{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/2.2-2299.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/2.2-2299.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/2.2-2299.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/2.2-2299.html"}],"law_id":352465,"edition_id":2,"section_id":352465,"structure_id":50400,"section_number":"2.2-2299","catch_line":"Resolution authorizing issuance of bonds; provisions","history":"1984, c. 749, \u00a7 9-223; 2001, c. 844.","full_text":"Any resolution authorizing the issuance of bonds may contain provisions for:\n\n1\n\nPledging all or any part of the revenues of the Authority to secure the payment of the bonds, subject to the terms of the proceedings relating to other bonds of the Authority as may then exist;\n\n2\n\nPledging all or any part of the assets of the Authority, including loans and obligations securing the same, to secure the payment of the bonds, subject to the terms of the proceedings relating to other bonds of the Authority as may then exist;\n\n3\n\nThe use and disposition of the gross income from loans owned by the Authority and payment of the principal of loans owned by the Authority;\n\n4\n\nThe setting aside of reserves or sinking funds and the regulations and disposition thereof;\n\n5\n\nLimitations on the purposes to which the proceeds from the sale of bonds may be applied and pledging the proceeds to secure the payment of the bonds;\n\n6\n\nLimitations on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured, and the refunding of outstanding or other bonds;\n\n7\n\nThe procedure, if any, by which the terms of any of the proceedings under which the bonds are being issued may be amended or abrogated, the number or percentage of bondholders who or which must consent thereto, and the manner in which the consent may be given;\n\n8\n\nThe vesting in a trustee of such property, rights, powers and duties in trust as the Authority may determine, and limiting or abrogating the right of bondholders to appoint a trustee or limiting the rights, powers and duties of the trustee;\n\n9\n\nDefining the act or omissions to act that shall constitute a default and the obligations or duties of the Authority to the holders of the bonds, and providing for the rights and remedies of the holders of the bonds in the event of default, which rights and remedies may include the general laws of the Commonwealth and other provisions of this article; or\n\n10\n\nAny other matter, of like or different character, which in any way affects the security or protection of the holders of the bonds.\n\n","order_by":null,"text":{"0":{"id":1312114,"text":"Any resolution authorizing the issuance of bonds may contain provisions for:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":1312115,"text":"Pledging all or any part of the revenues of the Authority to secure the payment of the bonds, subject to the terms of the proceedings relating to other bonds of the Authority as may then exist;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":1312116,"text":"Pledging all or any part of the assets of the Authority, including loans and obligations securing the same, to secure the payment of the bonds, subject to the terms of the proceedings relating to other bonds of the Authority as may then exist;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":1312117,"text":"The use and disposition of the gross income from loans owned by the Authority and payment of the principal of loans owned by the Authority;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":1312118,"text":"The setting aside of reserves or sinking funds and the regulations and disposition thereof;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":1312119,"text":"Limitations on the purposes to which the proceeds from the sale of bonds may be applied and pledging the proceeds to secure the payment of the bonds;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":1312120,"text":"Limitations on the issuance of additional bonds, the terms upon which additional bonds may be issued and secured, and the refunding of outstanding or other bonds;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":1312121,"text":"The procedure, if any, by which the terms of any of the proceedings under which the bonds are being issued may be amended or abrogated, the number or percentage of bondholders who or which must consent thereto, and the manner in which the consent may be given;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":1312122,"text":"The vesting in a trustee of such property, rights, powers and duties in trust as the Authority may determine, and limiting or abrogating the right of bondholders to appoint a trustee or limiting the rights, powers and duties of the trustee;","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":1312123,"text":"Defining the act or omissions to act that shall constitute a default and the obligations or duties of the Authority to the holders of the bonds, and providing for the rights and remedies of the holders of the bonds in the event of default, which rights and remedies may include the general laws of the Commonwealth and other provisions of this article; or","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8","next_prefix":"10"},"10":{"id":1312124,"text":"Any other matter, of like or different character, which in any way affects the security or protection of the holders of the bonds.","type":"section","prefixes":["10"],"prefix":"10","entire_prefix":"10","prefix_anchor":"10","level":1,"prior_prefix":"9"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2299\/","history_text":"

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 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":1401545,"object_type":"law","relational_id":352465,"identifier":"2.2-2299","token":"2.2\/I\/D\/22\/7\/2.2-2299","url":"\/2.2-2299\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/2.2-2299\/","token":"2.2\/I\/D\/22\/7\/2.2-2299","dublin_core":{"Title":"Resolution authorizing issuance of bonds; provisions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2299","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Any resolution authorizing the issuance of bonds<\/span><\/span> may contain provisions for:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Pledging all or any part of the revenues of the Authority<\/span> to secure the payment of the bonds<\/span><\/span>, subject to the terms of the proceedings relating to other bonds<\/span><\/span> of the Authority<\/span> as may then exist; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Pledging all or any part of the assets<\/span> of the Authority<\/span>, including loans and obligations securing the same, to secure the payment of the bonds<\/span><\/span>, subject to the terms of the proceedings relating to other bonds<\/span><\/span> of the Authority<\/span> as may then exist; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The use and disposition<\/span> of the gross income from loans owned by the Authority<\/span> and payment of the principal of loans owned by the Authority<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The setting aside of reserves or sinking funds and the regulations and disposition<\/span> thereof; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Limitations on the purposes to which the proceeds from the sale of bonds<\/span><\/span> may be applied and pledging the proceeds to secure the payment of the bonds<\/span><\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Limitations on the issuance of additional bonds<\/span><\/span>, the terms upon which additional bonds<\/span><\/span> may be issued and secured, and the refunding of outstanding or other bonds<\/span><\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> The procedure, if any, by which the terms of any of the proceedings under which the bonds<\/span><\/span> are being issued may be amended or abrogated, the number or percentage of bondholders who or which must consent thereto, and the manner in which the consent may be given; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> The vesting in a trustee of such property, rights, powers and duties in trust as the Authority<\/span> may determine, and limiting or abrogating the right of bondholders to appoint a trustee or limiting the rights, powers and duties of the trustee; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> Defining the act or omissions to act that shall constitute a default<\/span> and the obligations or duties of the Authority<\/span> to the holders of the bonds<\/span><\/span>, and providing for the rights and remedies of the holders of the bonds<\/span><\/span> in the event of default<\/span>, which rights and remedies may include the general laws<\/span> of the Commonwealth<\/span> and other provisions of this article; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> Any other matter, of like or different character, which in any way affects the security or protection of the holders of the bonds<\/span><\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRESOLUTION AUTHORIZING ISSUANCE OF BONDS; PROVISIONS (\u00a7 2.2-2299)\n\nAny resolution authorizing the issuance of bonds may contain provisions for:\n\n1. Pledging all or any part of the revenues of the Authority to secure the\npayment of the bonds, subject to the terms of the proceedings relating to other\nbonds of the Authority as may then exist;\n\n2. Pledging all or any part of the assets of the Authority, including loans and\nobligations securing the same, to secure the payment of the bonds, subject to\nthe terms of the proceedings relating to other bonds of the Authority as may\nthen exist;\n\n3. The use and disposition of the gross income from loans owned by the Authority\nand payment of the principal of loans owned by the Authority;\n\n4. The setting aside of reserves or sinking funds and the regulations and\ndisposition thereof;\n\n5. Limitations on the purposes to which the proceeds from the sale of bonds may\nbe applied and pledging the proceeds to secure the payment of the bonds;\n\n6. Limitations on the issuance of additional bonds, the terms upon which\nadditional bonds may be issued and secured, and the refunding of outstanding or\nother bonds;\n\n7. The procedure, if any, by which the terms of any of the proceedings under\nwhich the bonds are being issued may be amended or abrogated, the number or\npercentage of bondholders who or which must consent thereto, and the manner in\nwhich the consent may be given;\n\n8. The vesting in a trustee of such property, rights, powers and duties in trust\nas the Authority may determine, and limiting or abrogating the right of\nbondholders to appoint a trustee or limiting the rights, powers and duties of\nthe trustee;\n\n9. Defining the act or omissions to act that shall constitute a default and the\nobligations or duties of the Authority to the holders of the bonds, and\nproviding for the rights and remedies of the holders of the bonds in the event\nof default, which rights and remedies may include the general laws of the\nCommonwealth and other provisions of this article; or\n\n10. Any other matter, of like or different character, which in any way affects\nthe security or protection of the holders of the bonds.\n\nHISTORY: 1984, c. 749, \u00a7 9-223; 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"}}