                                 CODE OF VIRGINIA

REVENUE BONDS GENERALLY (§ 5.1-2.7)

The Board is hereby authorized to provide for the issuance, at one time or from
time to time, of revenue bonds of the Board for the purpose of paying all or any
part of the cost of any one or more airport projects or of any portion or
portions thereof. The principal of and the interest on such bonds shall be
payable solely from the funds provided in this chapter for such payment. Any
bonds of the Board issued pursuant to this chapter shall not constitute a debt
of the Commonwealth, or any political subdivision thereof other than the Board,
and shall so state on their face. Neither the commissioners of the Board nor any
person executing such bonds shall be liable personally thereon by reason of the
issuance thereof. The bonds of each issue shall be dated, shall bear interest at
such rate or rates as may be determined by the Board, shall mature at such time
or times not exceeding forty years from their date or dates, as may be
determined by the Board, and may be made redeemable before maturity, at the
option of the Board, at such price or prices and under such terms and conditions
as may be fixed by the Board prior to the issuance of the bonds. The Board 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. 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. The bonds may be issued in coupon or in
registered form or both, as the Board 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 Board may sell such bonds in such manner,
either at public or private sale, and for such price as it may determine will
best effect the purposes of this chapter.
		The proceeds of the bonds of each issue shall be used solely for the payment
of the cost of the airport project or projects for which such bonds shall have
been issued, and shall be disbursed in such manner and under such restrictions,
if any, as the Board 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, or
may be applied to the payment of the cost of any additional airport project or
projects.
		Prior to the preparation of definitive bonds, the Board 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 Board 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 chapter without obtaining the consent of
any department, division, commission, board, bureau or agency of the
Commonwealth, and without any other proceedings or the happening of any other
conditions or things than those proceedings, conditions or things which are
specifically required by this chapter.

HISTORY: 1980, c. 750; 1982, c. 563.