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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>54625</law_id><section_number>2.2-2287</section_number><catch_line>Power to borrow money and issue 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="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="7">Virginia Small Business Financing Authority</unit></structure><text>
						<section><p>The <span class="dictionary">Authority</span> may borrow money and <span class="dictionary">issue</span> <span class="dictionary"><span class="dictionary">bonds</span></span> to pay the cost of the projects for which the <span class="dictionary"><span class="dictionary">bonds</span></span> have been issued, including but not limited to the power to <span class="dictionary">issue</span> <span class="dictionary"><span class="dictionary">bonds</span></span> to renew or to pay <span class="dictionary"><span class="dictionary">bonds</span></span>, including the interest thereon. Whenever it deems refunding expedient it may refund any <span class="dictionary"><span class="dictionary">bonds</span></span> by the issuance of new <span class="dictionary"><span class="dictionary">bonds</span></span>, whether the <span class="dictionary"><span class="dictionary">bonds</span></span> to be refunded have or have not matured, and to <span class="dictionary">issue</span> <span class="dictionary"><span class="dictionary">bonds</span></span> partly to refund outstanding <span class="dictionary"><span class="dictionary">bonds</span></span>. Refunding <span class="dictionary"><span class="dictionary">bonds</span></span> may be sold and the proceeds applied to the purchase, <span class="dictionary">redemption</span> or payment of the <span class="dictionary"><span class="dictionary">bonds</span></span> to be refunded, or exchanged for the <span class="dictionary"><span class="dictionary">bonds</span></span> to be refunded. The <span class="dictionary">Authority</span> may undertake the financing of the cost of a project for an eligible business from the proceeds of its <span class="dictionary"><span class="dictionary">bonds</span></span> by one or more of the following methods: (i) entering into a lease for the facilities of the eligible business being financed; (ii) selling such facilities to the eligible business under a sales <span class="dictionary">contract</span>; (iii) lending the proceeds of the sale of the <span class="dictionary"><span class="dictionary">bonds</span></span> under a loan agreement with the eligible business; (iv) entering into a loans to lenders transaction in the manner described in &#xA7;&#xA0;<a class="law" title="Loans to lenders; conditions" href="/2.2-2293/">2.2-2293</a>; or (v) entering into such other transactions as the <span class="dictionary">Board</span> deems appropriate to accomplish the purposes of this article.</p></section></text><history>1984, c. 749, &#xA7; 9-207; 2001, c. 844; 2003, c. 339.</history><metadata></metadata></law>
