Bonds issued by the authority are securities in which all public officers and public bodies of the Commonwealth and its political subdivisions, all insurance companies, trust companies, banking associations, investment companies, executors, administrators, trustees and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them. Such bonds are securities which legally may be deposited with and received by any state or municipal officer or any agency or political subdivision of the Commonwealth for any purpose for which the deposit of bonds or obligations is, or may hereafter be, authorized by law.
Code 1950, § 15-714.27; 1962, c. 393, § 15, § 15.1-1285; 1997, c. 587.
Structure Code of Virginia
Title 15.2 - Counties, Cities and Towns
Chapter 56 - Public Recreational Facilities Authorities Act
§ 15.2-5602. Creation of authorities
§ 15.2-5603. Board to exercise powers of authority
§ 15.2-5604. Powers of authority generally
§ 15.2-5605. Transfers of property, appropriations and contracts by participating localities
§ 15.2-5606. Acquisition, maintenance and operation of projects; revenues from projects
§ 15.2-5607. Authority to issue bonds; source of payment
§ 15.2-5609. Trust indenture or agreement to secure payment of bonds
§ 15.2-5610. Fees, rents and other charges; reserves
§ 15.2-5611. Moneys received deemed trust funds
§ 15.2-5612. Remedies of bondholders and trustee
§ 15.2-5613. Authority to exercise a governmental function; exemption from taxation
§ 15.2-5614. Bonds legal investments
§ 15.2-5615. Chapter to constitute complete authority for acts authorized; liberal construction
§ 15.2-5616. Dissolution of authority; disposition of property