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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>54493</law_id><section_number>33.2-1710</section_number><catch_line>Form and terms 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="33.2">Highways and Other Surface Transportation Systems</unit><unit label="subtitle" level="2" order_by="1" identifier="III">Transportation Funding and Development</unit><unit label="chapter" level="3" order_by="1" identifier="17">Transportation Development and Revenue Bond Act</unit></structure><text>
						<section><p>The <span class="dictionary">bonds</span> of such <span class="dictionary">issue</span> shall be dated, shall bear interest at such rate or rates, and shall mature at such time or times, not exceeding 40 years from their date or dates, as may be determined by the <span class="dictionary">Board</span> or by formula or method established by resolution of the <span class="dictionary">Board</span>, and may be made redeemable before maturity, at the option of the <span class="dictionary">Board</span>, at such price or prices and under such terms and conditions as may be fixed by the <span class="dictionary">Board</span> prior to the issuance of the <span class="dictionary">bonds</span>. The principal or purchase price of and <span class="dictionary">redemption</span> premium, if any, and interest on such <span class="dictionary">bonds</span> may be made payable in any lawful medium. The payments of principal and interest may be uniform in amount over the life of the <span class="dictionary">bond</span>; however, such uniformity shall not be a prerequisite to the issuance of such <span class="dictionary">bonds</span>. The <span class="dictionary">Board</span> shall determine the form of the <span class="dictionary">bonds</span>, including any interest coupons to be attached thereto, and shall fix the denomination or denominations of the <span class="dictionary">bonds</span> and the place or places of payment of principal and interest thereof, which may be at any bank or trust company within or without the Commonwealth. The <span class="dictionary">bonds</span> shall be signed by the chairman or vice-chairman of the <span class="dictionary">Board</span>, and the official seal of the <span class="dictionary">Board</span> shall be affixed thereto and attested by the <span class="dictionary">secretary</span> or assistant <span class="dictionary">secretary</span> of the <span class="dictionary">Board</span>, and any coupons attached thereto shall bear the facsimile signatures of the chairman or vice-chairman of the <span class="dictionary">Board</span>. When any officer whose signature appears on the <span class="dictionary">bonds</span> or coupons ceases to be such officer before the delivery of such <span class="dictionary">bonds</span>, such signature shall nevertheless be valid and sufficient for all purposes the same as if such officer had remained in office until such delivery. All revenue <span class="dictionary">bonds</span> issued under the provisions of this chapter shall have and are hereby declared to have, as between successive holders, all the qualities and incidents of negotiable instruments under the negotiable instruments <span class="dictionary">law</span> of the Commonwealth. Such <span class="dictionary">bonds</span> and the income thereof shall be exempt from all taxation within the Commonwealth. The <span class="dictionary">bonds</span> may be issued in coupon or in registered form, or both, as the <span class="dictionary">Board</span> may determine, and provision may be made for the registration of any coupon <span class="dictionary">bond</span> as to principal alone and also as to both principal and interest and for the reconversion of any <span class="dictionary">bonds</span> registered as to both principal and interest into coupon <span class="dictionary">bonds</span>. Prior to the preparation of definite <span class="dictionary">bonds</span>, the <span class="dictionary">Board</span>, under like restrictions, may <span class="dictionary">issue</span> temporary <span class="dictionary">bonds</span> with or without coupons, exchangeable for definitive <span class="dictionary">bonds</span> upon the issuance of the latter. The <span class="dictionary">Board</span> may also provide for the replacement of any <span class="dictionary">bond</span> that is mutilated, destroyed, or lost.</p></section></text><history>Code 1950, &#xA7; 33-238; 1958, c. 485; 1970, c. 322, &#xA7; 33.1-278; 1983, c. 245; 1986, Sp. Sess., c. 13; 2000, cc. 1019, 1044; 2014, c. 805.</history><metadata></metadata></law>
