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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>77102</law_id><section_number>2.2-2264</section_number><catch_line>Revenue bonds generally</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>10.1-1186.01</reference></referred_to_by><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="6">Virginia Public Building Authority</unit></structure><text>
						<section><p>The <span class="dictionary">Authority</span> may, with the consent of the Governor, provide for the issuance of revenue <span class="dictionary"><span class="dictionary">bonds</span></span> of the <span class="dictionary">Authority</span> for the purpose of paying all or any part of the cost of any one or more projects or portions thereof. The principal of and the interest on such <span class="dictionary"><span class="dictionary">bonds</span></span> shall be payable solely from the funds provided in this article for such payment. Any <span class="dictionary"><span class="dictionary">bonds</span></span> of the <span class="dictionary">Authority</span> issued pursuant to this article shall not constitute a debt of the <span class="dictionary">Commonwealth</span>, or any political subdivision thereof other than the <span class="dictionary">Authority</span>, and shall so <span class="dictionary">state</span> on their face. Neither the members of the <span class="dictionary">Authority</span> nor any person executing the <span class="dictionary"><span class="dictionary">bonds</span></span> shall be liable personally by reason of the issuance thereof. The <span class="dictionary"><span class="dictionary">bonds</span></span> of each <span class="dictionary">issue</span> shall be dated, shall bear interest, shall mature at such time not exceeding forty years from their date as 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 determined 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 and the manner of execution of the <span class="dictionary"><span class="dictionary">bonds</span></span>, including any interest coupons to be attached thereto, and shall fix the denominations of the <span class="dictionary"><span class="dictionary">bonds</span></span> and the places of payment of principal and interest, which may be at any bank or trust company within or without the <span class="dictionary">Commonwealth</span>. 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 shall cease to be such officer before the delivery of the <span class="dictionary"><span class="dictionary">bonds</span></span>, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes as if he had remained in office until such delivery. 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>. The <span class="dictionary">Authority</span> may sell such <span class="dictionary"><span class="dictionary">bonds</span></span> in a manner, either at public or private sale, and for such price as it determines 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 payment of the cost of the projects for which such <span class="dictionary"><span class="dictionary">bonds</span></span> shall have been issued, and shall be disbursed in the manner and under the restrictions, if any, the <span class="dictionary">Authority</span> may provide in the resolution authorizing the issuance of such <span class="dictionary"><span class="dictionary">bonds</span></span> or in the trust agreement securing the <span class="dictionary"><span class="dictionary">bonds</span></span>. If the proceeds of the <span class="dictionary"><span class="dictionary">bonds</span></span> of any <span class="dictionary">issue</span>, by error of estimates or otherwise, is less than the cost, additional <span class="dictionary"><span class="dictionary">bonds</span></span> may be issued to provide the amount of such deficit, and, unless otherwise provided in the resolution authorizing the issuance of the <span class="dictionary"><span class="dictionary">bonds</span></span> or in the trust agreement securing the <span class="dictionary"><span class="dictionary">bonds</span></span>, shall be deemed to be entitled to payment from the same fund without preference or priority of the <span class="dictionary"><span class="dictionary">bonds</span></span> first issued. If the proceeds of the <span class="dictionary"><span class="dictionary">bonds</span></span> of any <span class="dictionary">issue</span> shall exceed such cost, the surplus shall be deposited to the credit of the sinking fund for such <span class="dictionary"><span class="dictionary">bonds</span></span>, or may be applied to the payment of the cost of any additional projects.
		Prior to the preparation of definitive <span class="dictionary"><span class="dictionary">bonds</span></span>, the <span class="dictionary">Authority</span> may, under like restrictions <span class="dictionary">issue</span> interim receipts or temporary <span class="dictionary"><span class="dictionary">bonds</span></span>, with or without coupons, exchangeable for definitive <span class="dictionary"><span class="dictionary">bonds</span></span> when such <span class="dictionary"><span class="dictionary">bonds</span></span> shall have been executed and are available for delivery. The <span class="dictionary">Authority</span> may also provide for the replacement of any <span class="dictionary"><span class="dictionary">bonds</span></span> that shall become mutilated or shall be destroyed or lost. <span class="dictionary"><span class="dictionary">Bonds</span></span> may be issued under the provisions of this article without obtaining the consent of any department, division, commission, <span class="dictionary">board</span>, bureau or agency of the <span class="dictionary">Commonwealth</span>, and without any other proceedings or the happening of any other conditions or things than those proceedings, conditions or things that are specifically required by this article.</p></section></text><history>1981, c. 569, &#xA7; 2.1-234.14; 1998, cc. 498, 504; 2001, c. 844.</history><metadata></metadata></law>
