{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-6315.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-6315.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-6315.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-6315.html"}],"law_id":82914,"edition_id":1,"section_id":82914,"structure_id":13760,"section_number":"15.2-6315","catch_line":"Provisions for securing payment of bonds","history":"Code 1950, \u00a7 15-953; 1954, c. 645; 1962, c. 623, \u00a7 15.1-1336; 1997, c. 587.","full_text":"In order to secure the payment of such bonds, the authority shall have power by provision or provisions included in any resolution authorizing said bonds or in any indenture made to secure their payment:\n\n1\n\nTo pledge all or any part of its gross or net rents, fees or revenues to which its right then exists or may thereafter come into existence.2\n\nTo mortgage all or any part of its real or personal property, then owned or thereafter acquired.3\n\nTo covenant against pledging all or any part of its rents, fees and revenues, or against mortgaging all or any part of its real or personal property to which its right or title then exists or may thereafter come into existence or against permitting or suffering any lien on such revenues or property; to covenant with respect to limitations on its right to sell, lease or otherwise dispose of any property or any part thereof; and to covenant as to what other or additional debts or obligations may be incurred by it.4\n\nTo covenant as to the bonds to be issued and as to the issuance of such bonds in escrow or otherwise, and as to the use and disposition of the proceeds thereof; to provide for the replacement of lost, destroyed or mutilated bonds; to covenant against extending the time of the payment of its bonds or interest thereon; and to redeem the bonds, and to covenant for their redemption and to provide the terms and conditions thereof.5\n\nTo covenant as to the rents and fees to be charged in the operation of a specific project or facility, the amount to be raised each year or other period of time by rents, fees, and other revenues, and as to the use and disposition to be made thereof; to create or to authorize the creation of special funds for moneys held for construction or operating costs, debt service, reserves, or other purposes, and to covenant as to the use and disposition of the moneys held in such funds.6\n\nTo prescribe the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds the holders of which must consent thereto and the manner in which such consent may be given.7\n\nTo covenant as to the use of any or all of its real or personal property; and to covenant as to the maintenance of its real and personal property, the replacement thereof, the insurance to be carried thereon and the use and disposition of insurance moneys.8\n\nTo covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenant, condition, or obligation; and to covenant and prescribe as to events of default and terms and conditions upon which any or all of its bonds or obligations shall become or may be declared due before maturity, and as to the terms and conditions upon which such declaration and its consequences may be waived.9\n\nTo vest in a trustee or trustees or the holders of bonds or any proportion of them the right to enforce the payment of the bonds or any covenants securing or relating to the bonds; to vest in a trustee or trustees the right, in the event of a default by the authority, to take possession and use, operate and manage any property or part thereof, and to collect the rents and revenues arising therefrom and to dispose of such moneys in accordance with the agreement of the authority with said trustee; to provide for the powers and duties of a trustee or trustees and to limit the liabilities thereof; and to provide the terms and conditions upon which the trustee or trustees or the holders of bonds or any portion of them may enforce any covenant or rights securing or relating to the bonds.10\n\nTo exercise all or any part or combination of the powers herein granted; and to make covenants other than and in addition to the covenants herein expressly authorized, of like or different character; to make such covenant and to do any and all such acts and things as may be necessary or convenient or desirable in order to secure its bonds, or in the absolute discretion of the authority as will tend to make the bonds more marketable notwithstanding that such covenants, acts or things may not be enumerated herein.","order_by":null,"text":{"0":{"id":297177,"text":"In order to secure the payment of such bonds, the authority shall have power by provision or provisions included in any resolution authorizing said bonds or in any indenture made to secure their payment:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":297178,"text":"To pledge all or any part of its gross or net rents, fees or revenues to which its right then exists or may thereafter come into existence.","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":297179,"text":"To mortgage all or any part of its real or personal property, then owned or thereafter acquired.","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":297180,"text":"To covenant against pledging all or any part of its rents, fees and revenues, or against mortgaging all or any part of its real or personal property to which its right or title then exists or may thereafter come into existence or against permitting or suffering any lien on such revenues or property; to covenant with respect to limitations on its right to sell, lease or otherwise dispose of any property or any part thereof; and to covenant as to what other or additional debts or obligations may be incurred by it.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":297181,"text":"To covenant as to the bonds to be issued and as to the issuance of such bonds in escrow or otherwise, and as to the use and disposition of the proceeds thereof; to provide for the replacement of lost, destroyed or mutilated bonds; to covenant against extending the time of the payment of its bonds or interest thereon; and to redeem the bonds, and to covenant for their redemption and to provide the terms and conditions thereof.","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":297182,"text":"To covenant as to the rents and fees to be charged in the operation of a specific project or facility, the amount to be raised each year or other period of time by rents, fees, and other revenues, and as to the use and disposition to be made thereof; to create or to authorize the creation of special funds for moneys held for construction or operating costs, debt service, reserves, or other purposes, and to covenant as to the use and disposition of the moneys held in such funds.","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":297183,"text":"To prescribe the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds the holders of which must consent thereto and the manner in which such consent may be given.","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":297184,"text":"To covenant as to the use of any or all of its real or personal property; and to covenant as to the maintenance of its real and personal property, the replacement thereof, the insurance to be carried thereon and the use and disposition of insurance moneys.","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":297185,"text":"To covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenant, condition, or obligation; and to covenant and prescribe as to events of default and terms and conditions upon which any or all of its bonds or obligations shall become or may be declared due before maturity, and as to the terms and conditions upon which such declaration and its consequences may be waived.","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":297186,"text":"To vest in a trustee or trustees or the holders of bonds or any proportion of them the right to enforce the payment of the bonds or any covenants securing or relating to the bonds; to vest in a trustee or trustees the right, in the event of a default by the authority, to take possession and use, operate and manage any property or part thereof, and to collect the rents and revenues arising therefrom and to dispose of such moneys in accordance with the agreement of the authority with said trustee; to provide for the powers and duties of a trustee or trustees and to limit the liabilities thereof; and to provide the terms and conditions upon which the trustee or trustees or the holders of bonds or any portion of them may enforce any covenant or rights securing or relating to the bonds.","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8","next_prefix":"10"},"10":{"id":297187,"text":"To exercise all or any part or combination of the powers herein granted; and to make covenants other than and in addition to the covenants herein expressly authorized, of like or different character; to make such covenant and to do any and all such acts and things as may be necessary or convenient or desirable in order to secure its bonds, or in the absolute discretion of the authority as will tend to make the bonds more marketable notwithstanding that such covenants, acts or things may not be enumerated herein.","type":"section","prefixes":["10"],"prefix":"10","entire_prefix":"10","prefix_anchor":"10","level":1,"prior_prefix":"9"}},"ancestry":[{"id":13760,"edition_id":1,"name":"Authorities for Development of Former Federal Areas","identifier":"63","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:45:48","date_modified":"2026-06-26 03:45:48","permalink":{"id":160117,"object_type":"structure","relational_id":13760,"identifier":"63","token":"15.2\/IV\/63","url":"\/15.2\/IV\/63\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12721,"edition_id":1,"name":"Other Governmental Entities","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12720,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":157897,"object_type":"structure","relational_id":12721,"identifier":"IV","token":"15.2\/IV","url":"\/15.2\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12720,"edition_id":1,"name":"Counties, Cities and Towns","identifier":"15.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":151279,"object_type":"structure","relational_id":12720,"identifier":"15.2","token":"15.2","url":"\/15.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":77096,"structure_id":13760,"section_number":"15.2-6300","catch_line":"Declaration of policy for authorities created by the Governor","url":"\/15.2-6300\/","token":"15.2\/IV\/63\/15.2-6300","metadata":false},{"id":81238,"structure_id":13760,"section_number":"15.2-6300.1","catch_line":"Declaration of policy for authorities created by a locality","url":"\/15.2-6300.1\/","token":"15.2\/IV\/63\/15.2-6300.1","metadata":false},{"id":78734,"structure_id":13760,"section_number":"15.2-6301","catch_line":"Definitions","url":"\/15.2-6301\/","token":"15.2\/IV\/63\/15.2-6301","metadata":false},{"id":57307,"structure_id":13760,"section_number":"15.2-6302","catch_line":"Establishment of development authorities","url":"\/15.2-6302\/","token":"15.2\/IV\/63\/15.2-6302","metadata":false},{"id":82802,"structure_id":13760,"section_number":"15.2-6303","catch_line":"Authorities to file annual reports","url":"\/15.2-6303\/","token":"15.2\/IV\/63\/15.2-6303","metadata":false},{"id":70793,"structure_id":13760,"section_number":"15.2-6304","catch_line":"Board of commissioners; appointment of director, agents and employees","url":"\/15.2-6304\/","token":"15.2\/IV\/63\/15.2-6304","metadata":false},{"id":80293,"structure_id":13760,"section_number":"15.2-6304.1","catch_line":"Repealed","url":"\/15.2-6304.1\/","token":"15.2\/IV\/63\/15.2-6304.1","metadata":false},{"id":73414,"structure_id":13760,"section_number":"15.2-6305","catch_line":"Powers and duties of director","url":"\/15.2-6305\/","token":"15.2\/IV\/63\/15.2-6305","metadata":false},{"id":66574,"structure_id":13760,"section_number":"15.2-6306","catch_line":"Principal and branch offices","url":"\/15.2-6306\/","token":"15.2\/IV\/63\/15.2-6306","metadata":false},{"id":59423,"structure_id":13760,"section_number":"15.2-6307","catch_line":"Legal services","url":"\/15.2-6307\/","token":"15.2\/IV\/63\/15.2-6307","metadata":false},{"id":65640,"structure_id":13760,"section_number":"15.2-6308","catch_line":"Powers of authorities generally","url":"\/15.2-6308\/","token":"15.2\/IV\/63\/15.2-6308","metadata":false},{"id":55812,"structure_id":13760,"section_number":"15.2-6308.1","catch_line":"Approval of Governor required","url":"\/15.2-6308.1\/","token":"15.2\/IV\/63\/15.2-6308.1","metadata":false},{"id":79281,"structure_id":13760,"section_number":"15.2-6309","catch_line":"Two or more authorities may join or cooperate in exercising powers","url":"\/15.2-6309\/","token":"15.2\/IV\/63\/15.2-6309","metadata":false},{"id":80072,"structure_id":13760,"section_number":"15.2-6310","catch_line":"Payments to Commonwealth or political subdivisions thereof","url":"\/15.2-6310\/","token":"15.2\/IV\/63\/15.2-6310","metadata":false},{"id":55691,"structure_id":13760,"section_number":"15.2-6311","catch_line":"Authorities may borrow money, accept contributions, etc","url":"\/15.2-6311\/","token":"15.2\/IV\/63\/15.2-6311","metadata":false},{"id":54769,"structure_id":13760,"section_number":"15.2-6312","catch_line":"Authorities empowered to issue bonds; additional security; liability thereon","url":"\/15.2-6312\/","token":"15.2\/IV\/63\/15.2-6312","metadata":false},{"id":76952,"structure_id":13760,"section_number":"15.2-6313","catch_line":"Bonds to be authorized by resolution of board; terms; sale; negotiability; validity","url":"\/15.2-6313\/","token":"15.2\/IV\/63\/15.2-6313","metadata":false},{"id":85881,"structure_id":13760,"section_number":"15.2-6314","catch_line":"Exemption from taxation; authorities to be municipal corporate instrumentalities of Commonwealth","url":"\/15.2-6314\/","token":"15.2\/IV\/63\/15.2-6314","metadata":false},{"id":82904,"structure_id":13760,"section_number":"15.2-6314.1","catch_line":"Applicability of the Virginia Personnel Act and the Virginia Public Procurement Act","url":"\/15.2-6314.1\/","token":"15.2\/IV\/63\/15.2-6314.1","metadata":false},{"id":82914,"structure_id":13760,"section_number":"15.2-6315","catch_line":"Provisions for securing payment of bonds","url":"\/15.2-6315\/","token":"15.2\/IV\/63\/15.2-6315","metadata":false},{"id":66323,"structure_id":13760,"section_number":"15.2-6316","catch_line":"Rights and remedies of obligees","url":"\/15.2-6316\/","token":"15.2\/IV\/63\/15.2-6316","metadata":false},{"id":76358,"structure_id":13760,"section_number":"15.2-6317","catch_line":"Rents, fees and charges; disposition of revenues","url":"\/15.2-6317\/","token":"15.2\/IV\/63\/15.2-6317","metadata":false},{"id":74653,"structure_id":13760,"section_number":"15.2-6318","catch_line":"Investment in bonds issued by authorities","url":"\/15.2-6318\/","token":"15.2\/IV\/63\/15.2-6318","metadata":false},{"id":74540,"structure_id":13760,"section_number":"15.2-6319","catch_line":"Dissolution of authority","url":"\/15.2-6319\/","token":"15.2\/IV\/63\/15.2-6319","metadata":false},{"id":71722,"structure_id":13760,"section_number":"15.2-6320","catch_line":"Powers conferred additional and supplemental; liberal construction","url":"\/15.2-6320\/","token":"15.2\/IV\/63\/15.2-6320","metadata":false},{"id":86862,"structure_id":13760,"section_number":"15.2-6321","catch_line":"Chapter controlling over inconsistent laws","url":"\/15.2-6321\/","token":"15.2\/IV\/63\/15.2-6321","metadata":false},{"id":68944,"structure_id":13760,"section_number":"15.2-6322","catch_line":"Sovereign immunity","url":"\/15.2-6322\/","token":"15.2\/IV\/63\/15.2-6322","metadata":false}],"previous_section":{"id":82904,"structure_id":13760,"section_number":"15.2-6314.1","catch_line":"Applicability of the Virginia Personnel Act and the Virginia Public Procurement Act","url":"\/15.2-6314.1\/","token":"15.2\/IV\/63\/15.2-6314.1","metadata":false},"next_section":{"id":66323,"structure_id":13760,"section_number":"15.2-6316","catch_line":"Rights and remedies of obligees","url":"\/15.2-6316\/","token":"15.2\/IV\/63\/15.2-6316","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-6315\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 3 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1954, chapter 645; in 1962, chapter 623; in 1997, chapter 587<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":160195,"object_type":"law","relational_id":82914,"identifier":"15.2-6315","token":"15.2\/IV\/63\/15.2-6315","url":"\/15.2-6315\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-6315\/","token":"15.2\/IV\/63\/15.2-6315","dublin_core":{"Title":"Provisions for securing payment of bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-6315","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

In order<\/span> to secure the payment of such bonds<\/span><\/span>, the authority<\/span> shall have power by provision or provisions included in any resolution authorizing said bonds<\/span><\/span> or in any indenture made to secure their payment:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> To pledge all or any part of its gross or net rents, fees or revenues to which its right then exists or may thereafter come into existence. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> To mortgage all or any part of its real or personal property, then owned or thereafter acquired. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> To covenant against pledging all or any part of its rents, fees and revenues, or against mortgaging all or any part of its real or personal property to which its right or title then exists or may thereafter come into existence or against permitting or suffering any lien<\/span> on such revenues or property; to covenant with respect to limitations on its right to sell, lease or otherwise dispose of any property or any part thereof; and to covenant as to what other or additional debts or obligations may be incurred by it. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> To covenant as to the bonds<\/span><\/span> to be issued and as to the issuance of such bonds<\/span><\/span> in escrow or otherwise, and as to the use and disposition<\/span> of the proceeds thereof; to provide for the replacement of lost, destroyed or mutilated bonds<\/span><\/span>; to covenant against extending the time of the payment of its bonds<\/span><\/span> or interest thereon; and to redeem the bonds<\/span><\/span>, and to covenant for their redemption<\/span> and to provide the terms and conditions thereof. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> To covenant as to the rents and fees to be charged in the operation of a specific project<\/span> or facility<\/span>, the amount to be raised each year or other period of time by rents, fees, and other revenues, and as to the use and disposition<\/span> to be made thereof; to create or to authorize the creation of special funds for moneys held for construction or operating costs, debt service, reserves, or other purposes, and to covenant as to the use and disposition<\/span> of the moneys held in such funds. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> To prescribe the procedure, if any, by which the terms of any contract<\/span> with bondholders may be amended or abrogated, the amount of bonds<\/span><\/span> the holders of which must consent thereto and the manner in which such consent may be given. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> To covenant as to the use of any or all of its real or personal property; and to covenant as to the maintenance of its real and personal property, the replacement thereof, the insurance to be carried thereon and the use and disposition<\/span> of insurance moneys. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> To covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenant, condition, or obligation; and to covenant and prescribe as to events of default<\/span> and terms and conditions upon which any or all of its bonds<\/span><\/span> or obligations shall become or may be declared due before maturity, and as to the terms and conditions upon which such declaration and its consequences may be waived. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> To vest in a trustee or trustees or the holders of bonds<\/span><\/span> or any proportion of them the right to enforce the payment of the bonds<\/span><\/span> or any covenants securing or relating to the bonds<\/span><\/span>; to vest in a trustee or trustees the right, in the event of a default<\/span> by the authority<\/span>, to take possession<\/span> and use, operate and manage any property or part thereof, and to collect the rents and revenues arising therefrom and to dispose of such moneys in accordance with the agreement of the authority<\/span> with said trustee; to provide for the powers and duties of a trustee or trustees and to limit the liabilities thereof; and to provide the terms and conditions upon which the trustee or trustees or the holders of bonds<\/span><\/span> or any portion of them may enforce any covenant or rights securing or relating to the bonds<\/span><\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> To exercise all or any part or combination of the powers herein granted; and to make covenants other than and in addition to the covenants herein expressly authorized, of like or different character; to make such covenant and to do any and all such acts and things as may be necessary or convenient or desirable in order<\/span> to secure its bonds<\/span><\/span>, or in the absolute discretion of the authority<\/span> as will tend to make the bonds<\/span><\/span> more marketable notwithstanding that such covenants, acts or things may not be enumerated herein. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPROVISIONS FOR SECURING PAYMENT OF BONDS (\u00a7 15.2-6315)\n\nIn order to secure the payment of such bonds, the authority shall have power by\nprovision or provisions included in any resolution authorizing said bonds or in\nany indenture made to secure their payment:\n\n1. To pledge all or any part of its gross or net rents, fees or revenues to\nwhich its right then exists or may thereafter come into existence.\n\n2. To mortgage all or any part of its real or personal property, then owned or\nthereafter acquired.\n\n3. To covenant against pledging all or any part of its rents, fees and revenues,\nor against mortgaging all or any part of its real or personal property to which\nits right or title then exists or may thereafter come into existence or against\npermitting or suffering any lien on such revenues or property; to covenant with\nrespect to limitations on its right to sell, lease or otherwise dispose of any\nproperty or any part thereof; and to covenant as to what other or additional\ndebts or obligations may be incurred by it.\n\n4. To covenant as to the bonds to be issued and as to the issuance of such bonds\nin escrow or otherwise, and as to the use and disposition of the proceeds\nthereof; to provide for the replacement of lost, destroyed or mutilated bonds;\nto covenant against extending the time of the payment of its bonds or interest\nthereon; and to redeem the bonds, and to covenant for their redemption and to\nprovide the terms and conditions thereof.\n\n5. To covenant as to the rents and fees to be charged in the operation of a\nspecific project or facility, the amount to be raised each year or other period\nof time by rents, fees, and other revenues, and as to the use and disposition to\nbe made thereof; to create or to authorize the creation of special funds for\nmoneys held for construction or operating costs, debt service, reserves, or\nother purposes, and to covenant as to the use and disposition of the moneys held\nin such funds.\n\n6. To prescribe the procedure, if any, by which the terms of any contract with\nbondholders may be amended or abrogated, the amount of bonds the holders of\nwhich must consent thereto and the manner in which such consent may be given.\n\n7. To covenant as to the use of any or all of its real or personal property; and\nto covenant as to the maintenance of its real and personal property, the\nreplacement thereof, the insurance to be carried thereon and the use and\ndisposition of insurance moneys.\n\n8. To covenant as to the rights, liabilities, powers and duties arising upon the\nbreach by it of any covenant, condition, or obligation; and to covenant and\nprescribe as to events of default and terms and conditions upon which any or all\nof its bonds or obligations shall become or may be declared due before maturity,\nand as to the terms and conditions upon which such declaration and its\nconsequences may be waived.\n\n9. To vest in a trustee or trustees or the holders of bonds or any proportion of\nthem the right to enforce the payment of the bonds or any covenants securing or\nrelating to the bonds; to vest in a trustee or trustees the right, in the event\nof a default by the authority, to take possession and use, operate and manage\nany property or part thereof, and to collect the rents and revenues arising\ntherefrom and to dispose of such moneys in accordance with the agreement of the\nauthority with said trustee; to provide for the powers and duties of a trustee\nor trustees and to limit the liabilities thereof; and to provide the terms and\nconditions upon which the trustee or trustees or the holders of bonds or any\nportion of them may enforce any covenant or rights securing or relating to the\nbonds.\n\n10. To exercise all or any part or combination of the powers herein granted; and\nto make covenants other than and in addition to the covenants herein expressly\nauthorized, of like or different character; to make such covenant and to do any\nand all such acts and things as may be necessary or convenient or desirable in\norder to secure its bonds, or in the absolute discretion of the authority as\nwill tend to make the bonds more marketable notwithstanding that such covenants,\nacts or things may not be enumerated herein.\n\nHISTORY: Code 1950, \u00a7 15-953; 1954, c. 645; 1962, c. 623, \u00a7 15.1-1336; 1997,\nc. 587.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}