{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/5.1-169.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/5.1-169.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/5.1-169.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/5.1-169.html"}],"law_id":366574,"edition_id":2,"section_id":366574,"structure_id":52234,"section_number":"5.1-169","catch_line":"Trust funds","history":"2001, c. 342.","full_text":"All proceeds from the sale of bonds and revenues derived therefrom received pursuant to the provisions of this act shall be deemed to be trust funds to be held and applied solely as provided in this act. The Authority may, in the resolution authorizing the bonds or in the trust agreement securing such bonds, provide for the payment of the proceeds of the sale of the bonds and the revenues of the Authority to a trustee, which may be any trust company or bank having the powers of a trust company within or without the Commonwealth of Virginia, which shall act as trustee of the funds, and hold and apply the same to the purposes of this act, subject to such regulations as this act and such resolution or trust agreement may provide. The trustee may invest and reinvest such funds in such securities as may be provided in the resolution authorizing the bonds or in the trust agreement securing such bonds.\n\n","order_by":null,"text":{"0":{"id":1364889,"text":"All proceeds from the sale of bonds and revenues derived therefrom received pursuant to the provisions of this act shall be deemed to be trust funds to be held and applied solely as provided in this act. The Authority may, in the resolution authorizing the bonds or in the trust agreement securing such bonds, provide for the payment of the proceeds of the sale of the bonds and the revenues of the Authority to a trustee, which may be any trust company or bank having the powers of a trust company within or without the Commonwealth of Virginia, which shall act as trustee of the funds, and hold and apply the same to the purposes of this act, subject to such regulations as this act and such resolution or trust agreement may provide. The trustee may invest and reinvest such funds in such securities as may be provided in the resolution authorizing the bonds or in the trust agreement securing such bonds.","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":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":""}},"next_section":{"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},"metadata":{"court_decisions":""},"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/5.1-169\/","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":1460693,"object_type":"law","relational_id":366574,"identifier":"5.1-169","token":"5.1\/10\/5.1-169","url":"\/5.1-169\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/5.1-169\/","token":"5.1\/10\/5.1-169","dublin_core":{"Title":"Trust funds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 5.1-169","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>All proceeds from the sale of <span class=\"dictionary\">bonds<\/span> and revenues derived therefrom received pursuant to the provisions of this act shall be deemed to be trust funds to be held and applied solely as provided in this act. The Authority may, in the resolution authorizing the <span class=\"dictionary\">bonds<\/span> or in the trust agreement securing such <span class=\"dictionary\">bonds<\/span>, provide for the payment of the proceeds of the sale of the <span class=\"dictionary\">bonds<\/span> and the revenues of the Authority to a trustee, which may be any trust company or bank having the powers of a trust company within or without the Commonwealth of Virginia, which shall act as trustee of the funds, and hold and apply the same to the purposes of this act, subject to such regulations as this act and such resolution or trust agreement may provide. The trustee may invest and reinvest such funds in such securities as may be provided in the resolution authorizing the <span class=\"dictionary\">bonds<\/span> or in the trust agreement securing such <span class=\"dictionary\">bonds<\/span>.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nTRUST FUNDS (\u00a7 5.1-169)\n\nAll proceeds from the sale of bonds and revenues derived therefrom received\npursuant to the provisions of this act shall be deemed to be trust funds to be\nheld and applied solely as provided in this act. The Authority may, in the\nresolution authorizing the bonds or in the trust agreement securing such bonds,\nprovide for the payment of the proceeds of the sale of the bonds and the\nrevenues of the Authority to a trustee, which may be any trust company or bank\nhaving the powers of a trust company within or without the Commonwealth of\nVirginia, which shall act as trustee of the funds, and hold and apply the same\nto the purposes of this act, subject to such regulations as this act and such\nresolution or trust agreement may provide. The trustee may invest and reinvest\nsuch funds in such securities as may be provided in the resolution authorizing\nthe bonds or in the trust agreement securing such bonds.\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"}}