                                 CODE OF VIRGINIA

TRUST AGREEMENT (§ 33.2-2907)

In the discretion of the Authority, any bonds issued under the provisions of
this chapter may be secured by a trust agreement or indenture by and between the
Authority and a corporate trustee, which may be any trust company or bank having
the powers of a trust company within or without the Commonwealth, to be selected
by the Authority in such manner as it may elect. Such trust agreement or the
resolution providing for the issuance of such bonds may pledge or assign all or
any portion of the tolls and other revenues to be received by the Authority from
the ownership and operation of Authority facilities, but shall not convey or
mortgage any Authority facilities or any part thereof. It shall be lawful for
any bank or trust company incorporated under the laws of the Commonwealth that
may act as depositary of the proceeds of bonds or of revenues to furnish such
indemnifying bonds or to pledge such securities as may be required by the
Authority. Any such resolution, trust agreement, or 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 resolution, trust agreement, or indenture may contain such other provisions
as the Authority may deem reasonable and proper for the security of the
bondholders. All expenses incurred in carrying out the provisions of such trust
agreement or resolution may be treated as a part of the cost of the operation of
the Authority facilities or portion thereof.
		All or any portion of the revenues derived from the ownership and operation of
Authority facilities, as may be provided for in the resolution authorizing the
issuance of such bonds or in the trust agreement or indenture securing such
bonds, may be pledged to, and charged with, the payment of the principal of and
the interest on such bonds as the payment shall become due, and the redemption
price or the purchase price of bonds retired by call or purchase as therein
provided. Such pledge shall be valid and binding from the time when the pledge
is made; the revenues or other moneys so pledged and thereafter received by the
Authority shall immediately be subject to the lien of such pledge without any
physical delivery thereof or further act, and the lien of any such pledge shall
be valid and binding as against all parties having claims of any kind in tort,
contract, or otherwise against the Authority, irrespective of whether such
parties have notice thereof. Neither the resolution nor any trust agreement nor
indenture by which a pledge is created need be filed or recorded except in the
records of the Authority.

HISTORY: 2009, c. 471, § 15.2-7007; 2014, c. 805.