Virginia Resources Authority Act
Virginia · 62.1 · §§ 62.1-197 to 62.1-223 · 28 sections
Overview
The act establishes a state-level financing authority empowered to issue bonds and use the proceeds to purchase obligations of local governments, giving smaller communities access to capital markets for water and other public infrastructure projects on better terms than they could obtain alone. Bonds are authorized by resolution of the authority and may be secured by a pledge of revenues and by capital reserve funds, with the authority's debt being an obligation of the authority alone rather than of the state; supporting provisions cover trust indentures, refunding and repurchase of bonds, tax exemption, and the treatment of the bonds as legal investments. To protect bondholders, the state treasurer may withhold state monies otherwise payable to a local government that defaults on its obligations, and the authority operates alongside a coordinating council for water resources, reports annually, and dissolves once all bonds are retired.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- Va. Code Ann. § 62.1-197Short title
- Va. Code Ann. § 62.1-198Legislative findings and purposes
- Va. Code Ann. § 62.1-199Definitions
- Va. Code Ann. § 62.1-200Creation of Authority
- Va. Code Ann. § 62.1-201Board of Directors
- Va. Code Ann. § 62.1-202Appointment and duties of Executive Director
- Va. Code Ann. § 62.1-203Powers of Authority
- Va. Code Ann. § 62.1-204Power to borrow money and issue bonds and credit enhancements
- Va. Code Ann. § 62.1-205Power to issue refunding bonds
- Va. Code Ann. § 62.1-206Sources of payment and security for bonds and credit enhancements
- Va. Code Ann. § 62.1-207Liability of Commonwealth, political subdivisions and members of board of directors
- Va. Code Ann. § 62.1-208Authorization, content and sale of bonds and credit enhancements
- Va. Code Ann. § 62.1-209Provisions of resolution or trust indenture authorizing issuance of bonds
- Va. Code Ann. § 62.1-210Pledge by Authority
- Va. Code Ann. § 62.1-211Purchase of bonds by Authority
- Va. Code Ann. § 62.1-212Bonds as negotiable instruments
- Va. Code Ann. § 62.1-213Validity of signatures of prior members or officers
- Va. Code Ann. § 62.1-214Bondholder protection
- Va. Code Ann. § 62.1-215Establishment of capital reserve funds
- Va. Code Ann. § 62.1-216Purchase and credit enhancements of local obligations
- Va. Code Ann. § 62.1-216.1Investigation by Governor of nonpayments; withholding state funds from nonpaying locality; payment of funds withheld; receipts, reports, etc
- Va. Code Ann. § 62.1-217Grants from Commonwealth
- Va. Code Ann. § 62.1-218Grants to local governments
- Va. Code Ann. § 62.1-219Exemption from taxation
- Va. Code Ann. § 62.1-220Bonds as legal investments and securities
- Va. Code Ann. § 62.1-221Deposit of money; expenditures; security for deposits
- Va. Code Ann. § 62.1-222Annual reports; audit
- Va. Code Ann. § 62.1-223Liberal construction of chapter
Enacted in other states
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