                                 CODE OF VIRGINIA

AUTHORIZATION, CONTENT AND SALE OF BONDS AND CREDIT ENHANCEMENTS (§ 62.1-208)

A. The bonds and credit enhancements of the Authority shall be authorized by a
resolution of the Board of Directors.

B. The bonds shall bear the date or dates and mature at the time or times that
the resolution provides, except that no bond shall mature more than fifty years
from its date of issue. The bonds may be in the denominations, be executed in
the manner, be payable in the medium of payment, be payable at the place or
places and at the time or times, and be subject to redemption or repurchase and
contain such other provisions as may be determined by the Authority prior to
their issuance. The bonds may bear interest payable at such time or times and at
such rate or rates as determined by the Authority or as determined in such
manner as the Authority may provide, including the determination by agents
designated by the Authority under guidelines established by it. Bonds may be
sold by the Authority at public or private sale at the price or prices that the
Authority determines and approves.

C. The Authority may bring action pursuant to Article 6 (&#xA7; 15.2-2650 et
seq.) of Chapter 26 of Title 15.2 to determine the validity of any issuance or
proposed issuance of its bonds or credit enhancements under this chapter and the
legality and validity of all proceedings previously taken, or proposed in a
resolution of the Authority to be taken, for the authorization, issuance, sale
and delivery of bonds or credit enhancements and for the payment of the
principal of and premium, if any, and interest on bonds or payments of amounts
due under credit enhancements of the Authority.

HISTORY: 1984, c. 699; 1985, c. 67; 1998, c. 399.