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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>82469</law_id><section_number>33.2-2208</section_number><catch_line>Revenue 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="IV">Local and Regional Transportation</unit><unit label="chapter" level="3" order_by="1" identifier="22">Chesapeake Bay Bridge and Tunnel District and Commission</unit></structure><text>
						<section><p>The <span class="dictionary">Commission</span> is hereby authorized to provide by resolution for the issuance of revenue <span class="dictionary"><span class="dictionary">bonds</span></span> of the <span class="dictionary">District</span> for any one or more of the following purposes: (i) paying all or a part of the cost of all or a part of the <span class="dictionary">project</span> and (ii) refunding any outstanding revenue <span class="dictionary"><span class="dictionary">bonds</span></span> of the <span class="dictionary">District</span> that have been issued under the provisions of this chapter, including the payment of any <span class="dictionary">redemption</span> premium thereon and any interest accrued or to accrue to the date of <span class="dictionary">redemption</span> of such <span class="dictionary"><span class="dictionary">bonds</span></span>. The principal of and the interest on such <span class="dictionary"><span class="dictionary">bonds</span></span> shall be payable solely from the funds herein provided for such payment. 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 rate not exceeding six percent per year payable semiannually, shall mature at such time, not exceeding 40 years from their date, as may be determined by the <span class="dictionary">Commission</span>, and may be made redeemable before maturity, at the option of the <span class="dictionary">Commission</span>, at such price and under such terms and conditions as may be fixed by the <span class="dictionary">Commission</span> prior to the issuance of the <span class="dictionary"><span class="dictionary">bonds</span></span>. The principal and interest of such <span class="dictionary"><span class="dictionary">bonds</span></span> may be made payable in any lawful medium. The <span class="dictionary">Commission</span> shall determine the form of the <span class="dictionary"><span class="dictionary">bonds</span></span>, including any interest coupons to be attached thereto, and the manner of execution of the <span class="dictionary"><span class="dictionary">bonds</span></span>, 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 thereof, which may be at any bank or trust company within or outside of the Commonwealth. If 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 such officer before the delivery of the <span class="dictionary"><span class="dictionary">bonds</span></span>, his signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until delivery. All revenue <span class="dictionary"><span class="dictionary">bonds</span></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. 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">Commission</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, and for the reconversion of any <span class="dictionary"><span class="dictionary">bonds</span></span> registered as to both principal and interest into coupon <span class="dictionary"><span class="dictionary">bonds</span></span>. The <span class="dictionary">Commission</span> may sell such <span class="dictionary"><span class="dictionary">bonds</span></span> in such manner and for such price as it may determine to be for the best interest of the <span class="dictionary">District</span>, but no such sale shall be made at a price so low as to require the payment of interest on the money received therefor at more than six percent per year computed with relation to the absolute maturity of the <span class="dictionary"><span class="dictionary">bonds</span></span> in accordance with standard tables of <span class="dictionary">bond</span> values, excluding from such computations the amount of any premium to be paid on <span class="dictionary">redemption</span> of any <span class="dictionary"><span class="dictionary">bonds</span></span> prior to maturity. The proceeds of such <span class="dictionary"><span class="dictionary">bonds</span></span> shall be disbursed for the purposes for which such <span class="dictionary"><span class="dictionary">bonds</span></span> shall have been issued under such restrictions, if any, as the resolution authorizing the issuance of such <span class="dictionary"><span class="dictionary">bonds</span></span> or the trust indenture provided for in this chapter. If the <span class="dictionary"><span class="dictionary">bonds</span></span> of a particular <span class="dictionary">issue</span>, by error of estimates or otherwise, are less than such cost, additional <span class="dictionary"><span class="dictionary">bonds</span></span> may in like manner 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 indenture securing the same, shall be deemed to be of the same <span class="dictionary">issue</span> and shall 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 for the same purpose. If the proceeds of the <span class="dictionary"><span class="dictionary">bonds</span></span> of any <span class="dictionary">issue</span> exceed the amount required for the purpose for which such <span class="dictionary"><span class="dictionary">bonds</span></span> are issued, the surplus shall be paid into the funds hereinafter provided for the payment of principal and interest of such <span class="dictionary"><span class="dictionary">bonds</span></span>. Prior to the preparation of definitive <span class="dictionary"><span class="dictionary">bonds</span></span>, the <span class="dictionary">Commission</span> may, under like restrictions, <span class="dictionary">issue</span> 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> have been executed and are available for delivery. The <span class="dictionary">Commission</span> may also provide for the replacement of any <span class="dictionary">bond</span> that becomes mutilated or that has been destroyed or lost. Such revenue <span class="dictionary"><span class="dictionary">bonds</span></span> may be issued without any other proceedings or the happening of any other conditions or things than the proceedings, conditions, and things that are specified and required by this chapter.</p></section></text><history>1956, c. 714; 1959, Extra Session, c. 24; 2014, c. 805.</history><metadata></metadata></law>
