{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/5.1-167.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/5.1-167.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/5.1-167.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/5.1-167.html"}],"law_id":366572,"edition_id":2,"section_id":366572,"structure_id":52234,"section_number":"5.1-167","catch_line":"Trust agreement","history":"2001, c. 342.","full_text":"In the discretion of the Authority, any bonds issued under the provisions of this act 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 power of a trust company within or without the Commonwealth of Virginia. Such trust agreement or the resolution providing for the issuance of such bonds may pledge or assign the fees and other revenues to be received, but shall not convey or mortgage the airports or any part thereof. Such 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 construction, improvement, maintenance, repair, operation and insurance of the airports, the rates or fees or other charges to be charged, and the custody, safeguarding and application of all moneys. It shall be lawful for any bank or trust company incorporated under the laws of the Commonwealth of Virginia which may act as depositary of the proceeds of bonds or of revenues to furnish such indemnifying bonds or to pledge such securities as may be required by the Authority. Any such trust agreement may set forth the rights and remedies of the bondholders. In addition to the foregoing, any such trust agreement or resolution may contain such other provisions as the Authority may deem reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of such trust agreement or resolution may be treated as a part of the cost of the operation of the airports.\n\n","order_by":null,"text":{"0":{"id":1364887,"text":"In the discretion of the Authority, any bonds issued under the provisions of this act 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 power of a trust company within or without the Commonwealth of Virginia. Such trust agreement or the resolution providing for the issuance of such bonds may pledge or assign the fees and other revenues to be received, but shall not convey or mortgage the airports or any part thereof. Such 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 construction, improvement, maintenance, repair, operation and insurance of the airports, the rates or fees or other charges to be charged, and the custody, safeguarding and application of all moneys. It shall be lawful for any bank or trust company incorporated under the laws of the Commonwealth of Virginia which may act as depositary of the proceeds of bonds or of revenues to furnish such indemnifying bonds or to pledge such securities as may be required by the Authority. Any such trust agreement may set forth the rights and remedies of the bondholders. In addition to the foregoing, any such trust agreement or resolution may contain such other provisions as the Authority may deem reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of such trust agreement or resolution may be treated as a part of the cost of the operation of the airports.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":52234,"edition_id":2,"name":"Metropolitan Washington Airports Authority","identifier":"10","label":"chapter","depth":2,"order_by":13,"parent_id":52221,"metadata":{"child_laws":27,"child_structures":0},"date_created":"2026-08-02 02:56:23","date_modified":"2026-08-02 12:27:53","permalink":{"id":1460623,"object_type":"structure","relational_id":52234,"identifier":"10","token":"5.1\/10","url":"\/5.1\/10\/","edition_id":2,"permalink":0,"preferred":1}},{"id":52221,"edition_id":2,"name":"Aviation","identifier":"5.1","label":"title","depth":1,"order_by":9,"parent_id":null,"metadata":{"child_laws":218,"child_structures":28},"date_created":"2026-08-02 02:56:16","date_modified":"2026-08-02 12:27:49","permalink":{"id":1460301,"object_type":"structure","relational_id":52221,"identifier":"5.1","token":"5.1","url":"\/5.1\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":366555,"structure_id":52234,"section_number":"5.1-152","catch_line":"Definitions","url":"\/5.1-152\/","token":"5.1\/10\/5.1-152","metadata":false},{"id":366556,"structure_id":52234,"section_number":"5.1-153","catch_line":"Metropolitan Washington Airports Authority created","url":"\/5.1-153\/","token":"5.1\/10\/5.1-153","metadata":false},{"id":366557,"structure_id":52234,"section_number":"5.1-154","catch_line":"Acquisition of airports; approval","url":"\/5.1-154\/","token":"5.1\/10\/5.1-154","metadata":false},{"id":366558,"structure_id":52234,"section_number":"5.1-155","catch_line":"Membership; terms; officers","url":"\/5.1-155\/","token":"5.1\/10\/5.1-155","metadata":false},{"id":366559,"structure_id":52234,"section_number":"5.1-156","catch_line":"Powers and duties of the Authority","url":"\/5.1-156\/","token":"5.1\/10\/5.1-156","metadata":false},{"id":366560,"structure_id":52234,"section_number":"5.1-157","catch_line":"Authority rules and regulations; penalty","url":"\/5.1-157\/","token":"5.1\/10\/5.1-157","metadata":false},{"id":366561,"structure_id":52234,"section_number":"5.1-158","catch_line":"Police","url":"\/5.1-158\/","token":"5.1\/10\/5.1-158","metadata":false},{"id":366562,"structure_id":52234,"section_number":"5.1-159","catch_line":"Operation of foreign trade zone","url":"\/5.1-159\/","token":"5.1\/10\/5.1-159","metadata":false},{"id":366565,"structure_id":52234,"section_number":"5.1-160","catch_line":"Acquisition of property; eminent domain","url":"\/5.1-160\/","token":"5.1\/10\/5.1-160","metadata":false},{"id":366566,"structure_id":52234,"section_number":"5.1-161","catch_line":"Revenue bonds","url":"\/5.1-161\/","token":"5.1\/10\/5.1-161","metadata":{"court_decisions":""}},{"id":366567,"structure_id":52234,"section_number":"5.1-162","catch_line":"Refunding bonds","url":"\/5.1-162\/","token":"5.1\/10\/5.1-162","metadata":{"court_decisions":""}},{"id":366568,"structure_id":52234,"section_number":"5.1-163","catch_line":"Pledge of funds","url":"\/5.1-163\/","token":"5.1\/10\/5.1-163","metadata":{"court_decisions":""}},{"id":366569,"structure_id":52234,"section_number":"5.1-164","catch_line":"Marketability of bonds","url":"\/5.1-164\/","token":"5.1\/10\/5.1-164","metadata":{"court_decisions":""}},{"id":366570,"structure_id":52234,"section_number":"5.1-165","catch_line":"Bonds as legal investments and security for public deposits","url":"\/5.1-165\/","token":"5.1\/10\/5.1-165","metadata":{"court_decisions":""}},{"id":366571,"structure_id":52234,"section_number":"5.1-166","catch_line":"Credit of Commonwealth and political subdivisions not pledged","url":"\/5.1-166\/","token":"5.1\/10\/5.1-166","metadata":false},{"id":366572,"structure_id":52234,"section_number":"5.1-167","catch_line":"Trust agreement","url":"\/5.1-167\/","token":"5.1\/10\/5.1-167","metadata":{"court_decisions":""}},{"id":366573,"structure_id":52234,"section_number":"5.1-168","catch_line":"Revenues","url":"\/5.1-168\/","token":"5.1\/10\/5.1-168","metadata":{"court_decisions":""}},{"id":366574,"structure_id":52234,"section_number":"5.1-169","catch_line":"Trust funds","url":"\/5.1-169\/","token":"5.1\/10\/5.1-169","metadata":{"court_decisions":""}},{"id":366576,"structure_id":52234,"section_number":"5.1-170","catch_line":"Annual audit","url":"\/5.1-170\/","token":"5.1\/10\/5.1-170","metadata":false},{"id":366577,"structure_id":52234,"section_number":"5.1-171","catch_line":"Remedies","url":"\/5.1-171\/","token":"5.1\/10\/5.1-171","metadata":false},{"id":366578,"structure_id":52234,"section_number":"5.1-172","catch_line":"Exemption from taxation","url":"\/5.1-172\/","token":"5.1\/10\/5.1-172","metadata":{"court_decisions":""}},{"id":366579,"structure_id":52234,"section_number":"5.1-173","catch_line":"Jurisdiction of courts; liability for contracts and torts","url":"\/5.1-173\/","token":"5.1\/10\/5.1-173","metadata":false},{"id":366580,"structure_id":52234,"section_number":"5.1-174","catch_line":"Procurement Act exemption","url":"\/5.1-174\/","token":"5.1\/10\/5.1-174","metadata":{"court_decisions":{"0":{"name":" .\u202f.\u202f. United States Ex Rel. Blumenthal-Kahn Electric Ltd. .\u202f.\u202f. ","case_number":"Civ.A. 02-743-A","citation":"219 F. Supp. 2d 710","date":"2002-09-04","url":"https:\/\/www.courtlistener.com\/opinion\/2448140\/united-states-ex-rel-blumenthal-kahn-electric-ltd-partnership-v-american\/","abstract":" .\u202f.\u202f. 219 F.Supp.2d 710 (2002) .\u202f.\u202f. ","court_html":"District Court, E.D. Virginia"},"1":{"name":" .\u202f.\u202f. Washington-Dulles Transportation, Limited v. Metropolitan .\u202f.\u202f. ","case_number":"01-1095","citation":"263 F.3d 371","date":"2001-08-29","url":"https:\/\/www.courtlistener.com\/opinion\/774715\/washington-dulles-transportation-limited-v-metropolitan-washington\/","abstract":" .\u202f.\u202f. 263 F.3d 371 (4th Cir. 2001) .\u202f.\u202f. ","court_html":"Court of Appeals for the Fourth Circuit"},"2":{"name":" .\u202f.\u202f. Washington-Dulles Transportation, Ltd. v. Metropolitan .\u202f.\u202f. ","case_number":"00-2153, 01-1095","citation":"263 F.3d 371","date":"2001-08-29","url":"https:\/\/www.courtlistener.com\/opinion\/2967455\/washington-dulles-transportation-ltd-v-metropolitan-washington-airports\/","abstract":" .\u202f.\u202f. Reversed and Remanded by published opinion. Judge TRAXLER wrote the opinion, in which Judge MOTZ and .\u202f.\u202f. ","court_html":"Court of Appeals for the Fourth Circuit"}}}},{"id":366581,"structure_id":52234,"section_number":"5.1-175","catch_line":"Act liberally construed","url":"\/5.1-175\/","token":"5.1\/10\/5.1-175","metadata":{"court_decisions":""}},{"id":366582,"structure_id":52234,"section_number":"5.1-176","catch_line":"Repealed","url":"\/5.1-176\/","token":"5.1\/10\/5.1-176","metadata":{"court_decisions":""}},{"id":366583,"structure_id":52234,"section_number":"5.1-177","catch_line":"Inconsistent laws inapplicable","url":"\/5.1-177\/","token":"5.1\/10\/5.1-177","metadata":false},{"id":366584,"structure_id":52234,"section_number":"5.1-178","catch_line":"Repealed","url":"\/5.1-178\/","token":"5.1\/10\/5.1-178","metadata":{"court_decisions":""}}],"previous_section":{"id":366571,"structure_id":52234,"section_number":"5.1-166","catch_line":"Credit of Commonwealth and political subdivisions not pledged","url":"\/5.1-166\/","token":"5.1\/10\/5.1-166","metadata":false},"next_section":{"id":366573,"structure_id":52234,"section_number":"5.1-168","catch_line":"Revenues","url":"\/5.1-168\/","token":"5.1\/10\/5.1-168","metadata":{"court_decisions":""}},"metadata":{"court_decisions":""},"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/5.1-167\/","history_text":"<p>This law was first created in 2001. The record of its establishment is cataloged in chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?011+ful+CHAP0342\">342<\/a> 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.<\/p>","references":false,"refers_to":false,"permalink":{"id":1460685,"object_type":"law","relational_id":366572,"identifier":"5.1-167","token":"5.1\/10\/5.1-167","url":"\/5.1-167\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/5.1-167\/","token":"5.1\/10\/5.1-167","dublin_core":{"Title":"Trust agreement","Type":"Text","Format":"text\/html","Identifier":"\u00a7 5.1-167","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>In the discretion of the Authority, any <span class=\"dictionary\">bonds<\/span> issued under the provisions of this act 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 power of a trust company within or without the Commonwealth of Virginia. Such trust agreement or the resolution providing for the issuance of such <span class=\"dictionary\">bonds<\/span> may pledge or assign the fees and other revenues to be received, but shall not convey or mortgage the <span class=\"dictionary\">airports<\/span> or any part thereof. Such trust agreement or resolution providing for the issuance of such <span class=\"dictionary\">bonds<\/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 <span class=\"dictionary\">law<\/span>, including covenants setting forth the duties of the Authority in relation to the acquisition of property and the construction, improvement, maintenance, repair, operation and insurance of the <span class=\"dictionary\">airports<\/span>, the rates or fees or other charges to be charged, and the <span class=\"dictionary\">custody<\/span>, safeguarding and application of all moneys. It shall be lawful for any bank or trust company incorporated under the <span class=\"dictionary\">laws<\/span> of the Commonwealth of Virginia which may act as depositary of the proceeds of <span class=\"dictionary\">bonds<\/span> or of revenues to furnish such indemnifying <span class=\"dictionary\">bonds<\/span> or to pledge such securities as may be required by the Authority. Any such trust agreement may set forth the rights and remedies of the bondholders. In addition to the foregoing, any such trust agreement or resolution may contain such other provisions as the Authority may deem reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of such trust agreement or resolution may be treated as a part of the cost of the operation of the <span class=\"dictionary\">airports<\/span>.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nTRUST AGREEMENT (\u00a7 5.1-167)\n\nIn the discretion of the Authority, any bonds issued under the provisions of\nthis act 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 power of a\ntrust company within or without the Commonwealth of Virginia. Such trust\nagreement or the resolution providing for the issuance of such bonds may pledge\nor assign the fees and other revenues to be received, but shall not convey or\nmortgage the airports or any part thereof. Such trust agreement or resolution\nproviding for the issuance of such bonds may contain such provisions for\nprotecting and enforcing the rights and remedies of the bondholders as may be\nreasonable and proper and not in violation of law, including covenants setting\nforth the duties of the Authority in relation to the acquisition of property and\nthe construction, improvement, maintenance, repair, operation and insurance of\nthe airports, the rates or fees or other charges to be charged, and the custody,\nsafeguarding and application of all moneys. It shall be lawful for any bank or\ntrust company incorporated under the laws of the Commonwealth of Virginia which\nmay act as depositary of the proceeds of bonds or of revenues to furnish such\nindemnifying bonds or to pledge such securities as may be required by the\nAuthority. Any such trust agreement may set forth the rights and remedies of the\nbondholders. In addition to the foregoing, any such trust agreement or\nresolution may contain such other provisions as the Authority may deem\nreasonable and proper for the security of the bondholders. All expenses incurred\nin carrying out the provisions of such trust agreement or resolution may be\ntreated as a part of the cost of the operation of the airports.\n\nHISTORY: 2001, c. 342.","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"}}