                                 CODE OF VIRGINIA

AUTHORIZATION OF NOTES (§ 33.2-1512)

The Board is hereby authorized, by and with the consent of the Governor, to
issue, pursuant to the provisions of the Transportation Development and Revenue
Bond Act (§ 33.2-1700 et seq.), in one or more series revenue obligations of
the Commonwealth to be designated &#8220;Commonwealth of Virginia Federal
Transportation Grant Anticipation Revenue Notes, Series _____ _____&#8221; (the
Notes), provided that the aggregate principal amount outstanding at any time
shall not exceed the amount authorized pursuant to the second enactments of
Chapters 1019 and 1044 of the Acts of Assembly of 2000, as amended by Chapter
655 of the Acts of Assembly of 2005, less any principal amounts outstanding from
revenue obligations issued pursuant to those enactments prior to July 1, 2011,
and exclusive of (i) the amount of any revenue obligations that may be issued to
refund Notes issued under this article or the revenue obligations issued under
those enactments in accordance with § 33.2-1727 and (ii) any amounts issued for
financing expenses (including any original issue discount).

HISTORY: 2011, cc. 830, 868, § 33.1-23.15; 2014, c. 805.