§ 15.2-5607. Authority to issue bonds; source of payment.
The authority is authorized to issue bonds from time to time in itsdiscretion for the purpose of paying all or any part of the cost ofacquiring, purchasing, constructing, reconstructing, improving or extendingany project and acquiring necessary land and equipment therefor. Theauthority may issue such types of bonds as it may determine, including(without limiting the generality of the foregoing) bonds payable as toprincipal and interest: (i) from its revenues generally; (ii) exclusivelyfrom the income and revenues of a particular project; or (iii) exclusivelyfrom the income and revenues of certain designated projects, whether or notthey are financed in whole or in part from the proceeds of such bonds.
Any such bonds may be additionally secured by a pledge of any grant orcontribution from a participating locality, the Commonwealth or any politicalsubdivision, agency or instrumentality thereof, any federal agency or anyunit, private corporation, copartnership, association, or individual, or apledge of any income or revenues of the authority, or a mortgage on anyproject or other property of the authority, or any contract obligation orundertaking, whether in the nature of a guaranty or otherwise, of anyparticipating locality. However, any such contract obligation or undertakingby any participating locality which is a city or town shall not be consideredan indebtedness within the meaning of any debt limitation or restriction andthat any such contract obligation or undertaking by a participating localitywhich is a county shall be authorized in accordance with the provisions ofArticle VII, Section 10 (b) of the Constitution of Virginia.
Neither the members of the board of the authority nor any person executingthe bonds shall be liable personally on the bonds by reason of the issuancethereof. The bonds and other obligations of the authority (and such bonds andobligations shall so state on their face) shall not be a debt of theCommonwealth or any political subdivision thereof other than theparticipating localities which have entered into contract obligations orother undertakings with respect to the repayment thereof as authorized in thepreceding paragraph, and neither the Commonwealth nor any politicalsubdivision thereof other than the authority and, to the extent provided inthe preceding paragraph, participating localities, shall be liable thereon,nor shall such bonds or obligations be payable out of any funds or propertiesother than those of the authority and those created by contract obligationsor undertakings of any participating localities entered into pursuant to thepreceding paragraph. The bonds shall not constitute an indebtedness withinthe meaning of any debt limitation or restriction. Bonds of the authority aredeclared to be issued for an essential public and governmental purpose.
(Code 1950, § 15-714.20; 1962, c. 393, § 8, § 15.1-1278; 1986, c. 442; 1997,c. 587.)
§ 15.2-5607. Authority to issue bonds; source of payment.
The authority is authorized to issue bonds from time to time in itsdiscretion for the purpose of paying all or any part of the cost ofacquiring, purchasing, constructing, reconstructing, improving or extendingany project and acquiring necessary land and equipment therefor. Theauthority may issue such types of bonds as it may determine, including(without limiting the generality of the foregoing) bonds payable as toprincipal and interest: (i) from its revenues generally; (ii) exclusivelyfrom the income and revenues of a particular project; or (iii) exclusivelyfrom the income and revenues of certain designated projects, whether or notthey are financed in whole or in part from the proceeds of such bonds.
Any such bonds may be additionally secured by a pledge of any grant orcontribution from a participating locality, the Commonwealth or any politicalsubdivision, agency or instrumentality thereof, any federal agency or anyunit, private corporation, copartnership, association, or individual, or apledge of any income or revenues of the authority, or a mortgage on anyproject or other property of the authority, or any contract obligation orundertaking, whether in the nature of a guaranty or otherwise, of anyparticipating locality. However, any such contract obligation or undertakingby any participating locality which is a city or town shall not be consideredan indebtedness within the meaning of any debt limitation or restriction andthat any such contract obligation or undertaking by a participating localitywhich is a county shall be authorized in accordance with the provisions ofArticle VII, Section 10 (b) of the Constitution of Virginia.
Neither the members of the board of the authority nor any person executingthe bonds shall be liable personally on the bonds by reason of the issuancethereof. The bonds and other obligations of the authority (and such bonds andobligations shall so state on their face) shall not be a debt of theCommonwealth or any political subdivision thereof other than theparticipating localities which have entered into contract obligations orother undertakings with respect to the repayment thereof as authorized in thepreceding paragraph, and neither the Commonwealth nor any politicalsubdivision thereof other than the authority and, to the extent provided inthe preceding paragraph, participating localities, shall be liable thereon,nor shall such bonds or obligations be payable out of any funds or propertiesother than those of the authority and those created by contract obligationsor undertakings of any participating localities entered into pursuant to thepreceding paragraph. The bonds shall not constitute an indebtedness withinthe meaning of any debt limitation or restriction. Bonds of the authority aredeclared to be issued for an essential public and governmental purpose.
(Code 1950, § 15-714.20; 1962, c. 393, § 8, § 15.1-1278; 1986, c. 442; 1997,c. 587.)
§ 15.2-5607. Authority to issue bonds; source of payment.
The authority is authorized to issue bonds from time to time in itsdiscretion for the purpose of paying all or any part of the cost ofacquiring, purchasing, constructing, reconstructing, improving or extendingany project and acquiring necessary land and equipment therefor. Theauthority may issue such types of bonds as it may determine, including(without limiting the generality of the foregoing) bonds payable as toprincipal and interest: (i) from its revenues generally; (ii) exclusivelyfrom the income and revenues of a particular project; or (iii) exclusivelyfrom the income and revenues of certain designated projects, whether or notthey are financed in whole or in part from the proceeds of such bonds.
Any such bonds may be additionally secured by a pledge of any grant orcontribution from a participating locality, the Commonwealth or any politicalsubdivision, agency or instrumentality thereof, any federal agency or anyunit, private corporation, copartnership, association, or individual, or apledge of any income or revenues of the authority, or a mortgage on anyproject or other property of the authority, or any contract obligation orundertaking, whether in the nature of a guaranty or otherwise, of anyparticipating locality. However, any such contract obligation or undertakingby any participating locality which is a city or town shall not be consideredan indebtedness within the meaning of any debt limitation or restriction andthat any such contract obligation or undertaking by a participating localitywhich is a county shall be authorized in accordance with the provisions ofArticle VII, Section 10 (b) of the Constitution of Virginia.
Neither the members of the board of the authority nor any person executingthe bonds shall be liable personally on the bonds by reason of the issuancethereof. The bonds and other obligations of the authority (and such bonds andobligations shall so state on their face) shall not be a debt of theCommonwealth or any political subdivision thereof other than theparticipating localities which have entered into contract obligations orother undertakings with respect to the repayment thereof as authorized in thepreceding paragraph, and neither the Commonwealth nor any politicalsubdivision thereof other than the authority and, to the extent provided inthe preceding paragraph, participating localities, shall be liable thereon,nor shall such bonds or obligations be payable out of any funds or propertiesother than those of the authority and those created by contract obligationsor undertakings of any participating localities entered into pursuant to thepreceding paragraph. The bonds shall not constitute an indebtedness withinthe meaning of any debt limitation or restriction. Bonds of the authority aredeclared to be issued for an essential public and governmental purpose.
(Code 1950, § 15-714.20; 1962, c. 393, § 8, § 15.1-1278; 1986, c. 442; 1997,c. 587.)
