                                 CODE OF VIRGINIA

POWER TO ISSUE REFUNDING BONDS (§ 62.1-205)

The Authority shall have the power: (i) to issue bonds to renew or to pay bonds,
including the interest, (ii) whenever it deems refunding expedient, to refund
any bonds by the issuance of new bonds, whether the bonds to be refunded have or
have not matured, and (iii) to issue bonds partly to refund bonds then
outstanding and partly for its corporate purposes. The refunding bonds may be
exchanged for the bonds to be refunded or they may be sold and the proceeds
applied to the purchase, redemption or payment of the bonds to be refunded. The
amount of the bonds issued by the Authority and refunded with proceeds of
refunding bonds issued hereunder shall not be included in the total of
outstanding bonds for purposes of the limit on the amount of bonds issued by the
Authority as provided in § 62.1-204.

HISTORY: 1984, c. 699; 1994, c. 684.