{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/36-31.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/36-31.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/36-31.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/36-31.html"}],"law_id":360689,"edition_id":2,"section_id":360689,"structure_id":51589,"section_number":"36-31","catch_line":"Provisions of bonds, trust indentures and mortgages","history":"1938, p. 455; Michie Code 1942, \u00a7 3145(16).","full_text":"In connection with the issuance of bonds or the incurring of obligations under leases and in order to secure the payment of such bonds or obligations, an authority, in addition to its other powers, shall have power:\n\na\n\nTo pledge all or any part of its gross or net rents, fees or revenues to which its right then exists or may thereafter come into existence.\n\nb\n\nTo mortgage all or any part of its real or personal property, then owned or thereafter acquired.\n\nc\n\nTo covenant against pledging all or any part of its rents, fees and revenues, or against mortgaging all or any part of its real or personal property, to which its right or title then exists or may thereafter come into existence or against permitting or suffering any lien on such revenues or property; to covenant with respect to limitations on its right to sell, lease or otherwise dispose of any housing project or any part thereof; and to covenant as to what other, or additional debts or obligations may be incurred by it.\n\nd\n\nTo covenant as to the bonds to be issued and as to the issuance of such bonds in escrow or otherwise, and as to the use and disposition of the proceeds thereof; to provide for the replacement of lost, destroyed or mutilated bonds; to covenant against extending the time for the payment of its bonds or interest thereon; and to redeem the bonds, and to covenant for their redemption and to provide the terms and conditions thereof.\n\ne\n\nTo covenant (subject to the limitations contained in this chapter) as to the rents and fees to be charged in the operation of a housing project or projects, the amount to be raised each year or other period of time by rents, fees and other revenues, and as to the use and disposition to be made thereof; to create or to authorize the creation of special funds for moneys held for construction or operating costs, debt service, reserves, or other purposes, and to covenant as to the use and disposition of the moneys held in such funds.\n\nf\n\nTo prescribe the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds the holders of which must consent thereto and the manner in which such consent may be given.\n\ng\n\nTo covenant as to the use of any or all of its real or personal property; and to covenant as to the maintenance of its real and personal property, the replacement thereof, the insurance to be carried thereon and the use and disposition of insurance moneys.\n\nh\n\nTo covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenant, condition, or obligation; and to covenant and prescribe as to events of default and terms and conditions upon which any or all of its bonds or obligations shall become or may be declared due before maturity, and as to the terms and conditions upon which such declaration and its consequences may be waived.\n\ni\n\nTo vest in a trust or trustees or the holders of bonds or any proportion of them the right to enforce the payment of the bonds or any covenants securing or relating to the bonds; to vest in a trustee or trustees the right, in the event of a default by the authority, to take possession and use, operate and manage any housing project or part thereof, and to collect the rents and revenues arising therefrom and to dispose of such moneys in accordance with the agreement of the authority with the trustee; to provide for the powers and duties of a trustee or trustees and to limit the liabilities thereof; and to provide the terms and conditions upon which the trustee or trustees or the holders of bonds or any portion of them may enforce any covenant or right securing or relating to the bonds.\n\nj\n\nTo exercise all or any part or combination of the powers herein granted; and to make covenants other than and in addition to the covenants herein expressly authorized, of like or different character.\n\n","order_by":null,"text":{"0":{"id":1342144,"text":"In connection with the issuance of bonds or the incurring of obligations under leases and in order to secure the payment of such bonds or obligations, an authority, in addition to its other powers, shall have power:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"a"},"1":{"id":1342145,"text":"To pledge all or any part of its gross or net rents, fees or revenues to which its right then exists or may thereafter come into existence.","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"prior_prefix":"","next_prefix":"b"},"2":{"id":1342146,"text":"To mortgage all or any part of its real or personal property, then owned or thereafter acquired.","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"a","next_prefix":"c"},"3":{"id":1342147,"text":"To covenant against pledging all or any part of its rents, fees and revenues, or against mortgaging all or any part of its real or personal property, to which its right or title then exists or may thereafter come into existence or against permitting or suffering any lien on such revenues or property; to covenant with respect to limitations on its right to sell, lease or otherwise dispose of any housing project or any part thereof; and to covenant as to what other, or additional debts or obligations may be incurred by it.","type":"section","prefixes":["c"],"prefix":"c","entire_prefix":"c","prefix_anchor":"c","level":1,"prior_prefix":"b","next_prefix":"d"},"4":{"id":1342148,"text":"To covenant as to the bonds to be issued and as to the issuance of such bonds in escrow or otherwise, and as to the use and disposition of the proceeds thereof; to provide for the replacement of lost, destroyed or mutilated bonds; to covenant against extending the time for the payment of its bonds or interest thereon; and to redeem the bonds, and to covenant for their redemption and to provide the terms and conditions thereof.","type":"section","prefixes":["d"],"prefix":"d","entire_prefix":"d","prefix_anchor":"d","level":1,"prior_prefix":"c","next_prefix":"e"},"5":{"id":1342149,"text":"To covenant (subject to the limitations contained in this chapter) as to the rents and fees to be charged in the operation of a housing project or projects, the amount to be raised each year or other period of time by rents, fees and other revenues, and as to the use and disposition to be made thereof; to create or to authorize the creation of special funds for moneys held for construction or operating costs, debt service, reserves, or other purposes, and to covenant as to the use and disposition of the moneys held in such funds.","type":"section","prefixes":["e"],"prefix":"e","entire_prefix":"e","prefix_anchor":"e","level":1,"prior_prefix":"d","next_prefix":"f"},"6":{"id":1342150,"text":"To prescribe the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds the holders of which must consent thereto and the manner in which such consent may be given.","type":"section","prefixes":["f"],"prefix":"f","entire_prefix":"f","prefix_anchor":"f","level":1,"prior_prefix":"e","next_prefix":"g"},"7":{"id":1342151,"text":"To covenant as to the use of any or all of its real or personal property; and to covenant as to the maintenance of its real and personal property, the replacement thereof, the insurance to be carried thereon and the use and disposition of insurance moneys.","type":"section","prefixes":["g"],"prefix":"g","entire_prefix":"g","prefix_anchor":"g","level":1,"prior_prefix":"f","next_prefix":"h"},"8":{"id":1342152,"text":"To covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenant, condition, or obligation; and to covenant and prescribe as to events of default and terms and conditions upon which any or all of its bonds or obligations shall become or may be declared due before maturity, and as to the terms and conditions upon which such declaration and its consequences may be waived.","type":"section","prefixes":["h"],"prefix":"h","entire_prefix":"h","prefix_anchor":"h","level":1,"prior_prefix":"g","next_prefix":"i"},"9":{"id":1342153,"text":"To vest in a trust or trustees or the holders of bonds or any proportion of them the right to enforce the payment of the bonds or any covenants securing or relating to the bonds; to vest in a trustee or trustees the right, in the event of a default by the authority, to take possession and use, operate and manage any housing project or part thereof, and to collect the rents and revenues arising therefrom and to dispose of such moneys in accordance with the agreement of the authority with the trustee; to provide for the powers and duties of a trustee or trustees and to limit the liabilities thereof; and to provide the terms and conditions upon which the trustee or trustees or the holders of bonds or any portion of them may enforce any covenant or right securing or relating to the bonds.","type":"section","prefixes":["i"],"prefix":"i","entire_prefix":"i","prefix_anchor":"i","level":1,"prior_prefix":"h","next_prefix":"j"},"10":{"id":1342154,"text":"To exercise all or any part or combination of the powers herein granted; and to make covenants other than and in addition to the covenants herein expressly authorized, of like or different character.","type":"section","prefixes":["j"],"prefix":"j","entire_prefix":"j","prefix_anchor":"j","level":1,"prior_prefix":"i"}},"ancestry":[{"id":51589,"edition_id":2,"name":"Bonds, Trust Indentures and Mortgages","identifier":"4","label":"article","depth":3,"order_by":5,"parent_id":51573,"metadata":{"child_laws":7,"child_structures":0},"date_created":"2026-08-02 02:44:34","date_modified":"2026-08-02 12:32:41","permalink":{"id":1435445,"object_type":"structure","relational_id":51589,"identifier":"4","token":"36\/1\/4","url":"\/36\/1\/4\/","edition_id":2,"permalink":0,"preferred":1}},{"id":51573,"edition_id":2,"name":"Housing Authorities Law","identifier":"1","label":"chapter","depth":2,"order_by":1,"parent_id":51572,"metadata":{"child_laws":83,"child_structures":8},"date_created":"2026-08-02 02:44:20","date_modified":"2026-08-02 12:32:41","permalink":{"id":1435261,"object_type":"structure","relational_id":51573,"identifier":"1","token":"36\/1","url":"\/36\/1\/","edition_id":2,"permalink":0,"preferred":1}},{"id":51572,"edition_id":2,"name":"Housing","identifier":"36","label":"title","depth":1,"order_by":83,"parent_id":null,"metadata":{"child_laws":336,"child_structures":35},"date_created":"2026-08-02 02:44:20","date_modified":"2026-08-02 12:32:40","permalink":{"id":1435259,"object_type":"structure","relational_id":51572,"identifier":"36","token":"36","url":"\/36\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":360686,"structure_id":51589,"section_number":"36-29","catch_line":"Power to issue bonds; liability in general","url":"\/36-29\/","token":"36\/1\/4\/36-29","metadata":false},{"id":360688,"structure_id":51589,"section_number":"36-30","catch_line":"Form and sale of bonds; presumption of validity","url":"\/36-30\/","token":"36\/1\/4\/36-30","metadata":false},{"id":360689,"structure_id":51589,"section_number":"36-31","catch_line":"Provisions of bonds, trust indentures and mortgages","url":"\/36-31\/","token":"36\/1\/4\/36-31","metadata":false},{"id":360690,"structure_id":51589,"section_number":"36-32","catch_line":"Remedies of obligee of authority","url":"\/36-32\/","token":"36\/1\/4\/36-32","metadata":false},{"id":360691,"structure_id":51589,"section_number":"36-33","catch_line":"Additional remedies conferrable by authority","url":"\/36-33\/","token":"36\/1\/4\/36-33","metadata":false},{"id":360692,"structure_id":51589,"section_number":"36-34","catch_line":"Housing bonds to be legal investments, legal security and negotiable","url":"\/36-34\/","token":"36\/1\/4\/36-34","metadata":false},{"id":360693,"structure_id":51589,"section_number":"36-35","catch_line":"Contracts and covenants with federal government, etc.; agreements to sell","url":"\/36-35\/","token":"36\/1\/4\/36-35","metadata":false}],"previous_section":{"id":360688,"structure_id":51589,"section_number":"36-30","catch_line":"Form and sale of bonds; presumption of validity","url":"\/36-30\/","token":"36\/1\/4\/36-30","metadata":false},"next_section":{"id":360690,"structure_id":51589,"section_number":"36-32","catch_line":"Remedies of obligee of authority","url":"\/36-32\/","token":"36\/1\/4\/36-32","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/36-31\/","history_text":false,"references":false,"refers_to":false,"permalink":{"id":1435455,"object_type":"law","relational_id":360689,"identifier":"36-31","token":"36\/1\/4\/36-31","url":"\/36-31\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/36-31\/","token":"36\/1\/4\/36-31","dublin_core":{"Title":"Provisions of bonds, trust indentures and mortgages","Type":"Text","Format":"text\/html","Identifier":"\u00a7 36-31","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

In connection with the issuance of bonds<\/span><\/span> or the incurring of obligations under leases and in order<\/span> to secure the payment of such bonds<\/span><\/span> or obligations, an authority<\/span>, in addition to its other powers, shall have power:<\/p><\/section>\n\t\t\t\t\t\t

a.<\/span> To pledge all or any part of its gross or net rents, fees or revenues to which its right then exists or may thereafter come into existence. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> To mortgage all or any part of its real or personal property, then owned or thereafter acquired. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

c.<\/span> To covenant against pledging all or any part of its rents, fees and revenues, or against mortgaging all or any part of its real or personal property, to which its right or title then exists or may thereafter come into existence or against permitting or suffering any lien<\/span> on such revenues or property; to covenant with respect to limitations on its right to sell, lease or otherwise dispose of any housing project<\/span> or any part thereof; and to covenant as to what other, or additional debts or obligations may be incurred by it. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

d.<\/span> To covenant as to the bonds<\/span><\/span> to be issued and as to the issuance of such bonds<\/span><\/span> in escrow or otherwise, and as to the use and disposition<\/span> of the proceeds thereof; to provide for the replacement of lost, destroyed or mutilated bonds<\/span><\/span>; to covenant against extending the time for the payment of its bonds<\/span><\/span> or interest thereon; and to redeem the bonds<\/span><\/span>, and to covenant for their redemption<\/span> and to provide the terms and conditions thereof. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

e.<\/span> To covenant (subject to the limitations contained in this chapter) as to the rents and fees to be charged in the operation of a housing project<\/span> or projects, the amount to be raised each year or other period of time by rents, fees and other revenues, and as to the use and disposition<\/span> to be made thereof; to create or to authorize the creation of special funds for moneys held for construction or operating costs, debt service, reserves, or other purposes, and to covenant as to the use and disposition<\/span> of the moneys held in such funds. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

f.<\/span> To prescribe the procedure, if any, by which the terms of any contract<\/span> with bondholders may be amended or abrogated, the amount of bonds<\/span><\/span> the holders of which must consent thereto and the manner in which such consent may be given. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

g.<\/span> To covenant as to the use of any or all of its real or personal property; and to covenant as to the maintenance of its real and personal property, the replacement thereof, the insurance to be carried thereon and the use and disposition<\/span> of insurance moneys. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

h.<\/span> To covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenant, condition, or obligation; and to covenant and prescribe as to events of default<\/span> and terms and conditions upon which any or all of its bonds<\/span><\/span> or obligations shall become or may be declared due before maturity, and as to the terms and conditions upon which such declaration and its consequences may be waived. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

i.<\/span> To vest in a trust or trustees or the holders of bonds<\/span><\/span> or any proportion of them the right to enforce the payment of the bonds<\/span><\/span> or any covenants securing or relating to the bonds<\/span><\/span>; to vest in a trustee or trustees the right, in the event of a default<\/span> by the authority<\/span>, to take possession<\/span> and use, operate and manage any housing project<\/span> or part thereof, and to collect the rents and revenues arising therefrom and to dispose of such moneys in accordance with the agreement of the authority<\/span> with the trustee; to provide for the powers and duties of a trustee or trustees and to limit the liabilities thereof; and to provide the terms and conditions upon which the trustee or trustees or the holders of bonds<\/span><\/span> or any portion of them may enforce any covenant or right securing or relating to the bonds<\/span><\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

j.<\/span> To exercise all or any part or combination of the powers herein granted; and to make covenants other than and in addition to the covenants herein expressly authorized, of like or different character. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPROVISIONS OF BONDS, TRUST INDENTURES AND MORTGAGES (\u00a7 36-31)\n\nIn connection with the issuance of bonds or the incurring of obligations under\nleases and in order to secure the payment of such bonds or obligations, an\nauthority, in addition to its other powers, shall have power:\n\na. To pledge all or any part of its gross or net rents, fees or revenues to\nwhich its right then exists or may thereafter come into existence.\n\nb. To mortgage all or any part of its real or personal property, then owned or\nthereafter acquired.\n\nc. To covenant against pledging all or any part of its rents, fees and revenues,\nor against mortgaging all or any part of its real or personal property, to which\nits right or title then exists or may thereafter come into existence or against\npermitting or suffering any lien on such revenues or property; to covenant with\nrespect to limitations on its right to sell, lease or otherwise dispose of any\nhousing project or any part thereof; and to covenant as to what other, or\nadditional debts or obligations may be incurred by it.\n\nd. To covenant as to the bonds to be issued and as to the issuance of such bonds\nin escrow or otherwise, and as to the use and disposition of the proceeds\nthereof; to provide for the replacement of lost, destroyed or mutilated bonds;\nto covenant against extending the time for the payment of its bonds or interest\nthereon; and to redeem the bonds, and to covenant for their redemption and to\nprovide the terms and conditions thereof.\n\ne. To covenant (subject to the limitations contained in this chapter) as to the\nrents and fees to be charged in the operation of a housing project or projects,\nthe amount to be raised each year or other period of time by rents, fees and\nother revenues, and as to the use and disposition to be made thereof; to create\nor to authorize the creation of special funds for moneys held for construction\nor operating costs, debt service, reserves, or other purposes, and to covenant\nas to the use and disposition of the moneys held in such funds.\n\nf. To prescribe the procedure, if any, by which the terms of any contract with\nbondholders may be amended or abrogated, the amount of bonds the holders of\nwhich must consent thereto and the manner in which such consent may be given.\n\ng. To covenant as to the use of any or all of its real or personal property; and\nto covenant as to the maintenance of its real and personal property, the\nreplacement thereof, the insurance to be carried thereon and the use and\ndisposition of insurance moneys.\n\nh. To covenant as to the rights, liabilities, powers and duties arising upon the\nbreach by it of any covenant, condition, or obligation; and to covenant and\nprescribe as to events of default and terms and conditions upon which any or all\nof its bonds or obligations shall become or may be declared due before maturity,\nand as to the terms and conditions upon which such declaration and its\nconsequences may be waived.\n\ni. To vest in a trust or trustees or the holders of bonds or any proportion of\nthem the right to enforce the payment of the bonds or any covenants securing or\nrelating to the bonds; to vest in a trustee or trustees the right, in the event\nof a default by the authority, to take possession and use, operate and manage\nany housing project or part thereof, and to collect the rents and revenues\narising therefrom and to dispose of such moneys in accordance with the agreement\nof the authority with the trustee; to provide for the powers and duties of a\ntrustee or trustees and to limit the liabilities thereof; and to provide the\nterms and conditions upon which the trustee or trustees or the holders of bonds\nor any portion of them may enforce any covenant or right securing or relating to\nthe bonds.\n\nj. To exercise all or any part or combination of the powers herein granted; and\nto make covenants other than and in addition to the covenants herein expressly\nauthorized, of like or different character.\n\nHISTORY: 1938, p. 455; Michie Code 1942, \u00a7 3145(16).","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"}}