§ 15.2-4908. Issuance of bonds, notes and other obligations of authority.
A. Subject to the limitations of Chapter 50 (§ 15.2-5000 et seq.) of thistitle, the authority may issue bonds from time to time in its discretion, forany of its purposes, including the payment of all or any part of the cost ofauthority facilities and including the payment or retirement of bondspreviously issued by it. All bonds issued by the authority shall be payablesolely from the revenues and receipts derived from the leasing or sale by theauthority of its facilities or any part thereof or from payments received bythe authority in connection with its loans, and the authority may issue suchtypes of bonds as it may determine, including, without limiting thegenerality of the foregoing, bonds payable, both as to principal andinterest: (i) from its revenues and receipts generally; (ii) exclusively fromthe revenues and receipts of a particular facility or loan; or (iii)exclusively from the revenues and receipts of certain designated facilitiesor loans whether or not they are financed in whole or in part from theproceeds of such bonds. Unless otherwise provided in the proceedingauthorizing the issuance of the bonds, or in the trust indenture securing thebonds, all bonds shall be payable solely and exclusively from the revenuesand receipts of a particular facility or loan. Bonds may be executed anddelivered by the authority at any time and from time to time, may be in suchform and denominations and of such terms and maturities, may be in registeredor bearer form either as to principal or interest or both, may be payable insuch installments and at such time or times not exceeding 40 years from thedate thereof, may be payable at such place or places whether within oroutside the Commonwealth, may bear interest at such rate or rates, may bepayable at such time or times, may be evidenced in such manner, and maycontain such provisions not inconsistent herewith, all as shall be determinedby the board of directors. If deemed advisable by the board of directors,there may be retained in the proceedings under which any bonds of theauthority are authorized to be issued an option to redeem all or any partthereof, at such price or prices and after such notice or notices and on suchterms and conditions as may be determined by the board of directors and asmay be briefly recited on the face of the bonds, but nothing herein containedshall be construed to confer on the authority any right or option to redeemany bonds except as may be provided in the proceedings under which they shallbe issued. Any bonds of the authority may be sold at public or private salein such manner and from time to time as may be determined by the board ofdirectors of the authority to be most advantageous, and the authority may payall costs, premiums and commissions which its board of directors may deemnecessary or advantageous in connection with the issuance thereof. Issuanceby the authority of one or more series of bonds for one or more purposesshall not preclude it from issuing other bonds in connection with the samefacility or any other facility, but the proceedings whereunder any subsequentbonds may be issued shall recognize and protect any prior pledge or mortgagemade for any prior issue of bonds. Any bonds of the authority at any timeoutstanding may from time to time be refunded by the authority by theissuance of its refunding bonds in such amount as the board of directors maydeem necessary, but not exceeding an amount sufficient to refund theprincipal of the bonds so to be refunded, together with any unpaid interestthereon and any costs, premiums or commissions necessary to be paid inconnection therewith. Any such refunding may be effected whether the bonds tobe refunded shall have then matured or shall thereafter mature, either bysale of the refunding bonds and the application of the proceeds thereof tothe payment of the bonds to be refunded thereby, or by the exchange of therefunding bonds for the bonds to be refunded thereby, with the consent of theholders of the bonds so to be refunded, and regardless of whether the bondsto be refunded were issued in connection with the same facilities or separatefacilities, and regardless of whether the bonds proposed to be refunded arepayable on the same date or on different dates or are due serially orotherwise. The determination of the form, denominations, maturities,redemption provisions, places of payment, interest rate or rates, paymentinstallations, dates and all other terms and provisions of bonds asauthorized in this section may be made by the board of directors in suchmanner as the board may provide, including the determination by reference toindices and formulas or by agents designated by the board of directors underguidelines established by it.
B. All bonds shall be signed by the chairman or vice-chairman of theauthority or shall bear his facsimile signature, and the corporate seal ofthe authority or a facsimile thereof shall be impressed or imprinted thereonand attested by the signature of the secretary (or the secretary-treasurer)or the assistant secretary (or assistant secretary-treasurer) of theauthority or shall bear his facsimile signature, and any coupons attachedthereto shall bear the facsimile signature of the chairman. In case anyofficer whose signature or a facsimile signature appears on any bonds orcoupons ceases to be an officer before delivery of such bonds, such signatureor such facsimile shall nevertheless be valid and sufficient for all purposesthe same as if he had remained in office until such delivery. When thesignatures of both the chairman or the vice-chairman and the secretary (orthe secretary-treasurer) or the assistant secretary (or the assistantsecretary-treasurer) are facsimiles, the bonds shall be authenticated by acorporate trustee or other authenticating agent approved by the authority.
C. If the proceeds derived from a particular bond issue, due to error ofestimates or otherwise, are less than the cost of the authority facilitiesfor which such bonds were issued, additional bonds may in like manner beissued to provide the amount of such deficit and, unless otherwise providedin the proceedings authorizing the issuance of the bonds of such issue or inthe trust indenture securing the same, shall be deemed to be of the sameissue and shall be entitled to payment from the same fund without preferenceor priority of the bonds of the first issue. If the proceeds of the bonds ofany issue shall exceed such cost, the surplus may be deposited to the creditof the sinking fund for such bonds or may be applied to the payment of thecost of any additions, improvements or enlargements of the authorityfacilities for which such bonds shall have been issued.
D. Prior to the preparation of definitive bonds, the authority may, underlike restrictions, issue interim receipts or temporary bonds with or withoutcoupons, exchangeable for definitive bonds when such bonds shall have beenexecuted and are available for delivery. The authority may also provide forthe replacement of any bonds which are mutilated, destroyed or lost. Bondsmay be issued under the provisions of this chapter without obtaining theconsent of any department, division, commission, board, bureau or agency ofthe Commonwealth, and without any other proceedings or the happening of anyother conditions or things other than those proceedings, conditions or thingswhich are specifically required by this chapter; however, nothing containedin this chapter shall be construed as affecting the powers and duties nowconferred by law upon the State Corporation Commission.
E. All bonds issued under the provisions of this chapter shall have and arehereby declared to have all the qualities and incidents of and shall be andare hereby made negotiable instruments under the Uniform Commercial Code ofVirginia (§ 8.1A-101 et seq.), subject only to provisions respectingregistration of the bonds.
F. In addition to all other powers granted to the authority by this chapter,the authority may issue, from time to time, notes or other obligations of theauthority for any of its authorized purposes. The provisions of this chapterwhich relate to bonds or revenue bonds shall apply to such notes or otherobligations insofar as such provisions may be appropriate.
(1966, c. 651, § 15.1-1379; 1968, c. 687; 1983, c. 514; 1991, c. 6; 1997, c.587; 2003, cc. 353, 683.)
§ 15.2-4908. Issuance of bonds, notes and other obligations of authority.
A. Subject to the limitations of Chapter 50 (§ 15.2-5000 et seq.) of thistitle, the authority may issue bonds from time to time in its discretion, forany of its purposes, including the payment of all or any part of the cost ofauthority facilities and including the payment or retirement of bondspreviously issued by it. All bonds issued by the authority shall be payablesolely from the revenues and receipts derived from the leasing or sale by theauthority of its facilities or any part thereof or from payments received bythe authority in connection with its loans, and the authority may issue suchtypes of bonds as it may determine, including, without limiting thegenerality of the foregoing, bonds payable, both as to principal andinterest: (i) from its revenues and receipts generally; (ii) exclusively fromthe revenues and receipts of a particular facility or loan; or (iii)exclusively from the revenues and receipts of certain designated facilitiesor loans whether or not they are financed in whole or in part from theproceeds of such bonds. Unless otherwise provided in the proceedingauthorizing the issuance of the bonds, or in the trust indenture securing thebonds, all bonds shall be payable solely and exclusively from the revenuesand receipts of a particular facility or loan. Bonds may be executed anddelivered by the authority at any time and from time to time, may be in suchform and denominations and of such terms and maturities, may be in registeredor bearer form either as to principal or interest or both, may be payable insuch installments and at such time or times not exceeding 40 years from thedate thereof, may be payable at such place or places whether within oroutside the Commonwealth, may bear interest at such rate or rates, may bepayable at such time or times, may be evidenced in such manner, and maycontain such provisions not inconsistent herewith, all as shall be determinedby the board of directors. If deemed advisable by the board of directors,there may be retained in the proceedings under which any bonds of theauthority are authorized to be issued an option to redeem all or any partthereof, at such price or prices and after such notice or notices and on suchterms and conditions as may be determined by the board of directors and asmay be briefly recited on the face of the bonds, but nothing herein containedshall be construed to confer on the authority any right or option to redeemany bonds except as may be provided in the proceedings under which they shallbe issued. Any bonds of the authority may be sold at public or private salein such manner and from time to time as may be determined by the board ofdirectors of the authority to be most advantageous, and the authority may payall costs, premiums and commissions which its board of directors may deemnecessary or advantageous in connection with the issuance thereof. Issuanceby the authority of one or more series of bonds for one or more purposesshall not preclude it from issuing other bonds in connection with the samefacility or any other facility, but the proceedings whereunder any subsequentbonds may be issued shall recognize and protect any prior pledge or mortgagemade for any prior issue of bonds. Any bonds of the authority at any timeoutstanding may from time to time be refunded by the authority by theissuance of its refunding bonds in such amount as the board of directors maydeem necessary, but not exceeding an amount sufficient to refund theprincipal of the bonds so to be refunded, together with any unpaid interestthereon and any costs, premiums or commissions necessary to be paid inconnection therewith. Any such refunding may be effected whether the bonds tobe refunded shall have then matured or shall thereafter mature, either bysale of the refunding bonds and the application of the proceeds thereof tothe payment of the bonds to be refunded thereby, or by the exchange of therefunding bonds for the bonds to be refunded thereby, with the consent of theholders of the bonds so to be refunded, and regardless of whether the bondsto be refunded were issued in connection with the same facilities or separatefacilities, and regardless of whether the bonds proposed to be refunded arepayable on the same date or on different dates or are due serially orotherwise. The determination of the form, denominations, maturities,redemption provisions, places of payment, interest rate or rates, paymentinstallations, dates and all other terms and provisions of bonds asauthorized in this section may be made by the board of directors in suchmanner as the board may provide, including the determination by reference toindices and formulas or by agents designated by the board of directors underguidelines established by it.
B. All bonds shall be signed by the chairman or vice-chairman of theauthority or shall bear his facsimile signature, and the corporate seal ofthe authority or a facsimile thereof shall be impressed or imprinted thereonand attested by the signature of the secretary (or the secretary-treasurer)or the assistant secretary (or assistant secretary-treasurer) of theauthority or shall bear his facsimile signature, and any coupons attachedthereto shall bear the facsimile signature of the chairman. In case anyofficer whose signature or a facsimile signature appears on any bonds orcoupons ceases to be an officer before delivery of such bonds, such signatureor such facsimile shall nevertheless be valid and sufficient for all purposesthe same as if he had remained in office until such delivery. When thesignatures of both the chairman or the vice-chairman and the secretary (orthe secretary-treasurer) or the assistant secretary (or the assistantsecretary-treasurer) are facsimiles, the bonds shall be authenticated by acorporate trustee or other authenticating agent approved by the authority.
C. If the proceeds derived from a particular bond issue, due to error ofestimates or otherwise, are less than the cost of the authority facilitiesfor which such bonds were issued, additional bonds may in like manner beissued to provide the amount of such deficit and, unless otherwise providedin the proceedings authorizing the issuance of the bonds of such issue or inthe trust indenture securing the same, shall be deemed to be of the sameissue and shall be entitled to payment from the same fund without preferenceor priority of the bonds of the first issue. If the proceeds of the bonds ofany issue shall exceed such cost, the surplus may be deposited to the creditof the sinking fund for such bonds or may be applied to the payment of thecost of any additions, improvements or enlargements of the authorityfacilities for which such bonds shall have been issued.
D. Prior to the preparation of definitive bonds, the authority may, underlike restrictions, issue interim receipts or temporary bonds with or withoutcoupons, exchangeable for definitive bonds when such bonds shall have beenexecuted and are available for delivery. The authority may also provide forthe replacement of any bonds which are mutilated, destroyed or lost. Bondsmay be issued under the provisions of this chapter without obtaining theconsent of any department, division, commission, board, bureau or agency ofthe Commonwealth, and without any other proceedings or the happening of anyother conditions or things other than those proceedings, conditions or thingswhich are specifically required by this chapter; however, nothing containedin this chapter shall be construed as affecting the powers and duties nowconferred by law upon the State Corporation Commission.
E. All bonds issued under the provisions of this chapter shall have and arehereby declared to have all the qualities and incidents of and shall be andare hereby made negotiable instruments under the Uniform Commercial Code ofVirginia (§ 8.1A-101 et seq.), subject only to provisions respectingregistration of the bonds.
F. In addition to all other powers granted to the authority by this chapter,the authority may issue, from time to time, notes or other obligations of theauthority for any of its authorized purposes. The provisions of this chapterwhich relate to bonds or revenue bonds shall apply to such notes or otherobligations insofar as such provisions may be appropriate.
(1966, c. 651, § 15.1-1379; 1968, c. 687; 1983, c. 514; 1991, c. 6; 1997, c.587; 2003, cc. 353, 683.)
§ 15.2-4908. Issuance of bonds, notes and other obligations of authority.
A. Subject to the limitations of Chapter 50 (§ 15.2-5000 et seq.) of thistitle, the authority may issue bonds from time to time in its discretion, forany of its purposes, including the payment of all or any part of the cost ofauthority facilities and including the payment or retirement of bondspreviously issued by it. All bonds issued by the authority shall be payablesolely from the revenues and receipts derived from the leasing or sale by theauthority of its facilities or any part thereof or from payments received bythe authority in connection with its loans, and the authority may issue suchtypes of bonds as it may determine, including, without limiting thegenerality of the foregoing, bonds payable, both as to principal andinterest: (i) from its revenues and receipts generally; (ii) exclusively fromthe revenues and receipts of a particular facility or loan; or (iii)exclusively from the revenues and receipts of certain designated facilitiesor loans whether or not they are financed in whole or in part from theproceeds of such bonds. Unless otherwise provided in the proceedingauthorizing the issuance of the bonds, or in the trust indenture securing thebonds, all bonds shall be payable solely and exclusively from the revenuesand receipts of a particular facility or loan. Bonds may be executed anddelivered by the authority at any time and from time to time, may be in suchform and denominations and of such terms and maturities, may be in registeredor bearer form either as to principal or interest or both, may be payable insuch installments and at such time or times not exceeding 40 years from thedate thereof, may be payable at such place or places whether within oroutside the Commonwealth, may bear interest at such rate or rates, may bepayable at such time or times, may be evidenced in such manner, and maycontain such provisions not inconsistent herewith, all as shall be determinedby the board of directors. If deemed advisable by the board of directors,there may be retained in the proceedings under which any bonds of theauthority are authorized to be issued an option to redeem all or any partthereof, at such price or prices and after such notice or notices and on suchterms and conditions as may be determined by the board of directors and asmay be briefly recited on the face of the bonds, but nothing herein containedshall be construed to confer on the authority any right or option to redeemany bonds except as may be provided in the proceedings under which they shallbe issued. Any bonds of the authority may be sold at public or private salein such manner and from time to time as may be determined by the board ofdirectors of the authority to be most advantageous, and the authority may payall costs, premiums and commissions which its board of directors may deemnecessary or advantageous in connection with the issuance thereof. Issuanceby the authority of one or more series of bonds for one or more purposesshall not preclude it from issuing other bonds in connection with the samefacility or any other facility, but the proceedings whereunder any subsequentbonds may be issued shall recognize and protect any prior pledge or mortgagemade for any prior issue of bonds. Any bonds of the authority at any timeoutstanding may from time to time be refunded by the authority by theissuance of its refunding bonds in such amount as the board of directors maydeem necessary, but not exceeding an amount sufficient to refund theprincipal of the bonds so to be refunded, together with any unpaid interestthereon and any costs, premiums or commissions necessary to be paid inconnection therewith. Any such refunding may be effected whether the bonds tobe refunded shall have then matured or shall thereafter mature, either bysale of the refunding bonds and the application of the proceeds thereof tothe payment of the bonds to be refunded thereby, or by the exchange of therefunding bonds for the bonds to be refunded thereby, with the consent of theholders of the bonds so to be refunded, and regardless of whether the bondsto be refunded were issued in connection with the same facilities or separatefacilities, and regardless of whether the bonds proposed to be refunded arepayable on the same date or on different dates or are due serially orotherwise. The determination of the form, denominations, maturities,redemption provisions, places of payment, interest rate or rates, paymentinstallations, dates and all other terms and provisions of bonds asauthorized in this section may be made by the board of directors in suchmanner as the board may provide, including the determination by reference toindices and formulas or by agents designated by the board of directors underguidelines established by it.
B. All bonds shall be signed by the chairman or vice-chairman of theauthority or shall bear his facsimile signature, and the corporate seal ofthe authority or a facsimile thereof shall be impressed or imprinted thereonand attested by the signature of the secretary (or the secretary-treasurer)or the assistant secretary (or assistant secretary-treasurer) of theauthority or shall bear his facsimile signature, and any coupons attachedthereto shall bear the facsimile signature of the chairman. In case anyofficer whose signature or a facsimile signature appears on any bonds orcoupons ceases to be an officer before delivery of such bonds, such signatureor such facsimile shall nevertheless be valid and sufficient for all purposesthe same as if he had remained in office until such delivery. When thesignatures of both the chairman or the vice-chairman and the secretary (orthe secretary-treasurer) or the assistant secretary (or the assistantsecretary-treasurer) are facsimiles, the bonds shall be authenticated by acorporate trustee or other authenticating agent approved by the authority.
C. If the proceeds derived from a particular bond issue, due to error ofestimates or otherwise, are less than the cost of the authority facilitiesfor which such bonds were issued, additional bonds may in like manner beissued to provide the amount of such deficit and, unless otherwise providedin the proceedings authorizing the issuance of the bonds of such issue or inthe trust indenture securing the same, shall be deemed to be of the sameissue and shall be entitled to payment from the same fund without preferenceor priority of the bonds of the first issue. If the proceeds of the bonds ofany issue shall exceed such cost, the surplus may be deposited to the creditof the sinking fund for such bonds or may be applied to the payment of thecost of any additions, improvements or enlargements of the authorityfacilities for which such bonds shall have been issued.
D. Prior to the preparation of definitive bonds, the authority may, underlike restrictions, issue interim receipts or temporary bonds with or withoutcoupons, exchangeable for definitive bonds when such bonds shall have beenexecuted and are available for delivery. The authority may also provide forthe replacement of any bonds which are mutilated, destroyed or lost. Bondsmay be issued under the provisions of this chapter without obtaining theconsent of any department, division, commission, board, bureau or agency ofthe Commonwealth, and without any other proceedings or the happening of anyother conditions or things other than those proceedings, conditions or thingswhich are specifically required by this chapter; however, nothing containedin this chapter shall be construed as affecting the powers and duties nowconferred by law upon the State Corporation Commission.
E. All bonds issued under the provisions of this chapter shall have and arehereby declared to have all the qualities and incidents of and shall be andare hereby made negotiable instruments under the Uniform Commercial Code ofVirginia (§ 8.1A-101 et seq.), subject only to provisions respectingregistration of the bonds.
F. In addition to all other powers granted to the authority by this chapter,the authority may issue, from time to time, notes or other obligations of theauthority for any of its authorized purposes. The provisions of this chapterwhich relate to bonds or revenue bonds shall apply to such notes or otherobligations insofar as such provisions may be appropriate.
(1966, c. 651, § 15.1-1379; 1968, c. 687; 1983, c. 514; 1991, c. 6; 1997, c.587; 2003, cc. 353, 683.)
