                                 CODE OF VIRGINIA

POWERS; PURCHASE OR SALE OF BONDS OR OTHER OBLIGATIONS OF ELIGIBLE INSTITUTIONS
(§ 23.1-1205)

A. The Authority may purchase, with any funds of the Authority available for
such purpose, at public or private sale and for such price and on such terms as
it determines, bonds or other obligations issued by eligible institutions
pursuant to Chapter 11 (&#xA7; 23.1-1100 et seq.).

B. The Authority may pledge to the payment of the interest on and the principal
of any bonds of the Authority all or any part of the bonds of eligible
institutions so purchased, including payments of principal and interest thereon,
as such payments become due. The Authority may, subject to any such pledge, sell
any such bonds so purchased and apply the proceeds of such sale (i) to purchase
like bonds of other eligible institutions or (ii) for the purpose and in the
manner provided by any resolution authorizing the issuance of bonds of the
Authority.

HISTORY: 1966, c. 685, § 23-30.27; 2016, c. 588.