                                 CODE OF VIRGINIA

REFUNDING BONDS (§ 15.2-5142)

An authority may provide by resolution for the issuance of revenue refunding
bonds of the authority to refund any revenue bonds outstanding and issued under
this chapter, whether or not such outstanding bonds have matured or are then
subject to redemption. Proceeds of such revenue refunding bonds may be used to
discharge the revenue bonds, or such revenue refunding bonds may be exchanged
for the revenue bonds. Each such authority may provide by resolution for the
issuance of a single issue of revenue bonds of the authority for the combined
purposes of (i) paying the cost of any system, or any combination thereof, or
the improvement, extension, addition or reconstruction thereof, and (ii)
refunding revenue bonds of the authority which have been issued under the
provisions of this chapter which are outstanding, whether or not such
outstanding bonds have matured or are then subject to redemption. The issuance
of such bonds, the maturities and other details thereof, the rights and remedies
of the bondholders, and the rights, powers, privileges, duties and obligations
of the authority with respect to such bonds, shall be governed by the foregoing
provisions of this chapter to the extent that they are applicable.

HISTORY: Code 1950, § 15-764.28; 1950, p. 1328; 1962, c. 623, § 15.1-1266;
1974, c. 226; 1997, c. 587; 2009, c. 473.