{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2205.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2205.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2205.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2205.html"}],"law_id":69352,"edition_id":1,"section_id":69352,"structure_id":13821,"section_number":"2.2-2205","catch_line":"Form, terms, execution and sale of bonds; use of proceeds; interim receipts or temporary bonds; lost or destroyed bonds; faith and credit of state and political subdivisions not pledged; expenses","history":"1995, c. 758, \u00a7 9-266.6; 2001, c. 844.","full_text":"The bonds of each issue shall be dated, shall bear interest at such rates as are fixed by the Authority, or as may be determined in such manner as the Authority may provide, including the determination by agents designated by the Authority under guidelines established by the Authority, shall mature at such time not exceeding forty years from their date as may be determined by the Authority, and may be made redeemable before maturity, at the option of the Authority, at such price and under such terms and conditions as may be fixed by the Authority prior to the issuance of the bonds. The Authority shall determine the form of bonds and their manner of execution, and shall fix the denomination of the bonds and the place of payment of principal and interest, which may be at any bank or trust company within or without the Commonwealth. The bonds shall be signed by the chairman or vice-chairman of the Authority or, if so authorized by the Authority, shall bear his facsimile signature, and the official seal of the Authority, or, if so authorized by the Authority, a facsimile thereof shall be impressed or imprinted thereon and attested by the secretary or any assistant secretary of the Authority, or, if so authorized by the Authority, with the facsimile signature of such secretary or assistant secretary. Any coupons attached to bonds issued by the Authority shall bear the signature of the chairman or vice-chairman of the Authority or a facsimile thereof. In case any officer whose signature or a facsimile of whose signature appears on any bonds or coupons ceases to be an officer before the delivery of the bonds, his signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery and any bonds may bear the facsimile signature of, or may be signed by, such persons as at the actual time of the execution of such bonds shall be the proper officers to sign such bonds although at the date of such bonds such persons may not have been such officers. The bonds may be issued in coupon or in registered form, or both, as the Authority may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, for the reconversion into coupon bonds of any bonds registered as to both principal and interest, and for the interchange of registered and coupon bonds. Bonds issued in registered form may be issued under a system of book-entry for recording the ownership and transfer of ownership of rights to receive payment of principal of, and premium on, if any, and interest on such bonds. The Authority may contract for the services of one or more banks, trust companies, financial institutions or other entities or persons, within or without the Commonwealth for the authentication, registration, transfer, exchange and payment of the bonds, or may provide such services itself. The Authority may sell such bonds in such manner, either at public or private sale, and for such price as it may determine will best effect the purposes of this article.\n\t\tThe proceeds of the bonds of each issue shall be used solely for the purposes, and in furtherance of the powers, of the Authority as may be provided in the resolution authorizing the issuance of such bonds or in a trust agreement authorized by \u00a7 2.2-2206 securing the bonds.\n\t\tIn addition to the above powers, the Authority may issue interim receipts or temporary bonds as provided in \u00a7 15.2-2616 and execute and deliver new bonds in place of bonds mutilated, lost or destroyed, as provided in \u00a7 15.2-2621.\n\t\tNo obligation of the Authority shall be deemed to constitute a debt, or pledge of the faith and credit, of the Commonwealth or of any political subdivision thereof, but shall be payable solely from the revenues and other funds of the Authority pledged thereto. All such obligations shall contain on the face thereof a statement to the effect that the Commonwealth, any political subdivision thereof and the Authority shall not be obligated to pay the same or the interest thereon except from revenues and other funds of the Authority pledged thereto, and that neither the faith and credit nor the taxing power of the Commonwealth or of any political subdivision thereof is pledged to the payment of the principal of or the interest on such obligations.\n\t\tAll expenses incurred in carrying out the provisions of the act shall be payable solely from funds provided under the provisions of this act, and no liability shall be incurred by the Authority beyond the extent to which moneys have been provided under the provisions of this article.","order_by":null,"text":{"0":{"id":250828,"text":"The bonds of each issue shall be dated, shall bear interest at such rates as are fixed by the Authority, or as may be determined in such manner as the Authority may provide, including the determination by agents designated by the Authority under guidelines established by the Authority, shall mature at such time not exceeding forty years from their date as may be determined by the Authority, and may be made redeemable before maturity, at the option of the Authority, at such price and under such terms and conditions as may be fixed by the Authority prior to the issuance of the bonds. The Authority shall determine the form of bonds and their manner of execution, and shall fix the denomination of the bonds and the place of payment of principal and interest, which may be at any bank or trust company within or without the Commonwealth. The bonds shall be signed by the chairman or vice-chairman of the Authority or, if so authorized by the Authority, shall bear his facsimile signature, and the official seal of the Authority, or, if so authorized by the Authority, a facsimile thereof shall be impressed or imprinted thereon and attested by the secretary or any assistant secretary of the Authority, or, if so authorized by the Authority, with the facsimile signature of such secretary or assistant secretary. Any coupons attached to bonds issued by the Authority shall bear the signature of the chairman or vice-chairman of the Authority or a facsimile thereof. In case any officer whose signature or a facsimile of whose signature appears on any bonds or coupons ceases to be an officer before the delivery of the bonds, his signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery and any bonds may bear the facsimile signature of, or may be signed by, such persons as at the actual time of the execution of such bonds shall be the proper officers to sign such bonds although at the date of such bonds such persons may not have been such officers. The bonds may be issued in coupon or in registered form, or both, as the Authority may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, for the reconversion into coupon bonds of any bonds registered as to both principal and interest, and for the interchange of registered and coupon bonds. Bonds issued in registered form may be issued under a system of book-entry for recording the ownership and transfer of ownership of rights to receive payment of principal of, and premium on, if any, and interest on such bonds. The Authority may contract for the services of one or more banks, trust companies, financial institutions or other entities or persons, within or without the Commonwealth for the authentication, registration, transfer, exchange and payment of the bonds, or may provide such services itself. The Authority may sell such bonds in such manner, either at public or private sale, and for such price as it may determine will best effect the purposes of this article.\n\t\tThe proceeds of the bonds of each issue shall be used solely for the purposes, and in furtherance of the powers, of the Authority as may be provided in the resolution authorizing the issuance of such bonds or in a trust agreement authorized by \u00a7 2.2-2206 securing the bonds.\n\t\tIn addition to the above powers, the Authority may issue interim receipts or temporary bonds as provided in \u00a7 15.2-2616 and execute and deliver new bonds in place of bonds mutilated, lost or destroyed, as provided in \u00a7 15.2-2621.\n\t\tNo obligation of the Authority shall be deemed to constitute a debt, or pledge of the faith and credit, of the Commonwealth or of any political subdivision thereof, but shall be payable solely from the revenues and other funds of the Authority pledged thereto. All such obligations shall contain on the face thereof a statement to the effect that the Commonwealth, any political subdivision thereof and the Authority shall not be obligated to pay the same or the interest thereon except from revenues and other funds of the Authority pledged thereto, and that neither the faith and credit nor the taxing power of the Commonwealth or of any political subdivision thereof is pledged to the payment of the principal of or the interest on such obligations.\n\t\tAll expenses incurred in carrying out the provisions of the act shall be payable solely from funds provided under the provisions of this act, and no liability shall be incurred by the Authority beyond the extent to which moneys have been provided under the provisions of this article.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13821,"edition_id":1,"name":"Commercial Space Flight Authority","identifier":"2","label":"article","depth":5,"order_by":1,"parent_id":13344,"metadata":{},"date_created":"2026-06-26 03:45:59","date_modified":"2026-06-26 03:45:59","permalink":{"id":174147,"object_type":"structure","relational_id":13821,"identifier":"2","token":"2.2\/I\/D\/22\/2","url":"\/2.2\/I\/D\/22\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13344,"edition_id":1,"name":"Authorities","identifier":"22","label":"chapter","depth":4,"order_by":1,"parent_id":12785,"metadata":{},"date_created":"2026-06-26 03:44:41","date_modified":"2026-06-26 03:44:41","permalink":{"id":173945,"object_type":"structure","relational_id":13344,"identifier":"22","token":"2.2\/I\/D\/22","url":"\/2.2\/I\/D\/22\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12785,"edition_id":1,"name":"State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies","identifier":"D","label":"part","depth":3,"order_by":1,"parent_id":12784,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":173913,"object_type":"structure","relational_id":12785,"identifier":"D","token":"2.2\/I\/D","url":"\/2.2\/I\/D\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12784,"edition_id":1,"name":"Organization of State Government","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12749,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":171455,"object_type":"structure","relational_id":12784,"identifier":"I","token":"2.2\/I","url":"\/2.2\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12749,"edition_id":1,"name":"Administration of Government","identifier":"2.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":171453,"object_type":"structure","relational_id":12749,"identifier":"2.2","token":"2.2","url":"\/2.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":76603,"structure_id":13821,"section_number":"2.2-2201","catch_line":"Short title; definitions","url":"\/2.2-2201\/","token":"2.2\/I\/D\/22\/2\/2.2-2201","metadata":false},{"id":86402,"structure_id":13821,"section_number":"2.2-2202","catch_line":"Declaration of public purpose; Virginia Commercial Space Flight Authority created","url":"\/2.2-2202\/","token":"2.2\/I\/D\/22\/2\/2.2-2202","metadata":false},{"id":79427,"structure_id":13821,"section_number":"2.2-2203","catch_line":"Board of directors; members and officers; Executive Director","url":"\/2.2-2203\/","token":"2.2\/I\/D\/22\/2\/2.2-2203","metadata":false},{"id":65039,"structure_id":13821,"section_number":"2.2-2203.1","catch_line":"Repealed","url":"\/2.2-2203.1\/","token":"2.2\/I\/D\/22\/2\/2.2-2203.1","metadata":false},{"id":65668,"structure_id":13821,"section_number":"2.2-2203.2","catch_line":"Strategic plan","url":"\/2.2-2203.2\/","token":"2.2\/I\/D\/22\/2\/2.2-2203.2","metadata":false},{"id":71900,"structure_id":13821,"section_number":"2.2-2203.3","catch_line":"Employees; employment; personnel rules","url":"\/2.2-2203.3\/","token":"2.2\/I\/D\/22\/2\/2.2-2203.3","metadata":false},{"id":57677,"structure_id":13821,"section_number":"2.2-2203.4","catch_line":"Trust for postemployment benefits authorized; administration","url":"\/2.2-2203.4\/","token":"2.2\/I\/D\/22\/2\/2.2-2203.4","metadata":false},{"id":57668,"structure_id":13821,"section_number":"2.2-2204","catch_line":"Powers of the Authority","url":"\/2.2-2204\/","token":"2.2\/I\/D\/22\/2\/2.2-2204","metadata":false},{"id":69352,"structure_id":13821,"section_number":"2.2-2205","catch_line":"Form, terms, execution and sale of bonds; use of proceeds; interim receipts or temporary bonds; lost or destroyed bonds; faith and credit of state and political subdivisions not pledged; expenses","url":"\/2.2-2205\/","token":"2.2\/I\/D\/22\/2\/2.2-2205","metadata":false},{"id":65786,"structure_id":13821,"section_number":"2.2-2206","catch_line":"Trust indenture or agreement securing bonds","url":"\/2.2-2206\/","token":"2.2\/I\/D\/22\/2\/2.2-2206","metadata":false},{"id":85436,"structure_id":13821,"section_number":"2.2-2207","catch_line":"Moneys received deemed trust funds","url":"\/2.2-2207\/","token":"2.2\/I\/D\/22\/2\/2.2-2207","metadata":false},{"id":75999,"structure_id":13821,"section_number":"2.2-2208","catch_line":"Proceedings by bondholder or trustee to enforce rights","url":"\/2.2-2208\/","token":"2.2\/I\/D\/22\/2\/2.2-2208","metadata":false},{"id":64504,"structure_id":13821,"section_number":"2.2-2209","catch_line":"Bonds made securities for investment and deposit","url":"\/2.2-2209\/","token":"2.2\/I\/D\/22\/2\/2.2-2209","metadata":false},{"id":57238,"structure_id":13821,"section_number":"2.2-2210","catch_line":"Refunding bonds; bonds for refunding and for costs of additional projects","url":"\/2.2-2210\/","token":"2.2\/I\/D\/22\/2\/2.2-2210","metadata":false},{"id":78751,"structure_id":13821,"section_number":"2.2-2211","catch_line":"Grants or loans of public or private funds","url":"\/2.2-2211\/","token":"2.2\/I\/D\/22\/2\/2.2-2211","metadata":false},{"id":82421,"structure_id":13821,"section_number":"2.2-2212","catch_line":"Moneys of Authority","url":"\/2.2-2212\/","token":"2.2\/I\/D\/22\/2\/2.2-2212","metadata":false},{"id":63805,"structure_id":13821,"section_number":"2.2-2213","catch_line":"Forms of accounts and records; audit; annual report","url":"\/2.2-2213\/","token":"2.2\/I\/D\/22\/2\/2.2-2213","metadata":false},{"id":54835,"structure_id":13821,"section_number":"2.2-2214","catch_line":"Exemption from taxes or assessments","url":"\/2.2-2214\/","token":"2.2\/I\/D\/22\/2\/2.2-2214","metadata":false},{"id":68835,"structure_id":13821,"section_number":"2.2-2215","catch_line":"Powers not restrictive; exemptions from Public Procurement Act and the Virginia Personnel Act","url":"\/2.2-2215\/","token":"2.2\/I\/D\/22\/2\/2.2-2215","metadata":false},{"id":80275,"structure_id":13821,"section_number":"2.2-2216","catch_line":"Appropriations by any government","url":"\/2.2-2216\/","token":"2.2\/I\/D\/22\/2\/2.2-2216","metadata":false},{"id":64038,"structure_id":13821,"section_number":"2.2-2217","catch_line":"Conveyance, lease or transfer of property by a city or county to the Authority","url":"\/2.2-2217\/","token":"2.2\/I\/D\/22\/2\/2.2-2217","metadata":false}],"previous_section":{"id":57668,"structure_id":13821,"section_number":"2.2-2204","catch_line":"Powers of the Authority","url":"\/2.2-2204\/","token":"2.2\/I\/D\/22\/2\/2.2-2204","metadata":false},"next_section":{"id":65786,"structure_id":13821,"section_number":"2.2-2206","catch_line":"Trust indenture or agreement securing bonds","url":"\/2.2-2206\/","token":"2.2\/I\/D\/22\/2\/2.2-2206","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2205\/","history_text":"

This law was first created in 1995. The record of its establishment is cataloged in chapter 758<\/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. It has been modified 1 time. 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. That modification is as follows: in 2001, chapter 844<\/a>.<\/p>","references":false,"refers_to":[{"id":67880,"section_number":"15.2-2616","catch_line":"Interim receipts or temporary bonds exchangeable for definitive bonds","order_by":null,"url":"\/15.2-2616\/"},{"id":58244,"section_number":"15.2-2621","catch_line":"Bonds mutilated, lost or destroyed","order_by":null,"url":"\/15.2-2621\/"},{"id":65786,"section_number":"2.2-2206","catch_line":"Trust indenture or agreement securing bonds","order_by":null,"url":"\/2.2-2206\/"}],"permalink":{"id":174181,"object_type":"law","relational_id":69352,"identifier":"2.2-2205","token":"2.2\/I\/D\/22\/2\/2.2-2205","url":"\/2.2-2205\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-2205\/","token":"2.2\/I\/D\/22\/2\/2.2-2205","dublin_core":{"Title":"Form, terms, execution and sale of bonds; use of proceeds; interim receipts or temporary bonds; lost or destroyed bonds; faith and credit of state and political subdivisions not pledged; expenses","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2205","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The bonds<\/span><\/span> of each issue<\/span> shall be dated, shall bear interest at such rates as are fixed by the Authority<\/span>, or as may be determined in such manner as the Authority<\/span> may provide, including the determination by agents designated by the Authority<\/span> under guidelines established by the Authority<\/span>, shall mature at such time not exceeding forty years from their date as may be determined by the Authority<\/span>, and may be made redeemable before maturity, at the option of the Authority<\/span>, at such price and under such terms and conditions as may be fixed by the Authority<\/span> prior to the issuance of the bonds<\/span><\/span>. The Authority<\/span> shall determine the form of bonds<\/span><\/span> and their manner of execution, and shall fix the denomination of the bonds<\/span><\/span> and the place of payment of principal and interest, which may be at any bank or trust company within or without the Commonwealth<\/span>. The bonds<\/span><\/span> shall be signed by the chairman or vice-chairman of the Authority<\/span> or, if so authorized by the Authority<\/span>, shall bear his facsimile signature, and the official seal of the Authority<\/span>, or, if so authorized by the Authority<\/span>, a facsimile thereof shall be impressed or imprinted thereon and attested by the secretary or any assistant secretary of the Authority<\/span>, or, if so authorized by the Authority<\/span>, with the facsimile signature of such secretary or assistant secretary. Any coupons attached to bonds<\/span><\/span> issued by the Authority<\/span> shall bear the signature of the chairman or vice-chairman of the Authority<\/span> or a facsimile thereof. In case any officer whose signature or a facsimile of whose signature appears on any bonds<\/span><\/span> or coupons ceases to be an officer before the delivery of the bonds<\/span><\/span>, his signature or facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery and any bonds<\/span><\/span> may bear the facsimile signature of, or may be signed by, such persons as at the actual time of the execution of such bonds<\/span><\/span> shall be the proper officers to sign such bonds<\/span><\/span> although at the date of such bonds<\/span><\/span> such persons may not have been such officers. The bonds<\/span><\/span> may be issued in coupon or in registered form, or both, as the Authority<\/span> may determine, and provision may be made for the registration of any coupon bonds<\/span><\/span> as to principal alone and also as to both principal and interest, for the reconversion into coupon bonds<\/span><\/span> of any bonds<\/span><\/span> registered as to both principal and interest, and for the interchange of registered and coupon bonds<\/span><\/span>. Bonds<\/span><\/span> issued in registered form may be issued under a system of book-entry for recording the ownership and transfer of ownership of rights to receive payment of principal of, and premium on, if any, and interest on such bonds<\/span><\/span>. The Authority<\/span> may contract<\/span> for the services of one or more banks, trust companies, financial institutions or other entities or persons, within or without the Commonwealth<\/span> for the authentication, registration, transfer, exchange and payment of the bonds<\/span><\/span>, or may provide such services itself. The Authority<\/span> may sell such bonds<\/span><\/span> in such manner, either at public or private sale, and for such price as it may determine will best effect the purposes of this article.\n\t\tThe proceeds of the bonds<\/span><\/span> of each issue<\/span> shall be used solely for the purposes, and in furtherance of the powers, of the Authority<\/span> as may be provided in the resolution authorizing the issuance of such bonds<\/span><\/span> or in a trust agreement authorized by \u00a7 2.2-2206<\/a> securing the bonds<\/span><\/span>.\n\t\tIn addition to the above powers, the Authority<\/span> may issue<\/span> interim receipts or temporary bonds<\/span><\/span> as provided in \u00a7 15.2-2616<\/a> and execute and deliver new bonds<\/span><\/span> in place of bonds<\/span><\/span> mutilated, lost or destroyed, as provided in \u00a7 15.2-2621<\/a>.\n\t\tNo obligation of the Authority<\/span> shall be deemed to constitute a debt, or pledge of the faith and credit, of the Commonwealth<\/span> or of any political subdivision thereof, but shall be payable solely from the revenues and other funds of the Authority<\/span> pledged thereto. All such obligations shall contain on the face thereof a statement to the effect that the Commonwealth<\/span>, any political subdivision thereof and the Authority<\/span> shall not be obligated to pay the same or the interest thereon except from revenues and other funds of the Authority<\/span> pledged thereto, and that neither the faith and credit nor the taxing power of the Commonwealth<\/span> or of any political subdivision thereof is pledged to the payment of the principal of or the interest on such obligations.\n\t\tAll expenses incurred in carrying out the provisions of the act shall be payable solely from funds provided under the provisions of this act, and no liability shall be incurred by the Authority<\/span> beyond the extent to which moneys have been provided under the provisions of this article.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nFORM, TERMS, EXECUTION AND SALE OF BONDS; USE OF PROCEEDS; INTERIM RECEIPTS OR\nTEMPORARY BONDS; LOST OR DESTROYED BONDS; FAITH AND CREDIT OF STATE AND\nPOLITICAL SUBDIVISIONS NOT PLEDGED; EXPENSES (\u00a7 2.2-2205)\n\nThe bonds of each issue shall be dated, shall bear interest at such rates as are\nfixed by the Authority, or as may be determined in such manner as the Authority\nmay provide, including the determination by agents designated by the Authority\nunder guidelines established by the Authority, shall mature at such time not\nexceeding forty years from their date as may be determined by the Authority, and\nmay be made redeemable before maturity, at the option of the Authority, at such\nprice and under such terms and conditions as may be fixed by the Authority prior\nto the issuance of the bonds. The Authority shall determine the form of bonds\nand their manner of execution, and shall fix the denomination of the bonds and\nthe place of payment of principal and interest, which may be at any bank or\ntrust company within or without the Commonwealth. The bonds shall be signed by\nthe chairman or vice-chairman of the Authority or, if so authorized by the\nAuthority, shall bear his facsimile signature, and the official seal of the\nAuthority, or, if so authorized by the Authority, a facsimile thereof shall be\nimpressed or imprinted thereon and attested by the secretary or any assistant\nsecretary of the Authority, or, if so authorized by the Authority, with the\nfacsimile signature of such secretary or assistant secretary. Any coupons\nattached to bonds issued by the Authority shall bear the signature of the\nchairman or vice-chairman of the Authority or a facsimile thereof. In case any\nofficer whose signature or a facsimile of whose signature appears on any bonds\nor coupons ceases to be an officer before the delivery of the bonds, his\nsignature or facsimile shall nevertheless be valid and sufficient for all\npurposes the same as if he had remained in office until such delivery and any\nbonds may bear the facsimile signature of, or may be signed by, such persons as\nat the actual time of the execution of such bonds shall be the proper officers\nto sign such bonds although at the date of such bonds such persons may not have\nbeen such officers. The bonds may be issued in coupon or in registered form, or\nboth, as the Authority may determine, and provision may be made for the\nregistration of any coupon bonds as to principal alone and also as to both\nprincipal and interest, for the reconversion into coupon bonds of any bonds\nregistered as to both principal and interest, and for the interchange of\nregistered and coupon bonds. Bonds issued in registered form may be issued under\na system of book-entry for recording the ownership and transfer of ownership of\nrights to receive payment of principal of, and premium on, if any, and interest\non such bonds. The Authority may contract for the services of one or more banks,\ntrust companies, financial institutions or other entities or persons, within or\nwithout the Commonwealth for the authentication, registration, transfer,\nexchange and payment of the bonds, or may provide such services itself. The\nAuthority may sell such bonds in such manner, either at public or private sale,\nand for such price as it may determine will best effect the purposes of this\narticle.\n\t\tThe proceeds of the bonds of each issue shall be used solely for the purposes,\nand in furtherance of the powers, of the Authority as may be provided in the\nresolution authorizing the issuance of such bonds or in a trust agreement\nauthorized by \u00a7 2.2-2206 securing the bonds.\n\t\tIn addition to the above powers, the Authority may issue interim receipts or\ntemporary bonds as provided in \u00a7 15.2-2616 and execute and deliver new bonds in\nplace of bonds mutilated, lost or destroyed, as provided in \u00a7 15.2-2621.\n\t\tNo obligation of the Authority shall be deemed to constitute a debt, or pledge\nof the faith and credit, of the Commonwealth or of any political subdivision\nthereof, but shall be payable solely from the revenues and other funds of the\nAuthority pledged thereto. All such obligations shall contain on the face\nthereof a statement to the effect that the Commonwealth, any political\nsubdivision thereof and the Authority shall not be obligated to pay the same or\nthe interest thereon except from revenues and other funds of the Authority\npledged thereto, and that neither the faith and credit nor the taxing power of\nthe Commonwealth or of any political subdivision thereof is pledged to the\npayment of the principal of or the interest on such obligations.\n\t\tAll expenses incurred in carrying out the provisions of the act shall be\npayable solely from funds provided under the provisions of this act, and no\nliability shall be incurred by the Authority beyond the extent to which moneys\nhave been provided under the provisions of this article.\n\nHISTORY: 1995, c. 758, \u00a7 9-266.6; 2001, c. 844.","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}}