                                 CODE OF VIRGINIA

AUTHORITY TO ISSUE BONDS (§ 15.2-7214)

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 infrastructure and facilities; including the payment or
retirement of bonds previously issued by it and including the costs of the
issuance of such bonds. The Authority may issue such types of bonds as it may
determine, including, without limitation, 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 operations or facilities
whether or not they are financed in whole or in part from the proceeds of such
bonds. Any such bonds may be additionally secured (a) by a pledge of any grant
or contribution from the Commonwealth, or any political subdivision, agency, or
instrumentality thereof, any federal agency or any unit, private corporation,
co-partnership, association, or individual, or other entity, or (b) by mortgage
or encumbrance of any property or facilities of the Authority. Unless otherwise
provided in the proceedings 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 the Authority. 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, book entry, or bearer form either as to principal or interest or
both, may be payable in such installments and at such time or times, 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 place or 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 including any
designation of an agent or officer of the Authority to establish such provisions
under guidelines established by the Authority.
		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, including insurance
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.
		All bonds shall be signed on behalf of the Authority by the chairman or
vice-chairman of the Authority, or shall bear the facsimile signature of such
officer, and shall bear the official seal of the Authority, or a facsimile
thereof shall be impressed or imprinted thereon and shall be attested to by the
manual or facsimile signature of the secretary (or the secretary-treasurer) or
assistant secretary (or assistant secretary-treasurer) of the Authority. Any
coupons attached thereto shall bear the signature or facsimile signature of such
chairman. In case any officer whose signature or a facsimile of whose signature
appears on any bonds or coupons shall cease to be such officer before the
delivery of such bonds, such signature or facsimile signature nevertheless shall
be valid and sufficient for all purposes as if such officer 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
or infrastructure 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 or
infrastructure 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 chapter 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 chapter.
		All bonds issued under the provisions of this chapter 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.
		The interest income from and any profit made on the sale of the obligations
issued under the provisions of this Act shall at all times be free and exempt
from taxation by the Commonwealth and by any municipality, county, or other
political subdivision thereof.

HISTORY: 2010, cc. 117, 210.