                                 CODE OF VIRGINIA

ISSUANCE OF REVENUE BONDS (§ 53.1-95.10)

An authority created pursuant to this article 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 the
project. 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 bear interest at such rate or rates as shall be fixed by the
authority, 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 made
redeemable 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 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. In case any
officer whose signature or a facsimile of whose signature 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 article or any recitals in any bonds issued under the provisions of this
article, all such bonds shall be deemed to be negotiable instruments under the
laws of the Commonwealth. 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 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, or for such price, as it may determine will best
effectuate the purposes of this article.
		The proceeds of the bonds shall be used solely for the payment of the cost of
the project 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 issuance, 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 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 article 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
conditions other than those proceedings or conditions which are specifically
required by this article.
		Revenue bonds issued under the provisions of this article shall not be deemed
to constitute a pledge of the faith and credit of the Commonwealth or of any
political subdivision thereof. All such bonds shall contain a statement on their
face substantially to the effect that neither the faith and credit of the
Commonwealth nor the faith and credit of any county, city, town, or other
subdivision of the Commonwealth is pledged to the payment of the principal of or
the interest on such bonds. The issuance of revenue bonds under the provisions
of this article shall not directly or indirectly or contingently obligate the
Commonwealth or any county, city, town, or other subdivision of the Commonwealth
to levy any taxes whatever therefor or to make any appropriation for their
payment except from the funds pledged under the provisions of this article.

HISTORY: 1990, c. 837.