Virginia § 10.1-304 - Sale and proceeds of revenue bonds; additional or temporary bonds
Full text of Virginia Code of Virginia § 10.1-304 — Sale and proceeds of revenue bonds; additional or temporary bonds, with citation guidance and answers to common questions.
§ 10.1-304. Sale and proceeds of revenue bonds; additional or temporary bonds
A. The Treasury Board as agent for the Director may sell revenue bonds at private or public sale for such price and in the manner it determines to be in the best interests of the Commonwealth.
B. The proceeds of the bonds shall be used solely for the payment of the cost of camping and recreational facilities for which they are issued, and shall be disbursed by the Director.
C. If the proceeds of the bonds of any issue are less than the cost of the camping and recreational facilities for which the bonds were issued, additional bonds may be issued to provide the amount of the deficit. Unless otherwise provided in the resolution authorizing the issuance of the bonds or in the trust indenture described in this chapter, the additional bonds shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued for the facilities.
D. If the proceeds of any bonds issued to pay the cost of camping and recreational facilities exceed the facilities cost, the surplus shall be paid into the fund provided for the payment of principal and interest of the bonds.
E. Prior to the preparation of definitive bonds, temporary bonds may be issued, under similar restrictions, with or without coupons, exchangeable for subsequently issued definitive bonds.
F. The Director may replace any bond which is mutilated, destroyed or lost.
G. The revenue bonds may be issued in accordance with the specific proceedings and conditions required by this chapter.
Code 1950, § 10-103; 1958, c. 484; 1986, c. 498; 1988, c. 891.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 10.1-304
What does Code of Virginia § 10.1-304 cover?
Section 10.1-304 ("Sale and proceeds of revenue bonds; additional or temporary bonds") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 10.1-304?
A common citation format is "Code of Virginia § 10.1-304" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 10.1-304 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.