                                 CODE OF VIRGINIA

POWER TO ISSUE BONDS; LIABILITY IN GENERAL (§ 36-29)

An authority shall have power to issue bonds from time to time in its
discretion, for any of its corporate purposes. An authority shall also have
power to issue refunding bonds for the purpose of paying or retiring bonds
previously issued by it or for the purpose of refunding loans made by another
entity if such loans could have been made by the authority. An authority may
issue such types of bonds as it may determine, including (without limiting the
generality of the foregoing):

a. Bonds on which the principal and interest are payable:

   1. Exclusively from the income and revenues of the housing project financed
   with the proceeds of such bonds; or

   2. Exclusively from the income and revenues of certain designated housing
   projects whether or not they are financed in whole or in part with the
   proceeds of such bonds; or

   3. From its revenues generally.

b. Bonds on which the principal is payable solely from annual contributions or
grants received from the federal government or received from any other source,
public or private.
			Any such bonds may be additionally secured by a pledge of any grant or
contributions from the federal government or other source, or a pledge of any
income or revenues of the authority, or a mortgage of any housing project,
projects or other property of the authority.
			Neither the commissioners of an authority nor any person executing the bonds
shall be liable personally on the bonds by reason of the issuance thereof. The
bonds and other obligations of an authority (and such bonds and obligations
shall so state on their face) shall not be a debt of the city, the county, the
Commonwealth or any political subdivision thereof (other than the authority) and
neither the city or the county, nor the Commonwealth or any political
subdivision thereof (other than the authority) shall be liable thereon, nor in
any event shall such bonds or obligations be payable out of any funds or
properties other than those of the authority. The bonds shall not constitute an
indebtedness within the meaning of any constitutional or statutory debt
limitation or restriction.
			Whenever federal law requires public hearings and public approval as a
prerequisite to obtaining federal tax exemption for the interest paid on private
activity bonds authorized by this section, unless otherwise specified by federal
law or regulation, the public hearing shall be conducted by the authority and
the procedure for the public hearing and public approval shall be consistent
with the procedures set forth in &#xA7; 15.2-4906.
			An authority may require any application for private activity bond financing
when submitted to the authority to be accompanied by a statement in the form set
forth in &#xA7; 15.2-4907, but the absence of any such form shall not affect the
validity of a private activity bond.

HISTORY: 1938, p. 454; Michie Code 1942, § 3145(14); 2002, c. 548; 2023, c.
130.