                                 CODE OF VIRGINIA

BONDS SECURED BY INDENTURE; CONTENTS; EXPENSES; HOW TREATED (§ 2.2-2302)

The bonds may be secured by an indenture by and between the Authority and a
corporate trustee that may be any bank or other corporation having the power of
a trust company or any trust company within or without the Commonwealth. The
indenture may contain such provisions for protecting and enforcing the rights
and remedies of the bondholders as may be reasonable and proper and not in
violation of law, including covenants setting forth the duties of the Authority
in relation to the exercise of its powers and the custody, safekeeping and
application of all money. The Authority may provide by the indenture for the
payment of the proceeds of the bonds and revenues to the trustee under the
indenture or other depository, and for the method of disbursement thereof, with
such safeguards and restrictions as the Authority may determine. If the bonds
are secured by an indenture, the bondholders shall have no authority to appoint
a separate trustee to represent them.

HISTORY: 1984, c. 749, § 9-226; 2001, c. 844.