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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>69352</law_id><section_number>2.2-2205</section_number><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</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="2.2">Administration of Government</unit><unit label="subtitle" level="2" order_by="1" identifier="I">Organization of State Government</unit><unit label="part" level="3" order_by="1" identifier="D">State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies</unit><unit label="chapter" level="4" order_by="1" identifier="22">Authorities</unit><unit label="article" level="5" order_by="1" identifier="2">Commercial Space Flight Authority</unit></structure><text>
						<section><p>The <span class="dictionary"><span class="dictionary">bonds</span></span> of each <span class="dictionary">issue</span> shall be dated, shall bear interest at such rates as are fixed by the <span class="dictionary">Authority</span>, or as may be determined in such manner as the <span class="dictionary">Authority</span> may provide, including the determination by agents designated by the <span class="dictionary">Authority</span> under guidelines established by the <span class="dictionary">Authority</span>, shall mature at such time not exceeding forty years from their date as may be determined by the <span class="dictionary">Authority</span>, and may be made redeemable before maturity, at the option of the <span class="dictionary">Authority</span>, at such price and under such terms and conditions as may be fixed by the <span class="dictionary">Authority</span> prior to the issuance of the <span class="dictionary"><span class="dictionary">bonds</span></span>. The <span class="dictionary">Authority</span> shall determine the form of <span class="dictionary"><span class="dictionary">bonds</span></span> and their manner of execution, and shall fix the denomination of the <span class="dictionary"><span class="dictionary">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 <span class="dictionary">Commonwealth</span>. The <span class="dictionary"><span class="dictionary">bonds</span></span> shall be signed by the chairman or vice-chairman of the <span class="dictionary">Authority</span> or, if so authorized by the <span class="dictionary">Authority</span>, shall bear his facsimile signature, and the official seal of the <span class="dictionary">Authority</span>, or, if so authorized by the <span class="dictionary">Authority</span>, a facsimile thereof shall be impressed or imprinted thereon and attested by the secretary or any assistant secretary of the <span class="dictionary">Authority</span>, or, if so authorized by the <span class="dictionary">Authority</span>, with the facsimile signature of such secretary or assistant secretary. Any coupons attached to <span class="dictionary"><span class="dictionary">bonds</span></span> issued by the <span class="dictionary">Authority</span> shall bear the signature of the chairman or vice-chairman of the <span class="dictionary">Authority</span> or a facsimile thereof. In case any officer whose signature or a facsimile of whose signature appears on any <span class="dictionary"><span class="dictionary">bonds</span></span> or coupons ceases to be an officer before the delivery of the <span class="dictionary"><span class="dictionary">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 <span class="dictionary"><span class="dictionary">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 <span class="dictionary"><span class="dictionary">bonds</span></span> shall be the proper officers to sign such <span class="dictionary"><span class="dictionary">bonds</span></span> although at the date of such <span class="dictionary"><span class="dictionary">bonds</span></span> such persons may not have been such officers. The <span class="dictionary"><span class="dictionary">bonds</span></span> may be issued in coupon or in registered form, or both, as the <span class="dictionary">Authority</span> may determine, and provision may be made for the registration of any coupon <span class="dictionary"><span class="dictionary">bonds</span></span> as to principal alone and also as to both principal and interest, for the reconversion into coupon <span class="dictionary"><span class="dictionary">bonds</span></span> of any <span class="dictionary"><span class="dictionary">bonds</span></span> registered as to both principal and interest, and for the interchange of registered and coupon <span class="dictionary"><span class="dictionary">bonds</span></span>. <span class="dictionary"><span class="dictionary">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 <span class="dictionary"><span class="dictionary">bonds</span></span>. The <span class="dictionary">Authority</span> may <span class="dictionary">contract</span> for the services of one or more banks, trust companies, financial institutions or other entities or persons, within or without the <span class="dictionary">Commonwealth</span> for the authentication, registration, transfer, exchange and payment of the <span class="dictionary"><span class="dictionary">bonds</span></span>, or may provide such services itself. The <span class="dictionary">Authority</span> may sell such <span class="dictionary"><span class="dictionary">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.
		The proceeds of the <span class="dictionary"><span class="dictionary">bonds</span></span> of each <span class="dictionary">issue</span> shall be used solely for the purposes, and in furtherance of the powers, of the <span class="dictionary">Authority</span> as may be provided in the resolution authorizing the issuance of such <span class="dictionary"><span class="dictionary">bonds</span></span> or in a trust agreement authorized by &#xA7;&#xA0;<a class="law" title="Trust indenture or agreement securing bonds" href="/2.2-2206/">2.2-2206</a> securing the <span class="dictionary"><span class="dictionary">bonds</span></span>.
		In addition to the above powers, the <span class="dictionary">Authority</span> may <span class="dictionary">issue</span> interim receipts or temporary <span class="dictionary"><span class="dictionary">bonds</span></span> as provided in &#xA7;&#xA0;<a class="law" title="Interim receipts or temporary bonds exchangeable for definitive bonds" href="/15.2-2616/">15.2-2616</a> and execute and deliver new <span class="dictionary"><span class="dictionary">bonds</span></span> in place of <span class="dictionary"><span class="dictionary">bonds</span></span> mutilated, lost or destroyed, as provided in &#xA7;&#xA0;<a class="law" title="Bonds mutilated, lost or destroyed" href="/15.2-2621/">15.2-2621</a>.
		No obligation of the <span class="dictionary">Authority</span> shall be deemed to constitute a debt, or pledge of the faith and credit, of the <span class="dictionary">Commonwealth</span> or of any political subdivision thereof, but shall be payable solely from the revenues and other funds of the <span class="dictionary">Authority</span> pledged thereto. All such obligations shall contain on the face thereof a statement to the effect that the <span class="dictionary">Commonwealth</span>, any political subdivision thereof and the <span class="dictionary">Authority</span> shall not be obligated to pay the same or the interest thereon except from revenues and other funds of the <span class="dictionary">Authority</span> pledged thereto, and that neither the faith and credit nor the taxing power of the <span class="dictionary">Commonwealth</span> or of any political subdivision thereof is pledged to the payment of the principal of or the interest on such obligations.
		All 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 <span class="dictionary">Authority</span> beyond the extent to which moneys have been provided under the provisions of this article.</p></section></text><history>1995, c. 758, &#xA7; 9-266.6; 2001, c. 844.</history><metadata></metadata></law>
