                                 CODE OF VIRGINIA

RESOLUTION AUTHORIZING ISSUANCE OF BONDS; PROVISIONS (§ 2.2-2299)

Any resolution authorizing the issuance of bonds may contain provisions for:

1. Pledging all or any part of the revenues of the Authority to secure the
payment of the bonds, subject to the terms of the proceedings relating to other
bonds of the Authority as may then exist;

2. Pledging all or any part of the assets of the Authority, including loans and
obligations securing the same, to secure the payment of the bonds, subject to
the terms of the proceedings relating to other bonds of the Authority as may
then exist;

3. The use and disposition of the gross income from loans owned by the Authority
and payment of the principal of loans owned by the Authority;

4. The setting aside of reserves or sinking funds and the regulations and
disposition thereof;

5. Limitations on the purposes to which the proceeds from the sale of bonds may
be applied and pledging the proceeds to secure the payment of the bonds;

6. Limitations on the issuance of additional bonds, the terms upon which
additional bonds may be issued and secured, and the refunding of outstanding or
other bonds;

7. The procedure, if any, by which the terms of any of the proceedings under
which the bonds are being issued may be amended or abrogated, the number or
percentage of bondholders who or which must consent thereto, and the manner in
which the consent may be given;

8. The vesting in a trustee of such property, rights, powers and duties in trust
as the Authority may determine, and limiting or abrogating the right of
bondholders to appoint a trustee or limiting the rights, powers and duties of
the trustee;

9. Defining the act or omissions to act that shall constitute a default and the
obligations or duties of the Authority to the holders of the bonds, and
providing for the rights and remedies of the holders of the bonds in the event
of default, which rights and remedies may include the general laws of the
Commonwealth and other provisions of this article; or

10. Any other matter, of like or different character, which in any way affects
the security or protection of the holders of the bonds.

HISTORY: 1984, c. 749, § 9-223; 2001, c. 844.