                                 CODE OF VIRGINIA

FORM, TERMS, AND EXECUTION OF BONDS (§ 10.1-1604)

A. The bonds of each issue shall be dated, shall bear interest at rates fixed by
the Authority, shall mature at a time not exceeding forty years from their date,
as determined by the Authority, and may be made redeemable before maturity, at
the option of the Authority, at a price and under terms and conditions fixed by
the Authority prior to the issuance of the bonds. The Authority shall determine
the form of bonds and manner of execution of the bonds and shall fix the
denomination of the bonds and the place of payment of principal and interest,
which may be at any bank or trust company.

B. The bonds shall be signed by the chairman or vice-chairman of the Authority,
or if authorized by the Authority, shall bear his facsimile signature, and the
official seal of the Authority, or, if authorized by the Authority, a facsimile
signature thereof shall be impressed or imprinted thereon and attested by the
secretary or any assistant secretary of the Authority, or, if authorized by the
Authority, with the facsimile signature of such secretary or assistant
secretary. Any coupons attached to bonds issued by the Authority shall bear the
signature or facsimile signature of the chairman or vice-chairman of the
Authority. If any officer whose signature or facsimile signature appears on any
bonds or coupons ceases to be an officer before the delivery of the bonds, the
signature or facsimile shall nevertheless be valid for all purposes. Any bonds
may bear the facsimile signature of, or may be signed by, persons who are the
proper officers to sign the bonds at the actual time of the execution of such
bonds although at the date of the bonds such persons may not have been officers.

HISTORY: 1986, c. 360, § 10-158.6; 1988, c. 891.