                                 CODE OF VIRGINIA

REVENUE BONDS (§ 5.1-161)

The Authority is hereby authorized to provide by resolution for the issuance, at
one time or from time to time, of revenue bonds of the Authority for the purpose
of paying all or any part of the cost of Authority Facilities, including the
refunding of federal appropriations not reimbursed to the United States Treasury
by the Metropolitan Washington Airports. The principal of and the interest on
such bonds shall be payable solely from the funds herein provided for such
payment. The bonds of each issue shall be dated, shall mature at such time or
times not exceeding forty years from their date or dates, as may be determined
by the Authority, and may be subject to redemption or repurchase before
maturity, at the option of the Authority, at such price or prices and under such
terms and conditions as may be fixed by the Authority prior to the issuance of
the bonds. The bonds may bear interest payable at such time or times and at such
rate or rates as determined by the Authority or as determined in such manner as
the Authority may provide, including the determination by agents designated by
the Authority under guidelines established by it. The Authority shall determine
the form and the manner of execution of the bonds, including any interest
coupons to be attached thereto, and shall fix the denomination or denominations
of the bonds and the place or places of payment of principal and interest, which
may be at any bank or trust company within or without the Commonwealth of
Virginia. In case any officer whose signature or a facsimile of whose signature
shall appear on any bonds or coupons shall cease to be such officer before the
delivery of such bonds, such signature or such facsimile shall nevertheless be
valid and sufficient for all purposes the same as if he had remained in office
until such delivery. Notwithstanding any other provision of this act or any
recitals in any bonds issued under the provisions of this section, all such
bonds shall be deemed to be negotiable instruments under the laws of the
Commonwealth of Virginia. The bonds may be issued in coupon or in registered
form, or both, as the Authority may determine, and provision may be made for the
registration of any coupon bonds as to principal alone and also as to both
principal and interest, for the reconversion into coupon bonds of any bonds
registered as to both principal and interest, and for the interchange of
registered and coupon bonds. The Authority may sell such bonds in such manner,
either at public or negotiated sale, and for such price, as it may determine
will best effect the purposes of this section.
		The proceeds of the bonds shall be used solely for the payment of the cost of
Authority Facilities, including improvements, and shall be disbursed in such
manner and under such restrictions, if any, as the Authority may provide in the
resolution authorizing the issuance of such bonds or in the trust agreement
hereinafter mentioned securing the same. If the proceeds of the bonds of any
issue, by error of estimates or otherwise, shall be less than such cost,
additional bonds may in like manner be issued to provide the amount of such
deficit, and, unless otherwise provided in the resolution authorizing the
issuance of such bonds or in the trust agreement securing the same, shall be
deemed to be of the same issue and shall be entitled to payment from the same
fund without preference or priority of the bonds first issued. If the proceeds
of the bonds of any issue shall exceed such cost, the surplus shall be deposited
to the credit of the sinking fund for such bonds.
		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 bonds which shall become mutilated or shall be destroyed or
lost. Bonds may be issued under the provisions of this section without obtaining
the consent of any agency of the Commonwealth of Virginia, and without any other
proceedings, conditions or things not specifically required by this section.

HISTORY: 2001, c. 342.