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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>76945</law_id><section_number>33.2-2908</section_number><catch_line>Covenants to secure 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>Any resolution authorizing the issuance of <span class="dictionary"><span class="dictionary">bonds</span></span> of the <span class="dictionary">Authority</span> may, for the benefit and security of the holders of such <span class="dictionary"><span class="dictionary">bonds</span></span>, contain covenants by the <span class="dictionary">Authority</span> for such a purpose, including covenants as to, among other things:</p></section>
						<section id="1"><p><span class="prefix-number">1.</span> The operation, <span class="dictionary">maintenance</span>, and repair of the <span class="dictionary">Authority</span> facilities; <a id="paragraph-276151" class="section-permalink" href="https://vacode.org/33.2-2908/#1"><i class="fa fa-link"/></a></p></section>
						<section id="2"><p><span class="prefix-number">2.</span> The purposes to which the proceeds of the sale of such <span class="dictionary"><span class="dictionary">bonds</span></span> may be applied and the use and <span class="dictionary">disposition</span> thereof; <a id="paragraph-276152" class="section-permalink" href="https://vacode.org/33.2-2908/#2"><i class="fa fa-link"/></a></p></section>
						<section id="3"><p><span class="prefix-number">3.</span> The use and <span class="dictionary">disposition</span> of the <span class="dictionary">revenues</span> of the <span class="dictionary">Authority</span> derived from the ownership or operation of <span class="dictionary">Authority</span> facilities and additions, improvements, and extensions thereof, including the investment thereof and the creation and <span class="dictionary">maintenance</span> of reserve funds and funds for working capital and all renewals and replacements to <span class="dictionary">Authority</span> facilities; <a id="paragraph-276153" class="section-permalink" href="https://vacode.org/33.2-2908/#3"><i class="fa fa-link"/></a></p></section>
						<section id="4"><p><span class="prefix-number">4.</span> The amount, if any, of additional <span class="dictionary">revenue bonds</span> payable from such <span class="dictionary">revenues</span> that may be issued and the terms and conditions on which such additional <span class="dictionary">revenue bonds</span> may be issued; <a id="paragraph-276154" class="section-permalink" href="https://vacode.org/33.2-2908/#4"><i class="fa fa-link"/></a></p></section>
						<section id="5"><p><span class="prefix-number">5.</span> Fixing, maintaining, collection, and deposit of fees, tolls, rents, rates, and other charges for all the services sold, furnished, or supplied by the <span class="dictionary">Authority</span> facilities; <a id="paragraph-276155" class="section-permalink" href="https://vacode.org/33.2-2908/#5"><i class="fa fa-link"/></a></p></section>
						<section id="6"><p><span class="prefix-number">6.</span> The operation, <span class="dictionary">maintenance</span>, repair, management, accounting, and auditing of the <span class="dictionary">Authority</span>; <a id="paragraph-276156" class="section-permalink" href="https://vacode.org/33.2-2908/#6"><i class="fa fa-link"/></a></p></section>
						<section id="7"><p><span class="prefix-number">7.</span> Limitations upon the right of the <span class="dictionary">Authority</span> to dispose of <span class="dictionary">Authority</span> facilities or any part thereof without providing for the payment of the outstanding <span class="dictionary">revenue bonds</span>; <a id="paragraph-276157" class="section-permalink" href="https://vacode.org/33.2-2908/#7"><i class="fa fa-link"/></a></p></section>
						<section id="8"><p><span class="prefix-number">8.</span> The appointment of trustees, depositaries, and paying agents within or without the Commonwealth to receive, hold, disburse, invest, or reinvest the proceeds derived from the sale of <span class="dictionary">revenue bonds</span> and all or any part of the <span class="dictionary">revenues</span> derived by the <span class="dictionary">Authority</span> from the operation, ownership, and management of the <span class="dictionary">Authority</span> facilities; and <a id="paragraph-276158" class="section-permalink" href="https://vacode.org/33.2-2908/#8"><i class="fa fa-link"/></a></p></section>
						<section id="9"><p><span class="prefix-number">9.</span> Such other covenants and agreements as may be determined necessary in the discretion of the <span class="dictionary">Authority</span> to advantageously market the <span class="dictionary">revenue bonds</span> of the <span class="dictionary">Authority</span>. <a id="paragraph-276159" class="section-permalink" href="https://vacode.org/33.2-2908/#9"><i class="fa fa-link"/></a></p></section></text><history>2009, c. 471, &#xA7; 15.2-7008; 2014, c. 805.</history><metadata></metadata></law>
