                                 CODE OF VIRGINIA

AUTHORITY EMPOWERED TO ISSUE BONDS; ADDITIONAL SECURITY; LIABILITY THEREON (§
2.2-2344)

The Authority shall have power to issue bonds from time to time in its
discretion for any of its corporate purposes, including the issuance of
refunding bonds for the payment or retirement of bonds previously issued by it.
The Authority may issue such type of bonds as it may determine, including but
not limited to:

1. Bonds on which the principal and interest are payable:
			a. Exclusively from the income and revenues of the project or facility
financed with the proceeds of such bonds;
			b. Exclusively from the income and revenues of certain designated projects or
facilities whether or not they are financed in whole or in part with the
proceeds of such bonds; or
			c. From its revenues generally; and

2. Bonds on which the principal and interest are payable solely from
contributions or grants received from the federal government, the Commonwealth,
or any other source, public or private.
			Any such bonds may be additionally secured by a pledge of any grants or
contributions from the federal government, the Commonwealth, any political
subdivision of the Commonwealth, or other source, or a pledge of any income or
revenues of the Authority, or a mortgage of any particular projects or
facilities or other property of the Authority.
			Neither the Trustees of the Authority nor any person executing the bonds
shall be liable personally on the bonds by reason of the issuance thereof. The
bonds and other obligations of the Authority, and such bonds and obligations
shall so state on their face, shall not be a debt of the Commonwealth or any
political subdivision thereof other than the issuing Authority, and neither the
Commonwealth nor any political subdivision thereof other than the issuing
Authority shall be liable thereon, nor shall such bonds or obligations be
payable out of any funds or properties other than those of the Authority. The
bonds shall not constitute indebtedness within the meaning of any debt
limitation or restriction. Bonds of the Authority are declared to be issued for
an essential public and governmental purpose.

HISTORY: 2011, c. 716.