                                 CODE OF VIRGINIA

TRUST AGREEMENT; BOND RESOLUTION (§ 15.2-5431.22)

In the discretion of the authority, any revenue bonds issued under the
provisions of this chapter may be secured by a trust agreement by and between
the authority and a corporate trustee, which may be any trust company or bank
having the powers of a trust company within or outside the Commonwealth. The
resolution authorizing the issuance of the bonds or the trust agreement may
pledge or assign the revenues to be received. The resolution or trust agreement
may set forth the rights and remedies of the bondholders, and may restrict the
individual right of action by bondholders as is customary in trust agreements or
trust indentures securing bonds or debentures of corporations. The resolution or
trust agreement may also contain such other provisions as the authority deems
reasonable and proper for the security of the bondholders. Except as otherwise
provided in this chapter, the authority may provide for the payment of the
proceeds of the sale of the bonds and its revenues to such officer, board or
depositary as it may designate for the custody thereof, and for the method of
disbursement thereof, with such safeguards and restrictions as it may determine.
All expenses incurred in carrying out the provisions of the resolution or trust
agreement may be treated as part of the cost of operation.

HISTORY: 2003, c. 643.