§ 10.1-304. Sale and proceeds of revenue bonds; additional or temporary bonds.
A. The Treasury Board as agent for the Director may sell revenue bonds atprivate or public sale for such price and in the manner it determines to bein the best interests of the Commonwealth.
B. The proceeds of the bonds shall be used solely for the payment of the costof camping and recreational facilities for which they are issued, and shallbe disbursed by the Director.
C. If the proceeds of the bonds of any issue are less than the cost of thecamping and recreational facilities for which the bonds were issued,additional bonds may be issued to provide the amount of the deficit. Unlessotherwise provided in the resolution authorizing the issuance of the bonds orin the trust indenture described in this chapter, the additional bonds shallbe deemed to be of the same issue and shall be entitled to payment from thesame fund without preference or priority of the bonds first issued for thefacilities.
D. If the proceeds of any bonds issued to pay the cost of camping andrecreational facilities exceed the facilities cost, the surplus shall be paidinto the fund provided for the payment of principal and interest of the bonds.
E. Prior to the preparation of definitive bonds, temporary bonds may beissued, under similar restrictions, with or without coupons, exchangeable forsubsequently issued definitive bonds.
F. The Director may replace any bond which is mutilated, destroyed or lost.
G. The revenue bonds may be issued in accordance with the specificproceedings and conditions required by this chapter.
(Code 1950, § 10-103; 1958, c. 484; 1986, c. 498; 1988, c. 891.)
§ 10.1-304. Sale and proceeds of revenue bonds; additional or temporary bonds.
A. The Treasury Board as agent for the Director may sell revenue bonds atprivate or public sale for such price and in the manner it determines to bein the best interests of the Commonwealth.
B. The proceeds of the bonds shall be used solely for the payment of the costof camping and recreational facilities for which they are issued, and shallbe disbursed by the Director.
C. If the proceeds of the bonds of any issue are less than the cost of thecamping and recreational facilities for which the bonds were issued,additional bonds may be issued to provide the amount of the deficit. Unlessotherwise provided in the resolution authorizing the issuance of the bonds orin the trust indenture described in this chapter, the additional bonds shallbe deemed to be of the same issue and shall be entitled to payment from thesame fund without preference or priority of the bonds first issued for thefacilities.
D. If the proceeds of any bonds issued to pay the cost of camping andrecreational facilities exceed the facilities cost, the surplus shall be paidinto the fund provided for the payment of principal and interest of the bonds.
E. Prior to the preparation of definitive bonds, temporary bonds may beissued, under similar restrictions, with or without coupons, exchangeable forsubsequently issued definitive bonds.
F. The Director may replace any bond which is mutilated, destroyed or lost.
G. The revenue bonds may be issued in accordance with the specificproceedings and conditions required by this chapter.
(Code 1950, § 10-103; 1958, c. 484; 1986, c. 498; 1988, c. 891.)
§ 10.1-304. Sale and proceeds of revenue bonds; additional or temporary bonds.
A. The Treasury Board as agent for the Director may sell revenue bonds atprivate or public sale for such price and in the manner it determines to bein the best interests of the Commonwealth.
B. The proceeds of the bonds shall be used solely for the payment of the costof camping and recreational facilities for which they are issued, and shallbe disbursed by the Director.
C. If the proceeds of the bonds of any issue are less than the cost of thecamping and recreational facilities for which the bonds were issued,additional bonds may be issued to provide the amount of the deficit. Unlessotherwise provided in the resolution authorizing the issuance of the bonds orin the trust indenture described in this chapter, the additional bonds shallbe deemed to be of the same issue and shall be entitled to payment from thesame fund without preference or priority of the bonds first issued for thefacilities.
D. If the proceeds of any bonds issued to pay the cost of camping andrecreational facilities exceed the facilities cost, the surplus shall be paidinto the fund provided for the payment of principal and interest of the bonds.
E. Prior to the preparation of definitive bonds, temporary bonds may beissued, under similar restrictions, with or without coupons, exchangeable forsubsequently issued definitive bonds.
F. The Director may replace any bond which is mutilated, destroyed or lost.
G. The revenue bonds may be issued in accordance with the specificproceedings and conditions required by this chapter.
(Code 1950, § 10-103; 1958, c. 484; 1986, c. 498; 1988, c. 891.)
