                                 CODE OF VIRGINIA

REVENUE BONDS GENERALLY (§ 2.2-2264)

The Authority may, with the consent of the Governor, provide for the issuance of
revenue bonds of the Authority for the purpose of paying all or any part of the
cost of any one or more projects or portions thereof. The principal of and the
interest on such bonds shall be payable solely from the funds provided in this
article for such payment. Any bonds of the Authority issued pursuant to this
article shall not constitute a debt of the Commonwealth, or any political
subdivision thereof other than the Authority, and shall so state on their face.
Neither the members of the Authority nor any person executing the bonds shall be
liable personally by reason of the issuance thereof. The bonds of each issue
shall be dated, shall bear interest, shall mature at such time not exceeding
forty years from their date as determined by the Authority, and may be made
redeemable before maturity, at the option of the Authority, at such price and
under such terms and conditions as determined by the Authority, prior to the
issuance of the bonds. The Authority shall determine the form and the manner of
execution of the bonds, including any interest coupons to be attached thereto,
and shall fix the denominations of the bonds and the 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 appears on any bonds or coupons shall cease to be such officer
before the delivery of the bonds, such signature or such facsimile shall
nevertheless be valid and sufficient for all purposes as if he had remained in
office until such delivery. The bonds may be issued in coupon or in registered
form or both, as the Authority may determine, and provision may be made for the
registration of any coupon bonds as to principal alone and also as to both
principal and interest, for the reconversion into coupon bonds of any bonds
registered as to both principal and interest, and for the interchange of
registered and coupon bonds. The Authority may sell such bonds in a manner,
either at public or private sale, and for such price as it determines will best
effect the purposes of this article.
		The proceeds of the bonds of each issue shall be used solely for the payment
of the cost of the projects for which such bonds shall have been issued, and
shall be disbursed in the manner and under the restrictions, if any, the
Authority may provide in the resolution authorizing the issuance of such bonds
or in the trust agreement securing the bonds. If the proceeds of the bonds of
any issue, by error of estimates or otherwise, is less than the cost, additional
bonds may be issued to provide the amount of such deficit, and, unless otherwise
provided in the resolution authorizing the issuance of the bonds or in the trust
agreement securing the bonds, shall be deemed to be entitled to payment from the
same fund without preference or priority of the bonds first issued. If the
proceeds of the bonds of any issue shall exceed such cost, the surplus shall be
deposited to the credit of the sinking fund for such bonds, or may be applied to
the payment of the cost of any additional projects.
		Prior to the preparation of definitive bonds, the Authority may, under like
restrictions issue 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 Authority may also provide for the replacement
of any bonds that shall become mutilated or shall be destroyed or lost. Bonds
may be issued under the provisions of this article without obtaining the consent
of any department, division, commission, board, 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 that are
specifically required by this article.

HISTORY: 1981, c. 569, § 2.1-234.14; 1998, cc. 498, 504; 2001, c. 844.