Any authority having bonds outstanding on which principal, premium or interest has matured for a period of more than five years may pay any money being held to pay the matured principal, premium or interest into the general fund of the authority. Thereafter, the owners of the matured bonds may look only to the authority for payment. The authority shall maintain a record of the bonds for which the funds were held.
Va. Code Ann. § 15.2-5134
Disposition of unclaimed funds due on matured bonds or coupons
Known as the Virginia Water and Waste Authorities Act
The act spans §§ 15.2-5100–15.2-5159 (62 sections).
1997, c. 587.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.