                                 CODE OF VIRGINIA

TRUST AGREEMENT (§ 5.1-167)

In the discretion of the Authority, any bonds issued under the provisions of
this act may be secured by a trust agreement by and between the Authority and a
corporate trustee, which may be any trust company or bank having the power of a
trust company within or without the Commonwealth of Virginia. Such trust
agreement or the resolution providing for the issuance of such bonds may pledge
or assign the fees and other revenues to be received, but shall not convey or
mortgage the airports or any part thereof. Such trust agreement or resolution
providing for the issuance of such bonds may contain such provisions for
protecting and enforcing the rights and remedies of the bondholders as may be
reasonable and proper and not in violation of law, including covenants setting
forth the duties of the Authority in relation to the acquisition of property and
the construction, improvement, maintenance, repair, operation and insurance of
the airports, the rates or fees or other charges to be charged, and the custody,
safeguarding and application of all moneys. It shall be lawful for any bank or
trust company incorporated under the laws of the Commonwealth of Virginia which
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 trust agreement may set forth the rights and remedies of the
bondholders. In addition to the foregoing, any such trust agreement or
resolution 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 airports.

HISTORY: 2001, c. 342.