                                 CODE OF VIRGINIA

ISSUANCE OF BONDS BY AUTHORITY (§ 15.2-5412)

An authority may issue from time to time its bonds in such principal amounts as
the authority shall deem necessary to provide sufficient funds to carry out any
of its corporate purposes and powers, including but not limited to the payment
of all or any part of the cost of a project or projects. The principal of,
redemption premium, if any, and interest on such bonds shall be payable solely
from, and may be secured solely by, a pledge of and lien upon the revenues, or
any portion thereof, derived or to be derived by the authority from one or more
of its projects, or contributions or advances from its members, or moneys
derived from any source, as the authority shall determine. Bonds of the
authority shall be authorized by a resolution adopted by its board of directors,
and such resolution shall be spread upon its minutes. The bonds of each issue
shall be dated, shall bear interest at such rate or rates, shall mature at such
time or times not exceeding fifty years from their date or dates, shall have
such rank or priority and may be made redeemable before maturity at the option
of the authority, at such price or prices and under such terms and conditions,
as may be determined by the authority. The authority shall determine the form of
the bonds, including any interest coupons to be attached thereto, and the manner
of execution of the bonds, and shall fix the denomination or denominations of
the bonds and the place or places of payment of principal and interest, which
may be at any bank or trust company within or outside the Commonwealth. In case
any officer whose signature or a facsimile of whose signature appears on any
bonds or coupons shall cease to be such officer before the delivery of such
bonds, his signature or facsimile shall nevertheless be valid and sufficient for
all purposes the same as if he had remained in office until such delivery. The
bonds may be issued in coupon or in registered form, or both, as the authority
may determine, and provisions may be made for the registration of any coupon
bonds as to principal alone and also as to both principal and interest, and for
the reconversion into coupon bonds of any bonds registered as to both principal
and interest. The authority may sell such bonds in such manner, either, at
public or at private sale, and for such price as it may determine to be for the
best interest of the authority and the member governmental units to be served
thereby.
		The issuance of such bonds shall not be subject to any limitations or
conditions contained in any other law, and bonds may be issued without obtaining
the consent of the Commonwealth or any political subdivisions, or of any agency,
commission or instrumentality of either thereof, and without any other
approvals, proceedings or the happening of any conditions or things other than
those specifically required by this chapter and the provisions of the resolution
authorizing the issuance of such bonds or the trust agreement securing the same.

HISTORY: 1979, c. 416, § 15.1-1615; 1997, c. 587.