                                 CODE OF VIRGINIA

COVENANTS TO SECURE BONDS (§ 33.2-2908)

Any resolution authorizing the issuance of bonds of the Authority may, for the
benefit and security of the holders of such bonds, contain covenants by the
Authority for such a purpose, including covenants as to, among other things:

1. The operation, maintenance, and repair of the Authority facilities;

2. The purposes to which the proceeds of the sale of such bonds may be applied
and the use and disposition thereof;

3. The use and disposition of the revenues of the Authority derived from the
ownership or operation of Authority facilities and additions, improvements, and
extensions thereof, including the investment thereof and the creation and
maintenance of reserve funds and funds for working capital and all renewals and
replacements to Authority facilities;

4. The amount, if any, of additional revenue bonds payable from such revenues
that may be issued and the terms and conditions on which such additional revenue
bonds may be issued;

5. Fixing, maintaining, collection, and deposit of fees, tolls, rents, rates,
and other charges for all the services sold, furnished, or supplied by the
Authority facilities;

6. The operation, maintenance, repair, management, accounting, and auditing of
the Authority;

7. Limitations upon the right of the Authority to dispose of Authority
facilities or any part thereof without providing for the payment of the
outstanding revenue bonds;

8. The appointment of trustees, depositaries, and paying agents within or
without the Commonwealth to receive, hold, disburse, invest, or reinvest the
proceeds derived from the sale of revenue bonds and all or any part of the
revenues derived by the Authority from the operation, ownership, and management
of the Authority facilities; and

9. Such other covenants and agreements as may be determined necessary in the
discretion of the Authority to advantageously market the revenue bonds of the
Authority.

HISTORY: 2009, c. 471, § 15.2-7008; 2014, c. 805.