TAX EXEMPT BOND FUND OF VIRGINIA FIRST SERIES
485BPOS, 1996-04-02
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As filed with the Securities and Exchange Commission on 
April 2, 1996
    

                                         Registration No. 2-62333

                  SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C.  20549
                                               

                    POST-EFFECTIVE AMENDMENT NO. 16

                                  to

                               FORM S-6
                                       

               FOR REGISTRATION UNDER THE SECURITIES ACT
               OF 1933 OF SECURITIES OF UNIT INVESTMENT
                   TRUSTS REGISTERED ON FORM N-8B-2

A.  Exact name of trust:

                 THE TAX-EXEMPT BOND FUND OF VIRGINIA,
                             FIRST SERIES

B.  Name of depositor:
                         CRAIGIE INCORPORATED

C.  Complete address of depositor's principal executive offices:

                         CRAIGIE INCORPORATED
                         823 East Main Street
                       Richmond, Virginia  23219

D.  Name and complete address of agents for service:

   
     ALLEN MEAD FERGUSON                JOHN THOMAS WEST, IV     
President                          Executive Vice President     
Craigie Incorporated               Craigie Incorporated      823
East Main Street               823 East Main Street     
Richmond, Virginia 23219           Richmond, Virginia 23219     

                              Copies to:

                        C. PORTER VAUGHAN, III
                           Hunton & Williams
                         951 East Byrd Street
                       Richmond, Virginia 23219
                       ________________________

(X)  It is proposed that this filing will become effective
     immediately upon filing pursuant to paragraph (b) of
     Rule 485

<PAGE>
            THE TAX-EXEMPT BOND FUND OF VIRGINIA, FIRST SERIES

                           Cross-Reference Sheet

                  Pursuant to Rule 404(c) of Regulation C
                     under the Securities Act of 1933

              (Form N-8B-2 Items required by Instructions as      
                to the Prospectus in Form S-6)



   Form N-8B-2                                    Form S-6
   Item Number                              Heading in Prospectus

               I.  Organization and General Information

 1.  (a)  Name of trust....................)
     (b)  Title of securities used.........)  Prospectus, Part I, 
                                              front cover

 2.  Name and address of each depositor....)
 3.  Name and address of trustee...........)  Prospectus, Part I, 
                                              rear cover

 4.  Name and address of principal
     underwriters...........................  Prospectus, Part I, 
                                              rear cover

 5.  State of organization of trust.........  Objectives and      
                                              Organization of           
                                              the Fund

 6.  Execution and termination of...........  Objectives and     
     trust agreement                          Organization of          
                                              the Fund; Amendment           
                                              and Termination of             
                                              Agreement

 7.  Changes of name.......................)
 8.  Fiscal year...........................)         *
 9.  Litigation............................)

II.  General Description of the Trust and Securities of the Trust

10.  (a)  Registered or bearer
          securities.......................  Description of       
                                             Certificate
     (b)  Cumulative or distributive
          securities.......................  Objectives and       
                                             Organization
                                             of the Fund;
                                             Interest and
                                             Estimated Current    
                                             Return
     (c)  Redemption.......................  Information
                                             Regarding the
                                             Fund, Part I; Market 
                                             for Units;
                                             Redemption

__________
* Inapplicable, answer negative or not required

<PAGE>
     (d)  Conversion, transfer, etc........  Description of       
                                             Certificate;
                                             Market for Units;    
                                             Redemption
     (e)  Periodic payment plan............          *
     (f)  Voting rights....................  Rights of
                                             certificateholders   
     (g)  Notice of certificateholders.....  Investment
                                             Supervision;
                                             Administration of    
                                             the Fund;
                                             Statements to
                                             Certificateholders   
     (h)  Consents required................  Rights of
                                             Certificateholders;  
                                             Amendment and
                                             Termination of       
                                             Agreement
     (i)  Other provisions.................  Tax Status of the    
                                             Fund

11.  Type of securities comprising
     units.................................  Prospectus, Part I,  
                                             front cover;
                                             Information
                                             Regarding the Fund,  
                                             Part I; Objectives     
                                             and Organization of       
                                             the Fund; Portfolio

12.  Certain information regarding
     periodic payment certificates.........            *

13.  (a)  Load, fees, expenses, etc........  Prospectus, Part I,  
                                             front cover; inside    
                                             front cover, Part I;     
                                             Summary of Essential      
                                             Information, Part I;       
                                             Information
                                             Regarding the Fund,  
                                             Part I; Public
                                             Offering Price;
                                             Expenses of the
                                             Fund; Distribution
                                             of Units; Comparison
                                             of Public Offering
                                             Price and Redemption
                                             Price; Interest and
                                             Estimated current
                                             return; Profits of
                                             Sponsor and
                                             Underwriter
     (b)  Certain information
          regarding periodic
          payment certificates.............            *
     (c)  Certain percentages..............  Prospectus, Part I,  
                                             inside front cover;    
                                             Summary of Essential     
                                             Information, Part I;      
                                             Public Offering            
                                             Price; Estimated                 
                                             Current Return
     (d)  Certain other fees, etc.,
          payable by holders...............  Description of       
                                             Certificate

__________
* Inapplicable, answer negative or not required

<PAGE>
     (e)  Certain profits receivable
          by depositors, principal
          underwriters, trustee or 
          affiliated persons...............  Prospectus, Part I,  
                                             front cover;
                                             Information
                                             Regarding the Fund,  
                                             Part I; Summary of     
                                             Essential
                                             Information, Part I; 
                                             Expenses of the       
                                             Fund; Distribution          
                                             of Units; Public
                                             Offering Price; 
                                             Profits of Sponsor      
                                             and Underwriter;
                                             Market for Units
     (f)  Ratio of annual charges to 
          income...........................           *

14.  Issuance of trust's securities........  Prospectus, Part I,  
                                             front cover;
                                             Objectives and
                                             Organization of
                                             the Fund;
                                             Description of the 
                                             Certificate;
                                             Redemption

15.  Receipt and handling of
     payments from purchasers..............  Objectives and
                                             Organization of
                                             the Fund

16.  Acquisition and disposition of
     underlying securities.................  Prospectus, Part I,  
                                             front cover;
                                             Objectives and
                                             Organization of the
                                             Fund; Portfolio;
                                             Investment
                                             Supervision;
                                             Redemption

17.  Withdrawal or redemption..............  Information
                                             Regarding the Fund,
                                             Part I; Market for
                                             Units; Redemption;
                                             Comparison of Public
                                             Offering Price and  
                                             Redemption Price

18.  (a)  Receipt, custody and
          disposition of income............  Distributions to     
                                             Certificateholders;
                                             Statements to
                                             Certificateholders 
     (b)  Reinvestment of distributions....          *
     (c)  Reserves or special funds........  Expenses of the Fund 
     (d)  Schedule of distributions........  Estimated Current     
                                             Return; Summary           
                                             of Essential
                                             Information, Part I

19.  Records, accounts and reports.........  Statements to
                                             Certificateholders;  
                                             Evaluation of the
                                             Fund; The Trustee

__________
* Inapplicable, answer negative or not required

<PAGE>
20.  Certain miscellaneous provisions
     of trust agreement
     (a)  Amendment.......................)  Amendment and
                                             Termination of
     (b)  Termination.....................)  Agreement
     (c)  and (d)  Trustee, removal
          and successor....................  The Trustee
     (e)  and (f)  Depositor, removal
          and successors...................  Successor Sponsor

21.  Loans to security holders.............          *

22.  Limitations on liability..............  Limitations on 
                                             Liability; Portfolio

23.  Bonding arrangements..................  Additional
                                             Information--Item A

24.  Other material provisions of
     trust agreement......................            *

III.  Organization, Personnel and Affiliated Persons of Depositor

25.  Organization of depositor.............  The Sponsor

26.  Fees received by depositor............  See Items 13(a) and
                                             13(e)

27.  Business of depositor.................  The Sponsor

28.  Certain information as to
     officials and affiliated
     persons of depositor..................  Additional
                                             Information--Item B 

29.  Voting securities of depositor........            *

30.  Persons controlling depositor.........            *

31.  Payments by depositor for certain
     services rendered to trust...........)
32.  Payment by depositor for certain     )
     other services rendered to trust.....)
33.  Remuneration of employees of         )            *
     depositor for certain services       )
     rendered to trust....................)
34.  Remuneration of other persons for    )
     certain services rendered to trust...)

                     IV.  Distribution and Redemption

35.  Distribution of trust's securities
     by state..............................  Distribution of 
                                             Units

__________
* Inapplicable, answer negative or not required

<PAGE>
36.  Suspension of sales of trust's
     securities...........................)
37.  Revocation of authority to           )             *
     distribute...........................)

38.  (a)  Method of distribution..........)  Distribution of
                                             Units; Market
     (b)  Underwriting agreements.........)  for Units; Public 
                                             Offering
     (c)  Selling agreements..............)  Price

39.  (a)  Organization of principal
          underwriters....................)
     (b)  N.A.S.D. membership of          )  See Item 25
          principal underwriters..........)

40.  Certain fees received by principal
     underwriters..........................  See Item 26

41.  (a)  Business of principal
          underwriters.....................  See Item 27

     (b)  Branch offices of principal
          underwriters....................)
     (c)  Salesmen of principal           )
          underwriters....................)
42.  Ownership of trust's securities by   )          *
     certain persons......................)

43.  Certain brokerage commissions        )
     received by principal underwriters...)

44.  (a)  Method of valuation..............  Prospectus, Part I,  
                                             front cover;
                                             inside front cover,  
                                             Part I; Summary 
                                             of Essential
                                             Information, Part I; 
                                             Public Offering 
                                             Price; Distribution
                                             of Units; Comparison
                                             of Public Offering 
                                             Price and Redemption 
                                             Price; Evaluation of
                                             the Fund; Expenses
                                             of the Fund
     (b)  Schedule as to offering price....             *
     (c)  Variation in offering price
          to certain persons...............  Distribution of
                                             Units

45.  Suspension of redemption rights.......             *

__________
* Inapplicable, answer negative or not required

<PAGE>
46.  (a)  Redemption valuation.............  Information
                                             Regarding the Fund,
                                             Part I; Redemption;
                                             Market for Units;
                                             Comparison of Public
                                             Offering Price and
                                             Redemption Price
      (b) Schedule as to redemption
          price............................             *

47.  Maintenance of position in under-
     lying securities......................  Information
                                             Regarding the Fund,  
                                             Part I; Market for 
                                             Units; Comparison of
                                             Public Offering
                                             Price and Redemption
                                             Price; Redemption

        V.  Information Concerning the Trustee or Custodian

48.  Organization and regulation
     of trustee............................  The Trustee

49.  Fees and expenses of trustee..........  Summary of Essential 
                                             Information,
50.  Trustee's lien........................  Part I; Expenses of  
                                             the Fund;
                                             Distributions to
                                             Certificateholders

  VI.  Information Concerning Insurance of Holders of Securities

51.  Insurance of holders of trust's
     securities............................            *

                        VII.  Policy of Registrant

52.  (a)  Provisions of trust agreement
          with respect to selection or
          elimination of underlying
          securities.......................  Prospectus, Part I,  
                                             front cover;
                                             Objectives and
                                             Organization of the
                                             Fund; Portfolio;
                                             Schedule of
                                             Investments;
                                             Investment
                                             Supervision;
                                             Redemption; Expenses 
                                             of the Fund
     (b)  Transactions involving
          elimination of underlying
          securities......................)
     (c)  Policy regarding substitution or
          elimination of underlying
          securities......................)  Portfolio;
                                             Investment
                                             Supervision
     (d)  Fundamental policy not
          otherwise covered...............)

__________
* Inapplicable, answer negative or not required

<PAGE>
53.  Tax status of Trust...................  Prospectus, Part I,  
                                             front cover; Tax
                                             Status of the Fund

            VIII.  Financial and Statistical Information
  
54.  Trust's securities during
     last ten years.........................
55.)
56.) Certain information regarding periodic              *
57.) payment certificates
58.)

59.) Financial statements (Instruction 1(c)
     to Form S-6)...........................             *

__________
* Inapplicable, answer negative or not required

<PAGE>
     NOTE: Part I of this Prospectus may not be distributed       
           unless accompanied by Part II

              THE TAX-EXEMPT BOND FUND OF VIRGINIA


   
                                          Prospectus, Part I, 
                                          dated October 20, 1995

  
The Fund


     The Tax-Exempt Bond Fund of Virginia, First Series (the
"Fund") is a unit investment trust formed for the purpose of
gaining interest income free from Federal and Virginia income
taxes while conserving capital through a diversified investment
in tax-exempt bonds.  The Bonds in the portfolio of the Fund
consist of obligations of political subdivisions, public
authorities and agencies of the Commonwealth of Virginia that
were rated "A" or better by Standard & Poor's Corporation or by
Moody's Investors Service, Inc. on the date of deposit.  All
bonds deposited in the Fund were accompanied by copies of
opinions of recognized bond counsel to the effect that interest
thereon is exempt from all present Federal and Virginia income
taxes, except in certain instances depending on the
Certificateholder.  In the opinion of counsel, such interest is
not taxable to the Fund and, with certain exceptions, is exempt
to Certificateholders from all present Federal and Virginia
income taxes, but may be subject to taxation by localities and
states other than Virginia.  Capital gains, if any, will be
subject to Federal income taxes and may be subject to Virginia
income taxes to Certificateholders.  (See "Tax Status of the
Fund" in Part II).  Payment of interest and conservation of
capital are necessarily dependent upon the continuing ability of
the issuers of the bonds to meet their obligations.  Each Unit of
interest ("Unit") at October 20, 1995 represented a 1/5,805th
fractional undivided interest in the $3,700,000 principal amount
of the Bonds and net income of the Fund in the ratio of 1.57
Units for each $1,000 par value of the bonds in the Fund.  For a
summary of information about the composition of the portfolio,
see "Information Regarding the Fund" on page F-5.
    

     The Units being offered by this Prospectus are issued and
outstanding Units that have been purchased by the Sponsor in the
secondary market or from the Trustee after having been tendered
for redemption.  The Units are being offered at the Public
Offering Price plus interest accrued to the date of settlement. 
The profit or loss resulting from the sale of Units will accrue
to the Sponsor.  No proceeds from the sale will be received by
the Fund. 


     THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED
      BY THE SECURITIES AND EXCHANGE COMMISSION NOR HAS THE
         COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY
           OF THIS PROSPECTUS.  ANY REPRESENTATION TO
               THE CONTRARY IS A CRIMINAL OFFENSE.


                     ____________________

Sponsor:             Craigie Incorporated
                     ____________________

<PAGE>
   
Public Offering Price

        Units are offered at the Public Offering Price, plus
accrued interest.  The Public Offering Price per Unit is equal to
the aggregate offering price of the underlying Bonds in the
Fund's portfolio, divided by the number of Units outstanding,
plus an amount equal to 4.439% thereof, resulting in a sales
charge equal to 4.25% of the Public Offering Price.  (See "Public
Offering Price" in Part II).  At October 20, 1995 the Public
Offering Price was $691.40 plus accrued interest to expected date
of settlement (five business days after such date) of $5.95, or a
total of $697.35.  The Public Offering Price on the date of this
Prospectus or on any subsequent date will vary from this price in
accordance with fluctuations in the prices of the underlying
Bonds.  If the Bonds were available for direct purchase, the
purchase prices thereof would not include the sales charge
included in the Public Offering Price. 

Estimated Current Return

        Estimated Current Return per Unit, which was 5.74% on
October 20, 1995, is calculated by dividing net annual interest
income per Unit by the Public Offering Price.  Since net interest
income will vary with changes in the expenses of the Fund and as
Bonds are redeemed, paid, sold or exchanged and the Public
Offering Price will vary with fluctuations in prices of the
underlying Bonds, there can be no guarantee that the Estimated
Current Return as of a particular date will be realized in the
future. 

        On January 1, April 1, July 1 and October 1 of 1992, the
Fund distributed to Certificateholders interest income of $14.44
per Unit, on January 1, April 1, July 1 and October 1 of 1993,
the Fund distributed to Certificateholders interest income of
$12.53 per Unit and on January 1, April 1, July 1 and October 1
of 1994, the Fund distributed to Certificateholders interest
income of $10.45 per Unit. 
    

      Retain both parts of this Prospectus for future reference.


                                F-2

<PAGE>
   
          THE TAX-EXEMPT BOND FUND OF VIRGINIA, FIRST SERIES      
                  Summary of Essential Information
              As of October 20, 1995, the Evaluation Date

Principal amount of Bonds in Fund       Calculation of Quarterly  
  $3,700,000*                            Interest Distribution     
                                         per Unit
Number of Units                          Net annual interest per  
 5,805                                    Unit..............$39.68   
                                        Divided by 4.......$ 9.92
Fractional Undivided Interest in        Estimated Current Return  
 Fund represented by each Unit           based on Public Offering  
 1/5,805                                 Price (see "The Fund-      
                                         Interest and Estimated          
                                         Current Return" in                 
                                         Part II)
Public Offering Price:                     5.74%
  Aggregate Offering Price of           Daily rate at which net  
  Underlying Bonds (see                  interest accrues per  
  Statement of Financial                 Unit
  Condition on page D-2).....$3,842,967    $.1102
                                         Record Days
Offering Price per Unit of               The first day of March,  
  Underlying Bonds..............$662.01  June, September and        
                                         December
                                        Distribution Days
Plus 4.439% Sales Charge                 The first day of    
  (Equal to 4.25% of Public              January, April, July and  
  Price).........................$29.39  October
                                        Original cost of Securities
Public Offering Price per 
  Unit........................$691.40** Cost on Date of Deposit   
                                         (October 1, 1978) of        
                                         Bonds currently in
Redemption Value per Unit                Fund.......$5,879,536  
  $658.52***                             Minimum Principal
                                         Distribution
Sponsor's Repurchase Price               No distribution need be  
  Per Unit                               be made from Principal    
    $662.01**                            Account if balance in        
                                         Account is less than             
                                         $5,000
Excess of Public Offering Price         Trustee's annual fee  
  per Unit over Redemption Value         $0.75 per $1,000
  per Unit                               principal amount of    
    $32.88                               Bonds per year, payable      
                                         quarterly
                                        Evaluator's fee for each
Excess of Public Offering Price         evaluation
  per Unit over Sponsor's Re-            Minimum of $35 plus  
  purchase Price per Unit                $0.25 for each issue    
    $29.39                               of Bonds in excess of 50     
                                         issues (treat 

                                F-3

<PAGE>          
Calculation of estimated n et            separate maturities of  
  annual interest per Unit:              bonds as separate issues) 
  Annual interest income                Evaluation Time
    per Unit.....................$39.68  4:00 p.m. New York Time  
  Less estimated annual                 Minimum value of Fund    
    expenses per Unit............$ 1.52  Trust Agreement may be
  Net annual interest                    terminated if value of    
    income per Unit..............$38.16  Fund is less than
                                         $1,000,000

__________

   * On the Date of Deposit the principal amount of Bonds in the
Fund was $6,000,000 and the Estimated Current Return at that time
was 6.29%. 

  ** Exclusive of accrued interest.  If Units had been purchased
on the Evaluation Date, accrued interest to the settlement date
of $5.95 would have been added to the Public Offering Price. 

 *** Exclusive of accrued interest.  The aggregate value
based on the bid side evaluation of Bonds in the Fund on the
Evaluation Date was $3,822,679.76.

                                F-4

<PAGE>
          INFORMATION REGARDING THE FUND AT DECEMBER 31, 1994


Number of Issues              General Obligations of a
  10                            Government Entity
                                Number of Issues...........1      
                                Approximate Percentage of
                                  Portfolio...2.6%
Range of Fixed Maturity       Issues Payable from the Income
Dates of Bonds                  of a Specific Project or  
01-01-99 through 11-01-21       Authority
                                Number of Issues...........9
Ratings of Bonds                Description by purpose of
  Issues rated A or better      issue:  Hospitals, 2; Housing, 3; 
  by Standard & Poor's          Transportation, 1; Pollution, 1;  
  Corporation or by Moody's     Water and Sewer, 2.
  Investors Service,
  Inc.....................10


        HOUSING AUTHORITIES.  Approximately 32% of the aggregate
principal amount of the Bonds consists of obligations of Virginia
housing authorities.  Because such Bonds are obligations of
issuers whose revenues are primarily derived from mortgage loans
to housing projects, the ability of such issuers to make debt
service payments will be affected by events and conditions
affecting finance projects, including, among other things,
maintenance of adequate levels of occupancy and rental income,
increases in operating expenses, changes in laws and social and
economic trends affecting the localities in which the projects
are located.  Weaknesses in Federal housing subsidy programs and
their administration may result in a decrease in subsidies
available for payment of principal and interest on housing
authority bonds.  Economic developments, including fluctuations
in interest rates and increasing construction and operating
costs, may also adversely affect revenues of housing authorities.
In the case of some housing authorities, inability to obtain
additional financing could also reduce revenues to pay existing
obligations. 

        HOSPITAL AND HEALTH CARE FACILITIES.  Approximately 20%
of the aggregate principal amount of the Bonds in the Portfolio
consist of revenue bonds of hospitals and health care facilities.
The ability of the issuers of such bonds to meet their
obligations is dependent, among other things, upon the revenues,
costs and occupancy levels of the subject facilities. 
Additionally, a major portion of hospital revenues typically is
derived from Federal or state programs such as Medicare and
Medicaid and from Blue Cross and other insurers.  Changes in the
compensation and reimbursement formulas of these governmental
programs or in the rates of insurers may reduce revenues
available for the payment of principal of or interest on hospital
revenue bonds.  New government legislation or regulations and
other factors, such as the inability to obtain sufficient
malpractice insurance, may also adversely impact upon the
revenues or costs of hospitals. 
    

                                F-5

<PAGE>
        SPONSOR'S PROFITS.  Cash, if any, made available to the
Sponsor prior to a settlement date for the purchase of Units may
be used in the Sponsor's business, subject to the limitations of
17 C.F.R. Section 240.15c3-3 under the Securities Exchange Act of
1934, and may be of benefit to the Sponsor. 

        MARKET FOR UNITS.  The Sponsor intends to continue to
offer to purchase Units of this and other series of The Tax-
Exempt Bond Fund of Virginia at prices, subject to change at any
time, based upon the offering side evaluation of the Bonds in the
Portfolio of this series and other series, but is under no
obligation to do so.  (See "Market for Units" in Part II.) 

                                F-6

<PAGE>
                             PART II


      ADDITIONAL INFORMATION NOT INCLUDED IN THE PROSPECTUS


Item A.  Bonding Arrangements of the Depositor.

        The officers, Directors and employees of Craigie
Incorporated are covered under a Broker's Blanket Bond in the
amount of $5,000,000 with the Fidelity Deposit Insurance Company
of Maryland. 

   
Item B.  Information as to Officials and Affiliated Persons       
    of the Depositor.

        The officers and Directors of Craigie Incorporated and
certain information as to their ownership of Common Stock (0 par
value) of Craigie Incorporated as of December 31, 1994, are set
forth below:                                                      
                                     Owned             Owned       
                                  Beneficially       Beneficially         
                                    and of           But Not of            
                                    Record             Record                 
                         Title   Amount  Percent   Amount  Percent
Name         Office    of Class   (1)   of Class    (2)   of Class

James A.     Vice
Alexander,   President
III          and        Common   4,255    .46   1,001      .39    
             Director

J. Rand      Vice
Baggesen     President  Common   3,500    .38     ___      ___


Jennifer L.  Assistant
Barrett      Vice
             President  Common      62   .006     ___      ___

Charles C.   Vice
Bassett      President  Common   5,513    .60     ___      ___

Horatio A.E. Vice
Bigelow      President  Common     ___    ___   4,001     1.56  
John D.      Executive
Blair        Vice
             President
             and 
             Director   Common  104,533  11.31     ___     ___

William C.   Chairman of
Boinest      the Board 
             and Chief 
             Executive
             Oficer     Common  157,003  16.99     ___     ___

Bruce C.     Vice
Boorman      President  Common      718    .08     ___     ___

Arnold W.    Vice
Brown        President  Common    3,092    .33   4,835    1.89

                               II-1

<PAGE>
                                     Owned            Owned  
                                  Beneficially     Beneficially
                                    and of          But Not of
                                    Record            Record     
                        Title   Amount  Percent   Amount  Percent
Name          Office   of Class    (1)   of Class    (2)   of Class


Mary C.      Assistant
Burlee       Vice 
             President  Common      473    .05     329     .09

Jeffrey T.   Assistant
Catlett      Vice
             President  Common       26   .001     ___     ___   


William T.   Vice
Clarke, Jr.  President  Common    2,436    .26     ___     ___

John J.      Assistant
Conrad       Vice
             President  Common      592    .06      38     .01

Nicholas G.  Vice
Costas       President  Common      525    .06     ___     ___

Daniel R.    Vice
Cox          President  Common       65   .007     ___     ___

Nancy K.     Assistant
Corbin       Vice
             President  Common    2,546    .28   2,476     .97

Carthron P.  Senior Vice
Coyner       President  Common   40,962   4.43     760     .30

Vicki W.     Vice
Davis        President  Common      184    .02      34    .009  

Joseph E.    Executive
Dauses       Vice
             President  Common   38,579   4.17  18,729    7.32

Donald B.    Vice
De Vore      President  Common      183    .02     ___     ___

Mark T.      Vice
Dillon       President  Common    1,460    .16     ___     ___

W. Randall   Vice
Dunning      President  Common      710    .08     ___     ___

Allen M.     President
Ferguson     and 
             Director   Common   96,860  10.48  45,789   17.91

David G.     Vice
Fischer      President  Common      335    .04     ___     ___

Julian R.    Assistant
FitzGerald   Vice
             President  Common        8  .0009     ___     ___

                               II-2

<PAGE>
                                      Owned             Owned
                                   Beneficially      Beneficially
                                     and of           But Not of
                                     Record             Record                
                         Title   Amount  Percent   Amount  Percent
Name          Office    of Class   (1)  of Class    (2)  of Class

Tracy A.     Assistant
Freeman      Vice
             President  Common       12    .02     ___     ___

John F.      Senior Vice
Garth        President  Common    4,748    .52     ___     ___

Holmes Ginn  Vice 
             President  Common      317    .03     ___     ___

Merlin T.    Vice
Grim         President  Common    2,097    .23     214     .08    
     
Irene M.     Vice
Guthrie      President  Common      136    .01     909     .36

Melvin J.    Senior Vice
Harley, Jr.  President
             and 
             Director   Common    5,831    .63  16,150    6.31

Cynthia E.   Vice
Harris       President  Common    1,200    .13   7,441    2.90

J. Grier     Vice
Hudson       President  Common      300    .03     774     .30

Christine A. Assistant
Hunt         Vice
             President  Common      465    .05     149     .06

Sarah N.     Assistant
Jones        Vice
             President  Common        4  .0004     100     .04

John B.      Senior Vice
Jung, Jr.    President
             and
             Director   Common   14,123   1.53   1,308     .51

Harry R.     Vice
Lankenau     President  Common    4,318    .47     ___     ___

James E.     Vice
Levitt       President  Common    1,544    .17     ___     ___ 

Joseph M.    Senior Vice
Lowry, Jr.   President
             and
             Director   Common    5,063    .55    1,796    .70

John De      Vice
Maght        President  Common       65   .007      ___    ___

Charles P.   Vice
Moncure, Jr. President  Common      742    .08      ___    ___

Frederick T. Assistant
Naschold     Vice
             President  Common      572    .06      ___    ___

Stephen P.   Vice
Olsson       President  Common      660    .07      ___    ___

                               II-3

<PAGE>
                                      Owned             Owned
                                  Beneficially      Beneficially        
                                     and of          But Not of           
                                     Record            Record                
                        Title     Amount  Percent   Amount  Percent 
Name        Office    of Class     (1)   of Class    (2)  of Class

Pamela J.    Assistant
Patterson    Vice 
             President  Common       14   .001      ___    ___

H. Elizabeth Vice
Powell       President  Common    2,245    .24    1,015    .40

George B.    Executive
Pugh, Jr.    Vice 
             President
             and
             Director   Common  109,600  11.85   37,398  14.63

James P.     Vice
Register     President  Common      500    .05      464    .18

Richard M.   Vice
Reid         President   Common      349   .04      ___    ___

William B.   Executive
Reynolds     Vice
             President
             and
             Director    Common   48,124  5.20    35,945  14.06

Randall B.   Assistant
Saufley      Vice
             President   Common        6 .0006       ___    ___

Peter H.     Senior Vice
Shea         President
             and
             Director    Common   22,800  2.47     7,967   3.12

Bradley K.   Senior Vice
Smallwood    President
             and
             Director    Common    8,962   .97     1,733    .67

Denise Y.    Assistant
Togger       Vice
             President   Common    2,042   .22        31    .01

Jonathan R.  Vice
Wallace      President   Common    3,487   .38       ___    ___

John T.      Executive
West, IV     Vice
             President
             and
             Director    Common  124,152 13.43    28,582  11.18

Geoffrey W.  Vice
Williams     President   Common    6,098   .66      ___     ___

John W.      Vice
Wright       President   Common    4,920   .53    2,073     .81


__________

(1)     Numbers of shares.

(2)     Numbers of shares held in an employee stock ownership
        plan as to which the rights of the respective persons
        named are vested. 
    

                               II-4

<PAGE>
   
        The business address of all of the foregoing Officers and
Directors is 823 East Main Street, Richmond, Virginia 23219,
except for Messrs. Bruce C. Boorman and Thomas D. Thalman, whose
business address is One First Union Center, Suite 2120, 301 S.
College Street, Charlotte, North Carolina 28202.  All of the
Officers and Directors have been associated with Craigie
Incorporated for at least five years, except for the following:

        Bruce C. Boorman
        Frederick T. Naschold
        Thomas D. Thalman
        Nicholas G. Costas
        David G. Fischer
        Harry R. Lankenau
        John De Maght
        Richard M. Reid
        Holmes Ginn
    
        
                               II-5

<PAGE>
                 CONTENTS OF REGISTRATION STATEMENT

        This Post-Effective Amendment to the Registration
Statement on Form S-6 comprises the following papers and
documents:

        The facing sheet of Form S-6.

        The cross-reference sheet.

        The Prospectus.

        Additional information.

        Written consent of independent certified public 
        accountants.

                               II-6

<PAGE>
                           SIGNATURES

   
        Pursuant to the requirements of the Securities Act of
1933, the registrant, The Tax-Exempt Bond Fund of Virginia, First
Series, certifies that it meets all of the requirements for
effectiveness of this Amendment to Registration Statement
pursuant to Rule 485(b) under the Securities Act of 1933 and has
duly caused this Amendment to Registration Statement to be signed
on its behalf by the undersigned thereunto duly authorized, in
the City of Richmond and State of Virginia on the 31st day of
January, 1996. 
    


                              THE TAX-EXEMPT BOND FUND OF
                               VIRGINIA, FIRST SERIES
                                (Registrant)

                              By: CRAIGIE INCORPORATED
                                   (Depositor)



                              By:  /s/ John Thomas West, IV       
                                John Thomas West, IV
                                   Executive Vice President

                               II-7

<PAGE>
   
Pursuant to the requirements of the Securities Act of 1933, this
Amendment to Registration Statement has been signed below by the
following persons in the capacities indicated on the 31st day of
January, 1996.


          Signature                              Title


/s/  James T. Alexander, III             Director
     James T. Alexander, III

/s/  John D. Blair                       Director
     John D. Blair

/s/  Allen M. Ferguson                   Director
     Allen M. Ferguson

/s/  Melvin J. Harley, Jr.               Director
     Melvin J. Harley, Jr.

/s/  John B. Jung, Jr.                   Director
     John B. Jung, Jr.

/s/  Joseph M. Lowry, Jr.                Director
     Joseph M. Lowry, Jr.

/s/  George B. Pugh, Jr.                 Director
     George B. Pugh, Jr.

/s/  William B. Reynolds                 Director
     William B. Reynolds

/s/  Peter H. Shea                       Director
     Peter H. Shea

/s/  Bradley K. Smallwood                Director
     Bradley K. Smallwood

/s/  John T. West, IV                    Director
     John T. West, IV
    

                               II-8
<PAGE>
   
       CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS


The Tax-Exempt Bond Fund of
Virginia, First Series

     As independent certified public accountants, we hereby
consent to the use in Post-Effective Amendment No. 16 to
Registration Statement No. 2-62333 of our report, dated
March 21, 1995, and to the reference to our firm under the
caption "Auditors" in the Prospectus that is part of the
Amendment.


                           CHARLES M. TERRY & COMPANY


Richmond, Virginia
February 1, 1996

<PAGE>
                    INDEPENDENT AUDITOR'S REPORT




The Sponsors, Trustee and Unit Holders of
The Tax-Exempt Bond Fund of Virginia, First Series


      We have audited the accompanying statement of assets and
liabilities of The Tax-Exempt Bond Fund of Virginia, First
Series, including the schedule of portfolio investments, as of
December 31, 1994 and the related statements of operations and
changes in net assets for each of the three years in the period
then ended, and selected per unit data and ratios for each of the
five years in the period then ended.  These financial statements
and per unit data and ratios are the responsibility of the Fund's
management.  Our responsibility is to express an opinion on these
financial statements and per share data and ratios based on our
audits.

      We conducted our audits in accordance with generally
accepted auditing standards.  Those standards require that we
plan and perform the audit to obtain reasonable assurance about
whether the financial statements and per unit data and ratios are
free of material misstatement.  An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements.  Our procedures included confirmation
of securities owned as of December 31, 1994 by correspondence
with the custodian.  An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation.  We believe that our audits provide a reasonable
basis for our opinion.

      In our opinion, the financial statements and selected per
unit data and ratios referred to above present fairly, in all
material respects, the financial position of The Tax-Exempt Bond
Fund of Virginia, First Series, as of December 31, 1994, the
results of its operations for the year then ended and the
changes in its net assets for each of the three years in the
period then ended, and selected per unit data and ratios for each
of the five years in the period then ended in conformity with
generally accepted accounting principles.




CHARLES M. TERRY & COMPANY

Richmond, Virginia
March 21, 1995

<PAGE>
          THE TAX-EXEMPT BOND FUND OF VIRGINIA, FIRST SERIES

                 STATEMENT OF ASSETS AND LIABILITIES

                          December 31, 1994



                            TRUST PROPERTY


ASSETS:
  Investment in securities at market
    value (cost $3,623,814) (Note 1)                 $3,694,995  
Interest receivable                                    96,560  
Cash                                                   72,046

             Total Assets                            $3,863,601



                      LIABILITIES AND NET ASSETS


LIABILITIES:
  Distribution payable (Note 2)                      $  137,288



NET ASSETS:
  Balance applicable to 5,805 units of fractional
    undivided interest outstanding: (Note 4)
      Capital, plus unrealized appreciation of 
        investments of $71,182                       $3,695,015   
   Balance of distributable funds (applicable
        to unit holders)                                 31,298

             Net Assets                              $3,726,313


Value per unit (5,805 units)                         $   641.91




                  See Notes To Financial Statements

<PAGE>
          THE TAX-EXEMPT BOND FUND OF VIRGINIA, FIRST SERIES

     SCHEDULE OF PORTFOLIO INVESTMENTS AS OF DECEMBER 31, 1994   

     
   
Aggregate  Name of Issuer                       Coupon  Maturity
Principal  and Title of Bond         Ratings(1)  Rate    Dates

$ 120,000  Virginia Housing 
           Development Authority, 
           Mortgage Purchase Bonds, 
           1973 Series A               AA+       5.75%  6-1-2014  
                                                              
  490,000  Virginia Housing 
           Development Authority, 
           Multi-Family Mortgage
           Bonds, 1978 Series B        AA+       6.70%  11-1-2021 
                                                                  
  250,000  Industrial Development 
           Authority of the City of 
           Alexandria, Virginia,
           Hospital Facilities Gross 
           Revenue Bonds, Series 
           1972 (The Alexandria
           Hospital, Lessee)           AAA       6.25%  10-1-2002 
                                                                  
  900,000  Industrial Development 
           Authority of Arlington 
           County, Virginia, Hospital 
           Facility First Mortgage
           Revenue Bonds (Arlington 
           Hospital) Series of 1978    A         6.75%  1-1-1999  
                                                                 
  725,000  Fairfax County Water 
           Authority Water Revenue 
           Refunding Bonds, Series 
           of 1977                     AAA*      5.80%  1-1-2016  
                                                                 
  600,000  Hampton Redevelopment and 
           Housing Authority, Hampton, 
           Virginia, Mortgage Revenue 
           Bonds (Paula Maria Village 
           Section 8 Elderly Project)
           Series of 1978              A         7.50%  2-1-2010  
                                                                 
  510,000  Richmond Metropolitan 
           Authority, 5.60% Expressway 
           Revenue Bonds, Series of 
           1973                        A         5.60%  1-15-2013 
                                                                

<PAGE>
            Redemption                             Current
            Provisions              Cost           Evaluation 



            02-01-95 @ 100-S.F.     $  107,568     $ 106,531      
                                                           

            02-01-95 @ 101-Opt.
            11-01-99 @ 100-S.F.        473,291       472,982      
                                                           


                                       241,275       253,905      
                                                                  
                                       909,900       939,123             

                                       667,362       665,492      
                                                           

            02-01-95 @ 102-Opt.
            02-01-99 @ 100-S.F.        625,200       621,900      
                                                           

            01-15-95 @ 100-S.F.        456,807       478,414      
                                                           



                  See Notes to Financial Statements

<PAGE>
       THE TAX-EXEMPT BOND FUND OF VIRGINIA, FIRST SERIES

     SCHEDULE OF PORTFOLIO INVESTMENTS AS OF DECEMBER 31, 1994    
                        (Continued)


Aggregate  Name of Issuer                       Coupon  Maturity
Principal  and Title of Bond         Ratings(1)  Rate    Dates

$ 100,000  The City of Hampton, 
           Virginia, General 
           Obligation Refunding 
           Bonds, 1978 Issue          AA-        5.60%  3-1-2002  
                                                               

   60,000  Fairfax County Water 
           Authority, Virginia 
           Water Revenue Bonds,
           Series of 1967             AAA*       5.00%  1-1-2007  
                                                               


$3,755,000






    (1) All ratings are by Standard & Poors Corporation except    
    those indicted by (*) which are by Moody's Investors
    Service, Inc.  A brief description of the rating symbols
    used and their meaning appears in the Prospectus, Part II.

<PAGE>
            Redemption                             Current
            Provisions              Cost           Evaluation 


            03-01-95 @ 101-Opt.
            03-01-97 @ 100-S.F.     $   92,640      $   99,166    
                                                             

   
                                        49,770          57,482    
                                                             

                                    $3,623,813      $3,694,995




                  See Notes To Financial Statements

<PAGE>
         THE TAX-EXEMPT BOND FUND OF VIRGINIA, FIRST SERIES

                        STATEMENTS OF OPERATIONS

        For The Years Ended December 31, 1994, 1993, and 1992


                            1994         1993          1992  

INTEREST INCOME           $ 248,061    $  290,436    $ 348,078

EXPENSES:
  Trustee's fees (Note 3) $   3,404    $    4,863    $   4,415  
Evaluator's fees 
   (Note 3)                   2,100         1,855        1,960  
Stationery, printing 
   and postage                2,570         1,161          855  
Professional fees             3,101         2,430        2,795

    Total Expenses        $  11,175    $   10,309    $  10,025

    Investment Income 
     - Net                $ 236,886    $  280,127    $ 338,053


REALIZED AND UNREALIZED 
GAIN (LOSS) ON INVESTMENTS:
  Net realized gain (loss) 
   from securities 
   transactions          ($   6,060)   $      189   ($   8,147)  
Unrealized appreciation 
   (depreciation) during 
   the year              (  173,300)       99,159       87,518  
Net gain (loss) on 
   investments           ($ 179,360)   $   99,348    $  79,371

    Net Increase in Net
     Assets Resulting From
     Operations           $  57,526    $  379,475    $ 417,424





                See Notes To Financial Statements

<PAGE>
        THE TAX-EXEMPT BOND FUND OF VIRGINIA, FIRST SERIES

                STATEMENTS OF CHANGES IN NET ASSETS

       For The Years Ended December 31, 1994, 1993 and 1992


                                 1994         1993        1992  
INCREASE (DECREASE) IN NET 
ASSETS FROM OPERATIONS:
  Investment income - net    $  236,886  $   280,127  $  338,053  
Net realized gain (loss) 
   from securities sold     (     6,060)         189  (    8,147) 
 Net unrealized market 
   appreciation
   (depreciation)           (   173,300)      99,159      87,518

  Net Increase in Net Assets
    Resulting From 
    Operations               $   57,526   $  379,475  $  417,424


DISTRIBUTIONS TO UNIT HOLDERS:
(Note 2)
  Investment income - net    $  242,596   $  283,730  $  342,207  
Proceeds from the 
   disposition of investments   598,675      575,009     723,204

  Total Distributions        $  841,271   $  858,739  $1,065,411


REDEMPTION OF UNITS: (2 Units)
  Redemption from investment 
   income account            $       13   $        -   $        - 
Redemption from principal 
   account                        1,322            -            -
  Total Redemptions          $    1,335   $        -   $        -
  Decrease in Net Assets    ($  785,080) ($  479,264) ($ 647,987)

NET ASSETS:
  Beginning of year           4,511,393    4,990,65     5,638,644 
 End of year (including 
    undistributed net 
    investment income of 
    $31,298, $37,020 and 
    $40,623, for 1994, 1993, 
    and 1992, respectively)  $3,726,313  $4,511,393    $4,990,657




                    See Notes To Financial Statements

<PAGE>
          THE TAX-EXEMPT BOND FUND OF VIRGINIA, FIRST SERIES

                      NOTES TO FINANCIAL STATEMENTS

                            December 31, 1994


NOTE 1:  SIGNIFICANT ACCOUNTING POLICIES:

       The Fund is registered under the Investment Company Act  
       of 1940, as amended, as a Unit Investment Trust.  The      
       following is a summary of significant accounting
       policies followed by the Fund in the preparation of its  
       financial statements.

       Basis of Presentation
       The Fund maintains its books on a cash basis.  The  
       accompanying financial statements have been adjusted to    
       record the unrealized appreciation (depreciation) of
       investments and to record expenses and interest income         
       on the accrual basis.

       Securities
       Securities are stated at value as determined by
       the Evaluator as explained under "Public Offering of
       Units - Evaluation of the Fund" (Prospectus, Part II),
       based on bid side evaluation.  Cost was based on
       offering side evaluation at the date of deposit.  The    
       difference between cost and market value is reflected as     
       unrealized appreciation (depreciation) of investments.        
       Realized gains and losses from securities transactions
       are determined for federal income tax and for financial         
       reporting purposes on the basis of the cost of specified         
       certificates.  Security transactions are recorded on the         
       trade date.

       Income Taxes
       The Fund's policy is to comply with the
       requirements of the Internal Revenue Code that are       
       applicable to regulated investment companies and to         
       distribute all its taxable income to its certificate-        
       holders.  Therefore, no income tax provision is
       required.


NOTE 2:  DISTRIBUTIONS:

         Net investment income is distributed to unit holders on  
         the first day of each calendar quarter.  Such
         distributions are accrued on the record dates, which are 
         March 1, June 1, September 1, and December 1.  The        
         income distribution payable at December 31, 1994
         amounted to $10.09 per unit.  Distributions of principal 
         from the sale or maturation of securities, if any, are    
         made and recorded in the manner described above.  The        
         principal distribution payable at December 31, 1994         
         amounted to $13.56 per unit.

<PAGE>
        THE TAX-EXEMPT BOND FUND OF VIRGINIA, FIRST SERIES

                   NOTES TO FINANCIAL STATEMENTS
                           (Continued)
                        December 31, 1994


NOTE 3:  TRUSTEE AND EVALUATOR FEES:

         The fund pays a fee for services rendered by the Trustee 
         of $.89 per year per $1,000 of outstanding investment     
         principal, payable quarterly, plus expenses.  The Fund's      
         Evaluator is paid a fixed fee of $35 for each portfolio        
         valuation plus expenses.


NOTE 4:  ORIGINAL COST TO UNIT HOLDERS:

         The original cost to unit holders represents the
         aggregate initial offering price as of the date of       
         deposit exclusive of accrued interest.  A reconciliation        
         of the original cost of units to investors to the net         
         amount applicable to investors as of December 31, 1994,         
         is set forth below:

         Original cost to investors               $6,108,609      
  Plus:  Undistributed proceeds from
           securities sold or redeemed                78,736      
         Net unrealized appreciation of
           securities                                 71,183      
  Less:  Gross underwriting commissions          (   229,073)           
         Cost of securities sold or
           redeemed since date of deposit        ( 2,255,723)

         Net amount applicable to investors       $3,773,732

<PAGE>
       THE TAX-EXEMPT BOND FUND OF VIRGINIA, FIRST SERIES

                NOTES TO FINANCIAL STATEMENTS
                        (Continued)
                      December 31, 1994


NOTE 5:  SUPPLEMENTARY INFORMATION:


Selected data for a unit of the Fund outstanding throughout each
period follows:

                   1994      1993      1992      1991      1990  

Interest income  $ 42.72   $ 50.02   $ 59.94   $ 63.66   $ 64.10
Expenses           1.92       1.78      1.73     1.59       1.62
Investment income 
 - net           $ 40.80   $ 48.24   $ 58.21   $ 62.07   $ 62.48
Income 
 distributions    41.78      48.86     58.93     62.19  (  62.66) 
               ($   .98) ($   .62) ($   .72) ($   .12) ($   .18)

Principal 
 distributions  ( 103.10) (  99.02) ( 124.54) (   6.89) (   6.03)

Net realized gain 
 (loss) and change 
 in unrealized 
 appreciation
 (depreciation) (  30.90)    17.11     13.67     38.79  (  12.72)

Increase 
 (decrease) in
 net asset 
 value          ($134.98) ($ 82.53) ($111.59)  $ 31.78  ($ 18.93)
Net asset value,
 beginning of 
 the period       776.89    859.42    971.01    939.23    958.16
Net asset value, 
 end of the 
 period, 
 including 
 distributable 
 funds           $641.91   $776.89   $859.42   $971.01   $939.23


Ratios:
 Expense to 
  average net 
  assets (%)        0.27      0.22      0.19      0.17      0.17 
Net investment 
  income to 
  average net
  assets (%)        5.75      5.90      6.36      6.50      6.59
    


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