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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>55181</law_id><section_number>33.2-2903</section_number><catch_line>Issuance of 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="29">Richmond Metropolitan Transportation Authority</unit></structure><text>
						<section><p>The <span class="dictionary">Authority</span> is hereby authorized to provide by resolution for the issuance of <span class="dictionary">revenue bonds</span> of the <span class="dictionary">Authority</span> for the purpose of paying all or any part of the cost of <span class="dictionary">Authority</span> facilities or any <span class="dictionary">project</span> or portion of such facilities. The principal of and interest on such bonds shall be payable solely from the <span class="dictionary">revenues</span> pledged for such payment. The bonds of each <span class="dictionary">issue</span> or series shall be dated, shall bear interest at such rate or rates not exceeding six percent per year, shall mature at such time or times not exceeding 50 years from the date or dates thereof, as may be determined by the <span class="dictionary">Authority</span>, and may contain provisions reserving the right of the <span class="dictionary">Authority</span> to redeem such bonds before maturity at such price or prices and upon such terms and conditions as may be fixed by the <span class="dictionary">Authority</span> in the resolution authorizing such bonds. Such bonds may be issued in coupon form, registered form, or both as prescribed by the <span class="dictionary">Authority</span>, and provisions may be made for the registration of coupon bonds as to principal only or as to both principal and interest and for the reconversion of registered bonds into coupon bonds. Such bonds may be issued in any denomination and may be made payable at any bank or trust company within or without the Commonwealth as the <span class="dictionary">Authority</span> may determine. Such bonds and the coupons attached to coupon bonds shall be signed in such manner either manually or by facsimile signature, as shall be determined by the <span class="dictionary">Authority</span>, and <span class="dictionary">sealed</span> with the seal of the <span class="dictionary">Authority</span> or a facsimile thereof. In case any officer whose signature or facsimile thereof shall appear on any <span class="dictionary">bond</span> or coupon shall cease to be such officer before the delivery of such bonds, such signature or such facsimile signature shall nevertheless be valid and sufficient for all purposes, the same as if such officer or officers had remained in office until the delivery thereof. The <span class="dictionary">Authority</span> may sell such bonds in such manner either at public or private sale and for such price or prices as the <span class="dictionary">Authority</span> may determine, 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 bonds in accordance with standard tables of <span class="dictionary">bond</span> values, excluding from such computation the amount of any premium to be paid on the <span class="dictionary">redemption</span> of any <span class="dictionary">bond</span> prior to maturity. Prior to the preparation of definitive bonds, the <span class="dictionary">Authority</span> may, under like restrictions, <span class="dictionary">issue</span> interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds 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">bond</span> that has become mutilated, destroyed, or lost.</p></section></text><history>2009, c. 471, &#xA7; 15.2-7003; 2014, c. 805.</history><metadata></metadata></law>
