{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/2.2-2265.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/2.2-2265.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/2.2-2265.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/2.2-2265.html"}],"law_id":352429,"edition_id":2,"section_id":352429,"structure_id":50399,"section_number":"2.2-2265","catch_line":"Trust agreement securing bonds","history":"1981, c. 569, \u00a7 2.1-234.15; 2001, c. 844.","full_text":"In the discretion of the Authority any bonds issued under the provisions of this article may be secured by a trust agreement by and between the Authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the Commonwealth. The trust agreement or the resolution providing for the issuance of the bonds may pledge or assign the revenues to be received, but shall not convey or mortgage any project or any part thereof. The trust agreement or resolution providing for the issuance of such bonds may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the Authority in relation to the acquisition of property and the acquisition, construction, establishment, improvement, extension, enlargement, maintenance, repair, operation and insurance of the project in connection with which the bonds have been authorized, the rates and fees to be charged, the custody, safeguarding and application of all moneys, and conditions or limitations with respect to the issuance of additional bonds. It shall be lawful for any bank or trust company incorporated under the laws of the Commonwealth which may act as depository of the proceeds of bonds or of revenues to furnish the indemnifying bonds or to pledge the securities required by the Authority. Any such trust agreement may set forth the rights of action by bondholders. In addition to the foregoing, any such trust agreement or resolution may contain such other provisions as the Authority deems reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of a trust agreement or resolution may be treated as a part of the cost of the operation of the project.\n\n","order_by":null,"text":{"0":{"id":1312003,"text":"In the discretion of the Authority any bonds issued under the provisions of this article may be secured by a trust agreement by and between the Authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the Commonwealth. The trust agreement or the resolution providing for the issuance of the bonds may pledge or assign the revenues to be received, but shall not convey or mortgage any project or any part thereof. The trust agreement or resolution providing for the issuance of such bonds may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the Authority in relation to the acquisition of property and the acquisition, construction, establishment, improvement, extension, enlargement, maintenance, repair, operation and insurance of the project in connection with which the bonds have been authorized, the rates and fees to be charged, the custody, safeguarding and application of all moneys, and conditions or limitations with respect to the issuance of additional bonds. It shall be lawful for any bank or trust company incorporated under the laws of the Commonwealth which may act as depository of the proceeds of bonds or of revenues to furnish the indemnifying bonds or to pledge the securities required by the Authority. Any such trust agreement may set forth the rights of action by bondholders. In addition to the foregoing, any such trust agreement or resolution may contain such other provisions as the Authority deems reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of a trust agreement or resolution may be treated as a part of the cost of the operation of the project.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":50399,"edition_id":2,"name":"Virginia Public Building Authority","identifier":"6","label":"article","depth":5,"order_by":6,"parent_id":50391,"metadata":{"child_laws":19,"child_structures":0},"date_created":"2026-08-02 02:27:52","date_modified":"2026-08-02 12:27:01","permalink":{"id":1401385,"object_type":"structure","relational_id":50399,"identifier":"6","token":"2.2\/I\/D\/22\/6","url":"\/2.2\/I\/D\/22\/6\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50391,"edition_id":2,"name":"Authorities","identifier":"22","label":"chapter","depth":4,"order_by":2,"parent_id":50385,"metadata":{"child_laws":179,"child_structures":12},"date_created":"2026-08-02 02:27:40","date_modified":"2026-08-02 12:26:59","permalink":{"id":1400947,"object_type":"structure","relational_id":50391,"identifier":"22","token":"2.2\/I\/D\/22","url":"\/2.2\/I\/D\/22\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50385,"edition_id":2,"name":"State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies","identifier":"D","label":"part","depth":3,"order_by":4,"parent_id":50327,"metadata":{"child_laws":398,"child_structures":113},"date_created":"2026-08-02 02:27:36","date_modified":"2026-08-02 12:26:59","permalink":{"id":1400915,"object_type":"structure","relational_id":50385,"identifier":"D","token":"2.2\/I\/D","url":"\/2.2\/I\/D\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50327,"edition_id":2,"name":"Organization of State Government","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":50326,"metadata":{"child_laws":1084,"child_structures":230},"date_created":"2026-08-02 02:26:49","date_modified":"2026-08-02 12:26:45","permalink":{"id":1398457,"object_type":"structure","relational_id":50327,"identifier":"I","token":"2.2\/I","url":"\/2.2\/I\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50326,"edition_id":2,"name":"Administration of Government","identifier":"2.2","label":"title","depth":1,"order_by":3,"parent_id":null,"metadata":{"child_laws":1509,"child_structures":292},"date_created":"2026-08-02 02:26:49","date_modified":"2026-08-02 12:26:45","permalink":{"id":1398455,"object_type":"structure","relational_id":50326,"identifier":"2.2","token":"2.2","url":"\/2.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":352424,"structure_id":50399,"section_number":"2.2-2260","catch_line":"Short title; definition","url":"\/2.2-2260\/","token":"2.2\/I\/D\/22\/6\/2.2-2260","metadata":false},{"id":352425,"structure_id":50399,"section_number":"2.2-2261","catch_line":"Virginia Public Building Authority created; purpose; membership; terms; expenses; staff","url":"\/2.2-2261\/","token":"2.2\/I\/D\/22\/6\/2.2-2261","metadata":false},{"id":352426,"structure_id":50399,"section_number":"2.2-2262","catch_line":"Board of directors","url":"\/2.2-2262\/","token":"2.2\/I\/D\/22\/6\/2.2-2262","metadata":false},{"id":352427,"structure_id":50399,"section_number":"2.2-2263","catch_line":"Powers and duties of Authority; limitations","url":"\/2.2-2263\/","token":"2.2\/I\/D\/22\/6\/2.2-2263","metadata":false},{"id":352428,"structure_id":50399,"section_number":"2.2-2264","catch_line":"Revenue bonds generally","url":"\/2.2-2264\/","token":"2.2\/I\/D\/22\/6\/2.2-2264","metadata":false},{"id":352429,"structure_id":50399,"section_number":"2.2-2265","catch_line":"Trust agreement securing bonds","url":"\/2.2-2265\/","token":"2.2\/I\/D\/22\/6\/2.2-2265","metadata":false},{"id":352430,"structure_id":50399,"section_number":"2.2-2266","catch_line":"Rents, fees and charges for financing or refinancing, services or use of facilities; use and disposition of revenues","url":"\/2.2-2266\/","token":"2.2\/I\/D\/22\/6\/2.2-2266","metadata":false},{"id":352431,"structure_id":50399,"section_number":"2.2-2267","catch_line":"Moneys received deemed trust funds","url":"\/2.2-2267\/","token":"2.2\/I\/D\/22\/6\/2.2-2267","metadata":false},{"id":352432,"structure_id":50399,"section_number":"2.2-2268","catch_line":"Proceedings by bondholder or trustee to enforce rights","url":"\/2.2-2268\/","token":"2.2\/I\/D\/22\/6\/2.2-2268","metadata":false},{"id":352433,"structure_id":50399,"section_number":"2.2-2269","catch_line":"Bonds made securities for investment and deposit","url":"\/2.2-2269\/","token":"2.2\/I\/D\/22\/6\/2.2-2269","metadata":false},{"id":352434,"structure_id":50399,"section_number":"2.2-2270","catch_line":"Revenue refunding bonds; bonds for refunding and for cost of additional projects","url":"\/2.2-2270\/","token":"2.2\/I\/D\/22\/6\/2.2-2270","metadata":false},{"id":352435,"structure_id":50399,"section_number":"2.2-2271","catch_line":"Grants or loans of public or private funds","url":"\/2.2-2271\/","token":"2.2\/I\/D\/22\/6\/2.2-2271","metadata":false},{"id":352436,"structure_id":50399,"section_number":"2.2-2272","catch_line":"Moneys of Authority; audit","url":"\/2.2-2272\/","token":"2.2\/I\/D\/22\/6\/2.2-2272","metadata":false},{"id":352437,"structure_id":50399,"section_number":"2.2-2273","catch_line":"Contracts, leases and other arrangements","url":"\/2.2-2273\/","token":"2.2\/I\/D\/22\/6\/2.2-2273","metadata":false},{"id":352438,"structure_id":50399,"section_number":"2.2-2274","catch_line":"Resolutions, rules and regulations, etc","url":"\/2.2-2274\/","token":"2.2\/I\/D\/22\/6\/2.2-2274","metadata":false},{"id":352439,"structure_id":50399,"section_number":"2.2-2275","catch_line":"Competition in award of contracts; contractors to give surety; terms of contracts","url":"\/2.2-2275\/","token":"2.2\/I\/D\/22\/6\/2.2-2275","metadata":false},{"id":352440,"structure_id":50399,"section_number":"2.2-2276","catch_line":"Eminent domain; right of entry","url":"\/2.2-2276\/","token":"2.2\/I\/D\/22\/6\/2.2-2276","metadata":false},{"id":352441,"structure_id":50399,"section_number":"2.2-2277","catch_line":"Jurisdiction of suits against Authority; service of process","url":"\/2.2-2277\/","token":"2.2\/I\/D\/22\/6\/2.2-2277","metadata":false},{"id":352442,"structure_id":50399,"section_number":"2.2-2278","catch_line":"Exemption from taxes or assessments","url":"\/2.2-2278\/","token":"2.2\/I\/D\/22\/6\/2.2-2278","metadata":false}],"previous_section":{"id":352428,"structure_id":50399,"section_number":"2.2-2264","catch_line":"Revenue bonds generally","url":"\/2.2-2264\/","token":"2.2\/I\/D\/22\/6\/2.2-2264","metadata":false},"next_section":{"id":352430,"structure_id":50399,"section_number":"2.2-2266","catch_line":"Rents, fees and charges for financing or refinancing, services or use of facilities; use and disposition of revenues","url":"\/2.2-2266\/","token":"2.2\/I\/D\/22\/6\/2.2-2266","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2265\/","history_text":"

This law was first created in 1981. The record of its establishment is cataloged in chapter 569 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 1981 \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 2001, chapter 844<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1401407,"object_type":"law","relational_id":352429,"identifier":"2.2-2265","token":"2.2\/I\/D\/22\/6\/2.2-2265","url":"\/2.2-2265\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/2.2-2265\/","token":"2.2\/I\/D\/22\/6\/2.2-2265","dublin_core":{"Title":"Trust agreement securing bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2265","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

In the discretion of the Authority<\/span> any bonds<\/span><\/span> issued under the provisions of this article may be secured by a trust agreement by and between the Authority<\/span> and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the Commonwealth<\/span>. The trust agreement or the resolution providing for the issuance of the bonds<\/span><\/span> may pledge or assign the revenues to be received, but shall not convey or mortgage any project or any part thereof. The trust agreement or resolution providing for the issuance of such bonds<\/span><\/span> may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law<\/span>, including covenants setting forth the duties of the Authority<\/span> in relation to the acquisition of property and the acquisition, construction, establishment, improvement, extension, enlargement, maintenance, repair, operation and insurance of the project in connection with which the bonds<\/span><\/span> have been authorized, the rates and fees to be charged, the custody<\/span>, safeguarding and application of all moneys, and conditions or limitations with respect to the issuance of additional bonds<\/span><\/span>. It shall be lawful for any bank or trust company incorporated under the laws<\/span> of the Commonwealth<\/span> which may act as depository of the proceeds of bonds<\/span><\/span> or of revenues to furnish the indemnifying bonds<\/span><\/span> or to pledge the securities required by the Authority<\/span>. Any such trust agreement may set forth the rights of action by bondholders. In addition to the foregoing, any such trust agreement or resolution may contain such other provisions as the Authority<\/span> deems reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of a trust agreement or resolution may be treated as a part of the cost of the operation of the project.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nTRUST AGREEMENT SECURING BONDS (\u00a7 2.2-2265)\n\nIn the discretion of the Authority any bonds issued under the provisions of this\narticle may be secured by a trust agreement by and between the Authority and a\ncorporate trustee, which may be any trust company or bank having the powers of a\ntrust company within or without the Commonwealth. The trust agreement or the\nresolution providing for the issuance of the bonds may pledge or assign the\nrevenues to be received, but shall not convey or mortgage any project or any\npart thereof. The trust agreement or resolution providing for the issuance of\nsuch bonds may contain such provisions for protecting and enforcing the rights\nand remedies of the bondholders as may be reasonable and proper and not in\nviolation of law, including covenants setting forth the duties of the Authority\nin relation to the acquisition of property and the acquisition, construction,\nestablishment, improvement, extension, enlargement, maintenance, repair,\noperation and insurance of the project in connection with which the bonds have\nbeen authorized, the rates and fees to be charged, the custody, safeguarding and\napplication of all moneys, and conditions or limitations with respect to the\nissuance of additional bonds. It shall be lawful for any bank or trust company\nincorporated under the laws of the Commonwealth which may act as depository of\nthe proceeds of bonds or of revenues to furnish the indemnifying bonds or to\npledge the securities required by the Authority. Any such trust agreement may\nset forth the rights of action by bondholders. In addition to the foregoing, any\nsuch trust agreement or resolution may contain such other provisions as the\nAuthority deems reasonable and proper for the security of the bondholders. All\nexpenses incurred in carrying out the provisions of a trust agreement or\nresolution may be treated as a part of the cost of the operation of the project.\n\nHISTORY: 1981, c. 569, \u00a7 2.1-234.15; 2001, c. 844.","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"}}