                                 CODE OF VIRGINIA

AUTHORITY TO ISSUE BONDS (§ 15.2-6612)

The Authority shall have the power to issue bonds from time to time in its
discretion, for any of its purposes, including the payment of all or any part of
the cost of Authority facilities and including the payment or retirement of
bonds previously issued by it. The Authority may issue such types of bonds as it
may determine, including (without limiting the generality of the foregoing)
bonds payable, both as to principal and interest: (i) from its revenues and
receipts generally and (ii) exclusively from the revenues and receipts of
certain designated facilities or loans whether or not they are financed in whole
or in part from the proceeds of such bonds. Any such bonds may be additionally
secured by a pledge of any grant or contribution from a participating political
subdivision, the Commonwealth or any political subdivision, agency or
instrumentality thereof, any federal agency or any unit, private corporation,
co-partnership, association, or individual, as such participating political
subdivision, or other entities, may be authorized to make under general law or
by pledge of any income or revenues of the Authority or by mortgage or
encumbrance of any property or facilities of the Authority. Unless otherwise
provided in the proceeding authorizing the issuance of the bonds, or in the
trust indenture securing the same, all bonds shall be payable solely and
exclusively from the revenues and receipts of a particular facility or loan.
Bonds may be executed and delivered by the Authority at any time and from time
to time may be in such form and denominations and of such terms and maturities,
may be in registered or bearer form either as to principal or interest or both,
may be payable in such installments and at such time or times not exceeding 40
years from the date thereof, may be payable at such place or places whether
within or without the Commonwealth, may bear interest at such rate or rates, may
be payable at such time or times and at such places, may be evidenced in such
manner, and may contain such provisions not inconsistent herewith, all as shall
be provided and specified by the board of directors in authorizing each
particular bond issue.
		If deemed advisable by the board of directors, there may be retained in the
proceedings under which any bonds of the Authority are authorized to be issued
an option to redeem all or any part thereof as may be specified in such
proceedings, at such price or prices and after such notice or notices and on
such terms and conditions as may be set forth in such proceedings and as may be
briefly recited on the face of the bonds, but nothing herein contained shall be
construed to confer on the Authority any right or option to redeem any bonds
except as may be provided in the proceedings under which they shall be issued.
Any bonds of the Authority may be sold at public or private sale in such manner
and from time to time as may be determined by the board of directors of the
Authority to be most advantageous, and the Authority may pay all costs,
premiums, and commissions that its board of directors may deem necessary or
advantageous in connection with the issuance thereof. Issuance by the Authority
of one or more series of bonds for one or more purposes shall not preclude it
from issuing other bonds in connection with the same facility or any other
facility, but the proceedings whereunder any subsequent bonds may be issued
shall recognize and protect any prior pledge or mortgage made for any prior
issue of bonds. Any bonds of the Authority at any time outstanding may from time
to time be refunded by the Authority by the issuance of its refunding bonds in
such amount as the board of directors may deem necessary, but not exceeding an
amount sufficient to refund the principal of the bonds so to be refunded,
together with any unpaid interest thereon and any costs, premiums, or
commissions necessary to be paid in connection therewith. Any such refunding may
be effected whether the bonds to be refunded shall have then matured or shall
thereafter mature, either by sale of the refunding bonds and the application of
the proceeds thereof to the payment of the bonds to be refunded thereby, or by
the exchange of the refunding bonds for the bonds to be refunded thereby, with
the consent of the holders of the bonds so to be refunded, and regardless of
whether or not the bonds to be refunded were issued in connection with the same
facilities or separate facilities, and regardless of whether or not the bonds
proposed to be refunded shall be payable on the same date or on different dates
or shall be due serially or otherwise.
		All bonds shall be signed by the chairman or vice-chairman of the Authority or
shall bear his facsimile signature, and the corporate seal of the Authority or a
facsimile thereof shall be impressed or imprinted thereon and attested by the
signature of the secretary (or the secretary-treasurer) or the assistant
secretary (or assistant secretary-treasurer) of the Authority or shall bear his
facsimile signature, and any coupons attached thereto shall bear the facsimile
signature of said chairman. In case any officer whose signature or a facsimile
of whose signature shall appear on any bonds or coupons shall cease to be an
officer before 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. When the signatures of both the chairman
or the vice-chairman and the secretary (or the secretary-treasurer) or the
assistant secretary (or the assistant secretary-treasurer) are facsimiles, the
bonds must be authenticated by a corporate trustee or other authenticating agent
approved by the Authority.
		If the proceeds derived from a particular bond issue, due to error of
estimates or otherwise, shall be less than the cost of the Authority facilities
for which such bonds were issued, additional bonds may in like manner be issued
to provide the amount of such deficit, and, unless otherwise provided in the
proceedings authorizing the issuance of the bonds of such issue or in the trust
indenture securing the same, shall be deemed to be of the same issue and shall
be entitled to payment from the same fund without preference or priority of the
bonds of the first issue. If the proceeds of the bonds of any issue shall exceed
such cost, the surplus may be deposited to the credit of the sinking fund for
such bonds or may be applied to the payment of the cost of any additions,
improvements, or enlargements of the Authority facilities for which such bonds
shall have been issued.
		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 that shall become mutilated or shall be destroyed or lost. Bonds
may be issued under the provisions of this act without obtaining the consent of
any department, division, commission, board, bureau or agency of the
Commonwealth, and without any other proceedings or the happening of any other
conditions or things other than those proceedings, conditions, or things that
are specifically required by this act; provided, however, that nothing contained
in this act shall be construed as affecting the powers and duties now conferred
by law upon the State Corporation Commission.
		All bonds issued under the provisions of this act shall have and are hereby
declared to have all the qualities and incidents of and shall be and are hereby
made negotiable instruments under the Uniform Commercial Code of Virginia (§
8.1A-101 et seq.), subject only to provisions respecting registration of the
bonds.
		In addition to all other powers granted to the Authority by this act, the
Authority is authorized to provide for the issuance, from time to time of notes
or other obligations of the Authority for any of its authorized purposes. All of
the provisions of this act that relate to bonds or revenue bonds shall apply to
such notes or other obligations insofar as such provisions may be appropriate.

HISTORY: 2002, c. 766; 2003, c. 353.