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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>70989</law_id><section_number>15.2-5378</section_number><catch_line>Provisions to secure payment of bonds</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="15.2">Counties, Cities and Towns</unit><unit label="subtitle" level="2" order_by="1" identifier="IV">Other Governmental Entities</unit><unit label="chapter" level="3" order_by="1" identifier="53.1">Southwest Virginia Health Authority</unit></structure><text>
						<section><p>Any <span class="dictionary">Authority</span> resolution authorizing the issuance of any <span class="dictionary">bonds</span> may contain provisions, which shall be a part of the <span class="dictionary">contract</span> with the holders of the <span class="dictionary">bonds</span>, (i) pledging any or all revenues of the <span class="dictionary">hospital</span> or health center to secure the payment of the interest on such <span class="dictionary">bonds</span> and to create a sinking fund to retire the principal thereof at maturity; (ii) providing for the granting of a <span class="dictionary">lien</span> on or the creation of a security interest in any property, real or personal, of the <span class="dictionary">Authority</span> as security for the payment of the principal of, and interest on, such <span class="dictionary">bonds</span> and the due and punctual performance of any agreements made in connection therewith; (iii) providing for such schedule of fees and charges as will produce funds sufficient to pay operating costs and debt service until such <span class="dictionary">bonds</span> are retired; and (iv) prescribing the rights, obligations, powers, and duties of the <span class="dictionary">Authority</span>, the trustee under any trust indenture under which the <span class="dictionary">bonds</span> are issued, and the bondholders, in connection with or pertaining to such <span class="dictionary">bonds</span>.</p></section></text><history>2007, c. 676.</history><metadata></metadata></law>
