                                 CODE OF VIRGINIA

TRUST INDENTURE (§ 33.2-2210)

In the discretion of the Commission any bonds issued under the provisions of
this chapter may be secured by a trust indenture by and between the Commission
and a corporate trustee, which may be any trust company or bank having the
powers of a trust company within or outside of the Commonwealth. Such trust
indenture or the resolution providing for the issuance of such bonds may pledge
or assign the tolls and other revenues to be received, but shall not convey or
mortgage the project or any part thereof. Such trust indenture or resolution
providing for the issuance of such bonds may contain such provisions for
protecting and enforcing the rights and remedies of the bondholders as may be
reasonable and proper and not in violation of law, including covenants setting
forth the duties of the Commission in relation to the acquisition of property
and the construction, improvement, maintenance, repair, operation, and insurance
of the project in connection with which such bonds have been authorized, the
rates of toll to be charged, and the custody, safeguarding, and application of
all moneys. It shall be lawful for any bank or trust company incorporated under
the laws of the Commonwealth that may act as depository of the proceeds of bonds
or of revenues to furnish such indemnifying bonds or to pledge such securities
as may be required by the Commission. Any such trust indenture may set forth the
rights and remedies of the bondholders and of the trustee and may restrict the
individual right of action by bondholders. In addition to the foregoing, any
such trust indenture or resolution may contain such other provisions as the
Commission may deem reasonable and proper for the security of the bondholders.
All expenses incurred in carrying out the provisions of such trust indenture or
resolution may be treated as a part of the cost of the operation of the project.

HISTORY: 1956, c. 714; 2014, c. 805.