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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>78955</law_id><section_number>5.1-2.7</section_number><catch_line>Revenue bonds generally</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>5.1-2.24</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="5.1">Aviation</unit><unit label="chapter" level="2" order_by="1" identifier="1">Aircraft, Airmen and Airports Generally</unit><unit label="article" level="3" order_by="1" identifier="1">General Provisions</unit></structure><text>
						<section><p>The <span class="dictionary">Board</span> is hereby authorized to provide for the issuance, at one time or from time to time, of revenue <span class="dictionary">bonds</span> of the <span class="dictionary">Board</span> for the purpose of paying all or any part of the cost of any one or more <span class="dictionary">airport</span> projects or of any portion or portions thereof. The principal of and the interest on such <span class="dictionary">bonds</span> shall be payable solely from the funds provided in this chapter for such payment. Any <span class="dictionary">bonds</span> of the <span class="dictionary">Board</span> issued pursuant to this chapter shall not constitute a debt of the Commonwealth, or any political subdivision thereof other than the <span class="dictionary">Board</span>, and shall so state on their face. Neither the commissioners of the <span class="dictionary">Board</span> nor any <span class="dictionary">person</span> executing such <span class="dictionary">bonds</span> shall be liable personally thereon by reason of the issuance thereof. The <span class="dictionary">bonds</span> of each <span class="dictionary">issue</span> shall be dated, shall bear interest at such rate or rates as may be determined by the <span class="dictionary">Board</span>, shall mature at such time or times not exceeding forty years from their date or dates, as may be determined by 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 <span class="dictionary">Board</span> shall determine the form and the manner of execution 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, which may be at any bank or trust company within or without the Commonwealth. In case any officer whose signature or a facsimile of whose signature shall appear on any <span class="dictionary">bonds</span> or coupons shall cease to be such officer before the delivery of such <span class="dictionary">bonds</span>, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. 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">bonds</span> as to principal alone and also as to both principal and interest, for the reconversion into coupon <span class="dictionary">bonds</span> of any <span class="dictionary">bonds</span> registered as to both principal and interest, and for the interchange of registered and coupon <span class="dictionary">bonds</span>. The <span class="dictionary">Board</span> may sell such <span class="dictionary">bonds</span> in such manner, either at public or private sale, and for such price as it may determine will best effect the purposes of this chapter.
		The proceeds of the <span class="dictionary">bonds</span> of each <span class="dictionary">issue</span> shall be used solely for the payment of the cost of the <span class="dictionary">airport</span> project or projects for which such <span class="dictionary">bonds</span> shall have been issued, and shall be disbursed in such manner and under such restrictions, if any, as the <span class="dictionary">Board</span> may provide in the resolution authorizing the issuance of such <span class="dictionary">bonds</span> or in the trust agreement hereinafter mentioned securing the same. If the proceeds of the <span class="dictionary">bonds</span> of any <span class="dictionary">issue</span>, by error of estimates or otherwise, shall be less than such cost, additional <span class="dictionary">bonds</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 such <span class="dictionary">bonds</span> or in the trust agreement 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">bonds</span> first issued. If the proceeds of the <span class="dictionary">bonds</span> of any <span class="dictionary">issue</span> shall exceed such cost, the surplus shall be deposited to the credit of the sinking fund for such <span class="dictionary">bonds</span>, or may be applied to the payment of the cost of any additional <span class="dictionary">airport</span> project or projects.
		Prior to the preparation of definitive <span class="dictionary">bonds</span>, the <span class="dictionary">Board</span> may, under like restrictions, <span class="dictionary">issue</span> interim receipts or temporary <span class="dictionary">bonds</span> with or without coupons, exchangeable for definitive <span class="dictionary">bonds</span> when such <span class="dictionary">bonds</span> shall have been executed and are available for delivery. The <span class="dictionary">Board</span> may also provide for the replacement of any <span class="dictionary">bonds</span> which shall become mutilated or shall be destroyed or lost. <span class="dictionary">Bonds</span> may be issued under the provisions of this chapter without obtaining the consent of any <span class="dictionary">department</span>, division, commission, <span class="dictionary">board</span>, bureau or agency of the Commonwealth, and without any other proceedings or the happening of any other conditions or things than those proceedings, conditions or things which are specifically required by this chapter.</p></section></text><history>1980, c. 750; 1982, c. 563.</history><metadata></metadata></law>
