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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>82914</law_id><section_number>15.2-6315</section_number><catch_line>Provisions for securing 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="63">Authorities for Development of Former Federal Areas</unit></structure><text>
						<section><p>In <span class="dictionary">order</span> to secure the payment of such <span class="dictionary"><span class="dictionary">bonds</span></span>, <span class="dictionary">the authority</span> shall have power by provision or provisions included in any resolution authorizing said <span class="dictionary"><span class="dictionary">bonds</span></span> or in any indenture made to secure their payment:</p></section>
						<section id="1"><p><span class="prefix-number">1.</span> To pledge all or any part of its gross or net rents, fees or revenues to which its right then exists or may thereafter come into existence. <a id="paragraph-297178" class="section-permalink" href="https://vacode.org/15.2-6315/#1"><i class="fa fa-link"/></a></p></section>
						<section id="2"><p><span class="prefix-number">2.</span> To mortgage all or any part of its real or personal property, then owned or thereafter acquired. <a id="paragraph-297179" class="section-permalink" href="https://vacode.org/15.2-6315/#2"><i class="fa fa-link"/></a></p></section>
						<section id="3"><p><span class="prefix-number">3.</span> To covenant against pledging all or any part of its rents, fees and revenues, or against mortgaging all or any part of its real or personal property to which its right or title then exists or may thereafter come into existence or against permitting or suffering any <span class="dictionary">lien</span> on such revenues or property; to covenant with respect to limitations on its right to sell, lease or otherwise dispose of any property or any part thereof; and to covenant as to what other or additional debts or obligations may be incurred by it. <a id="paragraph-297180" class="section-permalink" href="https://vacode.org/15.2-6315/#3"><i class="fa fa-link"/></a></p></section>
						<section id="4"><p><span class="prefix-number">4.</span> To covenant as to the <span class="dictionary"><span class="dictionary">bonds</span></span> to be issued and as to the issuance of such <span class="dictionary"><span class="dictionary">bonds</span></span> in escrow or otherwise, and as to the use and <span class="dictionary">disposition</span> of the proceeds thereof; to provide for the replacement of lost, destroyed or mutilated <span class="dictionary"><span class="dictionary">bonds</span></span>; to covenant against extending the time of the payment of its <span class="dictionary"><span class="dictionary">bonds</span></span> or interest thereon; and to redeem the <span class="dictionary"><span class="dictionary">bonds</span></span>, and to covenant for their <span class="dictionary">redemption</span> and to provide the terms and conditions thereof. <a id="paragraph-297181" class="section-permalink" href="https://vacode.org/15.2-6315/#4"><i class="fa fa-link"/></a></p></section>
						<section id="5"><p><span class="prefix-number">5.</span> To covenant as to the rents and fees to be charged in the operation of a specific <span class="dictionary">project</span> or <span class="dictionary">facility</span>, the amount to be raised each year or other period of time by rents, fees, and other revenues, and as to the use and <span class="dictionary">disposition</span> to be made thereof; to create or to authorize the creation of special funds for moneys held for construction or operating costs, debt service, reserves, or other purposes, and to covenant as to the use and <span class="dictionary">disposition</span> of the moneys held in such funds. <a id="paragraph-297182" class="section-permalink" href="https://vacode.org/15.2-6315/#5"><i class="fa fa-link"/></a></p></section>
						<section id="6"><p><span class="prefix-number">6.</span> To prescribe the procedure, if any, by which the terms of any <span class="dictionary">contract</span> with bondholders may be amended or abrogated, the amount of <span class="dictionary"><span class="dictionary">bonds</span></span> the holders of which must consent thereto and the manner in which such consent may be given. <a id="paragraph-297183" class="section-permalink" href="https://vacode.org/15.2-6315/#6"><i class="fa fa-link"/></a></p></section>
						<section id="7"><p><span class="prefix-number">7.</span> To covenant as to the use of any or all of its real or personal property; and to covenant as to the maintenance of its real and personal property, the replacement thereof, the insurance to be carried thereon and the use and <span class="dictionary">disposition</span> of insurance moneys. <a id="paragraph-297184" class="section-permalink" href="https://vacode.org/15.2-6315/#7"><i class="fa fa-link"/></a></p></section>
						<section id="8"><p><span class="prefix-number">8.</span> To covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenant, condition, or obligation; and to covenant and prescribe as to events of <span class="dictionary">default</span> and terms and conditions upon which any or all of its <span class="dictionary"><span class="dictionary">bonds</span></span> or obligations shall become or may be declared due before maturity, and as to the terms and conditions upon which such declaration and its consequences may be waived. <a id="paragraph-297185" class="section-permalink" href="https://vacode.org/15.2-6315/#8"><i class="fa fa-link"/></a></p></section>
						<section id="9"><p><span class="prefix-number">9.</span> To vest in a trustee or trustees or the holders of <span class="dictionary"><span class="dictionary">bonds</span></span> or any proportion of them the right to enforce the payment of the <span class="dictionary"><span class="dictionary">bonds</span></span> or any covenants securing or relating to the <span class="dictionary"><span class="dictionary">bonds</span></span>; to vest in a trustee or trustees the right, in the event of a <span class="dictionary">default</span> by <span class="dictionary">the authority</span>, to take <span class="dictionary">possession</span> and use, operate and manage any property or part thereof, and to collect the rents and revenues arising therefrom and to dispose of such moneys in accordance with the agreement of <span class="dictionary">the authority</span> with said trustee; to provide for the powers and duties of a trustee or trustees and to limit the liabilities thereof; and to provide the terms and conditions upon which the trustee or trustees or the holders of <span class="dictionary"><span class="dictionary">bonds</span></span> or any portion of them may enforce any covenant or rights securing or relating to the <span class="dictionary"><span class="dictionary">bonds</span></span>. <a id="paragraph-297186" class="section-permalink" href="https://vacode.org/15.2-6315/#9"><i class="fa fa-link"/></a></p></section>
						<section id="10"><p><span class="prefix-number">10.</span> To exercise all or any part or combination of the powers herein granted; and to make covenants other than and in addition to the covenants herein expressly authorized, of like or different character; to make such covenant and to do any and all such acts and things as may be necessary or convenient or desirable in <span class="dictionary">order</span> to secure its <span class="dictionary"><span class="dictionary">bonds</span></span>, or in the absolute discretion of <span class="dictionary">the authority</span> as will tend to make the <span class="dictionary"><span class="dictionary">bonds</span></span> more marketable notwithstanding that such covenants, acts or things may not be enumerated herein. <a id="paragraph-297187" class="section-permalink" href="https://vacode.org/15.2-6315/#10"><i class="fa fa-link"/></a></p></section></text><history>Code 1950, &#xA7; 15-953; 1954, c. 645; 1962, c. 623, &#xA7; 15.1-1336; 1997, c. 587.</history><metadata></metadata></law>
