                                 CODE OF VIRGINIA

FORM OF BONDS (§ 23.1-2420)

A. Bonds of the Authority shall (i) be authorized by resolution setting forth
the maximum principal amount issuable, (ii) be dated, and (iii) mature not more
than 40 years from their date and may be (a) issued in one or more series and
(b) made redeemable or subject to tender before maturity, at the option of the
Authority, at such price or under such terms and conditions as may be fixed by
the Authority or its agents prior to issuance.

B. Bonds of the Authority shall bear interest payable at such times and rates
and in such manner as the Authority or its agents may determine, including rates
approved by officers of the Authority under authorization of the board, rates
tied to indices, rates of other securities, or other standards and
determinations by agents designated by the Authority under guidelines
established by the Authority.

C. The Authority shall determine the form, manner of execution, and
denominations of its bonds and the place of payment of principal and interest,
which may be at any bank or trust company or securities depository within or
outside the Commonwealth. The bonds may be issued in coupon or registered form,
or both, and provision may be made for their registration in whole or in part.
Bonds issued in registered form may be issued under a system of book-entry for
recording the ownership and transfer of ownership of rights to receive payments
on the bonds.

D. If any officer whose signature or a facsimile of whose signature appears on
any bonds or coupons ceases to hold such office before delivery of such bond,
such signature or facsimile is nevertheless valid and sufficient for all
purposes.

E. The Authority may contract for the services of one or more banks, trust
companies, financial institutions, or other entities or persons within or
outside the Commonwealth for the authentication, registration, transfer,
exchange, and payment of bonds or provide such services itself. The Authority
may sell such bonds at public or private sale and for such price as it
determines.

F. Notwithstanding any other provision of this chapter or any recitals in any
bonds issued under the provisions of this chapter, all such bonds are negotiable
instruments under the laws of the Commonwealth.

G. Prior to the preparation of definitive bonds, the Authority may issue interim
receipts or temporary bonds that are exchangeable for definitive bonds when such
bonds are executed and available for delivery.

H. The Authority may provide for the replacement of any mutilated, destroyed,
stolen, or lost bonds.

HISTORY: 1996, cc. 905, 1046, § 23-50.16:27; 2016, c. 588.