                                 CODE OF VIRGINIA

USE OF PROCEEDS OF NOTES (§ 33.2-1513)

A. The net proceeds of the Notes shall be used exclusively for the purpose of
providing funds, together with any other available funds, for paying the costs
incurred or to be incurred for construction or funding of such projects to be
designated by the Board.

B. The proceeds of Notes, including any premium received on the sale thereof,
shall be made available by the Board to pay costs of the projects and, where
appropriate, may be paid to any authority, locality, commission, or other entity
for the purposes of paying for costs of the projects. The proceeds of Notes may
be used together with any federal, local, or private funds that may be made
available for such purpose. The proceeds of Notes, together with any investment
earnings thereon, may at the discretion of the Board secure the payment of
principal or purchase price of and redemption premium, if any, and interest on
Notes.

HISTORY: 2011, cc. 830, 868, § 33.1-23.16; 2014, c. 805.