{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/23.1-1230.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/23.1-1230.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/23.1-1230.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/23.1-1230.html"}],"law_id":355126,"edition_id":2,"section_id":355126,"structure_id":50796,"section_number":"23.1-1230","catch_line":"Powers; issuance of refunding revenue bonds","history":"1972, c. 686, \u00a7 23-30.54; 2016, c. 588.","full_text":"A\n\nThe Authority may provide for the issuance of revenue bonds to (i) refund any of its outstanding revenue bonds, including the payment of any redemption premium thereon and any interest accrued or to accrue on the earliest or any subsequent date of redemption, purchase, or maturity of such revenue bonds or (ii) pay all or any part of the cost of constructing and acquiring additions, improvements, extensions, or enlargements of a project or any portion of a project.\n\nB\n\nThe Authority may (i) apply the proceeds of any revenue bonds issued to refund outstanding revenue bonds to purchase, retire at maturity, or redeem such outstanding revenue bonds either on their earliest or any subsequent redemption date, upon their purchase, or at their maturity and (ii) place the proceeds of revenue bonds issued to refund outstanding revenue bonds in escrow pending such application to be applied to such purchase, retirement, or redemption on the date that it determines.\n\nC\n\nThe Authority may invest and reinvest proceeds placed in escrow pursuant to subsection B in direct obligations of the United States, certificates of deposit, or time deposits secured by direct obligations of the United States that mature at such time as is appropriate to ensure the prompt payment of principal, interest, and any redemption premium of the outstanding revenue bonds to be so refunded, pending the purchase, retirement at maturity, or redemption of such outstanding revenue bonds. The Authority may apply interest, income, and any profits earned or realized on any such investment to pay the outstanding revenue bonds to be so refunded. After the terms of the escrow have been fully satisfied and carried out, any balance of such proceeds and any interest, income, and profits earned or realized on the investments on such proceeds may be returned to the Authority for its lawful use.\n\nD\n\nThe Authority may invest or reinvest the portion of the proceeds of any revenue bonds issued to pay all or any part of the cost of constructing and acquiring additions, improvements, extensions, or enlargements of a project in direct obligations of the United States or certificates of deposit or time deposits secured by direct obligations of the United States that mature not later than the time when such proceeds are needed to pay all or any part of such cost. The Authority may apply any interest, income, and profits earned or realized on such investment to the payment of all or any part of such cost or use such interest, income, and profits in any lawful manner.\n\nE\n\nAll refunding revenue bonds issued pursuant to this section are subject to the provisions of this article in the same manner and to the same extent as other revenue bonds issued pursuant to this article.\n\n","order_by":null,"text":{"0":{"id":1322421,"text":"The Authority may provide for the issuance of revenue bonds to (i) refund any of its outstanding revenue bonds, including the payment of any redemption premium thereon and any interest accrued or to accrue on the earliest or any subsequent date of redemption, purchase, or maturity of such revenue bonds or (ii) pay all or any part of the cost of constructing and acquiring additions, improvements, extensions, or enlargements of a project or any portion of a project.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1322422,"text":"The Authority may (i) apply the proceeds of any revenue bonds issued to refund outstanding revenue bonds to purchase, retire at maturity, or redeem such outstanding revenue bonds either on their earliest or any subsequent redemption date, upon their purchase, or at their maturity and (ii) place the proceeds of revenue bonds issued to refund outstanding revenue bonds in escrow pending such application to be applied to such purchase, retirement, or redemption on the date that it determines.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":1322423,"text":"The Authority may invest and reinvest proceeds placed in escrow pursuant to subsection B in direct obligations of the United States, certificates of deposit, or time deposits secured by direct obligations of the United States that mature at such time as is appropriate to ensure the prompt payment of principal, interest, and any redemption premium of the outstanding revenue bonds to be so refunded, pending the purchase, retirement at maturity, or redemption of such outstanding revenue bonds. The Authority may apply interest, income, and any profits earned or realized on any such investment to pay the outstanding revenue bonds to be so refunded. After the terms of the escrow have been fully satisfied and carried out, any balance of such proceeds and any interest, income, and profits earned or realized on the investments on such proceeds may be returned to the Authority for its lawful use.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":1322424,"text":"The Authority may invest or reinvest the portion of the proceeds of any revenue bonds issued to pay all or any part of the cost of constructing and acquiring additions, improvements, extensions, or enlargements of a project in direct obligations of the United States or certificates of deposit or time deposits secured by direct obligations of the United States that mature not later than the time when such proceeds are needed to pay all or any part of such cost. The Authority may apply any interest, income, and profits earned or realized on such investment to the payment of all or any part of such cost or use such interest, income, and profits in any lawful manner.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":1322425,"text":"All refunding revenue bonds issued pursuant to this section are subject to the provisions of this article in the same manner and to the same extent as other revenue bonds issued pursuant to this article.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":50796,"edition_id":2,"name":"Nonprofit Private Institutions of Higher Education; Projects","identifier":"2","label":"article","depth":4,"order_by":2,"parent_id":50794,"metadata":{"child_laws":19,"child_structures":0},"date_created":"2026-08-02 02:33:27","date_modified":"2026-08-02 12:31:18","permalink":{"id":1412821,"object_type":"structure","relational_id":50796,"identifier":"2","token":"23.1\/III\/12\/2","url":"\/23.1\/III\/12\/2\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50794,"edition_id":2,"name":"Virginia College Building Authority","identifier":"12","label":"chapter","depth":3,"order_by":3,"parent_id":50786,"metadata":{"child_laws":39,"child_structures":2},"date_created":"2026-08-02 02:33:25","date_modified":"2026-08-02 12:31:18","permalink":{"id":1412737,"object_type":"structure","relational_id":50794,"identifier":"12","token":"23.1\/III\/12","url":"\/23.1\/III\/12\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50786,"edition_id":2,"name":"Management and Financing","identifier":"III","label":"subtitle","depth":2,"order_by":3,"parent_id":50782,"metadata":{"child_laws":97,"child_structures":11},"date_created":"2026-08-02 02:33:18","date_modified":"2026-08-02 12:31:17","permalink":{"id":1412515,"object_type":"structure","relational_id":50786,"identifier":"III","token":"23.1\/III","url":"\/23.1\/III\/","edition_id":2,"permalink":0,"preferred":1}},{"id":50782,"edition_id":2,"name":"Institutions of Higher Education; Other Educational and Cultural Institutions","identifier":"23.1","label":"title","depth":1,"order_by":62,"parent_id":null,"metadata":{"child_laws":594,"child_structures":95},"date_created":"2026-08-02 02:33:18","date_modified":"2026-08-02 12:31:13","permalink":{"id":1411583,"object_type":"structure","relational_id":50782,"identifier":"23.1","token":"23.1","url":"\/23.1\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":355116,"structure_id":50796,"section_number":"23.1-1220","catch_line":"Definitions","url":"\/23.1-1220\/","token":"23.1\/III\/12\/2\/23.1-1220","metadata":false},{"id":355117,"structure_id":50796,"section_number":"23.1-1221","catch_line":"Declaration of policy and purpose","url":"\/23.1-1221\/","token":"23.1\/III\/12\/2\/23.1-1221","metadata":false},{"id":355118,"structure_id":50796,"section_number":"23.1-1222","catch_line":"Expenses of administering article","url":"\/23.1-1222\/","token":"23.1\/III\/12\/2\/23.1-1222","metadata":false},{"id":355119,"structure_id":50796,"section_number":"23.1-1223","catch_line":"Powers and duties of Authority","url":"\/23.1-1223\/","token":"23.1\/III\/12\/2\/23.1-1223","metadata":false},{"id":355120,"structure_id":50796,"section_number":"23.1-1224","catch_line":"Duties; conveyance of title to projects","url":"\/23.1-1224\/","token":"23.1\/III\/12\/2\/23.1-1224","metadata":false},{"id":355121,"structure_id":50796,"section_number":"23.1-1225","catch_line":"Powers; acquisition of property","url":"\/23.1-1225\/","token":"23.1\/III\/12\/2\/23.1-1225","metadata":false},{"id":355122,"structure_id":50796,"section_number":"23.1-1226","catch_line":"Powers; issuance of negotiable notes","url":"\/23.1-1226\/","token":"23.1\/III\/12\/2\/23.1-1226","metadata":false},{"id":355123,"structure_id":50796,"section_number":"23.1-1227","catch_line":"Powers; issuance of revenue bonds","url":"\/23.1-1227\/","token":"23.1\/III\/12\/2\/23.1-1227","metadata":false},{"id":355124,"structure_id":50796,"section_number":"23.1-1228","catch_line":"Powers; security for revenue bonds","url":"\/23.1-1228\/","token":"23.1\/III\/12\/2\/23.1-1228","metadata":false},{"id":355125,"structure_id":50796,"section_number":"23.1-1229","catch_line":"Powers and duties; rates, rents, fees and charges; sinking fund","url":"\/23.1-1229\/","token":"23.1\/III\/12\/2\/23.1-1229","metadata":false},{"id":355126,"structure_id":50796,"section_number":"23.1-1230","catch_line":"Powers; issuance of refunding revenue bonds","url":"\/23.1-1230\/","token":"23.1\/III\/12\/2\/23.1-1230","metadata":false},{"id":355127,"structure_id":50796,"section_number":"23.1-1231","catch_line":"Revenue bonds not obligations of Commonwealth or political subdivision","url":"\/23.1-1231\/","token":"23.1\/III\/12\/2\/23.1-1231","metadata":false},{"id":355128,"structure_id":50796,"section_number":"23.1-1232","catch_line":"Moneys received deemed trust funds","url":"\/23.1-1232\/","token":"23.1\/III\/12\/2\/23.1-1232","metadata":false},{"id":355129,"structure_id":50796,"section_number":"23.1-1233","catch_line":"Remedies of bondholders or holders of other obligations","url":"\/23.1-1233\/","token":"23.1\/III\/12\/2\/23.1-1233","metadata":false},{"id":355130,"structure_id":50796,"section_number":"23.1-1234","catch_line":"Exemption from taxation","url":"\/23.1-1234\/","token":"23.1\/III\/12\/2\/23.1-1234","metadata":false},{"id":355131,"structure_id":50796,"section_number":"23.1-1235","catch_line":"Bonds as legal investments","url":"\/23.1-1235\/","token":"23.1\/III\/12\/2\/23.1-1235","metadata":false},{"id":355132,"structure_id":50796,"section_number":"23.1-1236","catch_line":"Nature of article","url":"\/23.1-1236\/","token":"23.1\/III\/12\/2\/23.1-1236","metadata":false},{"id":355133,"structure_id":50796,"section_number":"23.1-1237","catch_line":"Article liberally construed","url":"\/23.1-1237\/","token":"23.1\/III\/12\/2\/23.1-1237","metadata":false},{"id":355134,"structure_id":50796,"section_number":"23.1-1238","catch_line":"Article controls inconsistent laws","url":"\/23.1-1238\/","token":"23.1\/III\/12\/2\/23.1-1238","metadata":false}],"previous_section":{"id":355125,"structure_id":50796,"section_number":"23.1-1229","catch_line":"Powers and duties; rates, rents, fees and charges; sinking fund","url":"\/23.1-1229\/","token":"23.1\/III\/12\/2\/23.1-1229","metadata":false},"next_section":{"id":355127,"structure_id":50796,"section_number":"23.1-1231","catch_line":"Revenue bonds not obligations of Commonwealth or political subdivision","url":"\/23.1-1231\/","token":"23.1\/III\/12\/2\/23.1-1231","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-1230\/","history_text":"

This law was first created in 1972. The record of its establishment is cataloged in chapter 686 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 1972 \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 2016, chapter 588<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1412863,"object_type":"law","relational_id":355126,"identifier":"23.1-1230","token":"23.1\/III\/12\/2\/23.1-1230","url":"\/23.1-1230\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/23.1-1230\/","token":"23.1\/III\/12\/2\/23.1-1230","dublin_core":{"Title":"Powers; issuance of refunding revenue bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-1230","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Authority<\/span> may provide for the issuance of revenue bonds<\/span> to (i) refund any of its outstanding revenue bonds<\/span>, including the payment of any redemption<\/span> premium thereon and any interest accrued or to accrue on the earliest or any subsequent date of redemption<\/span>, purchase, or maturity of such revenue bonds<\/span> or (ii) pay all or any part of the cost of constructing and acquiring additions, improvements, extensions, or enlargements of a project<\/span> or any portion of a project<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Authority<\/span> may (i) apply the proceeds of any revenue bonds<\/span> issued to refund outstanding revenue bonds<\/span> to purchase, retire at maturity, or redeem such outstanding revenue bonds<\/span> either on their earliest or any subsequent redemption<\/span> date, upon their purchase, or at their maturity and (ii) place the proceeds of revenue bonds<\/span> issued to refund outstanding revenue bonds<\/span> in escrow pending such application to be applied to such purchase, retirement, or redemption<\/span> on the date that it determines. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Authority<\/span> may invest and reinvest proceeds placed in escrow pursuant to subsection B in direct obligations of the United States, certificates of deposit, or time deposits secured by direct obligations of the United States that mature at such time as is appropriate to ensure the prompt payment of principal, interest, and any redemption<\/span> premium of the outstanding revenue bonds<\/span> to be so refunded, pending the purchase, retirement at maturity, or redemption<\/span> of such outstanding revenue bonds<\/span>. The Authority<\/span> may apply interest, income, and any profits earned or realized on any such investment to pay the outstanding revenue bonds<\/span> to be so refunded. After the terms of the escrow have been fully satisfied and carried out, any balance of such proceeds and any interest, income, and profits earned or realized on the investments on such proceeds may be returned to the Authority<\/span> for its lawful use. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The Authority<\/span> may invest or reinvest the portion of the proceeds of any revenue bonds<\/span> issued to pay all or any part of the cost of constructing and acquiring additions, improvements, extensions, or enlargements of a project<\/span> in direct obligations of the United States or certificates of deposit or time deposits secured by direct obligations of the United States that mature not later than the time when such proceeds are needed to pay all or any part of such cost. The Authority<\/span> may apply any interest, income, and profits earned or realized on such investment to the payment of all or any part of such cost or use such interest, income, and profits in any lawful manner. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> All refunding revenue bonds<\/span> issued pursuant to this section are subject to the provisions of this article in the same manner and to the same extent as other revenue bonds<\/span> issued pursuant to this article. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPOWERS; ISSUANCE OF REFUNDING REVENUE BONDS (\u00a7 23.1-1230)\n\nA. The Authority may provide for the issuance of revenue bonds to (i) refund any\nof its outstanding revenue bonds, including the payment of any redemption\npremium thereon and any interest accrued or to accrue on the earliest or any\nsubsequent date of redemption, purchase, or maturity of such revenue bonds or\n(ii) pay all or any part of the cost of constructing and acquiring additions,\nimprovements, extensions, or enlargements of a project or any portion of a\nproject.\n\nB. The Authority may (i) apply the proceeds of any revenue bonds issued to\nrefund outstanding revenue bonds to purchase, retire at maturity, or redeem such\noutstanding revenue bonds either on their earliest or any subsequent redemption\ndate, upon their purchase, or at their maturity and (ii) place the proceeds of\nrevenue bonds issued to refund outstanding revenue bonds in escrow pending such\napplication to be applied to such purchase, retirement, or redemption on the\ndate that it determines.\n\nC. The Authority may invest and reinvest proceeds placed in escrow pursuant to\nsubsection B in direct obligations of the United States, certificates of\ndeposit, or time deposits secured by direct obligations of the United States\nthat mature at such time as is appropriate to ensure the prompt payment of\nprincipal, interest, and any redemption premium of the outstanding revenue bonds\nto be so refunded, pending the purchase, retirement at maturity, or redemption\nof such outstanding revenue bonds. The Authority may apply interest, income, and\nany profits earned or realized on any such investment to pay the outstanding\nrevenue bonds to be so refunded. After the terms of the escrow have been fully\nsatisfied and carried out, any balance of such proceeds and any interest,\nincome, and profits earned or realized on the investments on such proceeds may\nbe returned to the Authority for its lawful use.\n\nD. The Authority may invest or reinvest the portion of the proceeds of any\nrevenue bonds issued to pay all or any part of the cost of constructing and\nacquiring additions, improvements, extensions, or enlargements of a project in\ndirect obligations of the United States or certificates of deposit or time\ndeposits secured by direct obligations of the United States that mature not\nlater than the time when such proceeds are needed to pay all or any part of such\ncost. The Authority may apply any interest, income, and profits earned or\nrealized on such investment to the payment of all or any part of such cost or\nuse such interest, income, and profits in any lawful manner.\n\nE. All refunding revenue bonds issued pursuant to this section are subject to\nthe provisions of this article in the same manner and to the same extent as\nother revenue bonds issued pursuant to this article.\n\nHISTORY: 1972, c. 686, \u00a7 23-30.54; 2016, c. 588.","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"}}