All moneys received pursuant to the authority of this chapter, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this chapter. The resolution authorizing the bonds of any issue or the trust agreement securing such bonds shall provide that any officer with whom, or any bank or trust company with which, such moneys shall be deposited shall act as trustee of such moneys and shall hold and apply the same for the purposes hereof, subject to such regulations as this chapter and such resolution or trust agreement may provide. In the case of revenues or the proceeds from the sale of revenue bonds, the trustee may invest and reinvest such funds in securities that are legal investments under the laws of the Commonwealth for funds held by fiduciaries pending their need for the construction of the projects. In the case of the proceeds of the sale of refunding bonds, the trustee may invest and reinvest such funds in direct obligations of, or obligations the principal of and the interest on which are guaranteed by, the United States of America. Such money and the interest, income and profits, if any, earned on such investment shall be available for the payment of all or any part of the principal, interest and redemption premium, if any, of the bonds being refunded. The proceeds of the sale of refunding bonds shall be so invested and applied as to ensure that the principal, interest and redemption premium, if any, on the bonds being refunded shall be paid in full on their respective maturity, redemption or interest payment dates. After the terms of the trust have been fully satisfied, any balance of such proceeds, interest, income and profits, if any, realized on the investments thereof may be returned to the Board for use by it in any lawful manner.
1980, c. 750; 1982, c. 563.
Structure Code of Virginia
Chapter 1 - Aircraft, Airmen and Airports Generally
§ 5.1-1. (Effective until July 1, 2025) Definitions
§ 5.1-1. (Effective July 1, 2025) Definitions
§ 5.1-1.1. Creation of Department of Aviation
§ 5.1-1.2. Appointment of Director; term; vacancies
§ 5.1-1.3. Oath and bond of Director; salary
§ 5.1-1.4. Enforcement of laws, rules and regulations
§ 5.1-1.5. General powers of Department
§ 5.1-1.7. Suits to enjoin violations of title
§ 5.1-2.2. Powers and duties of Board
§ 5.1-2.2:1. Further powers and duties of the Board
§ 5.1-2.2:2. Commercial air service plan
§ 5.1-2.2:3. Transparency and accountability in the use of Commonwealth Aviation Fund revenues
§ 5.1-2.2:4. Transparency and accountability for use of Department and Board funds
§ 5.1-2.3. Meetings of Board; quorum
§ 5.1-2.5. Eminent domain; right of entry
§ 5.1-2.6. Disposal of airport, air navigation facility or other property
§ 5.1-2.7. Revenue bonds generally
§ 5.1-2.8. Trust agreement securing bonds
§ 5.1-2.10. Moneys received deemed trust funds
§ 5.1-2.11. Proceedings by bondholder or trustee to enforce rights
§ 5.1-2.12. Bonds made securities for investment and deposit
§ 5.1-2.13. Revenue refunding bonds; bonds for refunding and for cost of additional projects
§ 5.1-2.14. Contracts, leases, and other arrangements
§ 5.1-2.15. Resolutions, rules and regulations, etc.
§ 5.1-2.16. Grants or loans of public or private funds
§ 5.1-2.17. Exemptions from taxes or assessments; payments to county or city in lieu of taxes
§ 5.1-2.18. Joint agency or authority; agreements authorized; terms
§ 5.1-2.19. Same; governing body; officers and agents; powers generally
§ 5.1-2.20. Same; eminent domain
§ 5.1-2.21. Same; disposal of airport or facility
§ 5.1-2.22. Acquisition of airport previously operated by United States
§ 5.1-2.23. Board as successor to Virginia Airports Authority
§ 5.1-2.24. Applicability of certain sections
§ 5.1-4. Aircraft for use of Department; construction, etc., of aviation facilities by Department
§ 5.1-5. Registration of aircraft
§ 5.1-7. Licensing of airports and landing areas
§ 5.1-7.2. Registration of private landing areas not within five miles of commercial airport
§ 5.1-7.3. Duty of care and liability for damages of owners of private landing areas
§ 5.1-9.2. Contract carriers; permit and registration required
§ 5.1-9.3. Same; application for permit; fee; action of Department
§ 5.1-9.6. Same; duration and custody of bonds, etc.
§ 5.1-9.7. Same; condition of bond, etc.
§ 5.1-9.8. Same; effect of failure to give or maintain adequate security
§ 5.1-9.9. Same; duration of permits; suspension or revocation; penalty
§ 5.1-11. Government-owned aircraft
§ 5.1-12. Federally certificated airlines and interstate service
§ 5.1-14. Operation of unregistered aircraft
§ 5.1-15. Operation of aircraft by unlicensed persons
§ 5.1-16.1. Misuse of licensed airports
§ 5.1-17. Use of aircraft for hunting
§ 5.1-21. Powers of conservator of the peace conferred upon pilot
§ 5.1-21.1. Powers of conservators of the peace conferred upon airport managers or designees
§ 5.1-22. Interference with operation of aircraft; penalties; venue
§ 5.1-23. Jurisdiction of local and State Police
§ 5.1-25. Operation of aircraft by nonresident
§ 5.1-25.1. Permit required for erection of certain structures
§ 5.1-25.2. Application for permit; notice and hearing
§ 5.1-25.3. When permit issued or denied; conditions to issuance