                                 CODE OF VIRGINIA

SAME; SALE (§ 36-55.43)

Refunding obligations issued as provided in § 36-55.42 may be sold or exchanged
for outstanding obligations issued under this chapter and, if sold, the proceeds
thereof may be applied, in addition to any other authorized purposes, to the
purchase, redemption or payment of such outstanding obligations. Pending the
application of the proceeds of any such refunding obligations, with any other
available funds, to the payment of the principal, accrued interest and any
redemption premium on the obligations being refunded, and, if so provided or
permitted in the resolution authorizing the issuance of such refunding
obligations or in the trust agreement securing the same, to the payment of any
interest on such refunding obligations and any expenses in connection with such
refunding, such proceeds may be invested in direct obligations of, or
obligations the principal of and the interest on which are unconditionally
guaranteed by the United States of America, which proceeds shall mature or which
shall be subject to redemption by the holders thereof, at the option of such
holders, not later than the respective dates when the proceeds, together with
the interest accruing thereon, will be required for the purposes intended.

HISTORY: 1972, c. 830.