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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>83262</law_id><section_number>15.2-6642</section_number><catch_line>Security for payment of bonds; default</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="66.1">Northern Neck Chesapeake Bay Public Access Authority Act</unit></structure><text>
						<section><p>The principal of and interest on any <span class="dictionary">bonds</span> issued by the Authority shall be secured by a pledge of the revenues and receipts out of which the same shall be made payable, and may be secured by a trust indenture covering all or any part of the Authority facilities from which revenues or receipts so pledged may be derived, including any enlargements of any additions to any such projects thereafter made. The resolution under which the <span class="dictionary">bonds</span> are authorized to be issued and any such trust indenture may contain any agreements and provisions respecting the maintenance of the projects covered thereby, the fixing and collection of rents for any portions thereof leased by the Authority to others, the creation and maintenance of special funds from such revenues and the rights and remedies available in the event of <span class="dictionary">default</span>, all as the board of directors shall deem advisable not in conflict with the provisions hereof. Each pledge, agreement, and trust indenture made for the benefit or security of any of the <span class="dictionary">bonds</span> of the Authority shall continue effective until the principal of and interest on the <span class="dictionary">bonds</span> for the benefit of which the same were made shall have been fully paid. In the event of <span class="dictionary">default</span> in such payment or in any agreements of the Authority made as a part of the <span class="dictionary">contract</span> under which the <span class="dictionary">bonds</span> were issued, whether contained in the proceedings authorizing the <span class="dictionary">bonds</span> or in any trust indenture executed as security therefor, may be enforced by mandamus, suit, action, or proceeding at <span class="dictionary">law</span> or in <span class="dictionary">equity</span> to compel the Authority and the directors, officers, agents, or employees thereof to perform each and every term, provision, and covenant contained in any trust indenture of the Authority, the appointment of a receiver in <span class="dictionary">equity</span>, or by foreclosure of any such trust indenture, or any one or more of said remedies.</p></section></text><history>2005, c. 842.</history><metadata></metadata></law>
