                                 CODE OF VIRGINIA

REVENUE BONDS (§ 33.2-2208)

The Commission is hereby authorized to provide by resolution for the issuance of
revenue bonds of the District for any one or more of the following purposes: (i)
paying all or a part of the cost of all or a part of the project and (ii)
refunding any outstanding revenue bonds of the District that have been issued
under the provisions of this chapter, including the payment of any redemption
premium thereon and any interest accrued or to accrue to the date of redemption
of such bonds. The principal of and the interest on such bonds shall be payable
solely from the funds herein provided for such payment. The bonds of each issue
shall be dated, shall bear interest at such rate not exceeding six percent per
year payable semiannually, shall mature at such time, not exceeding 40 years
from their date, as may be determined by the Commission, and may be made
redeemable before maturity, at the option of the Commission, at such price and
under such terms and conditions as may be fixed by the Commission prior to the
issuance of the bonds. The principal and interest of such bonds may be made
payable in any lawful medium. The Commission shall determine the form of the
bonds, including any interest coupons to be attached thereto, and the manner of
execution of the bonds, and shall fix the denomination of the bonds and the
place of payment of principal and interest thereof, which may be at any bank or
trust company within or outside of the Commonwealth. If any officer whose
signature or a facsimile of whose signature appears on any bonds or coupons
ceases to be such officer before the delivery of the bonds, his signature or
such facsimile shall nevertheless be valid and sufficient for all purposes the
same as if he had remained in office until delivery. All revenue bonds issued
under the provisions of this chapter shall have and are hereby declared to have,
as between successive holders, all the qualities and incidents of negotiable
instruments under the negotiable instruments law of the Commonwealth. The bonds
may be issued in coupon or in registered form, or both, as the Commission 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, and for the
reconversion of any bonds registered as to both principal and interest into
coupon bonds. The Commission may sell such bonds in such manner and for such
price as it may determine to be for the best interest of the District, 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 bond values, excluding from such computations the amount of any
premium to be paid on redemption of any bonds prior to maturity. The proceeds of
such bonds shall be disbursed for the purposes for which such bonds shall have
been issued under such restrictions, if any, as the resolution authorizing the
issuance of such bonds or the trust indenture provided for in this chapter. If
the bonds of a particular issue, by error of estimates or otherwise, are less
than such cost, additional bonds may in like manner 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 indenture securing the
same, shall be deemed to be of the same issue and shall be entitled to payment
from the same fund without preference or priority of the bonds first issued for
the same purpose. If the proceeds of the bonds of any issue exceed the amount
required for the purpose for which such bonds are issued, the surplus shall be
paid into the funds hereinafter provided for the payment of principal and
interest of such bonds. Prior to the preparation of definitive bonds, the
Commission may, under like restrictions, issue temporary bonds, with or without
coupons, exchangeable for definitive bonds when such bonds have been executed
and are available for delivery. The Commission may also provide for the
replacement of any bond that becomes mutilated or that has been destroyed or
lost. Such revenue bonds may be issued without any other proceedings or the
happening of any other conditions or things than the proceedings, conditions,
and things that are specified and required by this chapter.

HISTORY: 1956, c. 714; 1959, Extra Session, c. 24; 2014, c. 805.