subject to any personal liability by reason of the issuance of the bonds.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D9","next_prefix":"F"},"25":{"id":1300517,"text":"The Authority may enter into agreements with agents, banks, insurers, or others for the purpose of enhancing the marketability of, or as security for, its bonds.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"26":{"id":1300518,"text":"A pledge by the Authority of revenues as security for an issue of bonds shall be valid and binding from the time the pledge is made.\n\t\t\tThe revenues pledged shall immediately be subject to the lien of the pledge without any physical delivery or further act, and the lien of any pledge shall be valid and binding against any person having any claim of any kind in tort, contract or otherwise against the Authority, irrespective of whether the person has notice.\t\t\tNo resolution, trust agreement or financing statement, continuation statement, or other instrument adopted or entered into by the Authority need be filed or recorded in any public record other than the records of the Authority in order to perfect the lien against third persons, regardless of any contrary provision of public general or public local law.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F","next_prefix":"H"},"27":{"id":1300519,"text":"Except to the extent restricted by an applicable resolution or trust agreement, any holder of bonds issued under this chapter or a trustee acting under a trust agreement entered into under this chapter, may, by any suitable form of legal proceedings, protect and enforce any rights granted under the laws of Virginia or by any applicable resolution or trust agreement.","type":"section","prefixes":["H"],"prefix":"H","entire_prefix":"H","prefix_anchor":"H","level":1,"prior_prefix":"G","next_prefix":"I"},"28":{"id":1300520,"text":"The Authority may issue bonds to refund any of its bonds then outstanding, including the payment of any redemption premium and any interest accrued or to accrue to the earliest or any subsequent date of redemption, purchase or maturity of the bonds. Refunding bonds may be issued for the public purposes of realizing savings in the effective costs of debt service, directly or through a debt restructuring, for alleviating impending or actual default and may be issued in one or more series in an amount in excess of that of the bonds to be refunded.","type":"section","prefixes":["I"],"prefix":"I","entire_prefix":"I","prefix_anchor":"I","level":1,"prior_prefix":"H","next_prefix":"J"},"29":{"id":1300521,"text":"The franchise holder must agree that the franchise will not be relocated until any bonds issued hereunder are defeased.","type":"section","prefixes":["J"],"prefix":"J","entire_prefix":"J","prefix_anchor":"J","level":1,"prior_prefix":"I","next_prefix":"K"},"30":{"id":1300522,"text":"In the event a major league baseball facility is planned, no bonds shall be issued hereunder until the Authority has executed a long-term lease with a major league baseball franchise. In the event a minor league baseball facility is planned, the same requirements, mutatis mutandis, shall apply.","type":"section","prefixes":["K"],"prefix":"K","entire_prefix":"K","prefix_anchor":"K","level":1,"prior_prefix":"J"}},"ancestry":[{"id":50010,"edition_id":2,"name":"Virginia Baseball Stadium Authority","identifier":"58","label":"chapter","depth":3,"order_by":17,"parent_id":49964,"metadata":{"child_laws":24,"child_structures":0},"date_created":"2026-08-02 02:20:11","date_modified":"2026-08-02 12:29:53","permalink":{"id":1386715,"object_type":"structure","relational_id":50010,"identifier":"58","token":"15.2\/IV\/58","url":"\/15.2\/IV\/58\/","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":348889,"structure_id":50010,"section_number":"15.2-5800","catch_line":"Definitions; professional baseball games; consent for construction","url":"\/15.2-5800\/","token":"15.2\/IV\/58\/15.2-5800","metadata":false},{"id":348890,"structure_id":50010,"section_number":"15.2-5801","catch_line":"Creation of Authority","url":"\/15.2-5801\/","token":"15.2\/IV\/58\/15.2-5801","metadata":{"court_decisions":{"0":{"name":" .\u202f.\u202f. Short Pump Town Center Community Development Authority v. .\u202f.\u202f. ","case_number":"Record 010456","citation":"554 S.E.2d 441","date":"2001-11-02","url":"https:\/\/www.courtlistener.com\/opinion\/1059406\/short-pump-town-center-community-development-authority-v-hahn\/","abstract":" .\u202f.\u202f. 554 S.E.2d 441 (2001) .\u202f.\u202f. ","court_html":"SCV<\/abbr>"}}}},{"id":348891,"structure_id":50010,"section_number":"15.2-5802","catch_line":"Members of Authority; chairman; terms","url":"\/15.2-5802\/","token":"15.2\/IV\/58\/15.2-5802","metadata":{"court_decisions":""}},{"id":348892,"structure_id":50010,"section_number":"15.2-5803","catch_line":"Quorum; actions of Authority; meetings","url":"\/15.2-5803\/","token":"15.2\/IV\/58\/15.2-5803","metadata":{"court_decisions":""}},{"id":348893,"structure_id":50010,"section_number":"15.2-5804","catch_line":"Executive Director appointment; duties","url":"\/15.2-5804\/","token":"15.2\/IV\/58\/15.2-5804","metadata":{"court_decisions":""}},{"id":348894,"structure_id":50010,"section_number":"15.2-5805","catch_line":"Powers","url":"\/15.2-5805\/","token":"15.2\/IV\/58\/15.2-5805","metadata":false},{"id":348895,"structure_id":50010,"section_number":"15.2-5806","catch_line":"Public hearings; notice; reports","url":"\/15.2-5806\/","token":"15.2\/IV\/58\/15.2-5806","metadata":{"court_decisions":""}},{"id":348896,"structure_id":50010,"section_number":"15.2-5807","catch_line":"Acquisition of property","url":"\/15.2-5807\/","token":"15.2\/IV\/58\/15.2-5807","metadata":false},{"id":348897,"structure_id":50010,"section_number":"15.2-5808","catch_line":"Bond issues","url":"\/15.2-5808\/","token":"15.2\/IV\/58\/15.2-5808","metadata":false},{"id":348898,"structure_id":50010,"section_number":"15.2-5809","catch_line":"Investments in bonds","url":"\/15.2-5809\/","token":"15.2\/IV\/58\/15.2-5809","metadata":{"court_decisions":""}},{"id":348899,"structure_id":50010,"section_number":"15.2-5810","catch_line":"Bonds are tax exempt","url":"\/15.2-5810\/","token":"15.2\/IV\/58\/15.2-5810","metadata":false},{"id":348900,"structure_id":50010,"section_number":"15.2-5811","catch_line":"Stadium Authority Financing Fund; use","url":"\/15.2-5811\/","token":"15.2\/IV\/58\/15.2-5811","metadata":false},{"id":348901,"structure_id":50010,"section_number":"15.2-5812","catch_line":"Additional duties","url":"\/15.2-5812\/","token":"15.2\/IV\/58\/15.2-5812","metadata":{"court_decisions":""}},{"id":348902,"structure_id":50010,"section_number":"15.2-5813","catch_line":"Creation of local advisory boards","url":"\/15.2-5813\/","token":"15.2\/IV\/58\/15.2-5813","metadata":false},{"id":348903,"structure_id":50010,"section_number":"15.2-5814","catch_line":"Entitlement to sales tax revenues derived from a major league baseball stadium","url":"\/15.2-5814\/","token":"15.2\/IV\/58\/15.2-5814","metadata":{"court_decisions":""}},{"id":348904,"structure_id":50010,"section_number":"15.2-5815","catch_line":"Tax revenues of the Commonwealth or any other political subdivision not pledged","url":"\/15.2-5815\/","token":"15.2\/IV\/58\/15.2-5815","metadata":false},{"id":348905,"structure_id":50010,"section_number":"15.2-5816","catch_line":"Cooperation between the Authority and other political subdivisions","url":"\/15.2-5816\/","token":"15.2\/IV\/58\/15.2-5816","metadata":{"court_decisions":""}},{"id":348906,"structure_id":50010,"section_number":"15.2-5817","catch_line":"Tort liability","url":"\/15.2-5817\/","token":"15.2\/IV\/58\/15.2-5817","metadata":false},{"id":348907,"structure_id":50010,"section_number":"15.2-5818","catch_line":"Tort claims","url":"\/15.2-5818\/","token":"15.2\/IV\/58\/15.2-5818","metadata":{"court_decisions":""}},{"id":348908,"structure_id":50010,"section_number":"15.2-5819","catch_line":"Policy statement","url":"\/15.2-5819\/","token":"15.2\/IV\/58\/15.2-5819","metadata":{"court_decisions":""}},{"id":348909,"structure_id":50010,"section_number":"15.2-5820","catch_line":"Expired","url":"\/15.2-5820\/","token":"15.2\/IV\/58\/15.2-5820","metadata":{"court_decisions":""}},{"id":348910,"structure_id":50010,"section_number":"15.2-5821","catch_line":"Expired","url":"\/15.2-5821\/","token":"15.2\/IV\/58\/15.2-5821","metadata":false},{"id":348911,"structure_id":50010,"section_number":"15.2-5822","catch_line":"Expired","url":"\/15.2-5822\/","token":"15.2\/IV\/58\/15.2-5822","metadata":false},{"id":348912,"structure_id":50010,"section_number":"15.2-5823","catch_line":"Expired","url":"\/15.2-5823\/","token":"15.2\/IV\/58\/15.2-5823","metadata":{"court_decisions":""}}],"previous_section":{"id":348896,"structure_id":50010,"section_number":"15.2-5807","catch_line":"Acquisition of property","url":"\/15.2-5807\/","token":"15.2\/IV\/58\/15.2-5807","metadata":false},"next_section":{"id":348898,"structure_id":50010,"section_number":"15.2-5809","catch_line":"Investments in bonds","url":"\/15.2-5809\/","token":"15.2\/IV\/58\/15.2-5809","metadata":{"court_decisions":""}},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-5808\/","history_text":"

This law was first created in 1992. The record of its establishment is cataloged in chapter 823 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 1992 \u201cActs\u201d aren\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 1996, chapters 950<\/a> and 1038<\/a>; in 1997, chapters 587<\/a> and 884<\/a>; in 2005, chapter 106<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1386749,"object_type":"law","relational_id":348897,"identifier":"15.2-5808","token":"15.2\/IV\/58\/15.2-5808","url":"\/15.2-5808\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/15.2-5808\/","token":"15.2\/IV\/58\/15.2-5808","dublin_core":{"Title":"Bond issues","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-5808","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Authority<\/span> may at any time and from time to time issue<\/span> bonds<\/span> for any valid purpose, including the establishment of reserves and the payment of interest. In this chapter the term “bonds<\/span>” includes notes of any kind, interim certificates, refunding bonds<\/span>, or any other evidence<\/span> of obligation. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The bonds<\/span> of any issue<\/span> shall be payable solely from the property or receipts of the Authority<\/span>, including, but not limited to: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Taxes, fees, charges, or other revenues payable to the Authority<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Payments by financial institutions, insurance companies, or others pursuant to letters or line of credit, policies of insurance, or purchase agreements; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Investment earnings from funds or accounts maintained pursuant to a bond<\/span> resolution or trust agreement; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Proceeds of refunding bonds<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Bonds<\/span> shall be authorized by resolution of the Authority<\/span> and may be secured by a trust agreement by and between the Authority<\/span> and a corporate trustee or trustees, which may be any trust company or bank having the powers of a trust company within or outside the Commonwealth. The bonds<\/span> shall: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Be issued at, above, or below par value, for cash or other valuable consideration, and mature at a time or times, whether as serial bonds<\/span> or as term bonds<\/span> or both, not exceeding forty years from their respective dates of issue<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Bear interest at the fixed or variable rate or rates determined by the method provided in the resolution or trust agreement; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Be payable at a time or times, in the denominations and form, and carry the registration and privileges<\/span> as to conversion and for the replacement of mutilated, lost, or destroyed bonds<\/span> as the resolution or trust agreement may provide; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Be payable in lawful money of the United States at a designated place; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Be subject to the terms of purchase, payment, redemption<\/span>, refunding, or refinancing that the resolution or trust agreement provides; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Be executed by the manual or facsimile signatures of the officers of the Authority<\/span> designated by the Authority<\/span> which signatures shall be valid at delivery even for one who has ceased to hold office; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Be sold in the manner and upon the terms determined by the Authority<\/span> including private (negotiated) sale. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Any resolution or trust agreement may contain provisions which shall be a part of the contract<\/span> with the holders of the bonds<\/span> as to: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Pledging, assigning, or directing the use, investment, or disposition<\/span> of receipts of the Authority<\/span> or proceeds or benefits of any contract<\/span> and conveying or otherwise securing any property rights; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The setting aside of loan funding deposits, debt service reserves, capitalized interest accounts, cost of issuance accounts and sinking funds, and the regulation, investment, and disposition<\/span> thereof; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Limitations on the purpose to which or the investments in which the proceeds of sale of any issue<\/span> of bonds<\/span> may be applied and restrictions to investments of revenues or bond<\/span> proceeds in government obligations for which principal and interest are unconditionally guaranteed by the United States of America; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Limitations on the issuance of additional bonds<\/span> and the terms upon which additional bonds<\/span> may be issued and secured and may rank on a parity with, or be subordinate or superior to, other bonds<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> The refunding or refinancing of outstanding bonds<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> The procedure, if any, by which the terms of any contract<\/span> with bondholders may be altered or amended and the amount of bonds<\/span> the holders of which must consent thereto, and the manner in which consent shall be given; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Defining the acts or omissions which shall constitute a default<\/span> in the duties of the Authority<\/span> to bondholders and providing the rights or remedies of such holders in the event of a default<\/span> which may include provisions restricting individual right of action by bondholders; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> Providing for guarantees, pledges of property, letters of credit, or other security, or insurance for the benefit of bondholders; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Any other matter relating to the bonds<\/span> which the Authority<\/span> determines appropriate. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> No member of the Authority<\/span> nor any person executing the bonds<\/span> on behalf of the Authority<\/span> shall be liable personally for the bonds<\/span> or subject to any personal liability by reason of the issuance of the bonds<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> The Authority<\/span> may enter into agreements with agents, banks, insurers, or others for the purpose of enhancing the marketability of, or as security for, its bonds<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> A pledge by the Authority<\/span> of revenues as security for an issue<\/span> of bonds<\/span> shall be valid and binding from the time the pledge is made.\n\t\t\tThe revenues pledged shall immediately be subject to the lien<\/span> of the pledge without any physical delivery or further act, and the lien<\/span> of any pledge shall be valid and binding against any person having any claim of any kind in tort<\/span>, contract<\/span> or otherwise against the Authority<\/span>, irrespective of whether the person has notice.

\t\t\tNo resolution, trust agreement or financing statement, continuation statement, or other instrument adopted or entered into by the Authority<\/span> need be filed or recorded in any public record other than the records of the Authority<\/span> in order<\/span> to perfect the lien<\/span> against third persons, regardless of any contrary provision of public general or public local law<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

H.<\/span> Except to the extent restricted by an applicable resolution or trust agreement, any holder of bonds<\/span> issued under this chapter or a trustee acting under a trust agreement entered into under this chapter, may, by any suitable form of legal proceedings, protect and enforce any rights granted under the laws<\/span> of Virginia or by any applicable resolution or trust agreement. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

I.<\/span> The Authority<\/span> may issue<\/span> bonds<\/span> to refund any of its bonds<\/span> then outstanding, including the payment of any redemption<\/span> premium and any interest accrued or to accrue to the earliest or any subsequent date of redemption<\/span>, purchase or maturity of the bonds<\/span>. Refunding bonds<\/span> may be issued for the public purposes of realizing savings in the effective costs of debt service, directly or through a debt restructuring, for alleviating impending or actual default<\/span> and may be issued in one or more series in an amount in excess of that of the bonds<\/span> to be refunded. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

J.<\/span> The franchise holder must agree that the franchise will not be relocated until any bonds<\/span> issued hereunder are defeased. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

K.<\/span> In the event a major league baseball<\/span> facility<\/span> is planned, no bonds<\/span> shall be issued hereunder until the Authority<\/span> has executed a long-term lease with a major league baseball franchise<\/span>. In the event a minor<\/span> league baseball facility<\/span> is planned, the same requirements, mutatis mutandis<\/span>, shall apply. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBOND ISSUES (\u00a7 15.2-5808)\n\nA. The Authority may at any time and from time to time issue bonds for any valid\npurpose, including the establishment of reserves and the payment of interest. In\nthis chapter the term “bonds” includes notes of any kind, interim\ncertificates, refunding bonds, or any other evidence of obligation.\n\nB. The bonds of any issue shall be payable solely from the property or receipts\nof the Authority, including, but not limited to:\n\n 1. Taxes, fees, charges, or other revenues payable to the Authority;\n\n 2. Payments by financial institutions, insurance companies, or others pursuant\n to letters or line of credit, policies of insurance, or purchase agreements;\n\n 3. Investment earnings from funds or accounts maintained pursuant to a bond\n resolution or trust agreement; and\n\n 4. Proceeds of refunding bonds.\n\nC. Bonds shall be authorized by resolution of the Authority and may be secured\nby a trust agreement by and between the Authority and a corporate trustee or\ntrustees, which may be any trust company or bank having the powers of a trust\ncompany within or outside the Commonwealth. The bonds shall:\n\n 1. Be issued at, above, or below par value, for cash or other valuable\n consideration, and mature at a time or times, whether as serial bonds or as\n term bonds or both, not exceeding forty years from their respective dates of\n issue;\n\n 2. Bear interest at the fixed or variable rate or rates determined by the\n method provided in the resolution or trust agreement;\n\n 3. Be payable at a time or times, in the denominations and form, and carry the\n registration and privileges as to conversion and for the replacement of\n mutilated, lost, or destroyed bonds as the resolution or trust agreement may\n provide;\n\n 4. Be payable in lawful money of the United States at a designated place;\n\n 5. Be subject to the terms of purchase, payment, redemption, refunding, or\n refinancing that the resolution or trust agreement provides;\n\n 6. Be executed by the manual or facsimile signatures of the officers of the\n Authority designated by the Authority which signatures shall be valid at\n delivery even for one who has ceased to hold office; and\n\n 7. Be sold in the manner and upon the terms determined by the Authority\n including private (negotiated) sale.\n\nD. Any resolution or trust agreement may contain provisions which shall be a\npart of the contract with the holders of the bonds as to:\n\n 1. Pledging, assigning, or directing the use, investment, or disposition of\n receipts of the Authority or proceeds or benefits of any contract and\n conveying or otherwise securing any property rights;\n\n 2. The setting aside of loan funding deposits, debt service reserves,\n capitalized interest accounts, cost of issuance accounts and sinking funds,\n and the regulation, investment, and disposition thereof;\n\n 3. Limitations on the purpose to which or the investments in which the\n proceeds of sale of any issue of bonds may be applied and restrictions to\n investments of revenues or bond proceeds in government obligations for which\n principal and interest are unconditionally guaranteed by the United States of\n America;\n\n 4. Limitations on the issuance of additional bonds and the terms upon which\n additional bonds may be issued and secured and may rank on a parity with, or\n be subordinate or superior to, other bonds;\n\n 5. The refunding or refinancing of outstanding bonds;\n\n 6. The procedure, if any, by which the terms of any contract with bondholders\n may be altered or amended and the amount of bonds the holders of which must\n consent thereto, and the manner in which consent shall be given;\n\n 7. Defining the acts or omissions which shall constitute a default in the\n duties of the Authority to bondholders and providing the rights or remedies of\n such holders in the event of a default which may include provisions\n restricting individual right of action by bondholders;\n\n 8. Providing for guarantees, pledges of property, letters of credit, or other\n security, or insurance for the benefit of bondholders; and\n\n 9. Any other matter relating to the bonds which the Authority determines\n appropriate.\n\nE. No member of the Authority nor any person executing the bonds on behalf of\nthe Authority shall be liable personally for the bonds or subject to any\npersonal liability by reason of the issuance of the bonds.\n\nF. The Authority may enter into agreements with agents, banks, insurers, or\nothers for the purpose of enhancing the marketability of, or as security for,\nits bonds.\n\nG. A pledge by the Authority of revenues as security for an issue of bonds shall\nbe valid and binding from the time the pledge is made.\n\t\t\tThe revenues pledged shall immediately be subject to the lien of the pledge\nwithout any physical delivery or further act, and the lien of any pledge shall\nbe valid and binding against any person having any claim of any kind in tort,\ncontract or otherwise against the Authority, irrespective of whether the person\nhas notice.\t\t\tNo resolution, trust agreement or financing statement,\ncontinuation statement, or other instrument adopted or entered into by the\nAuthority need be filed or recorded in any public record other than the records\nof the Authority in order to perfect the lien against third persons, regardless\nof any contrary provision of public general or public local law.\n\nH. Except to the extent restricted by an applicable resolution or trust\nagreement, any holder of bonds issued under this chapter or a trustee acting\nunder a trust agreement entered into under this chapter, may, by any suitable\nform of legal proceedings, protect and enforce any rights granted under the laws\nof Virginia or by any applicable resolution or trust agreement.\n\nI. The Authority may issue bonds to refund any of its bonds then outstanding,\nincluding the payment of any redemption premium and any interest accrued or to\naccrue to the earliest or any subsequent date of redemption, purchase or\nmaturity of the bonds. Refunding bonds may be issued for the public purposes of\nrealizing savings in the effective costs of debt service, directly or through a\ndebt restructuring, for alleviating impending or actual default and may be\nissued in one or more series in an amount in excess of that of the bonds to be\nrefunded.\n\nJ. The franchise holder must agree that the franchise will not be relocated\nuntil any bonds issued hereunder are defeased.\n\nK. In the event a major league baseball facility is planned, no bonds shall be\nissued hereunder until the Authority has executed a long-term lease with a major\nleague baseball franchise. In the event a minor league baseball facility is\nplanned, the same requirements, mutatis mutandis, shall apply.\n\nHISTORY: 1992, c. 823, \u00a7 15.1-227.78; 1996, cc. 950, 1038; 1997, cc. 587, 884;\n2005, c. 106.","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"}}