Each authority is authorized to issue, at one time or from time to time,revenue bonds of the authority for the purpose of acquiring, purchasing,constructing, reconstructing, improving or extending parks and acquiringnecessary land or equipment therefor, and revenue refunding bonds of theauthority for the purpose of refunding any revenue bonds outstanding. Thebonds of each issue shall be dated, shall mature at such time or times notexceeding forty years from their date or dates and shall bear interest atsuch rate or rates as authorized by law, as may be determined by theauthority. Bonds may be made redeemable before maturity, at the option of theauthority at such price or prices and under such terms and conditions as maybe fixed by the authority prior to the issuance of the bonds. The authorityshall determine the form of the bonds, including any interest coupons to beattached thereto, and the manner of execution of the bonds, and shall fix thedenomination or denominations of the bonds and the place or places of paymentof principal and interest, which may be at any bank or trust company withinor outside the Commonwealth. In case any officer whose signature or afacsimile of whose signature shall appear on any bonds or coupons shall ceaseto be such officer before the delivery of such bonds, such signature or suchfacsimile shall nevertheless be valid and sufficient for all purposes thesame as if he had remained in office until such delivery. Notwithstanding anyof the other provisions of this chapter or any recitals in any bonds issuedunder the provisions of this chapter, all such bonds shall be deemed to benegotiable instruments under the laws of this Commonwealth. The bonds may beissued in coupon or registered form or both, as the authority may determine,and provision may be made for the registration of any coupon bonds as toprincipal alone and also as to both principal and interest, and for thereconversion into coupon bonds of any bonds registered as to both principaland interest. The authority may sell such bonds in such manner, either atpublic or private sale, and for such price, as it may determine to be for thebest interests of the authority.
The resolution providing for the issuance of revenue bonds, and any trustagreement securing such bonds, may also contain such limitations upon theissuance of additional revenue bonds as the authority may deem proper, andsuch additional bonds shall be issued under such restrictions and limitationsas may be prescribed by such resolution or trust agreement.
Bonds may be issued under the provisions of this chapter without obtainingthe consent of any commission, board, bureau or agency of the Commonwealth ofVirginia or of any political subdivision, and without any other proceedingsor the happening of other conditions or things than those proceedings,conditions or things which are specifically required by this chapter.
Bonds issued under the provisions of this chapter shall not be deemed toconstitute a debt of the Commonwealth or of any political subdivision of theCommonwealth or a pledge of the faith and credit of the Commonwealth or ofany political subdivision of the Commonwealth, but such bonds shall bepayable solely from revenues of the authority as provided herein.
(Code 1950, § 15-714.10; 1956, c. 472; 1958, c. 484; 1962, c. 623, §15.1-1237; 1997, c. 587.)
Each authority is authorized to issue, at one time or from time to time,revenue bonds of the authority for the purpose of acquiring, purchasing,constructing, reconstructing, improving or extending parks and acquiringnecessary land or equipment therefor, and revenue refunding bonds of theauthority for the purpose of refunding any revenue bonds outstanding. Thebonds of each issue shall be dated, shall mature at such time or times notexceeding forty years from their date or dates and shall bear interest atsuch rate or rates as authorized by law, as may be determined by theauthority. Bonds may be made redeemable before maturity, at the option of theauthority at such price or prices and under such terms and conditions as maybe fixed by the authority prior to the issuance of the bonds. The authorityshall determine the form of the bonds, including any interest coupons to beattached thereto, and the manner of execution of the bonds, and shall fix thedenomination or denominations of the bonds and the place or places of paymentof principal and interest, which may be at any bank or trust company withinor outside the Commonwealth. In case any officer whose signature or afacsimile of whose signature shall appear on any bonds or coupons shall ceaseto be such officer before the delivery of such bonds, such signature or suchfacsimile shall nevertheless be valid and sufficient for all purposes thesame as if he had remained in office until such delivery. Notwithstanding anyof the other provisions of this chapter or any recitals in any bonds issuedunder the provisions of this chapter, all such bonds shall be deemed to benegotiable instruments under the laws of this Commonwealth. The bonds may beissued in coupon or registered form or both, as the authority may determine,and provision may be made for the registration of any coupon bonds as toprincipal alone and also as to both principal and interest, and for thereconversion into coupon bonds of any bonds registered as to both principaland interest. The authority may sell such bonds in such manner, either atpublic or private sale, and for such price, as it may determine to be for thebest interests of the authority.
The resolution providing for the issuance of revenue bonds, and any trustagreement securing such bonds, may also contain such limitations upon theissuance of additional revenue bonds as the authority may deem proper, andsuch additional bonds shall be issued under such restrictions and limitationsas may be prescribed by such resolution or trust agreement.
Bonds may be issued under the provisions of this chapter without obtainingthe consent of any commission, board, bureau or agency of the Commonwealth ofVirginia or of any political subdivision, and without any other proceedingsor the happening of other conditions or things than those proceedings,conditions or things which are specifically required by this chapter.
Bonds issued under the provisions of this chapter shall not be deemed toconstitute a debt of the Commonwealth or of any political subdivision of theCommonwealth or a pledge of the faith and credit of the Commonwealth or ofany political subdivision of the Commonwealth, but such bonds shall bepayable solely from revenues of the authority as provided herein.
(Code 1950, § 15-714.10; 1956, c. 472; 1958, c. 484; 1962, c. 623, §15.1-1237; 1997, c. 587.)
Each authority is authorized to issue, at one time or from time to time,revenue bonds of the authority for the purpose of acquiring, purchasing,constructing, reconstructing, improving or extending parks and acquiringnecessary land or equipment therefor, and revenue refunding bonds of theauthority for the purpose of refunding any revenue bonds outstanding. Thebonds of each issue shall be dated, shall mature at such time or times notexceeding forty years from their date or dates and shall bear interest atsuch rate or rates as authorized by law, as may be determined by theauthority. Bonds may be made redeemable before maturity, at the option of theauthority at such price or prices and under such terms and conditions as maybe fixed by the authority prior to the issuance of the bonds. The authorityshall determine the form of the bonds, including any interest coupons to beattached thereto, and the manner of execution of the bonds, and shall fix thedenomination or denominations of the bonds and the place or places of paymentof principal and interest, which may be at any bank or trust company withinor outside the Commonwealth. In case any officer whose signature or afacsimile of whose signature shall appear on any bonds or coupons shall ceaseto be such officer before the delivery of such bonds, such signature or suchfacsimile shall nevertheless be valid and sufficient for all purposes thesame as if he had remained in office until such delivery. Notwithstanding anyof the other provisions of this chapter or any recitals in any bonds issuedunder the provisions of this chapter, all such bonds shall be deemed to benegotiable instruments under the laws of this Commonwealth. The bonds may beissued in coupon or registered form or both, as the authority may determine,and provision may be made for the registration of any coupon bonds as toprincipal alone and also as to both principal and interest, and for thereconversion into coupon bonds of any bonds registered as to both principaland interest. The authority may sell such bonds in such manner, either atpublic or private sale, and for such price, as it may determine to be for thebest interests of the authority.
The resolution providing for the issuance of revenue bonds, and any trustagreement securing such bonds, may also contain such limitations upon theissuance of additional revenue bonds as the authority may deem proper, andsuch additional bonds shall be issued under such restrictions and limitationsas may be prescribed by such resolution or trust agreement.
Bonds may be issued under the provisions of this chapter without obtainingthe consent of any commission, board, bureau or agency of the Commonwealth ofVirginia or of any political subdivision, and without any other proceedingsor the happening of other conditions or things than those proceedings,conditions or things which are specifically required by this chapter.
Bonds issued under the provisions of this chapter shall not be deemed toconstitute a debt of the Commonwealth or of any political subdivision of theCommonwealth or a pledge of the faith and credit of the Commonwealth or ofany political subdivision of the Commonwealth, but such bonds shall bepayable solely from revenues of the authority as provided herein.
(Code 1950, § 15-714.10; 1956, c. 472; 1958, c. 484; 1962, c. 623, §15.1-1237; 1997, c. 587.)
