State Codes and Statutes
Statutes > Virginia > Title-15-2 > Chapter-54-1 > 15-2-5431-22§ 15.2-5431.22. Trust agreement; bond resolution.
In the discretion of the authority, any revenue bonds issued under theprovisions of this chapter may be secured by a trust agreement by and betweenthe authority and a corporate trustee, which may be any trust company or bankhaving the powers of a trust company within or outside the Commonwealth. Theresolution authorizing the issuance of the bonds or the trust agreement maypledge or assign the revenues to be received. The resolution or trustagreement may set forth the rights and remedies of the bondholders, and mayrestrict the individual right of action by bondholders as is customary intrust agreements or trust indentures securing bonds or debentures ofcorporations. The resolution or trust agreement may also contain such otherprovisions as the authority deems reasonable and proper for the security ofthe bondholders. Except as otherwise provided in this chapter, the authoritymay provide for the payment of the proceeds of the sale of the bonds and itsrevenues to such officer, board or depositary as it may designate for thecustody thereof, and for the method of disbursement thereof, with suchsafeguards and restrictions as it may determine. All expenses incurred incarrying out the provisions of the resolution or trust agreement may betreated as part of the cost of operation.
(2003, c. 643.)
