                                 CODE OF VIRGINIA

ISSUANCE OF REVENUE BONDS (§ 15.2-5431.14)

An authority may provide by resolution for the issuance of revenue bonds of the
authority for the purpose of paying the whole or any part of the cost of any
project. The principal of and the interest on the bonds shall be payable solely
from the funds provided for in this chapter for such payment. The full faith and
credit of the locality shall not be pledged to support the bonds. The bonds of
each issue may be dated, may mature at any time or times not exceeding 40 years
from their date or dates, may be subject to redemption or repurchase at such
price or prices and under such terms and conditions, and may contain such other
provisions, all as determined before their issuance by the authority or in such
manner as the authority may provide. The bonds may bear interest payable at such
time or times and at such rate or rates as determined by the authority or in
such manner as the authority may provide, including the determination by
reference to indices or formulas or by agents designated by the authority under
guidelines established by it. 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. If any officer
whose signature or a facsimile of whose signature appears on any bonds or
coupons, ceases to be an 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 delivery. All revenue
bonds issued under the provisions of this chapter shall have, as between
successive holders, all the qualities and incidents of negotiable instruments
under the negotiable instruments law of the Commonwealth. The bonds may be
issued in coupon, bearer, registered or book entry form, or any combination of
such forms, as the authority may determine. Provision 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 issuance of such bonds shall
not be subject to any limitations or conditions contained in any other law, and
the authority may sell such bonds in such manner, either at a public or a
private sale, and for such price, as it may determine to be for the best
interest of the authority and the political subdivisions to be served thereby.

HISTORY: 2003, c. 643.