                                 CODE OF VIRGINIA

SECURITY FOR BONDS; FEES AND EXPENSES; LIMITATIONS (§ 2.2-2291)

A. The bonds or instruments with respect to which financial assistance is
provided by the Authority shall be secured or unsecured in a manner approved by
the Board in its sole discretion.

B. The Board may set the premiums and fees to be paid to it for providing
financial assistance under this article. The premiums and fees and expenses set
by the Board shall be payable in the amounts, at the time and in the manner that
the Board, in its discretion, requires. The premiums and fees need not be
uniform among transactions and may vary in amount among transactions and at
different stages during the terms of the transactions.

C. No portion of the proceeds of an issue of the Authority&#8217;s bonds that
are exempt under federal taxation as qualified bonds under Section 141(e) of the
Internal Revenue Code shall be used to provide facilities prohibited in Section
147(e) of the Internal Revenue Code.

HISTORY: 1984, c. 749, §§ 9-212, 9-213, 9-215; 2001, c. 844; 2009, c. 565.