                                 CODE OF VIRGINIA

ISSUANCE OF REVENUE BONDS (§ 33.2-2903)

The Authority is hereby authorized to provide by resolution for the issuance of
revenue bonds of the Authority for the purpose of paying all or any part of the
cost of Authority facilities or any project or portion of such facilities. The
principal of and interest on such bonds shall be payable solely from the
revenues pledged for such payment. The bonds of each issue or series shall be
dated, shall bear interest at such rate or rates not exceeding six percent per
year, shall mature at such time or times not exceeding 50 years from the date or
dates thereof, as may be determined by the Authority, and may contain provisions
reserving the right of the Authority to redeem such bonds before maturity at
such price or prices and upon such terms and conditions as may be fixed by the
Authority in the resolution authorizing such bonds. Such bonds may be issued in
coupon form, registered form, or both as prescribed by the Authority, and
provisions may be made for the registration of coupon bonds as to principal only
or as to both principal and interest and for the reconversion of registered
bonds into coupon bonds. Such bonds may be issued in any denomination and may be
made payable at any bank or trust company within or without the Commonwealth as
the Authority may determine. Such bonds and the coupons attached to coupon bonds
shall be signed in such manner either manually or by facsimile signature, as
shall be determined by the Authority, and sealed with the seal of the Authority
or a facsimile thereof. In case any officer whose signature or facsimile thereof
shall appear on any bond or coupon shall cease to be such officer before the
delivery of such bonds, such signature or such facsimile signature shall
nevertheless be valid and sufficient for all purposes, the same as if such
officer or officers had remained in office until the delivery thereof. The
Authority may sell such bonds in such manner either at public or private sale
and for such price or prices as the Authority may determine, but no such sale
shall be made at a price so low as to require the payment of interest on the
money received therefor at more than six percent per year, computed with
relation to the absolute maturity of the bonds in accordance with standard
tables of bond values, excluding from such computation the amount of any premium
to be paid on the redemption of any bond prior to maturity. Prior to the
preparation of definitive bonds, the Authority may, under like restrictions,
issue interim receipts or temporary bonds, with or without coupons, exchangeable
for definitive bonds when such bonds shall have been executed and are available
for delivery. The Authority may also provide for the replacement of any bond
that has become mutilated, destroyed, or lost.

HISTORY: 2009, c. 471, § 15.2-7003; 2014, c. 805.