                                 CODE OF VIRGINIA

SALE AND PROCEEDS OF REVENUE BONDS; ADDITIONAL OR TEMPORARY BONDS (§ 10.1-304)

A. The Treasury Board as agent for the Director may sell revenue bonds at
private or public sale for such price and in the manner it determines to be in
the best interests of the Commonwealth.

B. The proceeds of the bonds shall be used solely for the payment of the cost of
camping and recreational facilities for which they are issued, and shall be
disbursed by the Director.

C. If the proceeds of the bonds of any issue are less than the cost of the
camping and recreational facilities for which the bonds were issued, additional
bonds may be issued to provide the amount of the deficit. Unless otherwise
provided in the resolution authorizing the issuance of the bonds or in the trust
indenture described in this chapter, the additional bonds 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 facilities.

D. If the proceeds of any bonds issued to pay the cost of camping and
recreational facilities exceed the facilities cost, the surplus shall be paid
into the fund provided for the payment of principal and interest of the bonds.

E. Prior to the preparation of definitive bonds, temporary bonds may be issued,
under similar restrictions, with or without coupons, exchangeable for
subsequently issued definitive bonds.

F. The Director may replace any bond which is mutilated, destroyed or lost.

G. The revenue bonds may be issued in accordance with the specific proceedings
and conditions required by this chapter.

HISTORY: Code 1950, § 10-103; 1958, c. 484; 1986, c. 498; 1988, c. 891.