                                 CODE OF VIRGINIA

SINKING FUND (§ 10.1-308)

The fees, charges and revenues derived from any camping and recreational
facilities subject to revenue bonds issued under the provisions of this chapter,
except charges required to pay the cost of maintaining, repairing and operating
such facilities and to provide fund reserves, shall be set aside in a sinking
fund. The sinking fund is pledged to and charged with the payment of (i) the
interest upon the bonds as it becomes due, (ii) the principal of the bonds as it
becomes due, (iii) the necessary charges of paying agents for paying the
interest and principal, and (iv) any premium upon bonds retired by call or
purchase as provided in this chapter. The use and disposition of the sinking
fund shall be subject to regulations provided in the resolution or the trust
indenture. Unless otherwise provided in the resolution or trust indenture, the
sinking fund shall be a fund for all such bonds without distinction or priority
of one bond over another. Any moneys in the sinking fund in excess of an amount
equal to one year&#8217;s interest on all bonds then outstanding may be applied
to the purchase or redemption of bonds.

HISTORY: Code 1950, § 10-107; 1966, c. 41; 1988, c. 891.