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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>56386</law_id><section_number>33.2-2907</section_number><catch_line>Trust agreement</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>In the discretion of the <span class="dictionary">Authority</span>, any <span class="dictionary"><span class="dictionary">bonds</span></span> issued under the provisions of this chapter may be secured by a trust agreement or indenture by and between the <span class="dictionary">Authority</span> and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the Commonwealth, to be selected by the <span class="dictionary">Authority</span> in such manner as it may elect. Such trust agreement or the resolution providing for the issuance of such <span class="dictionary"><span class="dictionary">bonds</span></span> may pledge or assign all or any portion of the tolls and other <span class="dictionary">revenues</span> to be received by the <span class="dictionary">Authority</span> from the ownership and operation of <span class="dictionary">Authority</span> facilities, but shall not convey or mortgage any <span class="dictionary">Authority</span> facilities or any part thereof. It shall be lawful for any bank or trust company incorporated under the <span class="dictionary">laws</span> of the Commonwealth that may act as depositary of the proceeds of <span class="dictionary"><span class="dictionary">bonds</span></span> or of <span class="dictionary">revenues</span> to furnish such indemnifying <span class="dictionary"><span class="dictionary">bonds</span></span> or to pledge such securities as may be required by the <span class="dictionary">Authority</span>. Any such resolution, trust agreement, or indenture may set forth the rights and remedies of the bondholders and of the trustee and may restrict the individual right of action by bondholders. In addition to the foregoing, any such resolution, trust agreement, or indenture may contain such other provisions as the <span class="dictionary">Authority</span> may deem reasonable and proper for the security of the bondholders. All expenses incurred in carrying out the provisions of such trust agreement or resolution may be treated as a part of the cost of the operation of the <span class="dictionary">Authority</span> facilities or portion thereof.
		All or any portion of the <span class="dictionary">revenues</span> derived from the ownership and operation of <span class="dictionary">Authority</span> facilities, as may be provided for in the resolution authorizing the issuance of such <span class="dictionary"><span class="dictionary">bonds</span></span> or in the trust agreement or indenture securing such <span class="dictionary"><span class="dictionary">bonds</span></span>, may be pledged to, and charged with, the payment of the principal of and the interest on such <span class="dictionary"><span class="dictionary">bonds</span></span> as the payment shall become due, and the <span class="dictionary">redemption</span> price or the purchase price of <span class="dictionary"><span class="dictionary">bonds</span></span> retired by call or purchase as therein provided. Such pledge shall be valid and binding from the time when the pledge is made; the <span class="dictionary">revenues</span> or other moneys so pledged and thereafter received by the <span class="dictionary">Authority</span> shall immediately be subject to the <span class="dictionary">lien</span> of such pledge without any physical delivery thereof or further act, and the <span class="dictionary">lien</span> of any such pledge shall be valid and binding as against all parties having claims of any kind in <span class="dictionary">tort</span>, <span class="dictionary">contract</span>, or otherwise against the <span class="dictionary">Authority</span>, irrespective of whether such parties have notice thereof. Neither the resolution nor any trust agreement nor indenture by which a pledge is created need be filed or recorded except in the records of the <span class="dictionary">Authority</span>.</p></section></text><history>2009, c. 471, &#xA7; 15.2-7007; 2014, c. 805.</history><metadata></metadata></law>
