{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/15.2-7214.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/15.2-7214.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/15.2-7214.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/15.2-7214.html"}],"law_id":85418,"edition_id":1,"section_id":85418,"structure_id":14681,"section_number":"15.2-7214","catch_line":"Authority to issue bonds","history":"2010, cc. 117, 210.","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 infrastructure and facilities; including the payment or retirement of bonds previously issued by it and including the costs of the issuance of such bonds. The Authority may issue such types of bonds as it may determine, including, without limitation, 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 operations or facilities whether or not they are financed in whole or in part from the proceeds of such bonds. Any such bonds may be additionally secured (a) by a pledge of any grant or contribution from the Commonwealth, or any political subdivision, agency, or instrumentality thereof, any federal agency or any unit, private corporation, co-partnership, association, or individual, or other entity, or (b) by mortgage or encumbrance of any property or facilities of the Authority. Unless otherwise provided in the proceedings 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 the Authority. 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, book entry, or bearer form either as to principal or interest or both, may be payable in such installments and at such time or times, 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 place or 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 including any designation of an agent or officer of the Authority to establish such provisions under guidelines established by the Authority.\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, including insurance 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.\n\t\tAll bonds shall be signed on behalf of the Authority by the chairman or vice-chairman of the Authority, or shall bear the facsimile signature of such officer, and shall bear the official seal of the Authority, or a facsimile thereof shall be impressed or imprinted thereon and shall be attested to by the manual or facsimile signature of the secretary (or the secretary-treasurer) or assistant secretary (or assistant secretary-treasurer) of the Authority. Any coupons attached thereto shall bear the signature or facsimile signature of such chairman. In case any officer whose signature or a facsimile of whose signature appears on any bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or facsimile signature nevertheless shall be valid and sufficient for all purposes as if such officer 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 or infrastructure 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 or infrastructure 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 chapter 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 chapter.\n\t\tAll bonds issued under the provisions of this chapter 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\tThe interest income from and any profit made on the sale of the obligations issued under the provisions of this Act shall at all times be free and exempt from taxation by the Commonwealth and by any municipality, county, or other political subdivision thereof.","order_by":null,"text":{"0":{"id":306002,"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 infrastructure and facilities; including the payment or retirement of bonds previously issued by it and including the costs of the issuance of such bonds. The Authority may issue such types of bonds as it may determine, including, without limitation, 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 operations or facilities whether or not they are financed in whole or in part from the proceeds of such bonds. Any such bonds may be additionally secured (a) by a pledge of any grant or contribution from the Commonwealth, or any political subdivision, agency, or instrumentality thereof, any federal agency or any unit, private corporation, co-partnership, association, or individual, or other entity, or (b) by mortgage or encumbrance of any property or facilities of the Authority. Unless otherwise provided in the proceedings 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 the Authority. 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, book entry, or bearer form either as to principal or interest or both, may be payable in such installments and at such time or times, 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 place or 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 including any designation of an agent or officer of the Authority to establish such provisions under guidelines established by the Authority.\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, including insurance 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.\n\t\tAll bonds shall be signed on behalf of the Authority by the chairman or vice-chairman of the Authority, or shall bear the facsimile signature of such officer, and shall bear the official seal of the Authority, or a facsimile thereof shall be impressed or imprinted thereon and shall be attested to by the manual or facsimile signature of the secretary (or the secretary-treasurer) or assistant secretary (or assistant secretary-treasurer) of the Authority. Any coupons attached thereto shall bear the signature or facsimile signature of such chairman. In case any officer whose signature or a facsimile of whose signature appears on any bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or facsimile signature nevertheless shall be valid and sufficient for all purposes as if such officer 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 or infrastructure 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 or infrastructure 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 chapter 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 chapter.\n\t\tAll bonds issued under the provisions of this chapter 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\tThe interest income from and any profit made on the sale of the obligations issued under the provisions of this Act shall at all times be free and exempt from taxation by the Commonwealth and by any municipality, county, or other political subdivision thereof.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14681,"edition_id":1,"name":"Bvu Authority Act","identifier":"72","label":"chapter","depth":3,"order_by":1,"parent_id":12721,"metadata":{},"date_created":"2026-06-26 03:49:18","date_modified":"2026-06-26 03:49:18","permalink":{"id":160609,"object_type":"structure","relational_id":14681,"identifier":"72","token":"15.2\/IV\/72","url":"\/15.2\/IV\/72\/","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":70201,"structure_id":14681,"section_number":"15.2-7200","catch_line":"Short title","url":"\/15.2-7200\/","token":"15.2\/IV\/72\/15.2-7200","metadata":false},{"id":72489,"structure_id":14681,"section_number":"15.2-7201","catch_line":"Creation; public purpose","url":"\/15.2-7201\/","token":"15.2\/IV\/72\/15.2-7201","metadata":false},{"id":61515,"structure_id":14681,"section_number":"15.2-7202","catch_line":"Definitions","url":"\/15.2-7202\/","token":"15.2\/IV\/72\/15.2-7202","metadata":false},{"id":73639,"structure_id":14681,"section_number":"15.2-7203","catch_line":"BVU Authority; operating name or names","url":"\/15.2-7203\/","token":"15.2\/IV\/72\/15.2-7203","metadata":false},{"id":65200,"structure_id":14681,"section_number":"15.2-7204","catch_line":"Divisions","url":"\/15.2-7204\/","token":"15.2\/IV\/72\/15.2-7204","metadata":false},{"id":64561,"structure_id":14681,"section_number":"15.2-7205","catch_line":"Board of Directors; membership","url":"\/15.2-7205\/","token":"15.2\/IV\/72\/15.2-7205","metadata":false},{"id":64567,"structure_id":14681,"section_number":"15.2-7206","catch_line":"Organization; compensation","url":"\/15.2-7206\/","token":"15.2\/IV\/72\/15.2-7206","metadata":false},{"id":62252,"structure_id":14681,"section_number":"15.2-7207","catch_line":"Powers generally","url":"\/15.2-7207\/","token":"15.2\/IV\/72\/15.2-7207","metadata":false},{"id":56948,"structure_id":14681,"section_number":"15.2-7208","catch_line":"Powers","url":"\/15.2-7208\/","token":"15.2\/IV\/72\/15.2-7208","metadata":false},{"id":86955,"structure_id":14681,"section_number":"15.2-7209","catch_line":"Authority deemed to be an MLEC","url":"\/15.2-7209\/","token":"15.2\/IV\/72\/15.2-7209","metadata":false},{"id":79237,"structure_id":14681,"section_number":"15.2-7210","catch_line":"Transfer of properties and debt","url":"\/15.2-7210\/","token":"15.2\/IV\/72\/15.2-7210","metadata":false},{"id":71108,"structure_id":14681,"section_number":"15.2-7211","catch_line":"Reports","url":"\/15.2-7211\/","token":"15.2\/IV\/72\/15.2-7211","metadata":false},{"id":66186,"structure_id":14681,"section_number":"15.2-7212","catch_line":"Procurement","url":"\/15.2-7212\/","token":"15.2\/IV\/72\/15.2-7212","metadata":false},{"id":56303,"structure_id":14681,"section_number":"15.2-7213","catch_line":"Deposit and investment of funds","url":"\/15.2-7213\/","token":"15.2\/IV\/72\/15.2-7213","metadata":false},{"id":85418,"structure_id":14681,"section_number":"15.2-7214","catch_line":"Authority to issue bonds","url":"\/15.2-7214\/","token":"15.2\/IV\/72\/15.2-7214","metadata":false},{"id":80847,"structure_id":14681,"section_number":"15.2-7215","catch_line":"Credit of Commonwealth and political subdivisions not pledged","url":"\/15.2-7215\/","token":"15.2\/IV\/72\/15.2-7215","metadata":false},{"id":60887,"structure_id":14681,"section_number":"15.2-7216","catch_line":"Directors and persons executing bonds not liable thereon","url":"\/15.2-7216\/","token":"15.2\/IV\/72\/15.2-7216","metadata":false},{"id":56980,"structure_id":14681,"section_number":"15.2-7217","catch_line":"Security for payment of bonds; default","url":"\/15.2-7217\/","token":"15.2\/IV\/72\/15.2-7217","metadata":false},{"id":60677,"structure_id":14681,"section_number":"15.2-7218","catch_line":"Bonds as legal investments","url":"\/15.2-7218\/","token":"15.2\/IV\/72\/15.2-7218","metadata":false},{"id":79805,"structure_id":14681,"section_number":"15.2-7219","catch_line":"Contracts concerning interest rates and investments","url":"\/15.2-7219\/","token":"15.2\/IV\/72\/15.2-7219","metadata":false},{"id":69914,"structure_id":14681,"section_number":"15.2-7220","catch_line":"Taxation","url":"\/15.2-7220\/","token":"15.2\/IV\/72\/15.2-7220","metadata":false},{"id":57303,"structure_id":14681,"section_number":"15.2-7221","catch_line":"Sovereign immunity","url":"\/15.2-7221\/","token":"15.2\/IV\/72\/15.2-7221","metadata":false},{"id":57090,"structure_id":14681,"section_number":"15.2-7222","catch_line":"Appropriation by political subdivision","url":"\/15.2-7222\/","token":"15.2\/IV\/72\/15.2-7222","metadata":false},{"id":66292,"structure_id":14681,"section_number":"15.2-7223","catch_line":"Contracts with political subdivisions","url":"\/15.2-7223\/","token":"15.2\/IV\/72\/15.2-7223","metadata":false},{"id":74807,"structure_id":14681,"section_number":"15.2-7224","catch_line":"Application of local ordinances, service charges, and taxes upon leaseholds","url":"\/15.2-7224\/","token":"15.2\/IV\/72\/15.2-7224","metadata":false},{"id":75879,"structure_id":14681,"section_number":"15.2-7225","catch_line":"Existing contracts, leases, franchises, etc., not impaired","url":"\/15.2-7225\/","token":"15.2\/IV\/72\/15.2-7225","metadata":false},{"id":84795,"structure_id":14681,"section_number":"15.2-7226","catch_line":"Liberal construction","url":"\/15.2-7226\/","token":"15.2\/IV\/72\/15.2-7226","metadata":false}],"previous_section":{"id":56303,"structure_id":14681,"section_number":"15.2-7213","catch_line":"Deposit and investment of funds","url":"\/15.2-7213\/","token":"15.2\/IV\/72\/15.2-7213","metadata":false},"next_section":{"id":80847,"structure_id":14681,"section_number":"15.2-7215","catch_line":"Credit of Commonwealth and political subdivisions not pledged","url":"\/15.2-7215\/","token":"15.2\/IV\/72\/15.2-7215","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/15.2-7214\/","history_text":"

This law was first created in 2010. The record of its establishment is cataloged in chapters 117<\/a> and 210<\/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":false,"refers_to":[{"id":54278,"section_number":"8.1A-101","catch_line":"Short titles","order_by":null,"url":"\/8.1A-101\/"}],"permalink":{"id":160667,"object_type":"law","relational_id":85418,"identifier":"15.2-7214","token":"15.2\/IV\/72\/15.2-7214","url":"\/15.2-7214\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/15.2-7214\/","token":"15.2\/IV\/72\/15.2-7214","dublin_core":{"Title":"Authority to issue bonds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 15.2-7214","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The Authority<\/span> shall have the power to issue<\/span> bonds<\/span><\/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<\/span> infrastructure<\/span> and facilities; including the payment or retirement of bonds<\/span><\/span> previously issued by it and including the costs of the issuance of such bonds<\/span><\/span>. The Authority<\/span> may issue<\/span> such types of bonds<\/span><\/span> as it may determine, including, without limitation, bonds<\/span><\/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 operations or facilities whether or not they are financed in whole or in part from the proceeds of such bonds<\/span><\/span>. Any such bonds<\/span><\/span> may be additionally secured (a) by a pledge of any grant or contribution from the Commonwealth<\/span>, or any political subdivision, agency, or instrumentality thereof, any federal agency or any unit, private corporation, co-partnership, association, or individual, or other entity, or (b) by mortgage or encumbrance of any property or facilities of the Authority<\/span>. Unless otherwise provided in the proceedings authorizing the issuance of the bonds<\/span><\/span>, or in the trust indenture securing the same, all bonds<\/span><\/span> shall be payable solely and exclusively from the revenues and receipts of the Authority<\/span>. Bonds<\/span><\/span> may be executed and delivered by the Authority<\/span> 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, book entry, or bearer form either as to principal or interest or both, may be payable in such installments and at such time or times, may be payable at such place or places whether within or without the Commonwealth<\/span>, may bear interest at such rate or rates, may be payable at such time or times, and at such place or 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<\/span> in authorizing each particular bond<\/span> issue<\/span> including any designation of an agent or officer of the Authority<\/span> to establish such provisions under guidelines established by the Authority<\/span>.\n\t\tIf deemed advisable by the Board of Directors<\/span>, there may be retained in the proceedings under which any bonds<\/span><\/span> of the Authority<\/span> 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><\/span>, but nothing herein contained shall be construed to confer on the Authority<\/span> any right or option to redeem any bonds<\/span><\/span> except as may be provided in the proceedings under which they shall be issued. Any bonds<\/span><\/span> of the Authority<\/span> 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<\/span> of the Authority<\/span> to be most advantageous, and the Authority<\/span> may pay all costs, premiums, and commissions<\/span> that its Board of Directors<\/span> may deem necessary or advantageous in connection with the issuance thereof. Issuance by the Authority<\/span> of one or more series of bonds<\/span><\/span> for one or more purposes shall not preclude it from issuing other bonds<\/span><\/span> in connection with the same facility or any other facility, but the proceedings whereunder any subsequent bonds<\/span><\/span> may be issued shall recognize and protect any prior pledge or mortgage made for any prior issue<\/span> of bonds<\/span><\/span>. Any bonds<\/span><\/span> of the Authority<\/span> at any time outstanding may from time to time be refunded by the Authority<\/span> by the issuance of its refunding bonds<\/span><\/span> in such amount as the Board of Directors<\/span> may deem necessary, but not exceeding an amount sufficient to refund the principal of the bonds<\/span><\/span> so to be refunded, together with any unpaid interest thereon and any costs, including insurance costs, premiums, or commissions<\/span> necessary to be paid in connection therewith. Any such refunding may be effected whether the bonds<\/span><\/span> to be refunded shall have then matured or shall thereafter mature, either by sale of the refunding bonds<\/span><\/span> and the application of the proceeds thereof to the payment of the bonds<\/span><\/span> to be refunded thereby, or by the exchange of the refunding bonds<\/span><\/span> for the bonds<\/span><\/span> to be refunded thereby.\n\t\tAll bonds<\/span><\/span> shall be signed on behalf of the Authority<\/span> by the chairman or vice-chairman of the Authority<\/span>, or shall bear the facsimile signature of such officer, and shall bear the official seal of the Authority<\/span>, or a facsimile thereof shall be impressed or imprinted thereon and shall be attested to by the manual or facsimile signature of the secretary (or the secretary-treasurer) or assistant secretary (or assistant secretary-treasurer) of the Authority<\/span>. Any coupons attached thereto shall bear the signature or facsimile signature of such chairman. In case any officer whose signature or a facsimile of whose signature appears on any bonds<\/span><\/span> or coupons shall cease to be such officer before the delivery of such bonds<\/span><\/span>, such signature or facsimile signature nevertheless shall be valid and sufficient for all purposes as if such officer 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><\/span> must be authenticated by a corporate trustee or other authenticating agent approved by the Authority<\/span>.\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<\/span> facilities or infrastructure<\/span> for which such bonds<\/span><\/span> were issued, additional bonds<\/span><\/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><\/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><\/span> of the first issue<\/span>. If the proceeds of the bonds<\/span><\/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><\/span> or may be applied to the payment of the cost of any additions, improvements, or enlargements of the Authority<\/span> facilities or infrastructure<\/span> for which such bonds<\/span><\/span> shall have been issued.\n\t\tPrior to the preparation of definitive bonds<\/span><\/span>, the Authority<\/span> may, under like restrictions, issue<\/span> interim receipts or temporary bonds<\/span><\/span> with or without coupons, exchangeable for definitive bonds<\/span><\/span> when such bonds<\/span><\/span> shall have been executed and are available for delivery. The Authority<\/span> may also provide for the replacement of any bonds<\/span><\/span> that shall become mutilated or shall be destroyed or lost. Bonds<\/span><\/span> may be issued under the provisions of this chapter without obtaining the consent of any department, division, commission<\/span>, board, bureau, or agency of the Commonwealth<\/span>, 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 chapter.\n\t\tAll bonds<\/span><\/span> issued under the provisions of this chapter 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><\/span>.\n\t\tThe interest income from and any profit made on the sale of the obligations issued under the provisions of this Act shall at all times be free and exempt from taxation by the Commonwealth<\/span> and by any municipality, county<\/span>, or other political subdivision thereof.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nAUTHORITY TO ISSUE BONDS (\u00a7 15.2-7214)\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 infrastructure and facilities; including the payment or\nretirement of bonds previously issued by it and including the costs of the\nissuance of such bonds. The Authority may issue such types of bonds as it may\ndetermine, including, without limitation, bonds payable, both as to principal\nand interest: (i) from its revenues and receipts generally and (ii) exclusively\nfrom the revenues and receipts of certain designated operations or facilities\nwhether or not they are financed in whole or in part from the proceeds of such\nbonds. Any such bonds may be additionally secured (a) by a pledge of any grant\nor contribution from the Commonwealth, or any political subdivision, agency, or\ninstrumentality thereof, any federal agency or any unit, private corporation,\nco-partnership, association, or individual, or other entity, or (b) by mortgage\nor encumbrance of any property or facilities of the Authority. Unless otherwise\nprovided in the proceedings 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 the Authority. Bonds may be\nexecuted and delivered by the Authority at any time and from time to time, may\nbe in such form and denominations and of such terms and maturities, may be in\nregistered, book entry, or bearer form either as to principal or interest or\nboth, may be payable in such installments and at such time or times, may be\npayable at such place or places whether within or without the Commonwealth, may\nbear interest at such rate or rates, may be payable at such time or times, and\nat such place or places, may be evidenced in such manner, and may contain such\nprovisions not inconsistent herewith, all as shall be provided and specified by\nthe Board of Directors in authorizing each particular bond issue including any\ndesignation of an agent or officer of the Authority to establish such provisions\nunder guidelines established by the Authority.\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, including insurance\ncosts, premiums, or commissions necessary to be paid in connection therewith.\nAny such refunding may be effected whether the bonds to be refunded shall have\nthen matured or shall thereafter mature, either by sale of the refunding bonds\nand the application of the proceeds thereof to the payment of the bonds to be\nrefunded thereby, or by the exchange of the refunding bonds for the bonds to be\nrefunded thereby.\n\t\tAll bonds shall be signed on behalf of the Authority by the chairman or\nvice-chairman of the Authority, or shall bear the facsimile signature of such\nofficer, and shall bear the official seal of the Authority, or a facsimile\nthereof shall be impressed or imprinted thereon and shall be attested to by the\nmanual or facsimile signature of the secretary (or the secretary-treasurer) or\nassistant secretary (or assistant secretary-treasurer) of the Authority. Any\ncoupons attached thereto shall bear the signature or facsimile signature of such\nchairman. In case any officer whose signature or a facsimile of whose signature\nappears on any bonds or coupons shall cease to be such officer before the\ndelivery of such bonds, such signature or facsimile signature nevertheless shall\nbe valid and sufficient for all purposes as if such officer had remained in\noffice until such delivery. When the signatures of both the chairman or the\nvice-chairman and the secretary (or the secretary-treasurer) or the assistant\nsecretary (or the assistant secretary-treasurer) are facsimiles, the bonds must\nbe authenticated by a corporate trustee or other authenticating agent approved\nby 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\nor infrastructure for which such bonds were issued, additional bonds may in like\nmanner be issued to provide the amount of such deficit, and, unless otherwise\nprovided in the proceedings authorizing the issuance of the bonds of such issue\nor in the trust indenture securing the same, shall be deemed to be of the same\nissue and shall be entitled to payment from the same fund without preference or\npriority of the bonds of the first issue. If the proceeds of the bonds of any\nissue shall exceed such cost, the surplus may be deposited to the credit of the\nsinking fund for such bonds or may be applied to the payment of the cost of any\nadditions, improvements, or enlargements of the Authority facilities or\ninfrastructure for which such bonds shall 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 chapter without obtaining the consent\nof any 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 chapter.\n\t\tAll bonds issued under the provisions of this chapter shall have and are\nhereby declared to have all the qualities and incidents of and shall be and are\nhereby made negotiable instruments under the Uniform Commercial Code of Virginia\n(\u00a7 8.1A-101 et seq.), subject only to provisions respecting registration of the\nbonds.\n\t\tThe interest income from and any profit made on the sale of the obligations\nissued under the provisions of this Act shall at all times be free and exempt\nfrom taxation by the Commonwealth and by any municipality, county, or other\npolitical subdivision thereof.\n\nHISTORY: 2010, cc. 117, 210.","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}}