                                 CODE OF VIRGINIA

FURTHER PROVISIONS AS TO TRUST INDENTURE OR BOND RESOLUTION; SECURITY REQUIRED
OF DEPOSITORY OF PROCEEDS OF BONDS (§ 15.2-5357)

In the discretion of the authority, any bonds issued under the provisions of
this chapter may be secured by a trust indenture by and between the authority
and a corporate trustee or trustees, which may be any trust company or bank
having the powers of a trust company within the Commonwealth. Such trust
indenture or the resolution authorizing the issuance of such bonds may pledge or
assign the fees, rents and other charges to be received or proceeds of or rights
under any contract or contracts pledged. Such trust indenture or resolution 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 particularly the appointment of a receiver for any hospital project or
other property of the authority from which the revenues have been pledged and
such other provisions as have hereinabove been specifically authorized to be
included in any trust indenture or resolution of the authority. Any bank or
trust company incorporated under the laws of the Commonwealth acting as
depository of the proceeds of bonds or of revenues or other moneys may furnish
such indemnifying bonds or pledge such securities as may be required by the
authority. Any such trust indenture or resolution may set forth the rights and
remedies of the bondholders and of the trustee or trustees and may restrict
individual rights of action by bondholders. In addition to the foregoing, any
such trust indenture or resolution may contain such other provisions as the
authority may deem reasonable and proper for the security of the bondholders.
All expenses incurred in carrying out the provisions of such trust indenture or
resolution may be treated as a part of the cost of the operation of a project.

HISTORY: Code 1950, § 32-271.1; 1973, c. 462, § 15.1-1592; 1979, c. 719; 1997,
c. 587.