State Codes and Statutes
Statutes > Virginia > Title-15-2 > Chapter-53 > 15-2-5357§ 15.2-5357. Further provisions as to trust indenture or bond resolution;security required of depository of proceeds of bonds.
In the discretion of the authority, any bonds issued under the provisions ofthis chapter may be secured by a trust indenture by and between the authorityand a corporate trustee or trustees, which may be any trust company or bankhaving the powers of a trust company within the Commonwealth. Such trustindenture or the resolution authorizing the issuance of such bonds may pledgeor assign the fees, rents and other charges to be received or proceeds of orrights under any contract or contracts pledged. Such trust indenture orresolution may contain such provisions for protecting and enforcing therights and remedies of the bondholders as may be reasonable and proper andnot in violation of law, including particularly the appointment of a receiverfor any hospital project or other property of the authority from which therevenues have been pledged and such other provisions as have hereinabove beenspecifically authorized to be included in any trust indenture or resolutionof the authority. Any bank or trust company incorporated under the laws ofthe Commonwealth acting as depository of the proceeds of bonds or of revenuesor other moneys may furnish such indemnifying bonds or pledge such securitiesas may be required by the authority. Any such trust indenture or resolutionmay set forth the rights and remedies of the bondholders and of the trusteeor trustees and may restrict individual rights of action by bondholders. Inaddition to the foregoing, any such trust indenture or resolution may containsuch other provisions as the authority may deem reasonable and proper for thesecurity of the bondholders. All expenses incurred in carrying out theprovisions of such trust indenture or resolution may be treated as a part ofthe cost of the operation of a project.
(Code 1950, § 32-271.1; 1973, c. 462, § 15.1-1592; 1979, c. 719; 1997, c.587.)
