{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/2.2-2287.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/2.2-2287.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/2.2-2287.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/2.2-2287.html"}],"law_id":352452,"edition_id":2,"section_id":352452,"structure_id":50400,"section_number":"2.2-2287","catch_line":"Power to borrow money and issue bonds","history":"1984, c. 749, \u00a7 9-207; 2001, c. 844; 2003, c. 339.","full_text":"The Authority may borrow money and issue bonds to pay the cost of the projects for which the bonds have been issued, including but not limited to the power to issue bonds to renew or to pay bonds, including the interest thereon. Whenever it deems refunding expedient it may refund any bonds by the issuance of new bonds, whether the bonds to be refunded have or have not matured, and to issue bonds partly to refund outstanding bonds. Refunding bonds may be sold and the proceeds applied to the purchase, redemption or payment of the bonds to be refunded, or exchanged for the bonds to be refunded. The Authority may undertake the financing of the cost of a project for an eligible business from the proceeds of its bonds by one or more of the following methods: (i) entering into a lease for the facilities of the eligible business being financed; (ii) selling such facilities to the eligible business under a sales contract; (iii) lending the proceeds of the sale of the bonds under a loan agreement with the eligible business; (iv) entering into a loans to lenders transaction in the manner described in \u00a7 2.2-2293; or (v) entering into such other transactions as the Board deems appropriate to accomplish the purposes of this article.\n\n","order_by":null,"text":{"0":{"id":1312062,"text":"The Authority may borrow money and issue bonds to pay the cost of the projects for which the bonds have been issued, including but not limited to the power to issue bonds to renew or to pay bonds, including the interest thereon. Whenever it deems refunding expedient it may refund any bonds by the issuance of new bonds, whether the bonds to be refunded have or have not matured, and to issue bonds partly to refund outstanding bonds. Refunding bonds may be sold and the proceeds applied to the purchase, redemption or payment of the bonds to be refunded, or exchanged for the bonds to be refunded. The Authority may undertake the financing of the cost of a project for an eligible business from the proceeds of its bonds by one or more of the following methods: (i) entering into a lease for the facilities of the eligible business being financed; (ii) selling such facilities to the eligible business under a sales contract; (iii) lending the proceeds of the sale of the bonds under a loan agreement with the eligible business; (iv) entering into a loans to lenders transaction in the manner described in \u00a7 2.2-2293; or (v) entering into such other transactions as the Board deems appropriate to accomplish the purposes of this article.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":50400,"edition_id":2,"name":"Virginia Small Business Financing Authority","identifier":"7","label":"article","depth":5,"order_by":6,"parent_id":50391,"metadata":{"child_laws":38,"child_structures":0},"date_created":"2026-08-02 02:27:54","date_modified":"2026-08-02 12:27:01","permalink":{"id":1401463,"object_type":"structure","relational_id":50400,"identifier":"7","token":"2.2\/I\/D\/22\/7","url":"\/2.2\/I\/D\/22\/7\/","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":352443,"structure_id":50400,"section_number":"2.2-2279","catch_line":"Short title; definitions","url":"\/2.2-2279\/","token":"2.2\/I\/D\/22\/7\/2.2-2279","metadata":false},{"id":352445,"structure_id":50400,"section_number":"2.2-2280","catch_line":"Declaration of public purpose; Authority created","url":"\/2.2-2280\/","token":"2.2\/I\/D\/22\/7\/2.2-2280","metadata":false},{"id":352446,"structure_id":50400,"section_number":"2.2-2281","catch_line":"Construction of article","url":"\/2.2-2281\/","token":"2.2\/I\/D\/22\/7\/2.2-2281","metadata":false},{"id":352447,"structure_id":50400,"section_number":"2.2-2282","catch_line":"Board of directors; membership; terms, compensation and expenses; chairman, vice-chairman, secretary and treasurer; quorum; staff","url":"\/2.2-2282\/","token":"2.2\/I\/D\/22\/7\/2.2-2282","metadata":false},{"id":352448,"structure_id":50400,"section_number":"2.2-2283","catch_line":"Meetings of the Board","url":"\/2.2-2283\/","token":"2.2\/I\/D\/22\/7\/2.2-2283","metadata":false},{"id":352449,"structure_id":50400,"section_number":"2.2-2284","catch_line":"Executive Director; appointment; duties","url":"\/2.2-2284\/","token":"2.2\/I\/D\/22\/7\/2.2-2284","metadata":false},{"id":352450,"structure_id":50400,"section_number":"2.2-2285","catch_line":"Powers of the Authority","url":"\/2.2-2285\/","token":"2.2\/I\/D\/22\/7\/2.2-2285","metadata":false},{"id":352451,"structure_id":50400,"section_number":"2.2-2286","catch_line":"Power to condemn","url":"\/2.2-2286\/","token":"2.2\/I\/D\/22\/7\/2.2-2286","metadata":false},{"id":352452,"structure_id":50400,"section_number":"2.2-2287","catch_line":"Power to borrow money and issue bonds","url":"\/2.2-2287\/","token":"2.2\/I\/D\/22\/7\/2.2-2287","metadata":false},{"id":352453,"structure_id":50400,"section_number":"2.2-2288","catch_line":"Power to issue bonds to purchase ninety percent guaranteed portion of loans","url":"\/2.2-2288\/","token":"2.2\/I\/D\/22\/7\/2.2-2288","metadata":false},{"id":352454,"structure_id":50400,"section_number":"2.2-2289","catch_line":"Power to issue umbrella bonds","url":"\/2.2-2289\/","token":"2.2\/I\/D\/22\/7\/2.2-2289","metadata":false},{"id":352456,"structure_id":50400,"section_number":"2.2-2290","catch_line":"Insurance or guarantee fund","url":"\/2.2-2290\/","token":"2.2\/I\/D\/22\/7\/2.2-2290","metadata":false},{"id":352457,"structure_id":50400,"section_number":"2.2-2291","catch_line":"Security for bonds; fees and expenses; limitations","url":"\/2.2-2291\/","token":"2.2\/I\/D\/22\/7\/2.2-2291","metadata":false},{"id":352458,"structure_id":50400,"section_number":"2.2-2292","catch_line":"Public hearing and approval","url":"\/2.2-2292\/","token":"2.2\/I\/D\/22\/7\/2.2-2292","metadata":false},{"id":352459,"structure_id":50400,"section_number":"2.2-2293","catch_line":"Loans to lenders; conditions","url":"\/2.2-2293\/","token":"2.2\/I\/D\/22\/7\/2.2-2293","metadata":false},{"id":352460,"structure_id":50400,"section_number":"2.2-2294","catch_line":"Investment in, purchase or assignment of loans; conditions","url":"\/2.2-2294\/","token":"2.2\/I\/D\/22\/7\/2.2-2294","metadata":false},{"id":352461,"structure_id":50400,"section_number":"2.2-2295","catch_line":"Regulations of the Authority","url":"\/2.2-2295\/","token":"2.2\/I\/D\/22\/7\/2.2-2295","metadata":false},{"id":352462,"structure_id":50400,"section_number":"2.2-2296","catch_line":"How bonds paid and secured","url":"\/2.2-2296\/","token":"2.2\/I\/D\/22\/7\/2.2-2296","metadata":false},{"id":352463,"structure_id":50400,"section_number":"2.2-2297","catch_line":"Liability of Commonwealth, political subdivisions and members of Board","url":"\/2.2-2297\/","token":"2.2\/I\/D\/22\/7\/2.2-2297","metadata":false},{"id":352464,"structure_id":50400,"section_number":"2.2-2298","catch_line":"Authorization of bonds by resolution; contents of bond sale; manner","url":"\/2.2-2298\/","token":"2.2\/I\/D\/22\/7\/2.2-2298","metadata":false},{"id":352465,"structure_id":50400,"section_number":"2.2-2299","catch_line":"Resolution authorizing issuance of bonds; provisions","url":"\/2.2-2299\/","token":"2.2\/I\/D\/22\/7\/2.2-2299","metadata":false},{"id":352467,"structure_id":50400,"section_number":"2.2-2300","catch_line":"Pledge by Authority","url":"\/2.2-2300\/","token":"2.2\/I\/D\/22\/7\/2.2-2300","metadata":false},{"id":352468,"structure_id":50400,"section_number":"2.2-2301","catch_line":"Purchase of bonds of Authority","url":"\/2.2-2301\/","token":"2.2\/I\/D\/22\/7\/2.2-2301","metadata":false},{"id":352469,"structure_id":50400,"section_number":"2.2-2302","catch_line":"Bonds secured by indenture; contents; expenses; how treated","url":"\/2.2-2302\/","token":"2.2\/I\/D\/22\/7\/2.2-2302","metadata":false},{"id":352470,"structure_id":50400,"section_number":"2.2-2303","catch_line":"Signatures of prior members or officers; validity","url":"\/2.2-2303\/","token":"2.2\/I\/D\/22\/7\/2.2-2303","metadata":false},{"id":352471,"structure_id":50400,"section_number":"2.2-2304","catch_line":"Deposit of money; expenditures; security for deposits","url":"\/2.2-2304\/","token":"2.2\/I\/D\/22\/7\/2.2-2304","metadata":false},{"id":352472,"structure_id":50400,"section_number":"2.2-2305","catch_line":"Contracts with holders of bonds; how money secured","url":"\/2.2-2305\/","token":"2.2\/I\/D\/22\/7\/2.2-2305","metadata":false},{"id":352473,"structure_id":50400,"section_number":"2.2-2306","catch_line":"Bondholder protection","url":"\/2.2-2306\/","token":"2.2\/I\/D\/22\/7\/2.2-2306","metadata":false},{"id":352474,"structure_id":50400,"section_number":"2.2-2307","catch_line":"Bonds as legal investments and securities","url":"\/2.2-2307\/","token":"2.2\/I\/D\/22\/7\/2.2-2307","metadata":false},{"id":352475,"structure_id":50400,"section_number":"2.2-2308","catch_line":"Expenses of Authority; liability of Commonwealth or political subdivision prohibited","url":"\/2.2-2308\/","token":"2.2\/I\/D\/22\/7\/2.2-2308","metadata":false},{"id":352476,"structure_id":50400,"section_number":"2.2-2309","catch_line":"Creation, administration, and management of Virginia Export Fund","url":"\/2.2-2309\/","token":"2.2\/I\/D\/22\/7\/2.2-2309","metadata":false},{"id":352478,"structure_id":50400,"section_number":"2.2-2310","catch_line":"Creation, administration, and management of Virginia Small Business Growth Fund","url":"\/2.2-2310\/","token":"2.2\/I\/D\/22\/7\/2.2-2310","metadata":false},{"id":352480,"structure_id":50400,"section_number":"2.2-2311","catch_line":"Repealed","url":"\/2.2-2311\/","token":"2.2\/I\/D\/22\/7\/2.2-2311","metadata":false},{"id":352479,"structure_id":50400,"section_number":"2.2-2311.1","catch_line":"Creation, administration, and management of the Small, Women-owned, and Minority-owned Business Loan Fund","url":"\/2.2-2311.1\/","token":"2.2\/I\/D\/22\/7\/2.2-2311.1","metadata":false},{"id":352482,"structure_id":50400,"section_number":"2.2-2312","catch_line":"Annual report; audit","url":"\/2.2-2312\/","token":"2.2\/I\/D\/22\/7\/2.2-2312","metadata":false},{"id":352481,"structure_id":50400,"section_number":"2.2-2312.1","catch_line":"Risk-based review of outstanding loans; report","url":"\/2.2-2312.1\/","token":"2.2\/I\/D\/22\/7\/2.2-2312.1","metadata":false},{"id":352483,"structure_id":50400,"section_number":"2.2-2313","catch_line":"Exemption from taxation","url":"\/2.2-2313\/","token":"2.2\/I\/D\/22\/7\/2.2-2313","metadata":false},{"id":352484,"structure_id":50400,"section_number":"2.2-2314","catch_line":"Administrative Process Act not applicable","url":"\/2.2-2314\/","token":"2.2\/I\/D\/22\/7\/2.2-2314","metadata":false}],"previous_section":{"id":352451,"structure_id":50400,"section_number":"2.2-2286","catch_line":"Power to condemn","url":"\/2.2-2286\/","token":"2.2\/I\/D\/22\/7\/2.2-2286","metadata":false},"next_section":{"id":352453,"structure_id":50400,"section_number":"2.2-2288","catch_line":"Power to issue bonds to purchase ninety percent guaranteed portion of loans","url":"\/2.2-2288\/","token":"2.2\/I\/D\/22\/7\/2.2-2288","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2287\/","history_text":"<p>This law was first created in 1984. The record of its establishment is cataloged in chapter 749 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 1984 \u201cActs\u201d aren\u2019t available online. It has been modified 2 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 2001, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?011+ful+CHAP0844\">844<\/a>; in 2003, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?031+ful+CHAP0339\">339<\/a>.<\/p>","references":false,"refers_to":[{"id":352459,"section_number":"2.2-2293","catch_line":"Loans to lenders; conditions","order_by":null,"url":"\/2.2-2293\/"}],"permalink":{"id":1401497,"object_type":"law","relational_id":352452,"identifier":"2.2-2287","token":"2.2\/I\/D\/22\/7\/2.2-2287","url":"\/2.2-2287\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/2.2-2287\/","token":"2.2\/I\/D\/22\/7\/2.2-2287","dublin_core":{"Title":"Power to borrow money and issue bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2287","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>The <span class=\"dictionary\">Authority<\/span> may borrow money and <span class=\"dictionary\">issue<\/span> <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> to pay the cost of the projects for which the <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> have been issued, including but not limited to the power to <span class=\"dictionary\">issue<\/span> <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> to renew or to pay <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span>, including the interest thereon. Whenever it deems refunding expedient it may refund any <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> by the issuance of new <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span>, whether the <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> to be refunded have or have not matured, and to <span class=\"dictionary\">issue<\/span> <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> partly to refund outstanding <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span>. Refunding <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> may be sold and the proceeds applied to the purchase, <span class=\"dictionary\">redemption<\/span> or payment of the <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> to be refunded, or exchanged for the <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> to be refunded. The <span class=\"dictionary\">Authority<\/span> may undertake the financing of the cost of a project for an eligible business from the proceeds of its <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> by one or more of the following methods: (i) entering into a lease for the facilities of the eligible business being financed; (ii) selling such facilities to the eligible business under a sales <span class=\"dictionary\">contract<\/span>; (iii) lending the proceeds of the sale of the <span class=\"dictionary\"><span class=\"dictionary\">bonds<\/span><\/span> under a loan agreement with the eligible business; (iv) entering into a loans to lenders transaction in the manner described in \u00a7&nbsp;<a class=\"law\" title=\"Loans to lenders; conditions\" href=\"\/2.2-2293\/\">2.2-2293<\/a>; or (v) entering into such other transactions as the <span class=\"dictionary\">Board<\/span> deems appropriate to accomplish the purposes of this article.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nPOWER TO BORROW MONEY AND ISSUE BONDS (\u00a7 2.2-2287)\n\nThe Authority may borrow money and issue bonds to pay the cost of the projects\nfor which the bonds have been issued, including but not limited to the power to\nissue bonds to renew or to pay bonds, including the interest thereon. Whenever\nit deems refunding expedient it may refund any bonds by the issuance of new\nbonds, whether the bonds to be refunded have or have not matured, and to issue\nbonds partly to refund outstanding bonds. Refunding bonds may be sold and the\nproceeds applied to the purchase, redemption or payment of the bonds to be\nrefunded, or exchanged for the bonds to be refunded. The Authority may undertake\nthe financing of the cost of a project for an eligible business from the\nproceeds of its bonds by one or more of the following methods: (i) entering into\na lease for the facilities of the eligible business being financed; (ii) selling\nsuch facilities to the eligible business under a sales contract; (iii) lending\nthe proceeds of the sale of the bonds under a loan agreement with the eligible\nbusiness; (iv) entering into a loans to lenders transaction in the manner\ndescribed in \u00a7 2.2-2293; or (v) entering into such other transactions as the\nBoard deems appropriate to accomplish the purposes of this article.\n\nHISTORY: 1984, c. 749, \u00a7 9-207; 2001, c. 844; 2003, c. 339.","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"}}