                                 CODE OF VIRGINIA

FORM AND TERMS OF BONDS (§ 33.2-1710)

The bonds of such issue shall be dated, shall bear interest at such rate or
rates, and shall mature at such time or times, not exceeding 40 years from their
date or dates, as may be determined by the Board or by formula or method
established by resolution of the Board, and may be made redeemable before
maturity, at the option of the Board, at such price or prices and under such
terms and conditions as may be fixed by the Board prior to the issuance of the
bonds. The principal or purchase price of and redemption premium, if any, and
interest on such bonds may be made payable in any lawful medium. The payments of
principal and interest may be uniform in amount over the life of the bond;
however, such uniformity shall not be a prerequisite to the issuance of such
bonds. The Board shall determine the form of the bonds, including any interest
coupons to be attached thereto, and shall fix the denomination or denominations
of the bonds and the place or places of payment of principal and interest
thereof, which may be at any bank or trust company within or without the
Commonwealth. The bonds shall be signed by the chairman or vice-chairman of the
Board, and the official seal of the Board shall be affixed thereto and attested
by the secretary or assistant secretary of the Board, and any coupons attached
thereto shall bear the facsimile signatures of the chairman or vice-chairman of
the Board. When any officer whose signature appears on the bonds or coupons
ceases to be such officer before the delivery of such bonds, such signature
shall nevertheless be valid and sufficient for all purposes the same as if such
officer had remained in office until such 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. Such bonds
and the income thereof shall be exempt from all taxation within the
Commonwealth. The bonds may be issued in coupon or in registered form, or both,
as the Board may determine, and provision may be made for the registration of
any coupon bond 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. Prior to the preparation of definite bonds, the
Board, under like restrictions, may issue temporary bonds with or without
coupons, exchangeable for definitive bonds upon the issuance of the latter. The
Board may also provide for the replacement of any bond that is mutilated,
destroyed, or lost.

HISTORY: Code 1950, § 33-238; 1958, c. 485; 1970, c. 322, § 33.1-278; 1983, c.
245; 1986, Sp. Sess., c. 13; 2000, cc. 1019, 1044; 2014, c. 805.