                                 CODE OF VIRGINIA

TRUST AGREEMENT SECURING BONDS (§ 5.1-2.8)

In the discretion of the Board any bonds issued under the provisions of this
chapter may be secured by a trust agreement by and between the Board and a
corporate trustee, which may be any trust company or bank having the powers of a
trust company within or without the Commonwealth. Such trust agreement or the
resolution providing for the issuance of such bonds may pledge or assign the
revenues to be received, but shall not convey or mortgage any airport project 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 Board
in relation to the acquisition of property and the acquisition, construction,
establishment, improvement, extension, enlargement, equipment, maintenance,
repair, operation, and insurance of the airport project or projects in
connection with which such bonds shall have been authorized, the rates and fees
to be charged, the custody, safeguarding, and application of all moneys, and
conditions or limitations with respect to the issuance of additional bonds. It
shall be lawful for any bank or trust company incorporated under the laws of the
Commonwealth 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 Board. Any such trust agreement may set forth the rights and
remedies of the bondholders and of the trustee, and may restrict the individual
right of action by bondholders. In addition to the foregoing, any such trust
agreement or resolution may contain such other provisions as the Board 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 airport project or
projects.

HISTORY: 1980, c. 750.