                                 CODE OF VIRGINIA

REVENUE BONDS (§ 15.2-5712)

Each authority is authorized to issue, at one time or from time to time, revenue
bonds of the authority for the purpose of acquiring, purchasing, constructing,
reconstructing, improving or extending parks and acquiring necessary land or
equipment therefor, and revenue refunding bonds of the authority for the purpose
of refunding any revenue bonds outstanding. The bonds of each issue 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 authorized by
law, as may be determined by the authority. Bonds 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 the delivery of such bonds, 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 this 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.
		The resolution providing for the issuance of revenue bonds, and any trust
agreement securing such bonds, may also contain such limitations upon the
issuance of additional revenue bonds as the authority may deem proper, and such
additional bonds shall be issued under such restrictions and limitations as may
be prescribed by such resolution or trust agreement.
		Bonds may be issued under the provisions of this chapter without obtaining the
consent of any commission, board, bureau or agency of the Commonwealth of
Virginia or of any political subdivision, 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.
		Bonds issued under the provisions of this chapter shall not be deemed to
constitute a debt of the Commonwealth or of any political subdivision of the
Commonwealth or a pledge of the faith and credit of the Commonwealth or of any
political subdivision of the Commonwealth, but such bonds shall be payable
solely from revenues of the authority as provided herein.

HISTORY: Code 1950, § 15-714.10; 1956, c. 472; 1958, c. 484; 1962, c. 623, §
15.1-1237; 1997, c. 587.