                                 CODE OF VIRGINIA

BOND RESOLUTION; TERMS, CONDITIONS, FORM AND EXECUTION OF BONDS; SALE; INTERIM
RECEIPTS OR TEMPORARY BONDS (§ 15.2-5608)

Bonds of the authority shall be authorized by resolution of the board and may be
issued in one or more series, shall be dated, shall mature at such time or times
not exceeding forty years from their date or dates and shall bear interest at
such rate or rates, as may be determined by the authority, 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 fixed by the authority
prior to the issuance of the bonds. 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 shall appear on
any bonds or coupons shall cease to be such officer before delivery of such
bond, such signature or such facsimile shall nevertheless be valid and
sufficient for all purposes the same as if he had remained in office until such
delivery. Notwithstanding any of the other provisions of this chapter or any
recitals in any bonds issued under the provisions of this chapter, all such
bonds shall be deemed to be negotiable instruments under the laws of the
Commonwealth. The bonds may be issued in coupon or registered form or both, as
the authority may determine, and 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 authority may sell such bonds in such
manner, either at public or private sale, and for such price, as it may
determine to be for the best interests of the authority.
		Prior to the preparation of definitive bonds, the authority may, under like
restrictions, issue interim receipts or temporary bonds, with or without
coupons, exchangeable for definitive bonds when such bonds shall have been
executed and are available for delivery. The authority may also provide for the
replacement of any bonds which shall become mutilated or shall be destroyed or
lost.
		Bonds may be issued under the provisions of this chapter without obtaining the
consent of any commission, board, bureau or agency of the Commonwealth or of any
political subdivision thereof, and without any other proceedings or the
happening of other conditions or things than those proceedings, conditions or
things which are specifically required by this chapter.

HISTORY: Code 1950, § 15-714.21; 1962, c. 393, § 9, § 15.1-1279; 1973, c.
238; 1997, c. 587.