{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-6638.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-6638.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-6638.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-6638.html"}],"law_id":64410,"edition_id":1,"section_id":64410,"structure_id":15059,"section_number":"15.2-6638","catch_line":"Authority to issue bonds","history":"2005, c. 842.","full_text":"The Authority shall have the power to issue bonds from time to time in its discretion, for any of its purposes, including the payment of all or any part of the cost of Authority facilities and including the payment or retirement of bonds previously issued by it. The Authority may issue such types of bonds as it may determine, including (without limiting the generality of the foregoing) bonds payable, both as to principal and interest: (i) from its revenues and receipts generally and (ii) exclusively from the revenues and receipts of certain designated facilities or loans whether or not they are financed in whole or in part from the proceeds of such bonds. Any such bonds may be additionally secured by a pledge of any grant or contribution from a participating political subdivision, the Commonwealth, or any political subdivision, agency, or instrumentality thereof, any federal agency or any unit, private corporation, co-partnership, association, or individual, as such participating political subdivision, or other entities, may be authorized to make under general law or by pledge of any income or revenues of the Authority or by mortgage or encumbrance of any property or facilities of the Authority. Unless otherwise provided in the proceeding authorizing the issuance of the bonds, or in the trust indenture securing the same, all bonds shall be payable solely and exclusively from the revenues and receipts of a particular facility or loan. Bonds may be executed and delivered by the Authority at any time and from time to time may be in such form and denominations and of such terms and maturities, may be in registered or bearer form either as to principal or interest or both, may be payable in such installments and at such time or times not exceeding 40 years from the date thereof, may be payable at such place or places whether within or without the Commonwealth, may bear interest at such rate or rates, may be payable at such time or times and at such places, may be evidenced in such manner, and may contain such provisions not inconsistent herewith, all as shall be provided and specified by the board of directors in authorizing each particular bond issue.\n\t\tIf deemed advisable by the board of directors, there may be retained in the proceedings under which any bonds of the Authority are authorized to be issued an option to redeem all or any part thereof as may be specified in such proceedings, at such price or prices and after such notice or notices and on such terms and conditions as may be set forth in such proceedings and as may be briefly recited on the face of the bonds, but nothing herein contained shall be construed to confer on the Authority any right or option to redeem any bonds except as may be provided in the proceedings under which they shall be issued. Any bonds of the Authority may be sold at public or private sale in such manner and from time to time as may be determined by the board of directors of the Authority to be most advantageous, and the Authority may pay all costs, premiums, and commissions that its board of directors may deem necessary or advantageous in connection with the issuance thereof. Issuance by the Authority of one or more series of bonds for one or more purposes shall not preclude it from issuing other bonds in connection with the same facility or any other facility, but the proceedings whereunder any subsequent bonds may be issued shall recognize and protect any prior pledge or mortgage made for any prior issue of bonds. Any bonds of the Authority at any time outstanding may from time to time be refunded by the Authority by the issuance of its refunding bonds in such amount as the board of directors may deem necessary, but not exceeding an amount sufficient to refund the principal of the bonds so to be refunded, together with any unpaid interest thereon and any costs, premiums, or commissions necessary to be paid in connection therewith. Any such refunding may be effected whether the bonds to be refunded shall have then matured or shall thereafter mature, either by sale of the refunding bonds and the application of the proceeds thereof to the payment of the bonds to be refunded thereby, or by the exchange of the refunding bonds for the bonds to be refunded thereby, with the consent of the holders of the bonds so to be refunded, and regardless of whether or not the bonds to be refunded were issued in connection with the same facilities or separate facilities, and regardless of whether or not the bonds proposed to be refunded shall be payable on the same date or on different dates or shall be due serially or otherwise.\n\t\tAll bonds shall be signed by the chairman or vice-chairman of the Authority or shall bear his facsimile signature, and the corporate seal of the Authority or a facsimile thereof shall be impressed or imprinted thereon and attested by the signature of the secretary (or the secretary-treasurer) or the assistant secretary (or assistant secretary-treasurer) of the Authority or shall bear his facsimile signature, and any coupons attached thereto shall bear the facsimile signature of said chairman. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be an officer before delivery of such bonds, such signature, or such facsimile, shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. When the signatures of both the chairman or the vice-chairman and the secretary (or the secretary-treasurer) or the assistant secretary (or the assistant secretary-treasurer) are facsimiles, the bonds must be authenticated by a corporate trustee or other authenticating agent approved by the Authority.\n\t\tIf the proceeds derived from a particular bond issue, due to error of estimates or otherwise, shall be less than the cost of the Authority facilities for which such bonds were issued, additional bonds may in like manner be issued to provide the amount of such deficit, and, unless otherwise provided in the proceedings authorizing the issuance of the bonds of such issue or in the trust indenture securing the same, 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 of the first issue. If the proceeds of the bonds of any issue shall exceed such cost, the surplus may be deposited to the credit of the sinking fund for such bonds or may be applied to the payment of the cost of any additions, improvements, or enlargements of the Authority facilities for which such bonds shall have been issued.\n\t\tPrior to the preparation of definitive bonds, the Authority may, under like restrictions, issue interim receipts or temporary bonds with or without coupons, exchangeable for definitive bonds when such bonds shall have been executed and are available for delivery. The Authority may also provide for the replacement of any bonds that shall become mutilated or shall be destroyed or lost. Bonds may be issued under the provisions of this act without obtaining the consent of any department, division, commission, board, bureau, or agency of the Commonwealth, and without any other proceedings or the happening of any other conditions or things other than those proceedings, conditions, or things that are specifically required by this act; provided, however, that nothing contained in this act shall be construed as affecting the powers and duties now conferred by law upon the State Corporation Commission.\n\t\tAll bonds issued under the provisions of this act shall have and are hereby declared to have all the qualities and incidents of and shall be and are hereby made negotiable instruments under the Uniform Commercial Code of Virginia (\u00a7 8.1A-101 et seq.), subject only to provisions respecting registration of the bonds.\n\t\tIn addition to all other powers granted to the Authority by this act, the Authority is authorized to provide for the issuance, from time to time, of notes or other obligations of the Authority for any of its authorized purposes. All of the provisions of this act that relate to bonds or revenue bonds shall apply to such notes or other obligations insofar as such provisions may be appropriate.","order_by":null,"text":{"0":{"id":234392,"text":"The Authority shall have the power to issue bonds from time to time in its discretion, for any of its purposes, including the payment of all or any part of the cost of Authority facilities and including the payment or retirement of bonds previously issued by it. The Authority may issue such types of bonds as it may determine, including (without limiting the generality of the foregoing) bonds payable, both as to principal and interest: (i) from its revenues and receipts generally and (ii) exclusively from the revenues and receipts of certain designated facilities or loans whether or not they are financed in whole or in part from the proceeds of such bonds. Any such bonds may be additionally secured by a pledge of any grant or contribution from a participating political subdivision, the Commonwealth, or any political subdivision, agency, or instrumentality thereof, any federal agency or any unit, private corporation, co-partnership, association, or individual, as such participating political subdivision, or other entities, may be authorized to make under general law or by pledge of any income or revenues of the Authority or by mortgage or encumbrance of any property or facilities of the Authority. Unless otherwise provided in the proceeding authorizing the issuance of the bonds, or in the trust indenture securing the same, all bonds shall be payable solely and exclusively from the revenues and receipts of a particular facility or loan. Bonds may be executed and delivered by the Authority at any time and from time to time may be in such form and denominations and of such terms and maturities, may be in registered or bearer form either as to principal or interest or both, may be payable in such installments and at such time or times not exceeding 40 years from the date thereof, may be payable at such place or places whether within or without the Commonwealth, may bear interest at such rate or rates, may be payable at such time or times and at such places, may be evidenced in such manner, and may contain such provisions not inconsistent herewith, all as shall be provided and specified by the board of directors in authorizing each particular bond issue.\n\t\tIf deemed advisable by the board of directors, there may be retained in the proceedings under which any bonds of the Authority are authorized to be issued an option to redeem all or any part thereof as may be specified in such proceedings, at such price or prices and after such notice or notices and on such terms and conditions as may be set forth in such proceedings and as may be briefly recited on the face of the bonds, but nothing herein contained shall be construed to confer on the Authority any right or option to redeem any bonds except as may be provided in the proceedings under which they shall be issued. Any bonds of the Authority may be sold at public or private sale in such manner and from time to time as may be determined by the board of directors of the Authority to be most advantageous, and the Authority may pay all costs, premiums, and commissions that its board of directors may deem necessary or advantageous in connection with the issuance thereof. Issuance by the Authority of one or more series of bonds for one or more purposes shall not preclude it from issuing other bonds in connection with the same facility or any other facility, but the proceedings whereunder any subsequent bonds may be issued shall recognize and protect any prior pledge or mortgage made for any prior issue of bonds. Any bonds of the Authority at any time outstanding may from time to time be refunded by the Authority by the issuance of its refunding bonds in such amount as the board of directors may deem necessary, but not exceeding an amount sufficient to refund the principal of the bonds so to be refunded, together with any unpaid interest thereon and any costs, premiums, or commissions necessary to be paid in connection therewith. Any such refunding may be effected whether the bonds to be refunded shall have then matured or shall thereafter mature, either by sale of the refunding bonds and the application of the proceeds thereof to the payment of the bonds to be refunded thereby, or by the exchange of the refunding bonds for the bonds to be refunded thereby, with the consent of the holders of the bonds so to be refunded, and regardless of whether or not the bonds to be refunded were issued in connection with the same facilities or separate facilities, and regardless of whether or not the bonds proposed to be refunded shall be payable on the same date or on different dates or shall be due serially or otherwise.\n\t\tAll bonds shall be signed by the chairman or vice-chairman of the Authority or shall bear his facsimile signature, and the corporate seal of the Authority or a facsimile thereof shall be impressed or imprinted thereon and attested by the signature of the secretary (or the secretary-treasurer) or the assistant secretary (or assistant secretary-treasurer) of the Authority or shall bear his facsimile signature, and any coupons attached thereto shall bear the facsimile signature of said chairman. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be an officer before delivery of such bonds, such signature, or such facsimile, shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. When the signatures of both the chairman or the vice-chairman and the secretary (or the secretary-treasurer) or the assistant secretary (or the assistant secretary-treasurer) are facsimiles, the bonds must be authenticated by a corporate trustee or other authenticating agent approved by the Authority.\n\t\tIf the proceeds derived from a particular bond issue, due to error of estimates or otherwise, shall be less than the cost of the Authority facilities for which such bonds were issued, additional bonds may in like manner be issued to provide the amount of such deficit, and, unless otherwise provided in the proceedings authorizing the issuance of the bonds of such issue or in the trust indenture securing the same, 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 of the first issue. If the proceeds of the bonds of any issue shall exceed such cost, the surplus may be deposited to the credit of the sinking fund for such bonds or may be applied to the payment of the cost of any additions, improvements, or enlargements of the Authority facilities for which such bonds shall have been issued.\n\t\tPrior to the preparation of definitive bonds, the Authority may, under like restrictions, issue interim receipts or temporary bonds with or without coupons, exchangeable for definitive bonds when such bonds shall have been executed and are available for delivery. The Authority may also provide for the replacement of any bonds that shall become mutilated or shall be destroyed or lost. Bonds may be issued under the provisions of this act without obtaining the consent of any department, division, commission, board, bureau, or agency of the Commonwealth, and without any other proceedings or the happening of any other conditions or things other than those proceedings, conditions, or things that are specifically required by this act; provided, however, that nothing contained in this act shall be construed as affecting the powers and duties now conferred by law upon the State Corporation Commission.\n\t\tAll bonds issued under the provisions of this act shall have and are hereby declared to have all the qualities and incidents of and shall be and are hereby made negotiable instruments under the Uniform Commercial Code of Virginia (\u00a7 8.1A-101 et seq.), subject only to provisions respecting registration of the bonds.\n\t\tIn addition to all other powers granted to the Authority by this act, the Authority is authorized to provide for the issuance, from time to time, of notes or other obligations of the Authority for any of its authorized purposes. All of the provisions of this act that relate to bonds or revenue bonds shall apply to such notes or other obligations insofar as such provisions may be appropriate.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":15059,"edition_id":1,"name":"Northern Neck Chesapeake Bay Public Access Authority Act","identifier":"66.1","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:51:52","date_modified":"2026-06-26 03:51:52","permalink":{"id":160431,"object_type":"structure","relational_id":15059,"identifier":"66.1","token":"15.2\/IV\/66.1","url":"\/15.2\/IV\/66.1\/","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":74831,"structure_id":15059,"section_number":"15.2-6626","catch_line":"Title","url":"\/15.2-6626\/","token":"15.2\/IV\/66.1\/15.2-6626","metadata":false},{"id":73989,"structure_id":15059,"section_number":"15.2-6627","catch_line":"Creation; public purpose","url":"\/15.2-6627\/","token":"15.2\/IV\/66.1\/15.2-6627","metadata":false},{"id":63993,"structure_id":15059,"section_number":"15.2-6628","catch_line":"Definitions","url":"\/15.2-6628\/","token":"15.2\/IV\/66.1\/15.2-6628","metadata":false},{"id":72904,"structure_id":15059,"section_number":"15.2-6629","catch_line":"Participating political subdivision","url":"\/15.2-6629\/","token":"15.2\/IV\/66.1\/15.2-6629","metadata":false},{"id":62910,"structure_id":15059,"section_number":"15.2-6630","catch_line":"Appointment of a board of directors","url":"\/15.2-6630\/","token":"15.2\/IV\/66.1\/15.2-6630","metadata":false},{"id":62742,"structure_id":15059,"section_number":"15.2-6631","catch_line":"Organization","url":"\/15.2-6631\/","token":"15.2\/IV\/66.1\/15.2-6631","metadata":false},{"id":80914,"structure_id":15059,"section_number":"15.2-6632","catch_line":"Powers","url":"\/15.2-6632\/","token":"15.2\/IV\/66.1\/15.2-6632","metadata":false},{"id":77002,"structure_id":15059,"section_number":"15.2-6633","catch_line":"Name of Authority","url":"\/15.2-6633\/","token":"15.2\/IV\/66.1\/15.2-6633","metadata":false},{"id":66590,"structure_id":15059,"section_number":"15.2-6634","catch_line":"Rules, regulations, and minimum standards","url":"\/15.2-6634\/","token":"15.2\/IV\/66.1\/15.2-6634","metadata":false},{"id":61330,"structure_id":15059,"section_number":"15.2-6635","catch_line":"Reports","url":"\/15.2-6635\/","token":"15.2\/IV\/66.1\/15.2-6635","metadata":false},{"id":82500,"structure_id":15059,"section_number":"15.2-6636","catch_line":"Procurement","url":"\/15.2-6636\/","token":"15.2\/IV\/66.1\/15.2-6636","metadata":false},{"id":59157,"structure_id":15059,"section_number":"15.2-6637","catch_line":"Deposit and investment of funds","url":"\/15.2-6637\/","token":"15.2\/IV\/66.1\/15.2-6637","metadata":false},{"id":64410,"structure_id":15059,"section_number":"15.2-6638","catch_line":"Authority to issue bonds","url":"\/15.2-6638\/","token":"15.2\/IV\/66.1\/15.2-6638","metadata":false},{"id":82542,"structure_id":15059,"section_number":"15.2-6639","catch_line":"Fees, rents, and charges","url":"\/15.2-6639\/","token":"15.2\/IV\/66.1\/15.2-6639","metadata":false},{"id":57423,"structure_id":15059,"section_number":"15.2-6640","catch_line":"Credit of Commonwealth and political subdivisions not pledged","url":"\/15.2-6640\/","token":"15.2\/IV\/66.1\/15.2-6640","metadata":false},{"id":82220,"structure_id":15059,"section_number":"15.2-6641","catch_line":"Directors and persons executing bonds not liable thereon","url":"\/15.2-6641\/","token":"15.2\/IV\/66.1\/15.2-6641","metadata":false},{"id":83262,"structure_id":15059,"section_number":"15.2-6642","catch_line":"Security for payment of bonds; default","url":"\/15.2-6642\/","token":"15.2\/IV\/66.1\/15.2-6642","metadata":false},{"id":65972,"structure_id":15059,"section_number":"15.2-6643","catch_line":"Taxation","url":"\/15.2-6643\/","token":"15.2\/IV\/66.1\/15.2-6643","metadata":false},{"id":78835,"structure_id":15059,"section_number":"15.2-6644","catch_line":"Bonds as legal investments","url":"\/15.2-6644\/","token":"15.2\/IV\/66.1\/15.2-6644","metadata":false},{"id":76259,"structure_id":15059,"section_number":"15.2-6645","catch_line":"Appropriation by political subdivision","url":"\/15.2-6645\/","token":"15.2\/IV\/66.1\/15.2-6645","metadata":false},{"id":58632,"structure_id":15059,"section_number":"15.2-6646","catch_line":"Contracts with political subdivisions","url":"\/15.2-6646\/","token":"15.2\/IV\/66.1\/15.2-6646","metadata":false},{"id":79874,"structure_id":15059,"section_number":"15.2-6647","catch_line":"Agreement with Commonwealth and participating political subdivisions","url":"\/15.2-6647\/","token":"15.2\/IV\/66.1\/15.2-6647","metadata":false},{"id":81122,"structure_id":15059,"section_number":"15.2-6648","catch_line":"Liberal construction","url":"\/15.2-6648\/","token":"15.2\/IV\/66.1\/15.2-6648","metadata":false},{"id":71579,"structure_id":15059,"section_number":"15.2-6649","catch_line":"Application of local ordinances, service charges, and taxes upon leaseholds","url":"\/15.2-6649\/","token":"15.2\/IV\/66.1\/15.2-6649","metadata":false},{"id":75797,"structure_id":15059,"section_number":"15.2-6650","catch_line":"Existing contracts, leases, franchises, etc., not impaired","url":"\/15.2-6650\/","token":"15.2\/IV\/66.1\/15.2-6650","metadata":false},{"id":72028,"structure_id":15059,"section_number":"15.2-6651","catch_line":"Withdrawal of membership","url":"\/15.2-6651\/","token":"15.2\/IV\/66.1\/15.2-6651","metadata":false}],"previous_section":{"id":59157,"structure_id":15059,"section_number":"15.2-6637","catch_line":"Deposit and investment of funds","url":"\/15.2-6637\/","token":"15.2\/IV\/66.1\/15.2-6637","metadata":false},"next_section":{"id":82542,"structure_id":15059,"section_number":"15.2-6639","catch_line":"Fees, rents, and charges","url":"\/15.2-6639\/","token":"15.2\/IV\/66.1\/15.2-6639","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-6638\/","history_text":"

This law was first created in 2005. The record of its establishment is cataloged in chapter 842<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":80914,"section_number":"15.2-6632","catch_line":"Powers","order_by":null,"url":"\/15.2-6632\/"}],"refers_to":[{"id":54278,"section_number":"8.1A-101","catch_line":"Short titles","order_by":null,"url":"\/8.1A-101\/"}],"permalink":{"id":160481,"object_type":"law","relational_id":64410,"identifier":"15.2-6638","token":"15.2\/IV\/66.1\/15.2-6638","url":"\/15.2-6638\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-6638\/","token":"15.2\/IV\/66.1\/15.2-6638","dublin_core":{"Title":"Authority to issue bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-6638","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The Authority shall have the power to issue<\/span> bonds<\/span> from time to time in its discretion, for any of its purposes, including the payment of all or any part of the cost of Authority facilities and including the payment or retirement of bonds<\/span> previously issued by it. The Authority may issue<\/span> such types of bonds<\/span> as it may determine, including (without limiting the generality of the foregoing) bonds<\/span> payable, both as to principal and interest: (i) from its revenues and receipts generally and (ii) exclusively from the revenues and receipts of certain designated facilities or loans whether or not they are financed in whole or in part from the proceeds of such bonds<\/span>. Any such bonds<\/span> may be additionally secured by a pledge of any grant or contribution from a participating political subdivision, the Commonwealth, or any political subdivision, agency, or instrumentality thereof, any federal agency or any unit, private corporation, co-partnership, association, or individual, as such participating political subdivision, or other entities, may be authorized to make under general law<\/span> or by pledge of any income or revenues of the Authority or by mortgage or encumbrance of any property or facilities of the Authority. Unless otherwise provided in the proceeding authorizing the issuance of the bonds<\/span>, or in the trust indenture securing the same, all bonds<\/span> shall be payable solely and exclusively from the revenues and receipts of a particular facility or loan. Bonds<\/span> may be executed and delivered by the Authority at any time and from time to time may be in such form and denominations and of such terms and maturities, may be in registered or bearer form either as to principal or interest or both, may be payable in such installments and at such time or times not exceeding 40 years from the date thereof, may be payable at such place or places whether within or without the Commonwealth, may bear interest at such rate or rates, may be payable at such time or times and at such places, may be evidenced in such manner, and may contain such provisions not inconsistent herewith, all as shall be provided and specified by the board of directors in authorizing each particular bond<\/span> issue<\/span>.\n\t\tIf deemed advisable by the board of directors, there may be retained in the proceedings under which any bonds<\/span> of the Authority are authorized to be issued an option to redeem all or any part thereof as may be specified in such proceedings, at such price or prices and after such notice or notices and on such terms and conditions as may be set forth in such proceedings and as may be briefly recited on the face of the bonds<\/span>, but nothing herein contained shall be construed to confer on the Authority any right or option to redeem any bonds<\/span> except as may be provided in the proceedings under which they shall be issued. Any bonds<\/span> of the Authority may be sold at public or private sale in such manner and from time to time as may be determined by the board of directors of the Authority to be most advantageous, and the Authority may pay all costs, premiums, and commissions that its board of directors may deem necessary or advantageous in connection with the issuance thereof. Issuance by the Authority of one or more series of bonds<\/span> for one or more purposes shall not preclude it from issuing other bonds<\/span> in connection with the same facility or any other facility, but the proceedings whereunder any subsequent bonds<\/span> may be issued shall recognize and protect any prior pledge or mortgage made for any prior issue<\/span> of bonds<\/span>. Any bonds<\/span> of the Authority at any time outstanding may from time to time be refunded by the Authority by the issuance of its refunding bonds<\/span> in such amount as the board of directors may deem necessary, but not exceeding an amount sufficient to refund the principal of the bonds<\/span> so to be refunded, together with any unpaid interest thereon and any costs, premiums, or commissions necessary to be paid in connection therewith. Any such refunding may be effected whether the bonds<\/span> to be refunded shall have then matured or shall thereafter mature, either by sale of the refunding bonds<\/span> and the application of the proceeds thereof to the payment of the bonds<\/span> to be refunded thereby, or by the exchange of the refunding bonds<\/span> for the bonds<\/span> to be refunded thereby, with the consent of the holders of the bonds<\/span> so to be refunded, and regardless of whether or not the bonds<\/span> to be refunded were issued in connection with the same facilities or separate facilities, and regardless of whether or not the bonds<\/span> proposed to be refunded shall be payable on the same date or on different dates or shall be due serially or otherwise.\n\t\tAll bonds<\/span> shall be signed by the chairman or vice-chairman of the Authority or shall bear his facsimile signature, and the corporate seal of the Authority or a facsimile thereof shall be impressed or imprinted thereon and attested by the signature of the secretary (or the secretary-treasurer) or the assistant secretary (or assistant secretary-treasurer) of the Authority or shall bear his facsimile signature, and any coupons attached thereto shall bear the facsimile signature of said chairman. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds<\/span> or coupons shall cease to be an officer before delivery of such bonds<\/span>, such signature, or such facsimile, shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. When the signatures of both the chairman or the vice-chairman and the secretary (or the secretary-treasurer) or the assistant secretary (or the assistant secretary-treasurer) are facsimiles, the bonds<\/span> must be authenticated by a corporate trustee or other authenticating agent approved by the Authority.\n\t\tIf the proceeds derived from a particular bond<\/span> issue<\/span>, due to error of estimates or otherwise, shall be less than the cost of the Authority facilities for which such bonds<\/span> were issued, additional bonds<\/span> may in like manner be issued to provide the amount of such deficit, and, unless otherwise provided in the proceedings authorizing the issuance of the bonds<\/span> of such issue<\/span> or in the trust indenture securing the same, shall be deemed to be of the same issue<\/span> and shall be entitled to payment from the same fund without preference or priority of the bonds<\/span> of the first issue<\/span>. If the proceeds of the bonds<\/span> of any issue<\/span> shall exceed such cost, the surplus may be deposited to the credit of the sinking fund for such bonds<\/span> or may be applied to the payment of the cost of any additions, improvements, or enlargements of the Authority facilities for which such bonds<\/span> shall have been issued.\n\t\tPrior to the preparation of definitive bonds<\/span>, the Authority may, under like restrictions, issue<\/span> interim receipts or temporary bonds<\/span> with or without coupons, exchangeable for definitive bonds<\/span> when such bonds<\/span> shall have been executed and are available for delivery. The Authority may also provide for the replacement of any bonds<\/span> that shall become mutilated or shall be destroyed or lost. Bonds<\/span> may be issued under the provisions of this act without obtaining the consent of any department, division, commission, board, bureau, or agency of the Commonwealth, and without any other proceedings or the happening of any other conditions or things other than those proceedings, conditions, or things that are specifically required by this act; provided, however, that nothing contained in this act shall be construed as affecting the powers and duties now conferred by law<\/span> upon the State Corporation Commission.\n\t\tAll bonds<\/span> issued under the provisions of this act shall have and are hereby declared to have all the qualities and incidents of and shall be and are hereby made negotiable instruments under the Uniform Commercial Code of Virginia (\u00a7 8.1A-101<\/a> et seq.), subject only to provisions respecting registration of the bonds<\/span>.\n\t\tIn addition to all other powers granted to the Authority by this act, the Authority is authorized to provide for the issuance, from time to time, of notes or other obligations of the Authority for any of its authorized purposes. All of the provisions of this act that relate to bonds<\/span> or revenue bonds<\/span> shall apply to such notes or other obligations insofar as such provisions may be appropriate.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAUTHORITY TO ISSUE BONDS (\u00a7 15.2-6638)\n\nThe Authority shall have the power to issue bonds from time to time in its\ndiscretion, for any of its purposes, including the payment of all or any part of\nthe cost of Authority facilities and including the payment or retirement of\nbonds previously issued by it. The Authority may issue such types of bonds as it\nmay determine, including (without limiting the generality of the foregoing)\nbonds payable, both as to principal and interest: (i) from its revenues and\nreceipts generally and (ii) exclusively from the revenues and receipts of\ncertain designated facilities or loans whether or not they are financed in whole\nor in part from the proceeds of such bonds. Any such bonds may be additionally\nsecured by a pledge of any grant or contribution from a participating political\nsubdivision, the Commonwealth, or any political subdivision, agency, or\ninstrumentality thereof, any federal agency or any unit, private corporation,\nco-partnership, association, or individual, as such participating political\nsubdivision, or other entities, may be authorized to make under general law or\nby pledge of any income or revenues of the Authority or by mortgage or\nencumbrance of any property or facilities of the Authority. Unless otherwise\nprovided in the proceeding authorizing the issuance of the bonds, or in the\ntrust indenture securing the same, all bonds shall be payable solely and\nexclusively from the revenues and receipts of a particular facility or loan.\nBonds may be executed and delivered by the Authority at any time and from time\nto time may be in such form and denominations and of such terms and maturities,\nmay be in registered or bearer form either as to principal or interest or both,\nmay be payable in such installments and at such time or times not exceeding 40\nyears from the date thereof, may be payable at such place or places whether\nwithin or without the Commonwealth, may bear interest at such rate or rates, may\nbe payable at such time or times and at such places, may be evidenced in such\nmanner, and may contain such provisions not inconsistent herewith, all as shall\nbe provided and specified by the board of directors in authorizing each\nparticular bond issue.\n\t\tIf deemed advisable by the board of directors, there may be retained in the\nproceedings under which any bonds of the Authority are authorized to be issued\nan option to redeem all or any part thereof as may be specified in such\nproceedings, at such price or prices and after such notice or notices and on\nsuch terms and conditions as may be set forth in such proceedings and as may be\nbriefly recited on the face of the bonds, but nothing herein contained shall be\nconstrued to confer on the Authority any right or option to redeem any bonds\nexcept as may be provided in the proceedings under which they shall be issued.\nAny bonds of the Authority may be sold at public or private sale in such manner\nand from time to time as may be determined by the board of directors of the\nAuthority to be most advantageous, and the Authority may pay all costs,\npremiums, and commissions that its board of directors may deem necessary or\nadvantageous in connection with the issuance thereof. Issuance by the Authority\nof one or more series of bonds for one or more purposes shall not preclude it\nfrom issuing other bonds in connection with the same facility or any other\nfacility, but the proceedings whereunder any subsequent bonds may be issued\nshall recognize and protect any prior pledge or mortgage made for any prior\nissue of bonds. Any bonds of the Authority at any time outstanding may from time\nto time be refunded by the Authority by the issuance of its refunding bonds in\nsuch amount as the board of directors may deem necessary, but not exceeding an\namount sufficient to refund the principal of the bonds so to be refunded,\ntogether with any unpaid interest thereon and any costs, premiums, or\ncommissions necessary to be paid in connection therewith. Any such refunding may\nbe effected whether the bonds to be refunded shall have then matured or shall\nthereafter mature, either by sale of the refunding bonds and the application of\nthe proceeds thereof to the payment of the bonds to be refunded thereby, or by\nthe exchange of the refunding bonds for the bonds to be refunded thereby, with\nthe consent of the holders of the bonds so to be refunded, and regardless of\nwhether or not the bonds to be refunded were issued in connection with the same\nfacilities or separate facilities, and regardless of whether or not the bonds\nproposed to be refunded shall be payable on the same date or on different dates\nor shall be due serially or otherwise.\n\t\tAll bonds shall be signed by the chairman or vice-chairman of the Authority or\nshall bear his facsimile signature, and the corporate seal of the Authority or a\nfacsimile thereof shall be impressed or imprinted thereon and attested by the\nsignature of the secretary (or the secretary-treasurer) or the assistant\nsecretary (or assistant secretary-treasurer) of the Authority or shall bear his\nfacsimile signature, and any coupons attached thereto shall bear the facsimile\nsignature of said chairman. In case any officer whose signature or a facsimile\nof whose signature shall appear on any bonds or coupons shall cease to be an\nofficer before delivery of such bonds, such signature, or such facsimile, shall\nnevertheless be valid and sufficient for all purposes the same as if he had\nremained in office until such delivery. When the signatures of both the chairman\nor the vice-chairman and the secretary (or the secretary-treasurer) or the\nassistant secretary (or the assistant secretary-treasurer) are facsimiles, the\nbonds must be authenticated by a corporate trustee or other authenticating agent\napproved by the Authority.\n\t\tIf the proceeds derived from a particular bond issue, due to error of\nestimates or otherwise, shall be less than the cost of the Authority facilities\nfor which such bonds were issued, additional bonds may in like manner be issued\nto provide the amount of such deficit, and, unless otherwise provided in the\nproceedings authorizing the issuance of the bonds of such issue or in the trust\nindenture securing the same, shall be deemed to be of the same issue and shall\nbe entitled to payment from the same fund without preference or priority of the\nbonds of the first issue. If the proceeds of the bonds of any issue shall exceed\nsuch cost, the surplus may be deposited to the credit of the sinking fund for\nsuch bonds or may be applied to the payment of the cost of any additions,\nimprovements, or enlargements of the Authority facilities for which such bonds\nshall have been issued.\n\t\tPrior to the preparation of definitive bonds, the Authority may, under like\nrestrictions, issue interim receipts or temporary bonds with or without coupons,\nexchangeable for definitive bonds when such bonds shall have been executed and\nare available for delivery. The Authority may also provide for the replacement\nof any bonds that shall become mutilated or shall be destroyed or lost. Bonds\nmay be issued under the provisions of this act without obtaining the consent of\nany department, division, commission, board, bureau, or agency of the\nCommonwealth, and without any other proceedings or the happening of any other\nconditions or things other than those proceedings, conditions, or things that\nare specifically required by this act; provided, however, that nothing contained\nin this act shall be construed as affecting the powers and duties now conferred\nby law upon the State Corporation Commission.\n\t\tAll bonds issued under the provisions of this act shall have and are hereby\ndeclared to have all the qualities and incidents of and shall be and are hereby\nmade negotiable instruments under the Uniform Commercial Code of Virginia (\u00a7\n8.1A-101 et seq.), subject only to provisions respecting registration of the\nbonds.\n\t\tIn addition to all other powers granted to the Authority by this act, the\nAuthority is authorized to provide for the issuance, from time to time, of notes\nor other obligations of the Authority for any of its authorized purposes. All of\nthe provisions of this act that relate to bonds or revenue bonds shall apply to\nsuch notes or other obligations insofar as such provisions may be appropriate.\n\nHISTORY: 2005, c. 842.","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}}