In the discretion of the Board any bonds issued under the provisions of this chapter may be secured by a trust agreement by and between the Board and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the Commonwealth. Such trust agreement or the resolution providing for the issuance of such bonds may pledge or assign the revenues to be received, but shall not convey or mortgage any airport project or any part thereof. Such trust agreement or resolution providing for the issuance of such bonds may contain such provisions for protecting and enforcing the rights and remedies of the bondholders as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the Board in relation to the acquisition of property and the acquisition, construction, establishment, improvement, extension, enlargement, equipment, maintenance, repair, operation, and insurance of the airport project or projects in connection with which such bonds shall have been authorized, the rates and fees to be charged, the custody, safeguarding, and application of all moneys, and conditions or limitations with respect to the issuance of additional bonds. It shall be lawful for any bank or trust company incorporated under the laws of the Commonwealth which may act as depositary of the proceeds of bonds or of revenues to furnish such indemnifying bonds or to pledge such securities as may be required by the Board. Any such trust agreement may set forth the rights and remedies of the bondholders and of the trustee, and may restrict the individual right of action by bondholders. In addition to the foregoing, any such trust agreement or resolution may contain such other provisions as the Board may deem reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of such trust agreement or resolution may be treated as a part of the cost of the operation of the airport project or projects.
1980, c. 750.
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