                                 CODE OF VIRGINIA

REVENUE REFUNDING BONDS AND REVENUE BONDS FOR COMBINED PURPOSES (§ 33.2-1727)

Notwithstanding any other provision of this chapter and without regard to any
other restrictions or limitations contained in this chapter, the Board is
authorized to provide by resolution (i) for the issuance of revenue refunding
bonds of the Commonwealth for the purpose of refunding any revenue bonds issued
under the provisions of this chapter and then outstanding, including interest to
the earliest call date of such outstanding bonds and premiums, if any, payable
on such call date, and (ii) for the issuance of a single issue of revenue bonds
of the Commonwealth for the combined purpose of providing funds (a) to pay the
cost of either or both of the projects described in subdivisions 2 and 5 of the
definition of &#8220;project&#8221; in § 33.2-1700 in the event the Board has
decided or shall decide to construct either or both of such projects under
authority granted in this chapter and (b) to refund revenue bonds of the
Commonwealth issued under the provisions of this chapter and then outstanding,
including interest to the earliest call date of such outstanding bonds and
premiums, if any, payable on such call date. For the purposes of this section,
&#8220;project,&#8221; in relation to the project described in subdivision 5 of
the definition of &#8220;project&#8221; in § 33.2-1700, includes approach
highways thereto and bus facilities for the transportation of passengers through
or over the project if the Board deems it advisable to construct such approach
highways or acquire such bus facilities, and &#8220;cost of the project,&#8221;
in relation to the projects described in subdivisions 2 and 5 of the definition
of &#8220;project&#8221; in § 33.2-1700, includes an amount sufficient to
reimburse the Board for expenditures or advances made by the Board on account of
the cost of either or both of the projects and, in relation to the project
described in subdivision 5 of the definition of &#8220;project&#8221; in §
33.2-1700, includes provision of a sum deemed by the Board to be sufficient for
the purpose and includes the cost of constructing approach highways and of
providing bus facilities if the Board deems it expedient to construct such
approach highways or acquire such facilities as a part of the project described
in subdivision 5 of the definition of &#8220;project&#8221; in § 33.2-1700. In
the event bonds are issued for the combined purpose set forth in clause (ii),
such amount of the proceeds of such bonds as may be required, together with
other funds available for such purpose, for the redemption of the outstanding
bonds to be refunded shall be deposited by the Board in trust with the trustee
under the trust indenture securing such outstanding bonds for the sole and
exclusive purpose of paying and redeeming such bonds, and the balance of such
proceeds shall be used solely for the payment of the cost of the project to be
constructed.
		The issuance of such bonds, the maturities and other details thereof, the
rights of the holders thereof, and the duties of the Commonwealth and of the
Board in respect to the same shall be governed by the provisions of this chapter
as applicable.

HISTORY: Code 1950, § 33-253; 1954, c. 319; 1970, c. 322, § 33.1-293; 2013,
cc. 585, 646; 2014, c. 805.